I just keep an endless supply of cash at my house. Fani Willis told me about it and I find it really helpful.
I could swear I remember seeing an article several years back that they were lowering that number to $5000.
Maybe it was some legislation that never passed, because I just did a quick internet search and all the link headlines seem to say it’s $10,000 like this one.
“These procedures exist to help prevent money laundering, counterfeit deposits and similar financial crimes from occurring. By requiring banks to report deposits of $10,000 or more, the government can more easily keep track of monetary transactions. As long as your deposits are legitimate, you won’t have anything to worry about.”
That’s a lie. People have been investigated and had bank accounts frozen on mere suspicion the deposits must have been from ill gotten gains.
Looks like it’s back to my grandfather’s lumpy mattress days.
Wrong: in many cases the bank will freeze all of your accounts if any "suspicious activity" is found, leaving your business unable to meet payroll or pay suppliers and no way for customers to pay you.
You can basically be bankrupted instantaneously, particularly if you are politically incorrect or engage in a disfavored business activity like an FFL.
2 questions- 1 what about millionaires? They are only covered up to $250,000 against bank failure?
2: Millionaires routinely deposit and remove large amounts- Are they scrutinized all the time? a $10,000 deposit is chickenfeed to them- surely there are banks that allow more spending on income levels?
I’m rarely affected by this (for sure!), but I appreciate that you posted this. Cheers!
Unless you're a biden.
So...just make several $5000 deposits.
Folks, they don’t fine you for depositing money. They may ask what the money was for or from, and they may file a SAR, but this is not an issue.
It’s on the FBI to prove you did something with illegal gains or distributions.
This is only a flag for authorities to consider illegal uses.
Yeah, I wish I had to worry about making $10,000 deposits.
Remember to always ask permission first.
bttt
good info red.
be sure to forward to james, hunter & joe robinette (big guy of the biden brand)
banks have to report deposits that exceed a certain amount.
= = =
I thought that was for cash only.
If you were cashing check or some other paper transfer it did not apply.
The govt requires reporting on deposits $10K and more. People see the rule, then make deposits more often and under the reporting limit. Then the govt goes after the depositor for the made up crime of “structuring” which is a crime?
Ladies and Germs, we are not free. We need to quit pretending we are free of tyranny.
“As long as your deposits are legitimate, you won’t have anything to worry about. “
Absolute BS.
The law says that you are a criminal, until you prove that you are not!
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Banks will put up roadblocks for big withdrawals, but I have never heard of banks charging to deposit money.