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Posted: 3/4/2005 7:12:04 PM EDT
[#1]
A currency transaction report is filed for more than $10K. But banks are also required to report suspicious activity--if it looks like you're avoiding CTRs by depositing two $7,500 transactions an hour apart at two different branches they may report that, too. Typically the bank's threshold for looking at a series of transactions as an attempted avoidance of CTRs is about $5,000.
www.moneylaundering.com/freeresources/trainingarticle1.aspx |
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Posted: 3/4/2005 7:13:16 PM EDT
[#2]
It is 10k or more.(9999.99 ok) Or if the teller gets a wierd feeling they can send report anyway. I was a branch manager for three years.
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Posted: 3/4/2005 7:13:18 PM EDT
[#3]
I'm tired! I had to think about that one. 
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Posted: 3/4/2005 7:23:06 PM EDT
[#4]
I agree with this number. About two years ago, when closing on a house, I tried to get a cashier's check cut from $4k in cash that I had stashed. This was my bank for seven years. They said if they did this, they would have to disclose the transaction to the irs. Now, this might have something to do with me not actually depositing it in the first place. But, I do remember that they said the limit was around 2 or 3k. ETA: This explains my situation.
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Posted: 3/4/2005 7:48:02 PM EDT
[#5]
I inherited a little over 70,000.00 last year in january.I deposited checks ranging from 12,000 to 23,000 on numerous occasions.As soon as they cleared I withdrawed all of it except enough to keep the account open for the next check.They would take me in a seperate room to count out the money to me and not let people see what wasgoing on.I dont think they liked giveing me all that money at one time so often.I think they wanted to use it ya know?At least for a day or two.Before the end of it they requested a day or two notice so they could be prepared.HA!
PS. I had good reason not to leave the cash in the bank |
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Posted: 3/4/2005 7:54:01 PM EDT
[#6]
You found DB Cooper's stash, didn't you?
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Posted: 3/4/2005 8:00:36 PM EDT
[#7]
I'm not telling.
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Posted: 3/4/2005 8:07:32 PM EDT
[#8]
This is exactly right. My bank told me they reported a girl who was depositing $2000.00 cash twice a week. She acted very strange and "looked like a drug dealer" I am not saying it is right or wrong. It is just what happened. |
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Posted: 3/4/2005 8:09:07 PM EDT
[#9]
Some REAL advise here. |
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Posted: 3/5/2005 1:21:37 AM EDT
[#10]
Why wouldnt you just use different accounts, that way your never making a transaction over the 9999.99 limit. Just make two 5,000 deposits into two different accounts
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Posted: 3/5/2005 2:05:50 AM EDT
[#11]
If you just want to exchange bills. Almost EVERY large grocery store has a customer service center to do that(place where they also pay local utility bills, issue money orders, etc..) No questions asked, nothing to fill out. But they may have a $500 limit.... so hit up a bunch of them
 What raise's the flag for large bill exchanges is the fact that they may be counterfit. If you just go around with 5 $100 bills and say you'd like to exchange it for $20's(are the other way around) no one will give a shit, banks included. |
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Posted: 3/5/2005 9:34:59 AM EDT
[#12]
There is a lot of misinformation flying around here.
FACTS --------------- 1. the Currency Transaction Report (CTR) form 4789, is required to be filed if currency deposits or withdrawls for a single individual aggregate to more than $10,000 in a single day. 2. For cash transactions of $3,000 or more used to purchase money orders, bank checks, etc., the "chronological log" (required by law to be kept but not filed) lists the transactions involving purchases between $3,000 and $10,000 worth of bank checks, cashier’s checks, money orders, or traveler’s checks with currency. 3. No matter what deposit or withdrawl amount, if a bank suspects you of being involved in criminal activity, they can file a Suspicious Activity Report. 4. All Ninjas are mammals. **Interesting things to note above. Item #1 indicates that if you make no other transactions in a day, you could withdraw or deposit exactly $10,000 without having to fill out the CTR. An ingorant bank employee might try to make you, but the law says GREATER THAN. Also note that in item#2 above for the chronological log (kept but not filed with the fedgov), it says $3,000 or more, meaning the max is $2,999.99. NOW can everyone pelase stop throwing around numbers and saying "nuh uh, I heard from Billy bob THIS was the maximum!!!! -- Thanks. |
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Posted: 3/5/2005 10:33:50 AM EDT
[#13]
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Posted: 3/5/2005 11:34:09 AM EDT
[#14]
Ask your bank. |
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Posted: 3/5/2005 11:37:48 AM EDT
[#15]
10K is the magic number for a "joe smow" account
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Posted: 3/5/2005 11:40:21 AM EDT
[#16]
Who'd you whack? |
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Posted: 3/5/2005 11:49:57 AM EDT
[#17]
It is a FELONY under 35 USC 5324 to structure your transactions to avoid reporting. And it's a felony even if you're not doing it in the furtherance of some other illegal activity. You can go to the federal pen for five years just for trying to protect your privacy.
