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Chingal0 · 05-02-2004, 01:45 AM

E.g.: a credit card kiting scheme utilizing the credit available on various credit cards to pay for living expenses and to make the minimum payments on other credit card accounts [In re Easchai, supra; but compare In re Bixel, 215 BR 772 (Bank.SD.Cal 1997) (debtor used credit card to pay off other credit cards, which were not used again, in an attempt to consolidate debts and have a single monthly payment);

From http://touchngo.com/lglcntr/usdc/bnk...iefs/bnk54.htm

That reads to me as the same thing that jam161 is inquiring about. It seems like a win-win situation, but if he is not opening any new credit cards etc, it might not be illegal, as in the explaination above, they said that teh cards were not used again.

Here is an example of Check Kiting from http://www.crimes-of-persuasion.com/...bank_fraud.htm

Kiting

Cheque kiting is when in-transit or non-existent cash is recorded in more than one bank account. The crime usually occurs when a bank pays on an unfunded deposit.

For example, a bum check is deposited into an account. Before the cash is collected by the bank, a check is written against the same account and deposited into a second account, or cashed. The increased use of wire transfers allows this type of scheme to be perpetrated very quickly.

I dunno. I wouldn't do it.

05-02-2004, 01:45 AM	#20 (permalink)
Chingal0 Something like that.. Location: Oreygun.	E.g.: a credit card kiting scheme utilizing the credit available on various credit cards to pay for living expenses and to make the minimum payments on other credit card accounts [In re Easchai, supra; but compare In re Bixel, 215 BR 772 (Bank.SD.Cal 1997) (debtor used credit card to pay off other credit cards, which were not used again, in an attempt to consolidate debts and have a single monthly payment); From http://touchngo.com/lglcntr/usdc/bnk...iefs/bnk54.htm That reads to me as the same thing that jam161 is inquiring about. It seems like a win-win situation, but if he is not opening any new credit cards etc, it might not be illegal, as in the explaination above, they said that teh cards were not used again. Here is an example of Check Kiting from http://www.crimes-of-persuasion.com/...bank_fraud.htm Kiting Cheque kiting is when in-transit or non-existent cash is recorded in more than one bank account. The crime usually occurs when a bank pays on an unfunded deposit. For example, a bum check is deposited into an account. Before the cash is collected by the bank, a check is written against the same account and deposited into a second account, or cashed. The increased use of wire transfers allows this type of scheme to be perpetrated very quickly. I dunno. I wouldn't do it. __________________ "Eventually I became too sexy for my gym membership fee."