Bank Deposts And Profession?

[Chili Palmer]

So my son bought a truck last week, I wrote a check for $15,000 to add to what he had for a down payment and he'd pay me back when he sold his truck. He sold his truck on Wednesday and the guy paid in cash. I took the money to the bank, I went inside because I was not going to deposit cash in the ATM. I used my bank card and they also wanted to see my ID, okay, no big deal, then when I thought the deposit transaction was done the teller asked what my profession was. I asked why. She said that when a large amount of cash is withdrawn or deposited they need to list that, it's some banking regulation. I told her that I wrote a check for someone and it has already been cashed and they paid me back in cash - you can see right there on your screen. Then the supervisor asks me if there is a problem. I told her it's irreverent what I do, it's my money and I'm letting you (the bank) use and hold on to it for me. She said that they are required to ask the question. I told her I'm in management. Then she asks what I manage. I told her I manage people. Not good enough, she still wanted to know - I told her construction management. That was an acceptable answer.

This is complete bullshit. Is this a new banking trend or is it time to change banks.

 

[Sandlord]

Standard procedure.
its the law for transactions over 10K

 

[4Waters]

So my son bought a truck last week, I wrote a check for $15,000 to add to what he had for a down payment and he'd pay me back when he sold his truck. He sold his truck on Wednesday and the guy paid in cash. I took the money to the bank, I went inside because I was not going to deposit cash in the ATM. I used my bank card and they also wanted to see my ID, okay, no big deal, then when I thought the deposit transaction was done the teller asked what my profession was. I asked why. She said that when a large amount of cash is withdrawn or deposited they need to list that, it's some banking regulation. I told her that I wrote a check for someone and it has already been cashed and they paid me back in cash - you can see right there on your screen. Then the supervisor asks me if there is a problem. I told her it's irreverent what I do, it's my money and I'm letting you (the bank) use and hold on to it for me. She said that they are required to ask the question. I told her I'm in management. Then she asks what I manage. I told her I manage people. Not good enough, she still wanted to know - I told her construction management. That was an acceptable answer.

This is complete bullshit. Is this a new banking trend or is it time to change banks.

It's new, they are just tracking money, basically your son should pay taxes on the 15k that you gave him since it was over 9999.00 and you should pay taxes on the 15k since it was over 9999.00, yeah BS right.

 

[fmo24]

I believe over 10 thou requires the bank to report. If there is a next time split up the cash deposits

 

[Ziggy]

So my son bought a truck last week, I wrote a check for $15,000 to add to what he had for a down payment and he'd pay me back when he sold his truck. He sold his truck on Wednesday and the guy paid in cash. I took the money to the bank, I went inside because I was not going to deposit cash in the ATM. I used my bank card and they also wanted to see my ID, okay, no big deal, then when I thought the deposit transaction was done the teller asked what my profession was. I asked why. She said that when a large amount of cash is withdrawn or deposited they need to list that, it's some banking regulation. I told her that I wrote a check for someone and it has already been cashed and they paid me back in cash - you can see right there on your screen. Then the supervisor asks me if there is a problem. I told her it's irreverent what I do, it's my money and I'm letting you (the bank) use and hold on to it for me. She said that they are required to ask the question. I told her I'm in management. Then she asks what I manage. I told her I manage people. Not good enough, she still wanted to know - I told her construction management. That was an acceptable answer.

This is complete bullshit. Is this a new banking trend or is it time to change banks.

Reporting large cash deposits of $10k or more is nothing new.

 

[WTR&PWR]

With interest rates as low as they are we are not earning any money with our cash in the bank. I like the security of leaving it in my bank but the headaches of withdrawals and deposits I’m leaving more and more in my own secure locations.

 

[707dog]

Reporting large cash deposits of $10k or more is nothing new.

yes sir have to break up the deposits I don't do over 7-8k at a time never had a issue

 

[pronstar]

Idle cash loses value with every dollar the .gov prints

The Parable of the Three Servants
Comes to mind...

Money is a tool used to make more money...those Benjamin’s are little workers, put them to work [emoji106]


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[H20 Toie]

yep if you don't want questions do less than $10k in cash

 

[HOOTER SLED-]

Easy fix man....you shoulda just said you were a stripper.

