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Passions
10-29-2004, 11:54 AM
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

Nitemare
10-29-2004, 11:56 AM
Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

yes

Gibson486
10-29-2004, 12:00 PM
banks don't care where money is going or coming from.....

Hankerton
10-29-2004, 12:00 PM
Originally posted by: Nitemare

Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

yes

BOOM DONE

Pixelated
10-29-2004, 12:01 PM
Originally posted by: Nitemare

Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

yes


You can, but you can still be reported.

wedi42
10-29-2004, 12:01 PM
selling drugs is bad.

Gibson486
10-29-2004, 12:02 PM
Originally posted by: johngute
selling drugs is bad.

but profitable:)

Mill
10-29-2004, 12:06 PM
Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

You can, but banks are supposed to detect that type of activity and report you, or make you fill out the standard forms. If they suspect money laundering, or that someone is staggering deposits to avoid reporting then they are supposed to bust you.

rahvin
10-29-2004, 12:07 PM
If you deposit over 10k in a short period of time the bank is going to report it anyway. BTW AFAIK you don't have to fill out the paperwork, the bank does and they like doing it so much they will harrass your ass for doing something that makes them have to do paperwork. Any large transactions, even $1000 deposited daily for a 10 days is going to get you reported to the IRS.

FrustratedUser
10-29-2004, 12:09 PM
Originally posted by: Mill

Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

You can, but banks are supposed to detect that type of activity and report you, or make you fill out the standard forms. If they suspect money laundering, or that someone is staggering deposits to avoid reporting then they are supposed to bust you.

Makes sense, kind of.
On teh other hand, let's say I sell my car and get 15k for it and want to deposit it. Do I have to tell the bank 'I sold my car, that's where the money comes from'?

NL5
10-29-2004, 12:10 PM
Originally posted by: Passions
I want my penpal friend is very manner girl or boy. If you have some joked or fun It's very glad to me. and wI hope our relationship is longtime ago. we will credible friend. our country, culture..etc is different. but we are open our mind. It's all. you can open you mind to me, then the other is not important ^O^~

WTF?!?!?!?!

Pixelated
10-29-2004, 12:12 PM
Originally posted by: FrustratedUser

Originally posted by: Mill

Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

You can, but banks are supposed to detect that type of activity and report you, or make you fill out the standard forms. If they suspect money laundering, or that someone is staggering deposits to avoid reporting then they are supposed to bust you.

Makes sense, kind of.
On teh other hand, let's say I sell my car and get 15k for it and want to deposit it. Do I have to tell the bank 'I sold my car, that's where the money comes from'?


The bank doesn't really care where the money came from so you don't have to explain it to them. It's all for the IRS. They just want their taxes.

RossMAN
10-29-2004, 12:16 PM
Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

1) USD 10,000.00 or more in cash. There are filing requirements for other products (monetary instruments such as wire transfer).

2) You can but this is called structuring (http://www.google.com/search?hl=en&q=bank+secrecy+act+structuring), you may want to look at the penalties before going through with this.

Google Bank Secrecy Act (http://www.google.com/search?hl=en&lr=&c2coff=1&q=bank+secrecy+act) and Currency Transaction Report (http://www.google.com/search?hl=en&lr=&c2coff=1&q=currency+transaction+r eport) to learn more.

Raincity
10-29-2004, 03:17 PM
In the Casinos We keep a MTL multiple transaction log and record every transaction over $3000. Once you hit $10,001 in a 24 hour time span then we fill out a CTR Currency Transaction Report.

Nitemare
10-29-2004, 03:34 PM
The bag of birdseed in your backyard does not care how much money you deposit there.

Ketteringo
10-29-2004, 03:37 PM
Anything over 3k gets reported now.

MBony
10-29-2004, 03:52 PM
Why not just get a safety deposit box?

Tom
10-29-2004, 04:01 PM
Originally posted by: RossMAN

Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

1) USD 10,000.00 or more in cash. There are filing requirements for other products (monetary instruments such as wire transfer).

2) You can but this is called structuring (http://www.google.com/search?hl=en&q=bank+secrecy+act+structuring), you may want to look at the penalties before going through with this.

Google Bank Secrecy Act (http://www.google.com/search?hl=en&lr=&c2coff=1&q=bank+secrecy+act) and Currency Transaction Report (http://www.google.com/search?hl=en&lr=&c2coff=1&q=currency+transaction+r eport) to learn more.


