Banks have to follow rules just like you and I. In this case the law is the Bank Secrecy Act. This law is meant to enable law enforcement to follow the money trail by creating a paper trail. Originally it was more directed toward drug dealers, but since 9-11 there is a huge emphasis on this for terrorist financing as well, and the fact that these criminal acts are often related doesn't diminish the intent either.

 

Does that mean that the average customer has to worry about the police breaking down your door because you made a large cash deposit? Absolutely not.

 

Banks have to report cash transactions that exceed $10,000. They have no choice, and trying to avoid having this reported is not a good idea either. You should complete your transactions and let the bank do the paperwork.

 

Better yet, don't have your mother-in-law give you cash. Let her pay you with checks or just transfer the funds from her account to yours. Let her invest in your business and talk with a tax consultant so that you and she can both enjoy the fruits of your labor without hiding from the IRS and any other entity. You'll find that business will be better, accounting will be more accurate and both you and your mother-in-law won't have to worry about hiding your transactions. When you start doing that, you should worry and you won't help yourself later when you try to borrow money for expansion, to pay off your debt, etc.

 

 

 

Here's the source.

 

http://www.bankingquestions.com/businessaccounts/q_depositreportedtoirs.html

i believe its 9999.99 and one penny over its reported

I work in a bank. Filling out the reports, and knowing what standards need to be met in order to fill out the reports are both part of my job

 

$10,000.00 there is no report, $10,000.01 it gets reported.

 

Edit: Here's a PDF made by the Treasury with the information. http://www.treasury.state.al.us/content/Documents/CTR-instructions.pdf

Only on NJGF would there be a squabble about two cents.

Those two cents matter quite a bit. If an amount too low is reported, there's an issue. If an amount too high isn't reported, there's an even more serious issue.

Only on NJGF would there be a squabble about two cents.

 

Just had to toss your .02 in, didn't ya??

I work in a bank. Filling out the reports, and knowing what standards need to be met in order to fill out the reports are both part of my job

 

$10,000.00 there is no report, $10,000.01 it gets reported.

 

Edit: Here's a PDF made by the Treasury with the information. http://www.treasury....nstructions.pdf

 

There is a bit more to this. Banks are required to report "suspicious" transactions. What the bank thinks is suspicious and to my experience most banks are cautious and use a very liberal definition of "suspicious". I have seen CTRs for as little as $3000. The customer never knows if the report is filed. The reason for these is to detect "structuring". If you take the $10,000 and break it down into 2 or 3 deposits to attempt to avoid the reporting requirement that is structuring and is also a Federal crime.

 

Banks, casinos, and car dealers are all considered "financial institutions" under Federal law and are subject to the reporting requirement.

 

You are also required to report the import or export of cash of any type or "negotiable instrutments" to Customs when entering or leaving the country. The largest I've ever seen was $43,000,000 in US currency coming into the US from a bank in Switzerland.

I am avoiding this problem myself as we speak. I am depositing this million dollars as we speak, Doing a dollar a day, but it's going to take me a little while...

I am avoiding this problem myself as we speak. I am depositing this million dollars as we speak, Doing a dollar a day, but it's going to take me a little while...

 

Polish lottery, a dollar a year for a million years...

i believe its 9999.99 and one penny over its reported

 

Vic works at a bank so....

$10k = nice Barrett M107 for me!!

 

Losers weepers, finders keepers!

I am avoiding this problem myself as we speak. I am depositing this million dollars as we speak, Doing a dollar a day, but it's going to take me a little while...

 

I could help you out.

There is a bit more to this. Banks are required to report "suspicious" transactions. What the bank thinks is suspicious and to my experience most banks are cautious and use a very liberal definition of "suspicious". I have seen CTRs for as little as $3000. The customer never knows if the report is filed. The reason for these is to detect "structuring". If you take the $10,000 and break it down into 2 or 3 deposits to attempt to avoid the reporting requirement that is structuring and is also a Federal crime.

 

What you're saying is partially correct. Take a look at what I posted before. CTR's are for cash transactions over $10,000, therefore you cannot and should not file a CTR for anything $10,000 and under. What you're referring to, for suspicious activity, is called a SAR or Suspicious Activity Report. Structuring is suspicious activity, but you should not use a CTR to report it unless the transactions exceed $10,000 in one day....in which case you should be reporting ALL the transactions, not each individually.

 

Person deposits $4,000 cash at three different financial institution centers on the same day. The total comes out to $12,000 cash for one day, and a CTR is filed for three deposits of $4,000 cash.

 

Person deposits $4,000 cash at three different financial institution centers on three consecutive days. This looks suspicious, and the account and person completing the transactions are reported using a SAR because the totals did not exceed $10,000 in one day.

 

Here's information on CTR's: http://www.treasury....nstructions.pdf

 

Here's information on SAR's: http://www.irs.gov/b...=154555,00.html

You are correct Victor regarding SARs. I've been away from this for a couple of years and erred on the report terminology. SARs are not CTRs and casinos generate SARs and casino reports.We used to refer to all of them as just currency reports when I was involved in such things.

