Law against carrying so much money?

[Tiger Bass 5,000+ posts]

I just wish I had enough money to worry about this type of problem...//content.invisioncic.com/y282845/emoticons/blackeye.gif.66a1670f5aaf7f406e783a63e3387dc5.gif

 

[andytb 10+ year member]

we have a fuked up government

 

[quest51210 10+ year member]

and i think even bank transactions that are over like 10k get investigated.

not true. i did have to sign some paperwork for the IRS when i paid my initial down payment of $12.5K, but no worries here. in reality as long as you have the paper trail to prove where the money came from you should have no worries.

the deposit i took from my home safe and put it in the bank 5 days before i bought the car. i had no holds and no issues.

 

[faulkton 5,000+ posts]

I wouldnt think so because you wouldnt be depositing any currency into your account. Trading should be fine, but just in case id keep it under 10k. If anyone knows a bank teller, they'd be the one to ask.
Usually the bank teller has instructions as to what is and isnt necessary to flag.

I always wondered that.

Back in my much more wild days i was always too paranoid to do it myself... i always paid someone else to go in and change in bills. //content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

 

[squeak9798 5,000+ posts]

not true. i did have to sign some paperwork for the IRS when i paid my initial down payment of $12.5K, but no worries here. in reality as long as you have the paper trail to prove where the money came from you should have no worries.
the deposit i took from my home safe and put it in the bank 5 days before i bought the car. i had no holds and no issues.

Without having been there.......I would guess that the "IRS paperwork" was a CTR report that they were required to complete for compliance with federal law regarding suspicious activity.

If the bank didn't complete a CTR report when you deposited $12.5K in cash....there was some hand-slapping going on after you left.

They don't place a "hold" on the money.

Just a form that needs completed.

 

[HitManSE 10+ year member]

I always wondered that.
Back in my much more wild days i was always too paranoid to do it myself... i always paid someone else to go in and change in bills. //content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

I just asked someone that worked at a bank for 16+ years. Basically the transfer shouldnt be an issue, its only for deposits. Personally though, id still veer towards caution and use common sense and not go in there with $50k+ worth in 20s.

As for the deposit, they can flag you even if you're depositing under $9999.99. It all depends on how suspicious the person is. So dont go the bank sweating bullets and acting all weird //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

If only you knew a money launderer //content.invisioncic.com/y282845/emoticons/greedy.gif.5a53e6246569d7ab79867170f3b06629.gif

I just wish I had enough money to worry about this type of problem...//content.invisioncic.com/y282845/emoticons/blackeye.gif.66a1670f5aaf7f406e783a63e3387dc5.gif

The only people that have to worry about these things are people that make $ illegally. I dont think examples are necessary.

we have a fuked up government

Well ya. They want to get their cut of your money. If they see large #'s entering your accnt and they havnt had their cut, they're going to want to know why.

 

[squeak9798 5,000+ posts]

Correct.
Anything over 9999.99 daily deposit gets flagged at the bank and you'd have to prove where you got the $ from.

Actually no, it's $10,000.01 or more.

"In excess of $10,000" is how it's defined.

Also, you don't have to "prove" it. If it happens once the form is completed and nobody really cares.......but you can bet if it becomes a "suspicious pattern" certain people might start paying more attention to your past, present & future transactions and if a pattern is found they might come to your door asking for answers //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

What about just coming in and asking to exchange money?
Like going in and trading a bunch of twenties and fifties for all one-hundreds?

Yes, a CTR would likely be completed.

It's a "transaction" involving more than $10,000 in currency.

I believe that any time you hand the bank teller more than $10,000 or they hand you more than $10,000 a CTR would need to be completed.

 

[squeak9798 5,000+ posts]

I just asked someone that worked at a bank for 16+ years. Basically the transfer shouldnt be an issue, its only for deposits

Not sure whom you spoke with, but they are wrong.

Who Must File. Each financial institution (other than acasino, which instead must file FinCEN Form 103, and

the U.S. Postal Service for which there are separate rules)

must file FinCEN Form 104 (CTR) for each deposit,

withdrawal, exchange of currency, or other payment or

transfer, by, through, or to the financial institution which

involves a transaction in currency of more than $10,000.

Multiple transactions must be treated as a single

transaction if the financial institution has knowledge that

(1) they are by or on behalf of the same person, and (2)

they result in either currency received (Cash In) or currency

disbursed (Cash Out) by the financial institution totaling

more than $10,000 during any one business day.

Even walking in and paying off a loan with cash equaling more than $10,000 would require a CTR.

 

[billabongcr 5,000+ posts]

theres a law in florida that you cant carry an icecream cone in your back pocket and walk down the sidewalk

and you cant tie an elephant to a lightpole after 10pm

 

[squeak9798 5,000+ posts]

theres a law in florida that you cant carry an icecream cone in your back pocket and walk down the sidewalk

Montel did a show one time about stupid laws that were still on the books.

There's laws in some states against oral *** //content.invisioncic.com/y282845/emoticons/eek.gif.771b7a90cf45cabdc554ff1121c21c4a.gif

 

[sundownz Pro Seller]

I can't believe that court case... the government stole that guys money.

 

[HitManSE 10+ year member]

Not sure whom you spoke with, but they are wrong.


Even walking in and paying off a loan with cash equaling more than $10,000 would require a CTR.

I guess after not working at a bank for few years, things can get a bit rusty. I see what you mean, as I mentioned earlier id still veer on the side of caution and not walk in with that much. The most id ever consider (regardless of the type of transaction) would be $9k max.

Actually no, it's $10,000.01 or more.
"In excess of $10,000" is how it's defined.

Also, you don't have to "prove" it. If it happens once the form is completed and nobody really cares.......but you can bet if it becomes a "suspicious pattern" certain people might start paying more attention to your past, present & future transactions and if a pattern is found they might come to your door asking for answers //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

So I was .02 cents off, at least it was in the safe direction //content.invisioncic.com/y282845/emoticons/greedy.gif.5a53e6246569d7ab79867170f3b06629.gif A suspicious pattern, so you mean putting in $10k every 25-26hrs is a bad idea? //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

I wonder how they view online transfers, im sure the same limits apply. Im thinking that would be just as trackable as someone transfering $ into your accnt in person.

 

[WhoSayWho? 5,000+ posts]

Without having been there.......I would guess that the "IRS paperwork" was a CTR report that they were required to complete for compliance with federal law regarding suspicious activity.
If the bank didn't complete a CTR report when you deposited $12.5K in cash....there was some hand-slapping going on after you left.

They don't place a "hold" on the money.

Just a form that needs completed.

Correct (as you already know). And I think it is 10k plus one penny that triggers the requirement -- but that it is splitting hairs.

(ah, I did not see the CFR you posted -- so it is greater than 10k)

 

[vvblazers777 10+ year member]

I'll stick to the 9k range to be safe.

 

[PollyCranopolis 10+ year member]

it was enacted to fight the war on drugs so you know its a good law.

LOL