 

[pronstar]

Banks have to report $10k deposits.

What banks report, and what the government discerns by spying on citizens, are two different things.

If you’re doing shady shit, you’re getting looked at.

If you aren’t doing shady shit, you’re getting looked a “just in case” because what do you have to hide?

The Patriot Act gives the .gov the authority do so pretty much anything they want against citizens.

If you don’t believe this is true, I present the last 4 years under the Trump admistration as Exhibit A.

If they can do this shit to a sitting president/presidential candidate/presidential
elect, a military General and political opponents virtually unchecked, they sure as shit are able to do it to you.


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[Rayson1971]

I took out a couple grand for Vegas one time and the teller said that's alot of money what you gonna do with it . I stared at her for a few thinking none of your fucking business. Then with a straight face I say hookers and blow. Her mouth dropped as I walked out.

 

[Racey]

yep if you don't want questions do less than $10k in cash

And also don't be a dummy and do $9,500 one day, and then $9,500 the next, this will also throw the red flags, and purposely circumventing the 10k limit is also criminal.


You gotta do it for withdrawals as well. I paid cash for one of my lathes, had to tell the CU what i was doing with the money, said i was a machinist and was buying a lathe. I don't think the teller knew what a lathe was, or even a machinist for that matter

 

[hman442]

Cash is apparently evil or something. If I try to put cash in the account that is in my wife's name only, I can only put in $200.00 per day, and have toshpw teller my I.D., so, typically, I go to the drive up self teller, no I.D., and stick in all the cash I want, it asks no questions. Really makes sense.

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[sintax]

You can thank the feds for that one, I think it was around the 70s they introduced the some Bank Secrecy Act, any amount over 10k in or out has to be reported to the feds and the IRS... for your own safety.

Good ol G-dub ya Bush came around and slap some shit I’m there by the way of the Patriot Act to further tighten things, and introduced federal charges for fraud or failure to report large sums over 10k.... for your safety!


I had a similar issue when I bought my last boat, I pulled 30k out, had to call ahead to order it, and when I picked it up, they asked. I told the manager I was going to Vegas and was planning on buying a shit ton of hookers and blow. He said “serious?” And I said Yup! Put it down.... he did and I was on my way.

Long story short I’m prob on some NSA watch list now!

 

[rrrr]

Last month we deposited $30K into our account, it was the total of two $15K gifts from my Dad, one for me and one for my wife. That amount is the non-taxable annual individual gift limit.

No one at the bank said anything.

 

[LazyLavey]

Yes.....banks have to report all 10k + transactions "SAR" (suspicious activity report).....an incredibly huge data base on all 10K+ transactions

However, if you make multiple transactions just under 10k you are "structuring" to avoid the SAR .... another federal violation

But I wouldn't worry if you're a law abiding citizen like us.... seems the US attorneys office has bigger things to do.. well maybe

Several years ago I tried to put a case on a guy who structured about 3 million over an 18 mo period. numerous deposits just under 10k.

I Spent a few years working the case collecting bank statements, witnesses, etc... Had a few of his employees statements that he had them make the deposits because he would get in trouble...

The US Attorney office wouldn't file.... and for no good reason

To make it even more disappointing his cousin on the east coast was convicted of big $$$ counterfeit goods and suspected of funding terrorism in that place over there... you know.. where "those guys that did something" came from....

My guy was receiving containers of counterfeit Air Jordans from this cousin but claimed ignorance regarding the content of the containers.... again.... no charges

Pretty fuk'n frustrating ... no wonder I retired early

 

[Racey]

Last month we deposited $30K into our account, it was the total of two $15K gifts from my Dad, one for me and one for my wife. That amount is the non-taxable annual individual gift limit.

No one at the bank said anything.

In cash?

 

[Racey]

The US Attorney office wouldn't file.... and for no good reason

They checked his name on the FEC database, he donated to the democrats.

 

[TITTIES AND BEER]

Standard procedure.
its the law for transactions over 10K

Make a 9k deposit walk out walk back in make 6k deposit walk out or fuck m put it in your safe

 

[Done-it-again]

What red flags you guys worry about depositing over 10k? If your not Scarface you ain’t shit. No ones asked what I do when I deposit over 10k. Just needed a supervised signature.

