BANK SECRECY ACT! I'm madder than a drunken miner! - Posted by ScottE

Posted by Bud Branstetter on February 24, 2001 at 21:32:06:

Do it 10 times a month and maybe you’ll get audited. What I don’t like is when I deposit more than 5K in checks at a time they want to put a hold on part of it. Good thing they have branches in the grocery store to do the rest at a second branch.

The best way to move money is wire transfers. Some of the online banking lets you easily send money electronicly. A drug dealer wouldn’t do it but for us every day people it is easier.

BANK SECRECY ACT! I’m madder than a drunken miner! - Posted by ScottE

Posted by ScottE on February 24, 2001 at 01:25:29:


I know a few folks posted something about 6 mos. ago re:proposed legislation requiring banks to report individuals (to the Treasury Dept. i.e. the IRS)engaging in even modest cash transactions.

I thought that legislation died in committee. Well, today I go to my bank (with cash) to get a cashier’s check for $3,500 payable to my brother and they wanted my SSN, address and “required” the viewing of my driver’s license for all cashier’s checks over $3,000. This information was going to be “electronically forwarded to the Treasury Department”…thanks boys, but I’ll pass on being put on the easy-pickins AUDIT list.
Finally I had them cut me two different checks (under $3k)to my brother and his wife.

I was told by the just-got-outa-banker’s high school gal that the reg was put in place to try and follow/catch drug dealers. Yeah, I see those guys ALL of the time running up to the bank to get cashier’s checks. Geez, you can’t swing a dead cat without hitting a drug dealer around my bank lobby.

What the heck is going on? Where do those pinheads in Washington get off with this crap. Anyone?


Re: BANK SECRECY ACT! - Posted by les gee

Posted by les gee on February 25, 2001 at 02:37:08:

hmm never had a serious problem with that…maybe i’m lucky or i have a relationship with them.

  1. i have a zero interest bearing account. Can you deposit funds into it? Then later that day cut a cashiers check. no-interest is great.

  2. Actually i had a client put 9,900 in cash put into my interest bearing account with no red flags. Then I just cut a check later. Called them ahead of time to discuss their requirements.

  3. talked to one manager and they told me the limit. 10K. Well, geeze what if i deposited 9000 today and then go to another branch and deposit another 9k. …no problem.

fyi: i scratch my head on policies. one big bank i hate due to it’s check holding policies. But any policy can be circumvented. In less than 1 month of opening an account had them clearing $100,000 checks with NO HOLDS. And I’m writing them to myself from another account. It pays to talk to the manager and get nice with them. Boy, i could screw them up if I wanted to…but of course I’d be on the most wanted list.

If them dang people in… - Posted by James Cargil

Posted by James Cargil on February 24, 2001 at 21:47:37:

Palm Beach Co. wernt so stupid we could really clean house.

Re: A drunken miner is - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on February 24, 2001 at 13:48:21:

not a problem…

Re: BANK SECRECY ACT! - Posted by JD

Posted by JD on February 24, 2001 at 11:04:37:

News to me. If it is your Bank why wouldnt they already have your SS# and address on file?

Re: BANK SECRECY ACT! - Posted by ScottE

Posted by ScottE on February 24, 2001 at 11:25:50:

They do have all of that information on me. The thing that bugs me is that they electronically transmit MY information to the IRS. I don’t know for sure, but if I’m the IRS, I would sure be looking to that list to start my auditing season. It suffices to say that I don’t want to be in the bucket o’ the chosen few!