How new 'Show us your cards' rule would work at the border
US Customs would require you to declare prepaid cards' value
The U.S. Treasury and U.S. Customs officers are still fine-tuning their new financial reporting system for U.S. and foreign travelers arriving at U.S. airports, seaport and Border Patrol stations, but here are the outlines of how it might work:
WELCOME TO AMERICA,
NOW SHOW US YOUR CARDS
New border-crossing rules would impose a new intrusion on those entering the U.S.: declaring the value of their prepaid cards.
- As you prepare to enter the U.S., you will be asked, as in the past, to declare on the familiar blue-and-white Customs Declaration Form whether you are carrying more than $10,000 in "currency or monetary instruments" into the country. But now, as you make that calculation, you will have to include the value of any gift cards or other prepaid payment cards in your possession.
- If your financial declaration arouses suspicions -- or if anything else about you arouses suspicions -- you may be asked to step aside for additional questioning.
- As part of that additional inspection, you may be asked to present all of your credit, debit and gift/prepaid payment cards to the inspector. That inspector then will run those cards through a special scanner that can determine if the card is prepaid and may be able to determine the value originally placed on that prepaid card or still accessible with that prepaid card.
- Federal officials say they have no interest in your credit cards or debit cards, and that you will not be asked to provide PIN codes or other access codes related to any of your cards.
If you are found to be bringing more than $10,000 in cash, checks, money orders, travelers checks and -- when the new regulations take effect -- gift or other prepaid cards, you may have some explaining to do.
- Fed: Balances on cards rose $1.2 billion in July – Credit card balances rose at a 1.5 percent annualized rate in July, the Federal Reserve said, reversing a decline the previous month ...
- Main lesson after Equifax breach: Protect yourself – September 2018 marks the first anniversary of Equifax's massive breach, which prompted calls for tougher security. Continuing hacks, however, prove that breaches won't cease. ...
- Surprising credit card travel exclusions – Your credit card's travel insurance may not cover injuries sustained while taking part in a protest or riot, driving under the influence, skydiving, or due to a pre-existing medical condition ...