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re: Is there a way to make a large cash withdrawal?
Posted on 3/12/16 at 9:30 pm to whiskeyjohn
Posted on 3/12/16 at 9:30 pm to whiskeyjohn
It's any amount OVER 10K not 10K.
Posted on 3/12/16 at 10:16 pm to tigerbutt
quote:
It's any amount OVER 10K not 10K.
I thought that was understood.
Posted on 3/12/16 at 10:44 pm to tigerbutt
quote:
It's any amount OVER 10K not 10K.
Not exactly...
quote:
A customer is not directly told about the $10,000 threshold unless they initiate the inquiry. A customer may decline to continue the transaction upon being informed about the CTR, but this would require the bank employee to file a SAR. Once a customer presents or asks to withdraw more than $10,000 in currency, the decision to continue the transaction must continue as originally requested and may not be reduced to avoid the filing of a CTR. For instance, if a customer reneges on their initial request to deposit or withdraw more than $10,000 in cash, and instead requests the same transaction for $9,999, the bank employee should deny such a request and continue the transaction as originally requested by filing a CTR. This sort of attempt is known as structuring, and is punishable by federal law against both the customer and the bank employee.
ETA: $10,000 starts the threshold for all intents and purposes. Also, there are very very few legitimate reasons to need that much cash in 2016. Even if you do not have illegal reasons for the money, it is likely the party you're giving it to does.
This post was edited on 3/12/16 at 10:47 pm
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