 

[sintax]

What red flags you guys worry about depositing over 10k? If your not Scarface you ain’t shit. No ones asked what I do when I deposit over 10k. Just needed a supervised signature.

It’s just the fucking nonsense, I understand if I’m doing nothing wrong it shouldn’t matter. That doesn’t mean I have to enjoy my big brother overlords snooping in my business. They already read your text messages and listen to all of your phone calls...

For me it’s the principle of the thing.

 

[Jimmyv]

Someone directly in banking may chime in but, it’s a fairly basic Know Your Customer (KYC) banking law. Not really new, but more strictly enforced in the past few years. Came out of the 2001 Patriot Act I believe. Banks are essentially monitoring for money laundering.

10k in cash triggers the questions. Some banks ask at lower thresholds. They should have made note on your account and shouldn’t ask again.

I get mad when UPS and FEDEX shipping places want to know what’s in a box when I ship it. Even an Amazon return that’s clearly labeled and has Amazon on the box.

 

[Blackmagic94]

Welcome to the patriot act


Someone should say that they got the money for a nuclear weapon sale then sue the bank and ride it to the SOCUS and get the law ruled illegal.

 

[sintax]

Someone directly in banking may chime in but, it’s a fairly basic Know Your Customer (KYC) banking law. Not really new, but more strictly enforced in the past few years. Came out of the 2001 Patriot Act I believe. Banks are essentially monitoring for money laundering.

10k in cash triggers the questions. Some banks ask at lower thresholds. They should have made note on your account and shouldn’t ask again.

I get mad when UPS and FEDEX shipping places want to know what’s in a box when I ship it. Even an Amazon return that’s clearly labeled and has Amazon on the box.

this is where it started...

Bank Secrecy Act - Wikipedia

en.wikipedia.org

the Patriot Act (the most oxymoron name ever) made it worse

 

[CoolCruzin]

Your screwed
Make copies of this transaction.
Money out , money in , purchase.
Your on a IRS list .they will want to tax you on this . It is a money grab

Seems like cash is evil to have.

 

[Taboma]

So what happens when you sell a boat or RV or exotic car and get a check for $ 100 - 150K or more ? Does the bank go all Spanish Inquisition on your ass ?

 

[propcheck]

How the heck do you guys not insert mom jokes when asked these questions

whats the money being used for? Your Mom
Where did you get the money? Again,your Mom
What do you do for a living?
your Mom, thats why I retired early

 

[Done-it-again]

It’s just the fucking nonsense, I understand if I’m doing nothing wrong it shouldn’t matter. That doesn’t mean I have to enjoy my big brother overlords snooping in my business. They already read your text messages and listen to all of your phone calls...


For me it’s the principle of the thing.

I agree. I guess I see this as a non issue for the person who has nothing to hide. I don’t deposit everything. But I do use my debt card all the time so they track me that way and never really use cash in my everyday.

You file personal taxes, business taxes etc. they know who you are already.

 

[ChumpChange]

It's new, they are just tracking money, basically your son should pay taxes on the 15k that you gave him since it was over 9999.00 and you should pay taxes on the 15k since it was over 9999.00, yeah BS right.

They should pay taxes on it? That’s what it’s for? lol. Why do people try and respond to things they nothing about?

 

[rrrr]

In cash?

Two Cashier's checks.

 

[Blackmagic94]

If the bank thinks you are “structuring the deal” to avoid the 9999 amount they will report you and it’s illegal.

 

[ChumpChange]

So what happens when you sell a boat or RV or exotic car and get a check for $ 100 - 150K or more ? Does the bank go all Spanish Inquisition on your ass ?

Two Cashier's checks.

Nope. With checks or cashiers checks, the money is traceable where it came from so it’s no big deal.

Cash and money laundering is the issue. Some of the stories that’s bankers have about cash transactions would blow your mind. At the same time, we also won’t chime in when it comes to CTRs or SARs.

 

[DRYHEAT]

this is where it started...

