Cash withdrawals

[Papapete]

I used to work at a bank and cash transactions and cash equivalents of $10,000 or more had to be reported to the .gov. In addition a record of cash transactions of $3000 or more are kept in-house and reported to the .gov if requested. Multiple transactions are reported as one transaction as well, and "suspicious transactions" also get reported. Don't blame the poor teller because failure to report is a federal crime with big fines and prison time.

[Mortimer]

I always thought the cash limit was $3,000 CASH either deposited or withdrawn. Checks don't apply to this.

I've never had to fill out any special forms when depositing checks in excess of $10,000, the most I can think of I've withdrawn in cash is $2,500 and no special forms there either. Whether or not the bank is reporting it on their own I have no idea.

[Goodtime Charlie]

As long as the "money" (ha!) is in a bank, the Fed. Gvt. can seize it (that is, they can force the bank to freeze the account, and confiscate the funds). If you withdraw a large sum as cash, then they assume that you are getting ready to skip with it or commit an illegal transaction (since it won't be going through a bank, where it would leave a paper trail). So, we are no longer innocent until proven guilty, even outside of a court of law! I wish we could just do without banks, they enslave us.

[Papapete]

I always thought the cash limit was $3,000 CASH either deposited or withdrawn. Checks don't apply to this

Cash and cash equivalents (i.e., traveller's checks and money orders). International wire transfers are reported also, though in a different manner. I never dealt with wire transfers, so I'm unfamiliar with the regulations concerning them. You are correct that checks aren't included in this regulation since checks leave a clear paper trail that is easily followed by the feds. The regs are to create a paper trail where none exists for large amounts of money.

[KLH]

If you think you need to purchase something with a large sum of cash just start saving back a couple of hundred bucks from your ATM every few days until you have the amount you get enough money to buy whatever you need for cash. Then plant something in your garden and over dig a couple of feet. Before doing this buy a piece of PVC Pipe and a couple of caps. Place the money in the pipe and glue on the caps. Bury the pipe in the hole and plant the plant above it so you know where it is buried. Let me know where it is buried so if you forget where it is I'll know where you planted it.

ps: I won't let you know my name or address so there won't be any trace through me to let the Feds know who to contact to find your stash.

[dryden]

Originally Posted by Papapete

I used to work at a bank and cash transactions and cash equivalents of $10,000 or more had to be reported to the .gov. In addition a record of cash transactions of $3000 or more are kept in-house and reported to the .gov if requested. Multiple transactions are reported as one transaction as well, and "suspicious transactions" also get reported. Don't blame the poor teller because failure to report is a federal crime with big fines and prison time.

+1

There are transaction limits that are automatically required to be reported. This has been the case since Congress established the Bank Secrecy Act in 1970 (aka the Currency and Foreign Transactions Reporting Act). The reporting requirement is triggered at $10,000 or more in daily transactions plus suspicious activity. Deposits are not the only transactions reported. Purchases of negotiable instruments are as well. As a result, many banks will not sell negotiable instruments for cash. Other laws including title III of the Patriot Act have amended the BSA.

Source:http://en.wikipedia.org/wiki/Bank_Secrecy_Act

-Dryden

[Smoky]

You guys are spot on, other than the $3K internal monitoring amount is no longer valid--

I've been told that the Currency Transaction Reports (CTRs) rarely get looked at.

If you go to do a transaction, and the teller informs you that a CTR must be filed, and you change the amount or back out of the transaction, then they are required to file a Suspicious Activity Report (SAR), and you won't be informed that they are doing so.

They also must file a SAR if you "structure" multiple transactions, to appear to try and fly under the radar.

Everyone gets worried about the CTRs, but they are really no big deal. As long as what you are doing is not illegal, or proceeds from some illegal activity, you have nothing to worry about.

Irony is that if what you are doing is legit, no worries, but if you try to get around the law, then that is when you can get into real trouble.

Bottom line--if you are not doing something shady, you don't really need to worry about any of this.

[Willfully Armed]

I withdrew 3000 this morning and noticed she filled out some kind of paperwork. Might have been something unrelated but it made me wonder.

[silverwolf]

I have had to fill out a form when I deposited $2,000.00 in cash at one bank. Central Bank of KC. I changed banks after that. But at most banks if you make either large deposits in cash or withdrawls they want a record of it. The same goes for casinos. If you happen to try to cash out with a large amout of chips they want your ID etc.

I don't have to worry about the casino thing. lol

[PM]

Gee, I thought it went back to the 1920's or 30's as a way to track organized crime. Buggys Segal and Al Capone types. I would also think that any one of the illegal behavior group would not deposit/withdraw that much money as to appear to be laundering money!! Guess that is why they call it dope though!!