A few weeks ago, I noticed something strange when buying money orders at Walmart. As you all know, when your purchase exceeds $3,000, you have to provide personal information so that law enforcement tracks your transaction. Previously, this involved filling out a FinCen10 form. Recently, Walmart got rid of the paperwork and instead its cashiers would type the info into the computer. The computers at my location are pretty slow and difficult to type into, so this process took a long time. But recently I noticed it’s been sped up a little which makes me wonder why they’re even doing it.
What is Walmart doing differently? They’re no longer asking for a social security number. Cashiers are still asking for a driver’s license, which means your name and address are still recorded. A while back, they stopped asking for employment information but my SSN was still being requested on the PIN pad. Now that’s not the case anymore, which makes me wonder if transactions are still being reported. And if not, then why go through the hassle? If it’s just to deter people from buying money orders, that’s a lot of trouble to go through for that purpose.
It’s not a huge thing but I thought I’d share it and get feedback from others who may know more than I do. Why is Walmart significantly cutting back on (and even eliminating) reporting information? Is it because they realize these $2,000 transactions don’t need to be reported but still want to make customers jump through a few hoops? If you have any thoughts, please share in the comment section.