All you have to do is transfer 10000 or more to get flagged. It is happening to you constantly. Banks are bullshit and so is this article.
Exactly!
"The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) Reporting RequirementsThe milestones used by banks are $2,000 and $10,000. Anything under $2,000 is typically considered safe and private. If the withdrawal is over $2000 but under $10,000, then it is up to the bank employee’s discretion as to whether or not someone is acting “suspicious”. The bank is required to report the withdrawal if suspicious activity is observed. If everything goes normally, then there should be no problems and no reporting, especially if the transaction is a normal activity for the account’s history.
How much cash can you withdraw from a bank before a red flag? Withdrawals of $10,000 cash or more in the same day raise a red flag and must legally be reported by the bank. Multiple withdrawals in the same day are considered to be the same transaction, so withdrawing $5,000 in the morning and $5,000 later in the day would satisfy the $10,000 required for the bank to report it. U.S. law also requires bank customers to report all transactions over $10,000. Failure to do so could trigger a federal investigation."
I just got flagged three times last week, but the bank helped me break the transfers up to be $9,999.99 and less. For a Trump-sized transaction, I’m sure that would be difficult.
Actually banks will track transactions as low as $2,500.
Note that article quotes someone who could qualify as a disgruntled employee for losing their job. I suspect that these comments are motivated more by personal prejudice than bank procedure. Since the narrative supports the effort to smear Trump, it’s big news to the media.
Yep. Every time I move a CD from one bank to another (chasing rates again - thanks to TRUMP) over that amount I get a letter.
“All you have to do is transfer 10000 or more to get flagged.”
Dennis Hastert, House Speaker during the Coward Bush’s presidency, thought that, too.
“Banks are bullshit and so is this article.” I wouldn’t exactly blame the banks, as the starting point would be Federal laws they might be following. Some of it started with global Federal legislation blackmailing the Swiss into changing their banking institutions into agencies of various governments designed to rat out anyone with foreign bank accounts regardless of any perceived illegalities. No more privacy, except if you want to kill the unborn, then you are home free, until you arrive at your eternal home where you will then pay for that privacy.