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Money in the Bank These Days
Posted on 9/27/14 at 3:18 pm
Posted on 9/27/14 at 3:18 pm
Is it worth putting money in the bank given the low or no return, fees, and government prying eyes.
I lost my credit cards called my banker to see what he could do. I was leaving for vacation and decided just to take out cash. It was almost if it was not my money. They didn't want to allow me to withdraw that much (over 10k) said they were going to have to file two IRS forms and also file a unusual transaction report.
I lost my credit cards called my banker to see what he could do. I was leaving for vacation and decided just to take out cash. It was almost if it was not my money. They didn't want to allow me to withdraw that much (over 10k) said they were going to have to file two IRS forms and also file a unusual transaction report.
This post was edited on 9/27/14 at 3:22 pm
8
Posted on 9/27/14 at 3:26 pm to LaFlyer
Put it under your mattress.
Whats your address?
What to put your money in an etf?
Whats your address?
What to put your money in an etf?
Posted on 9/27/14 at 3:45 pm to LaFlyer
Yeh anytime you have an aggregate of 10k in cash in or out in one banking day a Current Transaction Report is filed. If you try and structure your transactions to avoid it a Suspicious Activity Report is filed. You have nothing to be concerned about if you aren't laundering money or financing terriosim.
Posted on 9/27/14 at 5:19 pm to LaFlyer
quote:
They didn't want to allow me to withdraw that much (over 10k) said they were going to have to file two IRS forms and also file a unusual transaction report.
That's true no matter where you bank, fwiw. There aren't too many people other than drug runners who need that much cash in a hurry.
That must be one hell of a vacation.
Posted on 9/28/14 at 11:41 pm to LaFlyer
Your President doesn't want you to move to much money in one transaction, especially out of the country. He doesn't mind if you leave, just leave your money.
Posted on 9/29/14 at 9:24 am to LaFlyer
Was it the day before you left? Could the CC company have overnighted you a card - even sent it to your destination (I had that done for me once). Do you have a debit card you could have used?
Taking out 10K in currency in a day is probably unusual. Plus, I don't think it would be safe to travel with that much money?
Taking out 10K in currency in a day is probably unusual. Plus, I don't think it would be safe to travel with that much money?
Posted on 9/29/14 at 11:03 am to LaFlyer
quote:
said they were going to have to file two IRS forms and also file a unusual transaction report.
I'm assuming they were referring to a Currency Transacation Report (CTR). This is not an IRS form. Most people believe this, but simply not the case. If they told you this is for the IRS then they were incorrect.
A "CTR" is designed for money laundering. If a customer refuses to provide the information for the CTR, then the bank will probably file a SAR (Suspicious Activity Report)
Posted on 9/29/14 at 11:27 am to LSUFanHouston
quote:
I don't think it would be safe to travel with that much money?
If the cops pull you over for whatever reason and find that money, it will generally be confiscated even if they don't find drugs. You'll have one hell of a time getting it back and only after paying a big bill to your attorney.
Posted on 9/29/14 at 11:29 am to LaFlyer
quote:
I was leaving for vacation [to Colombia] and decided just to take out cash.
Posted on 9/30/14 at 8:38 am to LaFlyer
quote:
said they were going to have to file two IRS forms and also file a unusual transaction report.
It is your money, you aren't doing anything illegal, tell them to file whatever reports they have to file.
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