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:
Howdy!
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?
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.
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.
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.
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.
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!