Posted on 04/05/2024 9:47:44 AM PDT by Red Badger
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.
It used to be $2500........
Looks like it’s back to my grandfather’s lumpy mattress days.
This wasn’t you, was it?!?
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?
The screaming was loud and long and they dropped the idea. Would have doubled or trebled everyones paperwork.
Banks and businesses both got really loud.
It used to be $2500........
~~~
$2500 wouldn’t fly anymore in all the counties surrounding DC. If their federal paychecks are paid bi-weekly (with our tax dollars) they’d easily be over that threshold.
I am speaking hypothetical, of course. I’m sure anyone working for the government making more than 80k is exempt from this anyway.
I’m rarely affected by this (for sure!), but I appreciate that you posted this. Cheers!
Unless you're a biden.
We all know they pretty much track it all.
So...just make several $5000 deposits.
“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?”
They don’t usually make $10k CASH deposits.
You didn’t read the article. That is called structuring and is illegal.
I keep a mattress full of cash and 5 gold bars in the freezer.
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.
Obvious Structuring would be detected. You could structure and get away with it you are smart.
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