(Topic ID: 313545)

Cash transactions and the bank

By mbrave77

1 year ago


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  • 123 posts
  • 63 Pinsiders participating
  • Latest reply 9 months ago by Crash
  • Topic is favorited by 4 Pinsiders

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    #4 1 year ago
    Quoted from mbrave77:

    Last time i took a bunch of money out or deposited(i forget which) the bank took like 10 minutes and a manager to clear it. So im guessing that transaction got flagged for some reason.

    Any large cash deposits/withdrawals require the bank to fill out paperwork and report it to the federal government & IRS.

    Attempts to work around that law to make multiple deposits under the reporting threshold can be considered "structuring", which is illegal.

    https://en.wikipedia.org/wiki/Structuring

    Quoted from mbrave77:

    Today I sold a game and deposited the cash and the teller actually knew my name before i even got there. So now im wondering if im on some list! Heh.

    Large cash deposits are probably quite unusual these days, so your transaction in the bank probably stood out to the staff there.

    #19 1 year ago
    Quoted from Isochronic_Frost:

    Start looking for a different bank.

    As far as I was aware, the SAR was a requirement for all financial institutions, not just limited to banks. Using a credit union isn't a loophole for that.

    https://en.wikipedia.org/wiki/Suspicious_activity_report

    #25 1 year ago
    Quoted from TheLaw:

    "...The criteria to decide when a report must be made varies from country to country, but generally is any financial transaction that does not make sense to the financial institution; is unusual for that particular client...."
    Doesn't really seem like they have to report anything by that wording.

    The key section of that statement is that each country has their own rules and laws. It's not specifically saying that's it's an optional thing in the US.

    https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/suspicious-activity-reports/index-suspicious-activity-reports.html

    https://www.fdic.gov/regulations/examinations/supervisory/insights/siwin07/article03_connecting.html#:~:text=Dollar%20Amount%20Thresholds%20%E2%80%93%20Banks%20are,and%20transactions%20aggregating%20%245%2C000%20or

    https://www.ncua.gov/regulation-supervision/manuals-guides/suspicious-activity-report

    Either way, I've haven't really done a dive into banking regulations, hence my assumption.

    The main difference between banks & credit unions is that banks are for-profit institutions, while credit unions are non-profit. As far as I was aware, since they both handle banking activities, they both have to follow most of the same regulatory laws.

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