This kind of stuff is pretty scary infringements of individual rights as I see them. How did we get to such a point ?

Rightwinger
10-29-2004, 04:05 PM
RossMAN is right.

However the way it was explained to me as I was getting my benjamins was any SINGLE transaction exceeding $10,000.

So I can hit branch A and deposit $10,000.

I hit branch B and deposit $10,000.

I hit branch C and deposit $10,000.

And at the close of business I've got $30,000 in the same account.

The other trick is to open seperate accounts at seperate banks with lots of locations. I have an account with a local bank that I've hit 3-4 branches in one day and had $28,000 in incriments of $Xk each with no CTR filled out.

RossMAN
10-29-2004, 04:10 PM
Originally posted by: Tom

Originally posted by: RossMAN

Originally posted by: Passions
If you deposit too much cash (>$10,000) to bank in one day, do you have to fill out papers saying where it came from?

Can you just deposit $8,000 in one day and the next day $8,000 again?


Thanks.

1) USD 10,000.00 or more in cash. There are filing requirements for other products (monetary instruments such as wire transfer).

2) You can but this is called structuring (http://www.google.com/search?hl=en&q=bank+secrecy+act+structuring), you may want to look at the penalties before going through with this.

Google Bank Secrecy Act (http://www.google.com/search?hl=en&lr=&c2coff=1&q=bank+secrecy+act) and Currency Transaction Report (http://www.google.com/search?hl=en&lr=&c2coff=1&q=currency+transaction+r eport) to learn more.


This kind of stuff is pretty scary infringements of individual rights as I see them. How did we get to such a point ?






You can blame tax evaders and money launderers. The principal reasons why we have BSA (Bank Secrecy Act) in place.

tk149
10-29-2004, 04:14 PM
Me <- works at bank and fills out some of these mysterious reports

Lots of misinformation and good information in this thread. I could explain exactly what you want to know, but I refuse to help someone launder money.

BTW, the IRS uses these reports to track money laundering. They don't care if Joe Average sold his car for cash. Now if Joe Average seems to be selling a car every week...

thomsbrain
10-29-2004, 04:26 PM
i deposited $20,000 in an ATM and didn't have to fill out papers or get a call from anyone or anything. that doesn't mean i didn't get reported to the IRS but i didn't have to deal with anyone.

Mr N8
10-29-2004, 04:35 PM
Originally posted by: Rightwinger
RossMAN is right.

However the way it was explained to me as I was getting my benjamins was any SINGLE transaction exceeding $10,000.

So I can hit branch A and deposit $10,000.

I hit branch B and deposit $10,000.

I hit branch C and deposit $10,000.

And at the close of business I've got $30,000 in the same account.

The other trick is to open seperate accounts at seperate banks with lots of locations. I have an account with a local bank that I've hit 3-4 branches in one day and had $28,000 in incriments of $Xk each with no CTR filled out.


No, that's wrong. It is total in 1 business day. So, Saturday - Monday usually would count as 1 business day, also. If your bank has a cutoff time of 3pm, then anything from past 3pm carrying over to the next day would count as well.

vi edit
10-29-2004, 04:36 PM
Originally posted by: thomsbrain
i deposited $20,000 in an ATM and didn't have to fill out papers or get a call from anyone or anything. that doesn't mean i didn't get reported to the IRS but i didn't have to deal with anyone.

I've never felt trusting enough to deposit a $20 check into an ATM. Let alone $20,000.

It could just be me, but with something that big, I'd feel a bit more comfortable taking it to the bank and depositing it myself.

rh71
10-29-2004, 04:36 PM
deposited almost $20k mix of checks and cash after my wedding... the guy didn't care... business as usual to them.

n0cmonkey
10-29-2004, 04:37 PM
Blowing Republicans again?

Mr N8
10-29-2004, 04:38 PM
Originally posted by: thomsbrain
i deposited $20,000 in an ATM and didn't have to fill out papers or get a call from anyone or anything. that doesn't mean i didn't get reported to the IRS but i didn't have to deal with anyone.


If they have enough info from your account, they can fill it out without calling you. They are only required to fill out as much info as possible.