Just by thinking about it, you're probably already a felon, and anyone who offered you advice (i.e., assisted you in your attempt) on how to structure your transactions is also a felon. Since in a very short time you will all be prohibited from possessing firearms, I suggest you all send all your firearms to me (or my designated FFL for non-Texans). You don't want to risk another five years, and you don't want to risk letting the feds get their greedy little hands on your guns and taking them forever out of civilian hands. Send them to me now! Do it for yourself. Do it for your guns. Do it for the children. |
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Posted: 3/5/2005 12:06:25 PM EDT
[#18]
yep, split your $10,000 deposit across two days ... felon Ain't the war on drugs great? |
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Posted: 3/5/2005 1:59:04 PM EDT
[#19]
One is not a felon until convicted. Don't ask, don't tell. |
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Posted: 3/5/2005 3:15:54 PM EDT
[#20]
Banks report a lot of transactions well under the legal reporting amount. They track account activity and look for patterns and deviations from established patterns. I worked for a financial services company that wouldn't accept cash from clients to avoid having to handle it. Checks only was the rule. The feds also have access to most if not all bank records just for the asking.
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Posted: 3/5/2005 3:21:15 PM EDT
[#21]
??? I deposit more than that every time I put my paycheck in, and I've never had to fill out a form or recieved any grief for it. |
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Posted: 3/5/2005 3:53:52 PM EDT
[#22]
Make some room for it in your gunsafe.
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Posted: 3/5/2005 4:03:21 PM EDT
[#23]
Apparently there are ways around all this.
You have never heard of a banker arrested for helping a drug dealer launder money, have you? I understand car washes are one of the many small business that are good for laundering cash. |
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Posted: 3/5/2005 4:26:14 PM EDT
[#24]
I want your Job |
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Posted: 3/5/2005 4:27:11 PM EDT
[#25]
yup special forms are filled out for that one.... |
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Posted: 3/5/2005 4:27:51 PM EDT
[#26]
Multiple accounts, draft to money market then to mutual funds. Credit unions are best for this.
Buying a cashiers check with cash made out to yourself and deposited in another bank does not raise any flags regardless of amounts.  Money laundering is a crime I think
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Posted: 3/5/2005 4:28:56 PM EDT
[#27]
Depends on who you are. Bill Gates could probably get by with some healthy unreported deposits. |
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Posted: 3/5/2005 5:05:40 PM EDT
[#28]
Did you answer an E-mail from Nigeria 
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Posted: 3/5/2005 5:08:39 PM EDT
[#29]
Well, I get paid once a month, so... You can't have it! It's MINE! MINE I TELL YOU!!!
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Posted: 3/5/2005 5:59:12 PM EDT
[#30]
I don't want to add to the false info floating around here but you should remember this....
My best friend in the world was going through a bitter divorce and it was messy. He was contesting some issues with ex-wife of a few weeks and was doing the court thing trying to disprove false allegations ex-wife brought against him. He was found liable and ordered to pay court fines, her atty fees, the amount in question, etc. He was contesting the ruling through appeal. He was getting direct dep payroll from his engineer job (read several thousand per week). Her lawyer put in a request to expedite the court ordered ruling and got a garnishment against him without him getting record of it and the bank siphoned out his account and left him with less than $100. We are talking somewhere around $5000. This cash was for mortgage, food, insurance for two vehicles and a car payment. The bal left to yet be paid was something like another 5K. He was informed the bank would turn over that money as soon as it became available in his account, to ex's lawyer. Word of caution: If anyone else has access to your funds, it may not be yours to keep much longer. I keep little in my account when possible. I am looking at some serious $$$ when grandpa kicks it. I doubt it will see my bank - ever. |
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Posted: 3/5/2005 6:09:12 PM EDT
[#31]
$10,000 or less is considered a "non reportable" transaction. However, if you deposit small amounts at regular intervals and this is not a norm for your account. This may be construed as a "suspicious transaction" thereby making is reportable as well. Compliance departments of banks and brokerages houses have surveillance areas that are dedicated to this now due to the recent Patriot Act. Lots of Banks have been fined including the highly publicized ousting of CitiGroup in Japan. Riggs bank in DC area. Amsouth Bancorp and many others I can't name on the top of my head right now. $10K will not necessarily flag anything. However, deposit $10,001 and you will be filling out a CTR form. Deposit $2K 5 days in a row and its not your normal banking, you will be hearing from the bank risk and control area. There are tighter regulations now stemming from the Partriot Act. The term "CASH" has now been expanded to include; cashiers checks, money orders, some wire transactions depending on origin, and negotiable securities. Oh due to the Patriot Act, Casino and Auto dealerships must also abide by the $10,000 rule. |
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Posted: 3/18/2005 6:36:00 PM EDT
[#32]
Is that true about Casino's and auto dealers?
