Cash Deposit
- Thread starter Dameon
- Start date
shrigpiece
Well-Known Member
I would look at your local money laundering laws.
Where im from its £5000
Where im from its £5000
UnbridledCannabis
Well-Known Member
yea its 9999 just tell em you sold a boat
This is technically true but do know that your bank can decide to file a report with the IRS for ANYTHING they feel is out of the norm for you. If you don't make large deposits often, set up accounts with different banks and deposit smaller amounts.
JJFOURTWENTY
Well-Known Member
^What he said. My fed credit union was way cool with me when I came by with a load of dough one day. The MILF clerk actually divvied up the money in 9k increments for me without even being asked to do so!
realcarshavev8s
Member
Anything over 3k at my credit union is up to teller discretion til 10k
forgetfulpenguin
Active Member
Rule #1: Don't fuck with the IRS!
Unless you can explain the source of the money, putting it in the bank is shooting yourself in foot. Any deposit that cannot be fully explained is suspicious. Even spending the cash is suspicious if you cannot explain it. Bullets and the FBI couldn't stop Capone but the IRS put him away! He even had the good sense not to put his illegal booze money in the bank.
http://www.accountingweb.com/item/104748
hxxp://www-irs-g0v/foia/article/0,,id=179352,00.html
BINGO!
Unless you can explain the source of the money, putting it in the bank is shooting yourself in foot. Any deposit that cannot be fully explained is suspicious. Even spending the cash is suspicious if you cannot explain it. Bullets and the FBI couldn't stop Capone but the IRS put him away! He even had the good sense not to put his illegal booze money in the bank.
http://www.accountingweb.com/item/104748
URL malformed to keep the IRS from knowing they are being linked to from RIU
hxxp://www-irs-g0v/foia/article/0,,id=179352,00.html
nodnarb7
Well-Known Member
"If a bank suspects a depositor is placing money at regular intervals into an account to avoid reporting, the institution also must report these transactions to the IRS.
Read more: How Much Can You Deposit Into Your Bank Account Before They Report It to the IRS? | eHow.com http://www.ehow.com/info_8049309_much-account-before-report-irs.html#ixzz1qxS4bBIM"
I would say keep it in a sofa or a mattress if you're pushing hard weight son!
Read more: How Much Can You Deposit Into Your Bank Account Before They Report It to the IRS? | eHow.com http://www.ehow.com/info_8049309_much-account-before-report-irs.html#ixzz1qxS4bBIM"
I would say keep it in a sofa or a mattress if you're pushing hard weight son!
I know a guy that works at a bank and he told me the same thing about 3 years ago. He said that they report withdrawls of 5,000 too.
Totoe
Well-Known Member
All good stuff. If you just have to put your money into a bank to feel safe about it and are worried about IRS reporting/paper trails, get a safe deposit box and keep all your cash in there. Only downside is you can only access it during regular banking hours, oh and it is uninsured by the FDIC. Otherwise get a fireproof safe and hide it somewhere.
dank smoker420
Well-Known Member
if a bank shut down and or something happened would they keep what is in the saftey deposit boxes?
Totoe
Well-Known Member
What happens to my safe deposit box if my bank fails?
When an insured bank or thrift closes, the Federal Deposit Insurance Corporation (FDIC) usually arranges for another institution to take it over, including branches where you might have a safe deposit box. In those situations, you should be able to conduct business as usual. If the FDIC cannot find a buyer for your bank, it arranges for you to remove the contents of your safe deposit box so you can obtain a box at another institution, if you wish. This is done within a few days after the bank fails.
but like I was pointing out with the hours available to access a box etc. It is a method prone to failure as well, but for storing some extra cash you dont want questions about it could do in a pinch. Otherwise do like I said go and get a fireproof safe and hide it somewhere; your house, a storage unit, bury it in the ground and make a map to where you buried it, start a second business and launder your funds through a lucrative primarily cash business such as a barber shop, shoe shine, lawn service, etc.
When an insured bank or thrift closes, the Federal Deposit Insurance Corporation (FDIC) usually arranges for another institution to take it over, including branches where you might have a safe deposit box. In those situations, you should be able to conduct business as usual. If the FDIC cannot find a buyer for your bank, it arranges for you to remove the contents of your safe deposit box so you can obtain a box at another institution, if you wish. This is done within a few days after the bank fails.
but like I was pointing out with the hours available to access a box etc. It is a method prone to failure as well, but for storing some extra cash you dont want questions about it could do in a pinch. Otherwise do like I said go and get a fireproof safe and hide it somewhere; your house, a storage unit, bury it in the ground and make a map to where you buried it, start a second business and launder your funds through a lucrative primarily cash business such as a barber shop, shoe shine, lawn service, etc.
Totoe
Well-Known Member
I should probably add to not let the FDIC involvement fool you. The contents of the box are not insured by them just the FDIC will either itself or contract with another bank to make sure the contents of the box get to you. If by the very slim chance you live in a batman movie and bank robbers actually have the time and inclination to go through the crap shoot of robbing the safe deposit boxes everything you lost will be unreplaceable.
