mr.checkerboards
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I don't know if I ever read an article either that used the phrase "memo line." What I do know is that they got busted for bank fraud because the payments ended up being received by a name that wasn't listed on the wire, and for a different purpose than was stated on the wire.I’m sure you have a link. Just scanned the top 4 article hits and nothing on memo lines.
This is still not how it works but instead of arguing about it I’ll just wait for Shohei’s mugshot.I don't know if I ever read an article either that used the phrase "memo line." What I do know is that they got busted for bank fraud because the payments ended up being received by a name that wasn't listed on the wire, and for a different purpose than was stated on the wire.
If I go to a bank to wire $50k to a bookie I owe money to (an illegal transaction) but on the wire state that it is a loan or something else that would be a legitimate transaction, I don't see how that isn't bank fraud. The bank wouldn't do the wire if they knew it was to pay a gambling debt; I would be defrauding them.
Head on down to the bank and tell them you want to wire $50,000 then count the steps between that point and the memo line.Enlighten me as to how it works then.