Dear Boyd,
From: "Boyd Pate" <[EMAIL PROTECTED]>
Huh. I remember a book by Ray Bradbury entitled _Fahrenheit 451_ which gave a new twist to the word "fireman."
If someone deposits cash in to a MM bank account in order to fund their e-gold acct, isn't that a no risk transaction for the MM?
Nope. Is it a cash deposit? Not every bank, and not every branch of every bank, makes it clear that a deposit is cash. It is often possible to find out, though. But, there is a cost of time to establish that the deposit was in fact cash. If the cash deposited proves to be counterfeit, and isn't caught right away, it may still be identified with the account into which it was deposited. If so, that cash deposit can go away. That's why I like having cash put into my long elegant-fingered hand. I have a counterfeit detection pen, and so does everyone in our company. And again, there's the reporting requirements. Someone walks $10,000 of cash into the bank, the bank may ask for paperwork on that deposit. If the bank fails to do so right then, they may ask us later. Oh. That sounds like a fun conversation.
Which is better for the MM, a cash deposit or a bank wire?
Bank wire would be my preference. Even though a wire can theoretically be reversed, there are limits to that process for which we can control.
My last question is, should not the least risky transaction for the MM carry the least fees charged?
Certainly not. Risk is only a part of the equation. The merchant always charges what the market will bear. He charges to cover his cost and his risk. He also charges what the market finds to be more valuable at a higher price. Good for him if it turns out that what the market values highly is something he can provide at low risk. In the go-go competitive world of exchange provision, you may have observed that OmniPay does not accept any exchange for less than a thousand dollars. So, other exchangers often charge somewhat more for amounts less than a thousand dollars than OmniPay charges for amounts more than a thousand, even if we are taking less risk. Regards, Jim http://cambist.net/ --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
