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Here's What Happens if You Withdraw $10,000 From Your Bank Account
The Motley Fool ^ | July 9, 2024 | Dana George

Posted on 07/09/2024 8:51:24 AM PDT by where's_the_Outrage?

KEY POINTS

The Bank Secrecy Act has been around since the Nixon administration.

The law was designed to stop criminal enterprises, large and small.

Unless you're breaking the law, you have nothing to worry about.

It's your money, and generally, you have the right to withdraw as much -- or as little -- as you desire from your bank account. However, under a law called the Bank Secrecy Act (BSA), banks must report any deposits or withdrawals of $10,000 or more. Here, we'll cover why the BSA exists and if it's anything you need to be concerned about.......

During the Nixon administration, the government decided to pursue financial fraud at the banking level. To catch money launderers, drug dealers, and other bad players, they needed the help of financial institutions. And so the Bank Secrecy Act was born.

Under BSA, banks became legally obligated to report any deposits or withdrawals over $10,000.

In all fairness to the government, $10,000 was worth a heck of a lot more in 1970 than it is today. In fact, a deposit or withdrawal of $10,000 in May 1970 was worth $81,365 in today's money, according to the Bureau of Labor Statistics' CPI Inflation Calculator. If someone made a deposit or withdrawal that large back then, it was worth noticing.

What's interesting is that the $10,000 threshold hasn't changed. Because $10,000 doesn't have the buying power it once did, there are more Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) being sent to the IRS than ever before.

(Excerpt) Read more at fool.com ...


TOPICS: Business/Economy; Chit/Chat; Conspiracy
KEYWORDS: 10000; banks; bsa; government; irs; money
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To: delta7

Honestly won’t be much of a factor. By the time CDBC becomes a thing, none of us is going to have any money anyhow.


41 posted on 07/09/2024 10:12:21 AM PDT by cross_bearer_02
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To: rktman

“Structuring” also illegal


42 posted on 07/09/2024 10:39:34 AM PDT by Az Joe (Live free or die)
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To: gloryblaze

Incorrect.
The feds will be notified.


43 posted on 07/09/2024 10:46:35 AM PDT by taxcontrol (The choice is clear - either live as a slave on your knees or die as a free citizen on your feet.)
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$10,000 in 1970 = $83,000 in 2024 dollars per the BLS inflation calculator.


44 posted on 07/09/2024 10:56:13 AM PDT by Olog-hai ("No Republican, no matter how liberal, is going to woo a Democratic vote." -- Ronald Reagan, 1960)
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To: where's_the_Outrage?
Yup...you just might get a knock on your door from your friendly neighbored armed tax agent.
45 posted on 07/09/2024 10:57:41 AM PDT by Gay State Conservative (Never Trust A Man Whose Uncle Was Eaten By Cannibals)
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To: delta7
"Gov can secretly do what ever they want"

Yes. And remember: "Government" means people--good and bad, virtuous and corrupt, honest and dishonest, but people.

When government is small enough, it responds to the consent of the people governed. When its size passes a critical point, it does not respond, and it becomes tyrannical.

When government is small enough, the people governed control the government. When it is large enough, the people who control the government control the people governed.

46 posted on 07/09/2024 11:02:11 AM PDT by Savage Beast (Trump defeated the entire Philistine Army using the jawbone of an ass, the ass being Joe Biden.)
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To: where's_the_Outrage?

From the article:

“To catch money launderers, drug dealers, and other bad players,”

That’s why there are no more money launderers, drug dealers, and other bad players. It’s kind of like making me show my drivers’ license to get Sudafed entirely stopped the meth epidemic.


47 posted on 07/09/2024 11:03:57 AM PDT by suthener ( )
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To: rktman

When you seem like you’re taking out money in such a way as to dodge the 10k rule, that’s called structuring, and WILL get you investigated. Maybe not illegal, per se (as far as I know) but you’d much better off withdrawing the 10 grand than be busted structuring


48 posted on 07/09/2024 11:17:55 AM PDT by This_Dude
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To: gloryblaze

Yes. You are correct. I asked my lawyer about this and he told me this is only when dealing with cash money.
About 12 years ago I had a 70 thousand dollar cashiers check made from my account with no problems. (I was buying a house that needed some work.)


49 posted on 07/09/2024 11:41:29 AM PDT by 4yearlurker (Arise and shine,and give God the glory!-A trail cook's morning call.)
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To: This_Dude

Okay y’all. I’m just kidding. Where would I get that kind of money?


50 posted on 07/09/2024 11:46:22 AM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this💩? 🚫💉! 🇮🇱👍!)
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To: where's_the_Outrage?
Back in 2013, a local market in Fraser, MI, had its assets of of over $35,000 seized by the IRS under the then federal forfeiture laws. The Government merely believed without any real investigation that the deposits of the lawfully earned money from their legitimate businesses were suspicious.

To keep their insurance rates low, they reduced the in store cash on hand by making daily deposits of under $10,000 in the bank across the street from the store.

After a lengthy battle, the market finally won out and the law was changed.

https://ij.org/case/miforf/

51 posted on 07/09/2024 11:52:44 AM PDT by Hot Tabasco
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To: George from New England; rktman
9999 will raise more eyebrows than 10k !

That's why I always withdraw only $9,998!

Regards,

52 posted on 07/09/2024 11:56:57 AM PDT by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: rktman

>> That’s why I only ever do 9,999.99 at one time.

That is called “structuring” and is actually illegal.


53 posted on 07/09/2024 12:07:04 PM PDT by JadeEmperor
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To: where's_the_Outrage?

Agree
BS, with the politicalization of the Government Agencies

Remember when the congressmen/woman and senators were cashing 25K to 50K dollar donor checks to buy a book of stamps at the capital post office then they got caught.

Who knows where they are cashing them now?.


54 posted on 07/09/2024 12:09:12 PM PDT by Vaduz
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To: where's_the_Outrage?

Under BSA, banks became legally obligated to report any deposits or withdrawals over $10,000.


but the reality is that they report lower amounts ALSO, just to be safe in being compliant.


55 posted on 07/09/2024 12:11:43 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: where's_the_Outrage?

I did a word search on the article.

The word cash is never mentioned.

The Bank Secrecy Act applies ONLY to cash transactions, or to cash transfers - to or from - banks in corrupt countries.


56 posted on 07/09/2024 12:25:18 PM PDT by zeestephen (Trump "Lost" By 43,000 Votes - Spread Across Three States - GA, WI, AZ)
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To: taxcontrol
Incorrect.

The feds will be notified.

Ten grand by check is a pittance nowadays. Feds can get any bank records by SS or FED ID numbers for cause, but aren't interested in nearly every single legit account in the country.

57 posted on 07/09/2024 12:33:08 PM PDT by gloryblaze
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To: rktman
Sadly, that's a crime, structuring a financial transaction to evade reporting requirements.

An old widow found her late husband's legally-acquired stash, and her kids told her to put it in the bank. However, being afraid of carrying so much, she took a little at a time. Guess who was criminally charged?

58 posted on 07/09/2024 12:42:19 PM PDT by Vesuvian
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To: rktman
That’s why I only ever do 9,999.99 at one time.

That's actually a huge red flag for banks and gets you noticed for something called 'structuring'.

59 posted on 07/09/2024 12:46:27 PM PDT by Lazamataz (joesbucks is back. Let's remedy that! 😁)
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To: where's_the_Outrage?

.


60 posted on 07/09/2024 4:29:24 PM PDT by sauropod ("This is a time when people reveal themrrselves for who they are." James O'Keefe Ne supra crepidam)
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