Feds Urge Banks to Call Cops on Customers Who Withdraw $5,000 or More

Tea Party ^ | 3/23/2015 | Staff

[RoosterRedux]

Yep. Here's how I do it...

Just kidding.

[JRandomFreeper]

If it was all on one place, yep, but that is spread out over 3 months minimum, so it's like 6 cents/day in the parking lot. That won't make much difference in my life. Maybe it does, to some. I'm not going to put much effort into 6 cents a day. ;)

/johnny

[Ken H]

Got news for you, you withdraw 10k or more the fed gets notified, has been that way for years!

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

[no-s]

It’d take a month for the Feds to wise up that they were wasting six million reports a week on this banking report deal.

No, they will never consider it a waste, just something to spend more on. Look at how the supposedly innocuous and unobtrusive firearms registry in Canada mushroomed into a multi-billion dollar debacle. There are still Canadian gov't bureaucrats who are sure if they just threw more money at it the whole thing would have worked out positively.

[old curmudgeon]

In either case, it is to save themselves at your expense.

[upchuck]

Have a credit card which is hardly ever used.
Stopped using debit card and went strictly cash in June, 2013.

Don’t miss not using the debit card. Still carry it in case of emergency.

Have to remember to visit ATM often enough to pay cash for all the day to day stuff.

Wish there was an easy way of paying monthly bills with cash.