Whats the rule of thumb when moving LOTS of cash

[evilsaint]

Originally posted by: compuwiz1
People who deal in large sums of green are hicks. They create more work, than is necessary, but they do this for a reason. People who pay with that kind of cash, are probably not operating within the law. IRS form 8300

If they would have bought and given you an $18k cashiers check, they would have been reported under the rule that businesses must file a form 8300 on anyone who gives $10,000 or more in cash. Most banks file these on lower amounts, if your aggregate deposits in a 30 day time period, meet, or exceed $10,000.

I know my sh1t about this, trust me.

How many posts and only one other person asks the same question I was wondering about?

Did he actually go to his bank, pull out 18K in cash, and give it to you, knowing that you'd go right back to yours? ... Has the gene pool of the US been filtered of common sense for the past 10 years or something?

 

[alkemyst]

Originally posted by: essasin
Money is money. It's legit so it does not matter if he brought it in a paper bag or a five thousand dollar suitcase, it's still a clean 18k no matter how you look at it. A check would have been nicer but there are no rules against it.

Actually many places have limits to how much cash one can transport.

 

[mitaiwan82]

Originally posted by: jhayx7
Paper bags are only good for two things:

butterface and malt liquor.

fixed

 

[ebaycj]

Originally posted by: compuwiz1
People who deal in large sums of green are hicks. They create more work, than is necessary, but they do this for a reason. People who pay with that kind of cash, are probably not operating within the law. IRS form 8300

If they would have bought and given you an $18k cashiers check, they would have been reported under the rule that businesses must file a form 8300 on anyone who gives $10,000 or more in cash. Most banks file these on lower amounts, if your aggregate deposits in a 30 day time period, meet, or exceed $10,000.

I know my sh1t about this, trust me.

What if my direct-deposited pay is > 10,000 every month? Would they fill one of these out every month?

 

[Tommy2000GT]

i would have concealed it somewhere no one would look, like my dirty ass crack

 

[ebaycj]

Originally posted by: alkemyst

Originally posted by: essasin
Money is money. It's legit so it does not matter if he brought it in a paper bag or a five thousand dollar suitcase, it's still a clean 18k no matter how you look at it. A check would have been nicer but there are no rules against it.

Actually many places have limits to how much cash one can transport.

Not true.

 

[EGGO]

Briefcase, handcuff, 2 people in suits next to him.

 

[Matthias99]

Originally posted by: ebaycj

Originally posted by: compuwiz1
People who deal in large sums of green are hicks. They create more work, than is necessary, but they do this for a reason. People who pay with that kind of cash, are probably not operating within the law. IRS form 8300

If they would have bought and given you an $18k cashiers check, they would have been reported under the rule that businesses must file a form 8300 on anyone who gives $10,000 or more in cash. Most banks file these on lower amounts, if your aggregate deposits in a 30 day time period, meet, or exceed $10,000.

I know my sh1t about this, trust me.

What if my direct-deposited pay is > 10,000 every month? Would they fill one of these out every month?

They're only required to report for cash transactions over $10K. AFAIK they don't have to file anything extra for checks or ETFs, since they can trace it back to the originating bank/account if needed. Cashier's checks or money orders probably count like cash, though.

And they're supposed to report anything that seems suspicious (ie, repeatedly depositing $9,900 to get around the $10K limit, someone who normally deposits $500 a week suddenly showing up with $5K a week, etc.)

Actually many places have limits to how much cash one can transport.

I think you're required to declare at customs/security if you're taking more than $10K in cash out of the country. Other than that I'm not aware of any restrictions (at least in the US) around transporting money.

 

[alkemyst]

Originally posted by: ebaycj

Originally posted by: alkemyst

Originally posted by: essasin
Money is money. It's legit so it does not matter if he brought it in a paper bag or a five thousand dollar suitcase, it's still a clean 18k no matter how you look at it. A check would have been nicer but there are no rules against it.

Actually many places have limits to how much cash one can transport.

Not true.

Search out $124,700, in U.S. Currency on google. Guy was not convicted, but lost his cash anyway.

 

[Slew Foot]

I prefer a burlap sack with a big dollar sign on it.


Edit: So Im late to the party on that one. I remember my aunt used to get over $10K in checks every week, I dont remember her ever filling out forms at the bank.

