Law against carrying so much money?

[2kchevy06civic 5,000+ posts]

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

I know, that's what I'm saying. Just because the guy couldn't speak English very well. I mean yeah I suppose they sort of had a right to take him in but they have no right to take his money after court. I mean they didn't prove or really disprove that the money was his but still.....I wonder who got the money.

 

[mapolley07 10+ year member]

I handle money transfers and money orders at my job, and the laws are actually for the Patriot Act which is designed to prevent the funding of terrorism.

If an amount of money in excess of $2000 is transferred, a Suspicious Activity Report, or SAR must be filed and submitted to the IRS within 30 days of the transaction, and the agent must keep records of the transaction for 5 years. Also an SAR is required for any TOTAL OF TRANSFERS of over $2000 in ANY GIVEN 7-DAY PERIOD. Also any seemingly suspicious activity or odd customers (agent's discretion) must be filed with a SAR.

A Currency Transaction Report, CTR must be filed for ANY CASH TRANSACTION in excess of $10k. This also must be filed with the IRS and kept for 5 years.

The reason you never knew about any CTR being filed is because it is illegal for an agent to inform a customer that an SAR or CTR is required, and it is illegal to inform a customer that either form is being filed.

9 times out of 10, an SAR must be filed when a CTR is filed.

 

[WhoSayWho? 5,000+ posts]

The reason you never knew about any CTR being filed is because it is illegal for an agent to inform a customer that an SAR or CTR is required, and it is illegal to inform a customer that either form is being filed.

I never knew that. Oops.

 

[mapolley07 10+ year member]

yep, they can fine the sh*t out of you and the company you work for. like 4 digit fines. the government can also deny your company the legal right to operate as an MSB (money service business)

 

[WhoSayWho? 5,000+ posts]

yep, they can fine the sh*t out of you and the company you work for. like 4 digit fines. the government can also deny your company the legal right to operate as an MSB (money service business)

Eh, I don't know if what my friend said would have been illegal. Someone wanted to pay in over 100k cash and he said let's move this to the bank so that they can count it and fill out any necessary forms.

 

[mapolley07 10+ year member]

if the banker had told you that they were going to fill out an SAR and a CTR that would be illegal.

For your friend to say, lets make the deal at a bank so they can do whatever they need to is not illegal. It is illegal for the agent to inform a customer that they(agent) will be filing reports.

I work in a grocery store, so we can't handle transactions of $10k or more. If a customer wanted to spend over $10k with us in cash, and we said, lets do this at our bank so they can handle the paperwork that would be fine.

Now, If someone send money through our MoneyGram service for $3000 and I tell him that I will be filing an SAR then that is illegal.

 

[WhoSayWho? 5,000+ posts]

I see.

 

[mapolley07 10+ year member]

yeah, the laws are very complicated. we had to take a test to prove we knew the laws before we could sell money orders and do money transfers, and I failed twice because of little technicalities. It is easy to get mixed up as to which form you fill out for what amount, plus our store changed their policies as to keeping our records which messed me up worse

 

[HitManSE 10+ year member]

yeah, the laws are very complicated. we had to take a test to prove we knew the laws before we could sell money orders and do money transfers, and I failed twice because of little technicalities. It is easy to get mixed up as to which form you fill out for what amount, plus our store changed their policies as to keeping our records which messed me up worse

Complicated might be an understatement, so because of the patriot act everything $2k and over is now being logged!? wtf. As if it wasnt difficult to get $ into a bank before at a $10k limit. Well whatever, last I checked it wasnt people who were depositing more then $2k into our banks that caused the US dollar to fall //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[vvblazers777 10+ year member]

Wow. I think I'll hold my cash now.

 

[HitManSE 10+ year member]

Wow. I think I'll hold my cash now.

How?

With inflation going as it is, at the very least you'd have to put your $ in an account that generated at least 3% interest a year just to keep the money you have (maybe come out 1% ahead //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif )

 

[Flipx99 5,000+ posts]

if the banker had told you that they were going to fill out an SAR and a CTR that would be illegal.
For your friend to say, lets make the deal at a bank so they can do whatever they need to is not illegal. It is illegal for the agent to inform a customer that they(agent) will be filing reports.

I work in a grocery store, so we can't handle transactions of $10k or more. If a customer wanted to spend over $10k with us in cash, and we said, lets do this at our bank so they can handle the paperwork that would be fine.

Now, If someone send money through our MoneyGram service for $3000 and I tell him that I will be filing an SAR then that is illegal.

We have that issue at Lowe's. We do let them know as both parties have to sign the form.

 

[SethPhillips 5,000+ posts]

anything over 9,999.99- basicly by law the police are to be involved if it's more then that amount.

 

[mapolley07 10+ year member]

We have that issue at Lowe's. We do let them know as both parties have to sign the form.

I think you may be referring to a different form thatn the CTR and SAR. The CTR and SAR are for bank transactions such as deposits/withdrawals and transfers between individuals such as Western Union/MoneyGram and purchasing Money Orders/Cashier's Checks. They do not require a signature from the customer.

 

[bumpweLL.nYc 10+ year member]

so say I assumed a loan under my parents and Im writing them a check for 2g a month to their personal account?