Vic, could they not just deposit just under 10K in 3 different banks, say Wellsfargo, Chase, and TD. There isn't any central system that would catch that is there?

 

Not that I have this problem, wish I did, but just was wondering.

Vic, could they not just deposit just under 10K in 3 different banks, say Wellsfargo, Chase, and TD. There isn't any central system that would catch that is there?

 

Not that I have this problem, wish I did, but just was wondering.

 

If the banks file SARs it would get caught.

If the banks file SARs it would get caught.

 

I get that, but I if someone was to deposit for example the 4K in each of 3 different banks, not the same bank just 3 different locations but 3 different banks, I just can't see what would raise a flag for anyone to even think about completing a SAR.

found a bag and a $5,000 casino chip, found the owner after few ours of research and returned it bag. guy wanted to give me a few hundred i dint take it. just did the right thing.

i mean few hours of research trying to find the owner.

Vic, could they not just deposit just under 10K in 3 different banks, say Wellsfargo, Chase, and TD. There isn't any central system that would catch that is there?

 

Not that I have this problem, wish I did, but just was wondering.

I get that, but I if someone was to deposit for example the 4K in each of 3 different banks, not the same bank just 3 different locations but 3 different banks, I just can't see what would raise a flag for anyone to even think about completing a SAR.

 

I could almost guarantee the banks would file SARs if you made 3 deposits of say $9900 at 3 diffrent banks.

 

In your second scenario, all it would take would be for one bank to file a SAR and if you were a "person of interest", the other deposits could be found.

Couple of years ago, we had someone turn in a decent-sized amount of cash he had found. it wasnt claimed by anyone, and after the proper time period, the finder came in, and got his money in full.

I could almost guarantee the banks would file SARs if you made 3 deposits of say $9900 at 3 diffrent banks.

But unfortunately there's no way for someone at one financial institution to know what's going on at another. I work at BoA, and I have no access to what goes on at TD, PNC, Wachovia, or any others.

 

To be honest, it's really a crap shoot when it comes to SAR's. You could get someone who's going to look deeply into someones account after a $5,000 cash deposit, or get someone who won't look for crap when someone deposits $9,999. I personally look at the past three months when anyone I don't know deposits ~$7,000 or more in cash. If that's the ONLY one, then I won't do anything. They could have just sold a car, done a renovation job at someone's home, or even sold their Barrett M89 But sometimes I'll check and see that every week or so they deposit anywhere from $6,000-$9,000.....then I'll report that. Unfortunately, the standards aren't really as precise for SAR's as they are for CTR's. They give you ideas of what suspicious activity can consist of, but there's no SET standard to go by. There's room for some discretion.

I don't know, In NM we used to keep those for throwaway's. You never know when you have to make sure the guy you just blasted had a piece on him. I'm kidding of course. but only because I'm in Jersey now and from what i can tell Jersey gun owners are a totally different animal from the free states i've lived in. lol

from what i can tell Jersey gun owners are a totally different animal from the free states i've lived in. lol

 

explain this please?

explain this please?

 

Just a though of what he is thinking: I think we over analyze everything, every gun law and guidance that most people in other states probably have no idea whats going on in their state being they are free and those states recognize the publics right to defend themselves.

Just a though of what he is thinking: I think we over analyze everything, every gun law and guidance that most people in other states probably have no idea whats going on in their state being they are free and those states recognize the publics right to defend themselves.

 

I was thinking more along the line of forcing CCW training and the like

Can't believe I missed this. Will give you a story about my SAR at UBS.

Just a though of what he is thinking: I think we over analyze everything, every gun law and guidance that most people in other states probably have no idea whats going on in their state being they are free and those states recognize the publics right to defend themselves.

 

Exactly. That and the fact that guns seem to be BAD VOODOO in NJ they are more of a secret society and have more of a scary OMG why would you want that. In all the other places I've lived guns were nothing. No one even noticed a Firearm on your side, Except the occasional New yorker that would call the cops on 30 people waiting in line at the local summer fair . Anyhow it still seems like its black magic. If i want to look at a firearm i need to show some ID etc. Thats crazy. I can't even defend myself in my own home in NJ with out being Sued and placed in jail. It's not even part of America anymore. The laws are here because that's the type of people that are here. And that is scary.

Exactly. That and the fact that guns seem to be BAD VOODOO in NJ they are more of a secret society and have more of a scary OMG why would you want that. In all the other places I've lived guns were nothing. No one even noticed a Firearm on your side, Except the occasional New yorker that would call the cops on 30 people waiting in line at the local summer fair . Anyhow it still seems like its black magic. If i want to look at a firearm i need to show some ID etc. Thats crazy. I can't even defend myself in my own home in NJ with out being Sued and placed in jail. It's not even part of America anymore. The laws are here because that's the type of people that are here. And that is scary.

 

Well, it is what it is. Those opinions on guns that you mentioned are exactly what the libtards and anti's want common folk in this state to think. Thank God I was raised on the "right" side of politics and in life in general.

Can't believe I missed this. Will give you a story about my SAR at UBS.

Please do!!