Cash Deposit Into Bank Account(s)

For you who are saying keep it in cash at the house, what happens if the cops raid his house or search his car and it’s there? Civil forfeiture, it happens more and more every day.

 

Buy ammo.

 

Well, there's your answer.....build a bigger garage.

 

I haven't had the cops raid my house in 28 years. (and 19 days and ... 22 hours)

Edit: 23 hours. It was 630 mountain time.

 

I used to work with an insurance company that received 95% of their payments in cash. They would make $40k+ deposits regularly each week at the bank and then one day said bank sent a letter saying all of your accounts are hereby closed and any family member related to owners of the company will also be closed...hah. Never was audited though

 

@motion & @Bird should be able to provide some guidance on where to invest your cash and how to do it. Their results, based upon past performance, is unparalleled. "You will never lose more than you can invest" is their motto. What could go wrong?

 

No

 

Two different things being talked about here. The $10g limit is for SARS. That is to watch for terrorist financing and money laundering. Generally those reports do not go to the IRS, unless money laundering is really suspected. Three deposits totaling $11g or so over a month would probably not trigger anything and even if it did, it would be ignored as a one time thing. Do that every month and you might get on a report. SARS reports happen all the time and most just go into the electronic wastebasket unless there is a pattern or you are doing it at multiple banks to spread it around.

 

That’s good to know, I always figured that but stopped depositing cash a while back because I didn’t want IRS attention. Now I just l throw it in my drawer and use it for big purchases.

 

And what is your name and address?

 

That’s called structuring. Structuring activity to avoid reporting requirements is a Federal crime in itself, regardless of the underlying legality of your source of funds. They will also accuse you of structuring for making too many deposits under $10k, seize your business accounts, your personal accounts, and make it so that you can’t pay your bills and end up bankrupt without even filing charges.

They can and do happily prosecute small business owners and little guys for this, and give them real time at Club Fed.

Tell your friend not to do this or even think about it. Your friend isn’t as smart as he thinks and if you do it enough or make a stupid comment to the wrong person they will grind you into dust.

Suck it up, make deposits or withdrawals as you normally would and do the paperwork. If you’re using a bank account, they already turn over every bit of data they have without a warrant if the Feds ask nicely. Every electronic communication you make is seized and analyzed by the government. TSA agents jerk off to your nudie scanner pics at the airport. Another piece of paper won’t make a difference, but trying to outsmart them will when they catch up. They’ve probably already scheduled you for a financial colonoscopy for making this post.

From the bank’s side, $10k is a daily triggering requirement, for transactions made at the same institution. For cash transactions only. It’s called a currency transaction report. The suspicious activity report is different and can be triggered for any amount. Individuals and businesses probably have some kind of reporting requirement if the bank doesn’t do it, so depositing at different institutions to avoid reporting won’t help you and will probably also be construed as a structuring offense, as well as a failure to report. Now you’re guilty of 2 crimes for the price of none.

Read this:
https://www.pagepate.com/federal-mo...olations-are-unfair-to-most-small-businesses/

South Mountain Creamery had daily receipts of a little less than $10k and made daily deposits. They called it structuring and stole their money.

 

I’ve had this happen also. Large cash transactions are a big risk for banks, along with foreign wires. Those 2 things will get you shut down more than anything.

 

Its not only cash. Businesses and charities must report any transaction, or series of related transactions that equal or exceed $10K

IRS form 8300
https://www.irs.gov/newsroom/understand-how-to-report-large-cash-transactions

 

This 10K threshold number has been in place for a long time. So strange, with inflation, that they don't increase the number.

Oh wait.

 

I think you are correct in theory, however, there are literally millions of people doing this every single day. Lots of cash businesses out there and people do need to put money into the bank to pay bills. In practice, I'm sure a few get busted, but its a drop in the bucket.

 

Good point. Yeah they count cashier’s checks etc. as cash.

 

Didn't they implement this purely to crack down on the cocaine trade?

 

But I just deposited one 13k last year and no form..?

And I was with dude when his bank generated it...no form there either.

 

I’m sure. I would recommend not doing it ever though. All it takes is you opening your mouth with wrongthink, pissing off the mayor’s son, or some other grave offense and suddenly they’re going to ‘discover’ your previous 480 incidences of structuring.

 

Might only be counted in conjunction with cash but not alone. Each instrument probably counts as triggering or contributory for reporting. It’s complex, all of the banks use software to analyze teller transactions and automatically trigger it if the conditions are met. They train employees on it of course but they’re not expecting anyone to whip out a copy of the statute for every transaction.

I’m sure it was for the children, to protect public health, and to support the troops too.