A Withdrawal Dilemma

Brock Landers · Nov 22, 2004

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I want to take out 12,000 out of Pinnacle today, which is the BEST way to do this? I wish to not raise any flags at the bank so I would think a bank wire for 12,000 might do that. Also if I do neteller I think I saw a limit for 8,000 per day, or was that per transaction?<o

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Any advice as the best way to get this out and to me would be appreciated.<o

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Journeyman · Nov 22, 2004

Why not just break it down over a few wires?

And why do you think it would raise a red flag at the bank?

Journeyman · Nov 22, 2004

I am curious what kind of red flags would or could be raised, are you referring to it being wired from an offshore acct as the red flag or the amount ?

Illini · Nov 22, 2004

Brock- Hey bro, congrats on your huge week. I would just take out the daily max into Neteller, and maybe pull out 2K or 3K a week into your bank. I don't know what the bank would consider "suspicious transactions," but I hear you about keeping it below the radar.

Brock Landers · Nov 22, 2004

thought I heard somewhere that transactions over 10,000 at a time draw IRs or other scrutiny.

I guess I will do 2 Neteller withdrawals of 6,000 each...safest and easiest way to go. 8,000 is the limit per at Pinnacle.

Journeyman · Nov 22, 2004

I have asked this before, and from what I have read, its only a red flag when its a cash transaction over 10k...To be safe i would break it down, but I believe its when someone pays with cash or deposits with cash, thats when the IRS is to be notified.

Ego74 · Nov 22, 2004

Got this from another site. Hope it helps:

The general rule is that cash transactions of non-exempt customers must be reported (CTR's), when those transactions exceed $10,000. In 1996 The Bank Secrecy Act was ammended to provide for Suspicious Activity Reports (SAR's,) in certain cases when transactions exceed $5,000. The regulations offer numerous examples of so called "suspicious activity". ie: dirty currency, strapped currency, freqent cash deposits, attempts to avoid reporting, and many more. It is the bank's duty to determine suspicious activity under the law and they have no obligation to tell their customers how or when. As a matter of fact, telling, especially coaching the customer can get the bank in touuble. As long as you are not doing any thing illegal, the reporting is no biggie. It just sits in a big data base.

Slash · Nov 22, 2004

Pinnacle has no daily NETeller withdrawal limit - unlike most other books.

blueedwards · Nov 22, 2004

it is cash that triggers banks getting suspicious. you're fine.

if banks marked every non-cash transaction over $10,000 as suspicious, they would do nothing else.

WorldRunner · Nov 22, 2004

DO NOT SEND MULTIPLE SMALL WIRES

You're as guilty for doing that as you are for sending ONE wire for $12,000

The banks software can still recognize the multiple small wires as ONE wire for X amount.

I work for a "mega bank" and I guess I can only speak for what WE do... But I'm going to safely assume that everyone is the same. (I don't work IN a bank...I work for the bank in Legal/Compliance)

Structuring payments is NOT a good alternative.

Do you need the money immediately? Send it all to Neteller and pull the CASH out with the ATM card. (if you can).

blueedwards · Nov 22, 2004

again, it is cash and only cash that will get you in trouble. you can have a wire come into your account for $7,000,000 and it will not be an issue. if you walk into your bank and deposit $12,000 in cash, they will fill out a report on you.

Mr.Jones · Nov 22, 2004

I know little about this, but I have heard that a whole bunch of those $500 debit card withdrawals done over a short period of time is not the thing to do.

Journeyman · Nov 22, 2004

Mr Jones are you talking about withdrawing your own cash from your own bank..500 dollar ATM withdrawls??? I do this all the time!??

Journeyman · Nov 22, 2004

WorldRunner said:
DO NOT SEND MULTIPLE SMALL WIRES

You're as guilty for doing that as you are for sending ONE wire for $12,000

The banks software can still recognize the multiple small wires as ONE wire for X amount.

I work for a "mega bank" and I guess I can only speak for what WE do... But I'm going to safely assume that everyone is the same. (I don't work IN a bank...I work for the bank in Legal/Compliance)

Structuring payments is NOT a good alternative.

Do you need the money immediately? Send it all to Neteller and pull the CASH out with the ATM card. (if you can).

World Runner are you talking about in one day or over how many day period?

Say you wire 4-$5000 over 4 weeks, are you saying that is a red flag?

TheGeneral+ · Nov 22, 2004

Pay your taxes Men. It's the easiest way to go and the best advise anyone will give you.

Brock Landers · Nov 22, 2004

Bottom line, this is a nice problem to have LOL

WorldRunner · Nov 22, 2004

Journeyman said:
World Runner are you talking about in one day or over how many day period?

Say you wire 4-$5000 over 4 weeks, are you saying that is a red flag?

Probably not over 4 weeks no. Structuring is usually done immediately... meaning 5 4000$ wires within 4 hours. That actually draws MORE attention than ONE wire would. Guarantee that.

A weekly/regular wire will draw attention however if you're receiving offshore wires for a large amount weekly (or monthly)

You can actually get more than $500 on the card... It's just that you can only send $500 to the card per day. But still can get more from the card. I wouldn't worry about the ATM stuff. Getting cash from a debit card isn't going to be flagged. There's no regulation on it PLUS banks don't care about debit cards/cash.

Brock Landers · Nov 22, 2004

How do multiple Neteller EFT's for 5000 bux look coming in to the bank? thats what i am about to do.

Journeyman · Nov 22, 2004

I'm not happy about any of this here...I tend to think its not worth worrying over...

I know alot of players who have money wired in all the time , put in 5-7 thousand dollar checks and nothing ever becomes of it, for one its not illegal to receive a bank wire ...

TheGeneral+ · Nov 22, 2004

To many variables Brock to say for sure. It depends on your account history & activity.

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