Are you pretty sure that credit unions are exempt from this reporting,
or are you just speculating?
Thanks in advance,
R17
THey are controlled an audited by the NCUA itself. The NCUA is a self supprting quasi government agency. They work in concert with the FDIC but not for it. They do screen 10,000 deposits or series of deposits but where does this $5000 crap come from . There is no statutory authority on that. FDIC is trying to intimidate banks to scare them. Its Bull crap. . But FDIC doesn’t tell NCUA crap unless it is STATUTORY— You know — with Congress and the Constitution.
Last year I stopped by at my Credit Union to talk about just this.
They have the same reporting requirements, “to stop money laundering, you know.”
I suspect I got on the radar just by asking.
Just last week I got “interviewed” by a credit union on a fairly large withdrawal, by the branch manager, no less. In general I like the CU and still do.