Also, if you guys ever get asked for your info, just give it to them. If your reasons for having the cash are legit, it really won't make a difference. If you do refuse to give info, of try to structure your deposits, they will fill out a Suspicious Transaction Report, which is much worse than having a CTR filled out on you.

jadinolf
10-29-2004, 04:39 PM
Originally posted by: Gibson486

Originally posted by: johngute
selling drugs is bad.

but profitable:)

Yep. Like my thousand dollar suit? ;)

HyTekJosh
10-29-2004, 04:44 PM
Originally posted by: vi_edit

Originally posted by: thomsbrain
i deposited $20,000 in an ATM and didn't have to fill out papers or get a call from anyone or anything. that doesn't mean i didn't get reported to the IRS but i didn't have to deal with anyone.

I've never felt trusting enough to deposit a $20 check into an ATM. Let alone $20,000.

It could just be me, but with something that big, I'd feel a bit more comfortable taking it to the bank and depositing it myself.

Believe it or not, I have had the tellers mess up more than anything. Never had a problem with depositting into the ATM.

Snapster
10-29-2004, 04:47 PM
Originally posted by: tk149
Me <- works at bank and fills out some of these mysterious reports

Lots of misinformation and good information in this thread. I could explain exactly what you want to know, but I refuse to help someone launder money.

BTW, the IRS uses these reports to track money laundering. They don't care if Joe Average sold his car for cash. Now if Joe Average seems to be selling a car every week...

Here was me thinking there may have been something useful in that...........but alas no.

RossMAN
10-29-2004, 05:53 PM
Originally posted by: tk149
Me <- works at bank and fills out some of these mysterious reports

Lots of misinformation and good information in this thread. I could explain exactly what you want to know, but I refuse to help someone launder money.

BTW, the IRS uses these reports to track money laundering. They don't care if Joe Average sold his car for cash. Now if Joe Average seems to be selling a car every week...

CTR = Currency Transaction Report.

SAR = Suspicious Activity Report which is reported to FinCen.

Next :)

jadinolf
10-29-2004, 06:47 PM
Originally posted by: Gibson486
banks don't care where money is going or coming from.....

Who started the rumor about filling out papers? What's worse is people agreeing with them.

PKPunk
10-30-2004, 01:11 AM
I heard after 9/11 they lowered amount of cash you depost into your back account without geting reported to athorites. Something about gather information about people acting as money holders for terrorist groups.

rahvin
10-30-2004, 01:27 AM
Personally I'm very wary of government monitoring of this type of stuff but really you end up reporting anything significant anyway when you do your 1040 so really the only one that has anything to fear from large transactions is someone doing something illegal. Large cash transactions are fairly rare these days with everything being electronic anyway. I'm personally willing to surrendor that little bit of privacy in the name of preventing money laundering and terrorist funding.

Shawn
10-30-2004, 12:13 PM
Originally posted by: NL5

Originally posted by: Passions
I want my penpal friend is very manner girl or boy. If you have some joked or fun It's very glad to me. and wI hope our relationship is longtime ago. we will credible friend. our country, culture..etc is different. but we are open our mind. It's all. you can open you mind to me, then the other is not important ^O^~

WTF?!?!?!?!

where did that come from?

Rightwinger
10-31-2004, 08:02 AM
Originally posted by: MogulMonster

Originally posted by: Rightwinger
RossMAN is right.

However the way it was explained to me as I was getting my benjamins was any SINGLE transaction exceeding $10,000.

So I can hit branch A and deposit $10,000.

I hit branch B and deposit $10,000.

I hit branch C and deposit $10,000.

And at the close of business I've got $30,000 in the same account.

The other trick is to open seperate accounts at seperate banks with lots of locations. I have an account with a local bank that I've hit 3-4 branches in one day and had $28,000 in incriments of $Xk each with no CTR filled out.


No, that's wrong. It is total in 1 business day. So, Saturday - Monday usually would count as 1 business day, also. If your bank has a cutoff time of 3pm, then anything from past 3pm carrying over to the next day would count as well.

Comptrollers Handbook

1. IRS Form 4789 Currency Transaction Report (CTR): A CTR must be
for each deposit, withdrawal, exchange of currency, or other payment
transfer, by, through or to a financial institution, which involves a
transaction in currency of more than $10,000. Multiple currency
transactions must be treated as a single transaction if the financial
institution has knowledge that: (a) they are conducted by or on behalf
the same person; and, (b) they result in cash received or disbursed
financial institution of more than $10,000. (31 CFR 103.22)

A TRANSACTION is one event. $10,000.01 withdrawl is one event. Later that day a $1 withdrawl is a seperat event.