Doc,

I keep mine in a simple savings account at Wells Fargo. The idea — in my humble mind — is to grow the 401G through winnings at a much higher clip than it would grow as a simple investment. Of course, it’s always better to make more money on interest if you can. I use Wells Fargo (any national bank chain is fine), because, I can simply go to Vegas, rent a car, swing by the bank and pick up some cash at a branch. I know you rent a car when you go, so it would be easy. That way, you aren’t carrying cash except while you’re in town. If you should be so lucky as to win over $10K, the amount the TSA gets a boner about, you could just drive over to Wells Fargo and bank all or part of it before heading to the airport. You could, of course, get a check from the casino, but I don’t dig the tracking that goes on there. Of course, if you have a line of credit with the casino, then the banking convenience thing is not so much a factor. Other people I know, have the cash at home in a safe or something. With gaming, I like the easy access of a savings acct with a national bank. Also, with a savings account, I reconcile every month and I know exactly where I stand on things. I also have the bank automatically deposit a set amount to the savings account each month, so it stays strong through any swings of fortune. (I have those…some people on the board never lose, it seems) : )

My two cents worth.

Happy rolling.

Alamo

I use a Money Market Account at a credit union. Best rates, if you can say that about rates today, and no fees.

To access the money from the road, I’ve hooked up with VIP Preferred https://www.vippreferred.com/ . They have a list of casinos that honor their card (in LV it’s many of the Stations, GoldenNugget, Wynn, Cosmo etc). It’s just like a direct withdrawal except you do it at the cashier’s cage. The service itself is free to me (the customer). The best part about it you can have the money taken out of your account but with an up to 14 day delay. Meaning you can get the money now from your account but VIP will not withdraw it for up to 14 days.. if you choose. Basiclly a 2 week float. Really tight mouthed about who they talk to if they call your house. If your spouse is not on it, they say nothing to them… for those with that problem.

As for the winnings before the trips end, I have a checking account at a nationwide bank that I deposit the money in before leaving town. Then write a check to reimburse the MM after I’m home.

For the Record, I’m not promotting VIP in any way. It’s just what I use.

Sock drawer …. 😎 😎

If you have any brokerage accounts(etrade. TDAmeritrade, etc) some have a ATM card with no service fees no matter where you receive or deposit funds.

We us eTrade.

I have several checking accounts and one is for my gambling money. It eases the pain of any losses and it is fun to watch it grow. And it has grown steadily since I became a GTC player.

Part bank, part safe. Bank is totally different than the one used for house, bills, and living. It’s nice that for the last year or so, haven’t had to go to the 401G bank other than to deposit. 😀

For the [ast few ears I have krpt my 301g in a simple checking account at the same bank that our household account are. easy to keep track of online and I have an auto transfer set up that andds a little each month. Never use the AtMs in the casinos but my atm card works almost everywhere.Works for me.I am a low stakes player so I usually am buying in for $500 or so. I am considering opning a casino credit account at the casinos that I frequent when I get back to the game in a few months.

This is an interesting question and in my opinion the answer depends on what type of player you are. I think that each player should think about this at least a little bit so that handling your money makes sense to you, adds value,protection and convenience.

Lower limit and/or infrequent players have fewer concerns about their 401G’s than more frequent and/or higher limit players.

Banks accounts are safe and if you keep a large portion of your 401G in the bank you will add interest (albeit very small at today’s rates) and also improve your credit score. If you are a player that uses markers then this account will be a stable account for the casino credit folks to view to asses your casino credit worthiness and you can have your markers drawn on this account. The downside of using banks is the scrutiny that you may attract by the Federal Government if you make frequent large cash deposits and withdraws. Noah or other CPA’s might be able to add more info about the risk of IRS audits or other such interventions, but I try to avoid having too many CTR’s (Cash Transaction Reports) on record.

If you keep much cash on hand safety of the cash and your person is very important. There are many good safes available and if you’re cheap like me you can find them on Craigs list and other places that sell used equipment. I have 2 safes in 2 different locations for added protection. The best thing about keeping part of your 401G in cash is that you have access to it when the banks are closed. Where I live I have many opportunities and need access to my bank at all times since I never know what type of opportunity I will find or where I might be headed.

If you play quite frequently you may want to keep some of your 401G in casino chips. I have many places that I play weekly so I try to keep a small supply of chips from these places. The reason that I keep chips is twofold. I always pocket some chips when I play so the casino does not have a true win/loss record of my play. There are many places that will restrict your play when your lifetime win reaches their choke point so I will always pocket green chips to hopefully avoid this. This also reduces the chances of CTR’s because when you buy into a game with chips this will not be recorded as a cash buy in by the casino. If you are playing during a weekend and buy into and cash out of various games for more than $10,000 during their gaming day (you never know what they might consider a gaming day, 12A-12A or 6-6 ) you will generate a CTR. If you have chips in your pocket you will always be ready to make a bet without stopping the game for a buy in.

I split my 401G into many parts and use all of these vehicles to store it. I have 30% in a savings account 40% in a safe deposit box at the bank and I split the rest up between my safes and my pocket. That’s what works for me. I have enough safety, some visible monies for credit score and interest earning, and enough available cash to tackle opportunities that I have on a weekly basis.

Think about it. What works for you?

BTK

This has really generated a lot of great responses. Thanks to all you participated. Any others wish to give their $.02 worth.

Doc

BTK,

if you report your gambling wins and subtract your losses as itemized deductions then your buy ins shouldn’t be of any concern to you.

Noah

Noah,

Yes this is absolutely true. I am at the point now where I am going to have to do this on my sched C since I am earning much more than a nominal amount. My concern for myself and many others is the scrutiny that many odd amount CTR’s might create with the IRS. How does the IRS look at CTR’s and do CTR’s add to the risk of audits? Audits are of great concern to many most tax payers because of the horror stories that we have heard over the years. I use a CPA that I trust who happens to be a craps player and was also in my class in High school. He has always given me good advice but we haven’t discussed the CTR issue much and it concerns me so I try very hard to avoid having too many of them.

BTK

I realize this is an older post. Recently, this has become a concern for me. I have a fair size bankroll for a smaller player in cash at home..I’ve thought of starting a bank acct(checking) for my 401g. However I didn’t want to draw unwanted attention by depositing say 5k cash upfront..I’m also concerned about drawing attention when withdrawing and depositing cash along the way… my other concern is keepbig all this in cash at home. I think I read Somewhere that it could be seized if it becomes over a certain amount and was discovered? I really want to fly under the radar and not draw unwanted attention to myself…Any fresh ideas?

All good ideas – do one of them that seems to work for you.

Dom

I like BTK’s idea of Casino Chips.   Will begin to use that at the local Casino’s.

 

JackD.