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?