Heck, my biweekly DD is over 10K and I dont fill anything out. Though I probably did when I first started the DD.

 

[2Xtreme21]

OP's friend broke his piggy bank?

 

[yowolabi]

Originally posted by: rhino56
every 20.00 bill i ever get i wipe my scent on it, that way when i get another i smell it to see if it has made it full circle yet. it wont wash off either so dont even try it. so far in my life only 2 have come back to me.
this may sound strange or different to you but ive always been a little different then most anyways.
ME

Obligatory link to the ass pennies skit.

 

[waggy]

Originally posted by: alkemyst

Originally posted by: ebaycj

Originally posted by: alkemyst

Originally posted by: essasin
Money is money. It's legit so it does not matter if he brought it in a paper bag or a five thousand dollar suitcase, it's still a clean 18k no matter how you look at it. A check would have been nicer but there are no rules against it.

Actually many places have limits to how much cash one can transport.

Not true.

Search out $124,700, in U.S. Currency on google. Guy was not convicted, but lost his cash anyway.

that is one case and not a law.


edit: it has more to do with being spanish, not speaking english and having large sums of money.

 

[Matthias99]

Originally posted by: waggy

Originally posted by: alkemyst

Originally posted by: ebaycj

Originally posted by: alkemyst

Originally posted by: essasin
Money is money. It's legit so it does not matter if he brought it in a paper bag or a five thousand dollar suitcase, it's still a clean 18k no matter how you look at it. A check would have been nicer but there are no rules against it.

Actually many places have limits to how much cash one can transport.

Not true.

Search out $124,700, in U.S. Currency on google. Guy was not convicted, but lost his cash anyway.

that is one case and not a law.

edit: it has more to do with being spanish, not speaking english and having large sums of money.

http://en.wikipedia.org/wiki/USA_v._$124,700

It wasn't a question of 'carrying too much cash', but that a drug dog smelled traces of something on it and that the guy apparently didn't (or couldn't, due to limited English skills) explain to the police why he had so much money on him. They decided the money was from a drug deal and confiscated it. Proceeds of criminal enterprises can be confiscated by the police even if the person who was currently in possession of them didn't commit a crime. Normally this is not applied so stupidly, however.

That is a bizarre case. It sounds like it hasn't been re-appealed, though, and I have absolutely no idea how the circuit court ruled against the guy; like the dissenting judge said:

Although the circumstantial evidence offered by the government provides some indication that the money seized in this case may be related to criminal activity, I cannot agree that the government has proven, by a preponderance of the evidence, the requisite substantial connection between the currency and a controlled substance offense".

...

See United States v. U.S. Currency, $30,060.00, 39 F.3d 1039, 1044 (9th Cir. 1994) ("[A] mere suspicion of illegal activity is not enough to establish ... that the money was connected to drugs.")".

(emphasis in original)

 

[compuwiz1]

It's just a fact that the money you and I handle has drug residue on it, especially large bills. Joe coke dealer probably give samples to his customers, using a rolled $100 bill. :shocked:

 

[kranky]

Originally posted by: Slew Foot
I prefer a burlap sack with a big dollar sign on it.


Edit: So Im late to the party on that one. I remember my aunt used to get over $10K in checks every week, I dont remember her ever filling out forms at the bank.

Heck, my biweekly DD is over 10K and I dont fill anything out. Though I probably did when I first started the DD.

Your aunt's checks and your DD aren't literally cash, so they don't need the form.

 

[DivideBYZero]

This is the generally agreed method for carrying unfeasibly large amounts of cash.

 

[Mark R]

A friend of my brother's works as an 'exotic car' dealer. One day he sold a ferrari - the buyer paid cash - £50k.

Wondering what to do, he just put the cash in a scruffy back pack. Took off his jacket and tie to look a bit scruffy and student-like.

Then rang the bank to arrange someone to take the deposit in the back office. He then walks casually down the street with the backpack on his back, and when he reaches the bank is quietly ushered into the manager's office to make the deposit.

 

[ColdFusion718]

Originally posted by: rhino56
every 20.00 bill i ever get i wipe my scent on it, that way when i get another i smell it to see if it has made it full circle yet. it wont wash off either so dont even try it. so far in my life only 2 have come back to me.
this may sound strange or different to you but ive always been a little different then most anyways.
ME

LOL you animal, you!