It is widely discussed that 10k will raise a flag, but what about 5 deposits of 2k in a month? I don't know. A bank could report you to the IRS let's say for about any fishy activity IMO. I called my credit union once and they said they have a policy where they may report funds being deposited in the amount of 2k. I think it depends on how bored the bankers are and whether they have the manpower to deal with everyone. Some luck is involved as well I believe.
BM-It is a tenuis path. If you have a good acct. balance with a bank, most likely you will not have a problem with a few large (over 10k) deposits a year. I would suggest getting it in paper check form though however as opposed to bank wires. The biggest thing that will make you look guilty though is what the general reffered to. You do not want top have a "structured deposit of cash" that will send up a flag quicker than a 10k check will. If you deal in cash, I would suggest a safety deposit box and paying some bills with money orders. Not mortgages and cars, but credit cards or electricity bills.
" inconsistent activity" with your account. Credit card companies (whats the difference in them and a bank?) can/will/might contact you for any transaction that they see as "inconsistent activity".
Rules--bank rules--other rules. Whatever--they are all the golden rule. He who has the gold makes the rule.
Rules--bank rules--other rules. Whatever--they are all the golden rule. He who has the gold makes the rule.
Spent much of my computer career in banks, servicing banking teller systems, to ATM's. When waiting for codes to load, and refilling ATMs bank manager must be present. Lots of small talk time. This is how it works. The banks get guidelines from the Feds, which are getting them to disperse among the nasty big brother type of institutions that may have 3 letters. I am sure you can think of 4 or 5. They want to know of any cash transactions, involving $3,000 or more. If you bring in 3 dimes and want to buy a CC, reported. A deposit to your checking account? 3 dimes, if cash, reported. The bank managers are so intimidated by the feds so they just take it as policy vs. guidelines. Also, any suspicious or irregular activity, reported. Shades of Walt Disney here. That is subject to interpretation. Let us say you deposit the same amounts regularly to your account for months. Then in one month you deposit a bunch more, maybe twice or 3 times. They will look at how were the funds deposited. Cash, reported. CC's, most likely, reported. Depends on what mood they are in. If you stay within the guidelines, are a good customer to the bank, the manager will give you a nod, and you maintain a low profile. In no way am I advocating any illegal activities. Just what the guidelines are, and how they are used.
God Bless America!...OF
God Bless America!...OF
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I think the "O Frog" knows very well of what he speaks here. And Yes--I'm certain there are some legal guidelines somewhere which "spell it out" for exact amounts to be reported. BUT----I keep recalling the post here about a "ham sandwitch". That one applies here. I'm sure that the top gun at ANY BANK has the freedom to report anything that he/she wishes to.
The problem (as I see it) is that IF an employee of a bank clues the government onto something--that said employee, may very well get some type of bonus if it saves the government money or leads to some type of conviction, whatever. I allmost can guarantee that---so buyer beware of ANY bank transaction.
The problem (as I see it) is that IF an employee of a bank clues the government onto something--that said employee, may very well get some type of bonus if it saves the government money or leads to some type of conviction, whatever. I allmost can guarantee that---so buyer beware of ANY bank transaction.