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Posted: 4/9/2005 8:56:48 PM EDT
[#33]
.
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Posted: 4/9/2005 8:57:22 PM EDT
[#34]
.. |
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Posted: 4/9/2005 9:01:45 PM EDT
[#35]
The Correct answer for safe amount............$10,000.00 has to be reported to the Govt |
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Posted: 4/9/2005 9:03:15 PM EDT
[#36]
So... Hypothetically speaking, how much WOULD you charge to do a couple hits? |
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Posted: 4/9/2005 9:03:18 PM EDT
[#37]
if your trying to hide it then dont deposit it. just keep it in your hands and use it for all your purchases keep it in your gun safe. |
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Posted: 4/9/2005 9:05:30 PM EDT
[#38]
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Posted: 4/9/2005 9:06:46 PM EDT
[#39]
It's now $5000. Remember the Alamo, and God Bless Texas... |
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Posted: 4/9/2005 9:07:30 PM EDT
[#40]
Screw that. Take your cash to Vegas and deposit it in several cages in $5K chunks. Or bury it in the backyard, whichever... |
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Posted: 4/9/2005 9:09:16 PM EDT
[#41]
It's not a secret. Bank tracking and FedGov cooperation / requests for reports of 'suspicious' 'out of the normal' transactions have been the 'norm' since before the Patriot Act got passed. Such Banking snooping has been going on since the days of the first big RICO cases against organized crime. and since 9/11, banks EVERYWHERE are keeping an eye out for large unexplained cash transactions. |
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Posted: 4/9/2005 9:16:11 PM EDT
[#42]
...! |
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Posted: 4/9/2005 9:17:16 PM EDT
[#43]
If you made the $$$ legitimately and pay any required income taxes on it, then no worries...the main thing the IRS is looking for is evidence of UNREPORTED INCOME...the "Patriot Act" stuff is just a smokescreen...it's all about TAXES, folks!
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Posted: 4/9/2005 9:18:13 PM EDT
[#44]
You guys aren't nearly as smart as you think you are. Casinos are the LAST place you want to try to funnel money. www.irs.gov/govt/tribes/article/0,,id=134096,00.html When is a suspicious activity report required to be filed? A suspicious activity report is required to be filed if the casino knows, suspects, or has reason to suspect that: * The activity involves funds derived from illegal activity * The activity is designed to hide assets derived from illegal activities, to evade federal law or avoid reporting requirements * The activity is to evade the Bank Secrecy Act requirements * There is no business or apparent lawful purpose * The activity involves the use of the casino to facilitate criminal activity Return to List of FAQs Is there a dollar criteria for mandatory filing of Suspicious Activity Reports? Suspicious Activity Reports are required for suspicious activities involving $5,000 or more in funds or other assets (single transaction or aggregated). Return to List of FAQs What if a transaction seems suspicious but it involves less than $5,000? Casinos are encouraged to report suspicious transactions that are under $5,000, such as the submission by a patron of an identification document the casino suspects is false or altered. (See question 14 for robbery or burglary). Return to List of FAQs Remember the Alamo, and God Bless Texas... |
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Posted: 4/9/2005 9:19:16 PM EDT
[#45]
as stated before, it is anything the teller deems suspicious.
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Posted: 4/9/2005 9:21:40 PM EDT
[#46]
Not necessarily, but in essence you are correct. They have mandatory filings at $10,000 and over. However, they can also file if you start making deposits outside of your normal banking profile of significant amounts of cash. Remember the Alamo, and God Bless Texas... |
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Posted: 4/9/2005 9:54:26 PM EDT
[#47]
I've owned a small buisness since 1996, and I don't bother the bank with anything under $1000. My deposites can be over 10,000 and nobody has ever said a thing and the buisness I do is all checks and no cash, might explain a lot.
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