Cash Deposit Into Bank Account(s)

Now "my friend" is even more indecisive on what to do... LOL

In the most sarcastic tone of voice... "Thanks for your help BEEB"

 

$9999. I have done this many times. That will keep you under the radar. If I have more I go back 2 days later and deposit another $9999.

 

Just deposit the cash, as long as the source is legit. The bank will do whatever paperwork necessary.

I've moved large amounts of money before, and it was never an issue.

 

Keep your sock drawer money in the sock drawer. There is no point in putting it in the bank when the 1/2% they'll pay you in a savings account is 15 times less tha it loses to inflation. Waste of time sticking it in the bank at this point.

 

That is exactly how you get hammered for structuring deposits.

 

This is incredibly naive. How stupid do you think they are?

Your account is already on a dashboard called “potential structuring activity”, I promise. A human in their security team has already taken a look at your account and flagged you for additional scrutiny. The only reason they haven’t exited your account is that you probably don’t do it enough to bother with you.

That’s not the same as flying under the radar. That’s just them not wanting to swat a fly with a sledgehammer.

 

The marijuana business runs on cash because there are very few, if any mainstream banks that will act as credit card processors or hold deposits for those businesses. Pot is still illegal at a federal level, regardless of state law, or non-enforcement by the feds. As a result, those banks deem that business as too risky at this time.

Once pot is removed from the federal side, you'll see a LOT of mainstream money (hedge funds, banks, big-tobacco, etc) get into it.

Regarding the original post, just operate normally, put the $$ in the bank.
I believe the limit is now $5K and they don't actually let you know. It's a bank --> federal document, not needing your actual input.

 

It’s incredible what people will admit to on the intragores.

 

I worked at Honeybaked Hams every Christmas for 5 years (1989 - 1994).
Bought at $0.49/lb. and sold at $4.49/lb.
I routinely walked with that franchise owner to the bank, sometimes twice a day. At the time, a lot of checks and cash.
Those deposits were routinely over $300K during the Dec 15th - Dec 24th window.

 

No single transaction is going to raise flags nor will alot of 5-8K transactions.

I do 5-8K probably 2-3 a month. Usually cashier's checks and cash.

I've done several large ones, like 20+.

And I did one HUGE transaction, 60,000 dollars, in $20 bills.

I only had to fill out the IRS form on the $60K transaction.

 

Haven't had any issues in 22 years doing this. I have been with the same bank since 1994.

 

I technically work for a bank, though I'm on the mortgage side and don't have to deal with this stuff. That being said, they still make us take the training. As others have pointed out, they do have to fill out a form and they don't tell you about it. The systems are smart enough to know when you are making deposits outside of your normal transaction activity. Doesn't mean they care, they just fill out a form and it goes into a black hole of compliance. People who are self employed or historically have variable income (traveling nurses for example or commissioned sales people) drop off the radar pretty quick. It's the ones that don't do it very often that show up.

That being said, nobody cares. I would think you would have to already be on the shit list with the IRS for anything to happen to your friend. "Structuring" is a very real term that they look for though. So if they see any total of deposits in a short period of time that add up to 10k, when you have never done that before, it will go on a report. I just haven't ever seen that report amount to anything unless the IRS was already fist deep in your asshole. It's really not that uncommon for someone to be selling a car or something like that.

 

For you to slide, I’m guessing mid-size regional, maybe a credit union, probably under $10B in assets.

That doesn’t mean much though. If they’re acquired or get a new CEO or VP of compliance, that can change in a second.

More power to you, but to me that seems like a silly risk for no gain.

These guys still think it’s 1978. The report doesn’t even matter. Everything is monitored, requiring a specific report and form is a relic of a bygone era. Even having a specific monetary trigger is an ancient idea. Though lawyers still have trouble even understanding the concept of computers, so I’m not surprised.

 

It Chase, in Chicago. Thank you for your concern on my money though.

 

As a former worker for that institution for 13 years in IT (and trained for structuring, laundering, and KYC), they are tracking by law and by their needs. Where you may come through is the KYC they also do.... Know Your Customer...

But you are on their reports to the guberment for sure

 

Your friend managed to draw attention to himself by posting a foolish question on the internet on how to hide money from the irs and got 4 pages of responses

 

^^this^^

Even Captain Morgan knows better than to be that foolish... and everyone knows what a wise steward of his cash The Cap'n is!