Cashing large checks???

Any single transaction you conduct at a bank that equals or exceeds $10,000 is reported by the bank to the Fed (Federal Reserve). (And maybe? to the IRS, IDK) It's the bank's responsibility to report, not yours.

Not exactly sure what information is reported, but these reports are made. It's a routine part of banking regulatory compliance for the banks.

 

Exactly. The wire leaves a trail so that's not cash.

However what I don;t see mentioned any place here is that "suspicious transactions" of any type/amount are supposed to be reported. Such as a Lay-a-way plan of 4000K a week for four weeks for that new Ducati.

 

If a dealer takes over 10,000 in cash as payment on a bike etc. there's a form you have to fill out for that too. Found that out after a heads up from another dealer. He didn't know about it, got caught in an audit and got a fine for it.

 

a lot of people know the law concerning the $10k limit on cash transactions. suspicious transactions obviously can be somone paying $9900 for a deal, and writing a $100 check with it. when i used to do paperwork at an auto dealership, and i had someone do something like that, i would always tell them that i was going to fill out the form 8300 "just to let them know". they would always get all f'n sideways about it saying you can't fill it out, its not $10k, and i would always say, "the law reads anything suspicious so i'd just assume let the IRS figure it out."

 

Easiest, simplest, safest way is a fed funds transfer. Cost about $25. The money is wired and avail same day.

 

XFBO denies his fellow jack-booted gangsters would do such a thing.

Color me not shocked.

I'm gonna shut up about it in general...

 

When I sold my house I recieved (and deposited) my biggest check ever. $121,000. I immediately deposited it in Bank of America. $20,000 was showing in my "available balance" about 5 business days later. The entire amount showed up within 2 weeks.

Of course I asked if I could have the whole $121k in cash when I first met with the bank management. We all had a good laugh, and then explained they never keep that much money actually on hand.. and they have a certain amount of "working" cash they need to operate throughout the business day. It would be possible to get the entire amount in cash at a later date, but that it would have to be arranged.

That said I have taken out as much $9,000 in cash with no problem. Oddly enough, it was what I used to pay for my 2005 R1.. when I bought it in November 2004. The second largest amount I've ever taken out in cash, was when I bought my 2002 R1 in Feb 2003 for $6000 in cash. I prefer using cash when purchasing a bike from a dealership because theres no need to wait for the check to clear.

 

About the smartest thing I ever read from you.

 

I might have to borrow that.

 

I work for a company that processes Bank information.
Under the OFAC (office of foreign asset control) laws all activity
of any substance will generate a report to the Bank and the FEDS.
This is a result of the patriot act.

 

Hence the could, not couldn't. I do care what our gov does ...to an extent but I'm not going open my trap about it here.

 

i cashed one from work (26K) this year to buy a bike. called a few days ahead of time to "order" the cash. took the check to their bank, i have no account there, and walked out with 26 big ones which i held on to for about 6 hours. they did call the boss to verify the check. no forms, took longer for them to count than anything. shouldn't be a problem

 

A thug robbed our bank, but he made it out of town with about 53k. Was walking along side the road somewhere in rural Michigan until a deputy questioned him and searched his ruck and found about 50k. He was "detained" in order to verify his story and some time later, was found to have pulled the heist. It does happen and sometimes it turns out good.