Bank Secrecy Act - Wikipedia

en.wikipedia.org

the Patriot Act (the most oxymoron name ever) made it worse

Bingo, this came out of the drug wars and was enhanced later due to terrorism cash flows. It’s nothing new and if you’re not up to no good not that big of a deal but I understand everyone’s irritation it’s none of your business. If there’s an easy explanation and a paper trail like the OP had no problem.

 

[Blackmagic94]

This is also fill out for large cash withdraws as well. Understand the form and give them an answer that check boxes something that doesn’t raise a flag. They aren’t trained investigators.

 

[ChumpChange]

View attachment 993384 This is also fill out for large cash withdraws as well. Understand the form and give them an answer that check boxes something that doesn’t raise a flag. They aren’t trained investigators.

A SAR for a MSB (what you posted) is completely different than what the OP went through. One of the reasons why banks generally don’t want to deal with MSBs. I know I won’t.

 

[Blackmagic94]

A SAR for a MSB (what you posted) is completely different than what the OP went through. One of the reasons why banks generally don’t want to deal with MSBs. I know I won’t.

Explain

 

[bilz]

I didn't see a box for hookers and blow and some strange stuff. I had a ding dong ask why I needed so much cash? (7k). I said all good Americans should have cash. Nothing else was said.

 

[rivermobster]

How the heck do you guys not insert mom jokes when asked these questions

whats the money being used for? Your Mom
Where did you get the money? Again,your Mom
What do you do for a living?
your Mom, thats why I retired early

If I ever have that much cash to deposit, I'm 100% going with this.

 

[pronstar]

If you carry large sums of cash in many states, an SAR is the least of your worries.

Civil Asset Forfeiture is a thing...even if you can prove a paper trail of legitimate transactions.

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[CoolCruzin]

How the heck do you guys not insert mom jokes when asked these questions

whats the money being used for? Your Mom
Where did you get the money? Again,your Mom
What do you do for a living?
your Mom, thats why I retired early

This

 

[CoolCruzin]

Money going out your ok
Money going in - not so good .

 

[4Waters]

They should pay taxes on it? That’s what it’s for? lol. Why do people try and respond to things they nothing about?

Ok! Chase lied to me? I'm only repeating what I was told by my bank at the time when they asked me. Tell me what it's for.

Better response would have been "That's not true, who told you that." I'm not talking out of my ass it's actual info right or wrong given to me by my (old) bank.

 

[Danger Dave]

I always say I work as a freelance liberal activist. Never had a problem.

 

[ChumpChange]

Ok! Chase lied to me? I'm only repeating what I was told by my bank at the time when they asked me. Tell me what it's for.

Better response would have been "That's not true, who told you that." I'm not talking out of my ass it's actual info right or wrong given to me by my (old) bank.

"That's not true, who told you that."

 

[ChumpChange]

Explain

First of all, the form is for a Money Service Business (MSB). Suspicious activity within that industry is different that a general Suspicious Activity Report (SAR). MSBs are businesses that generally have large amounts of cash (check cashing companies, etc.) and that report will say there is suspicious within that business which is already authorized to take and the deposit large amounts of currency. Maybe something changed within the business model which brings suspicion.

A Currency Transaction Report (CTR) is what the OP went through. Reporting a currency transaction doesn’t have anything to do with being suspicious. The OP could have made it that way but most likely didn’t. Just a formality.

 

[ChumpChange]

Cash is apparently evil or something. If I try to put cash in the account that is in my wife's name only, I can only put in $200.00 per day, and have toshpw teller my I.D., so, typically, I go to the drive up self teller, no I.D., and stick in all the cash I want, it asks no questions. Really makes sense.

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Basically drug sellers/smugglers were opening up accounts and their runners, sellers, collectors, all over the place, would then deposit cash into the master account. Having to be on the account prevents this from happening and using the banks for easy collection.

 

[GRADS]

That's weird for a deposit. Everyone knows not to withdrawal more than $9999 at a time but a deposit? I've deposited large sums of cash and never had a problem. I would of told them I've been unemployed for 13 years. lol

 

[GRADS]

Maybe this is why Bitcoin is so popular.

 

[4Waters]

"That's not true, who told you that."

God damn smart ass