What is the maximum amount of cash you can deposit w/o filling out papers?

Discussion in 'Off Topic' started by Passions, Oct 29, 2004.

  1. Passions

    Passions Diamond Member

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    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.
     
  2. Nitemare

    Nitemare Lifer

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    yes
     
  3. Gibson486

    Gibson486 Lifer

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    banks don't care where money is going or coming from.....
     
  4. Hankerton

    Hankerton Golden Member

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    BOOM DONE
     
  5. Pixelated

    Pixelated Senior member

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    You can, but you can still be reported.
     
  6. wedi42

    wedi42 Platinum Member

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    selling drugs is bad.
     
  7. Gibson486

    Gibson486 Lifer

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    but profitable:)
     
  8. Mill

    Mill Lifer

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    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.
     
  9. rahvin

    rahvin Elite Member

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    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.
     
  10. FrustratedUser

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    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'?
     
  11. NL5

    NL5 Diamond Member

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    WTF?!?!?!?!
     
  12. Pixelated

    Pixelated Senior member

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    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.
     
  13. RossMAN

    RossMAN Grand Nagus

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    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, you may want to look at the penalties before going through with this.

    Google Bank Secrecy Act and Currency Transaction Report to learn more.
     
  14. Raincity

    Raincity Diamond Member

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    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.
     
  15. Nitemare

    Nitemare Lifer

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    The bag of birdseed in your backyard does not care how much money you deposit there.
     
  16. Ketteringo

    Ketteringo Banned

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    Anything over 3k gets reported now.
     
  17. MBony

    MBony Platinum Member

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    Why not just get a safety deposit box?
     
  18. Tom

    Tom Lifer

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




     
  19. Rightwinger

    Rightwinger Banned

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    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.
     
  20. RossMAN

    RossMAN Grand Nagus

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    You can blame tax evaders and money launderers. The principal reasons why we have BSA (Bank Secrecy Act) in place.
     
  21. tk149

    tk149 Diamond Member

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    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...
     
  22. thomsbrain

    thomsbrain Lifer

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    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.
     
  23. Mr N8

    Mr N8 Diamond Member

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    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.
     
  24. vi edit

    vi edit Elite Member <br> Super Moderator
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    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.
     
  25. rh71

    rh71 No Lifer

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    deposited almost $20k mix of checks and cash after my wedding... the guy didn't care... business as usual to them.