Even the bank has to report deposits over $10K these days.
And withdrawals
US Bank is even worse. I know a local business owner, he had to fill out paper work for a $3,000.00 deposit. Also they were suspicious of him depositing over $1,000.00 in quarters. Keep in mind he owns a coin shop and often buys state quarter rolls at face value. (because they have no value)
...or worse, or just as bad, withdrawals.
Even the bank has to report deposits over $10K these days.
I’ve heard they want to abolish the $100 bill because it makes money laundering too easy. Funny thing is that it is worth about as much as a ten dollar bill in the 70’s, and yet we all carried twenties and even fifties back then, no problem.
At the end of the day, this is really about the government’s war on cash. They can’t track it so they want it eliminated.
Back in 2013 there was a local family owned grocery store whose bank account containing $35,000 was seized because they were making constant deposits just less than $10K in a bank across the street from the store.
The reason they were doing it was to minimize their cash on hand in case they were robbed in order to keep their insurance rates down.
It was all perfectly legal but the Feds didn't think so.......
The owners fought it for about 10 months before the case was finally dismissed....
Hell, I took out 400 in cash in 100 dollar bills for a vacation in Florida, where I discovered banks wont break them without an account.
WTH
Reporting is one thing...taking is a whole other matter.
A few years ago some guy tail ended me on the interstate, totaling my car.
When I got the insurance payoff (about $8000), I went to my bank to deposit it in my checking account. You would think I was Bugsy Freaking Capone. The teller buzzed the manager who eyed me suspiciously and asked what the money was from, etc.
She stayed with the teller until the transaction was completed, asking questions and glancing at the check, then back at me, then the check, then back at me.
Thank you, War on Drugs and Patriot Act.
$10K is an antiquated threshold. $10K is chump change these days. As if I have to say so, the gooberment is stupid. It is run by stupid people. Plain stupid since they never will learn they are not merely ignorant.