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15 Feb ’12
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as a small business owner, this scares me
4 Mar ’12
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The land of the
15 Feb ’12
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A couple of years ago my wife went a away for a few week so I held onto the deposits till she got back, never had a chance to make it to the bank. There were 14 different deposits that totaled around $11,000. Bank made us fill out paperwork because it was over $10,000. I asked why, they were separate deposits, doesn't matter they said, you are depositing more than $10,000 in one day.
19 Feb ’12
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Well I think I told the story here about how two years ago I was in charge of our Cub Scout Popcorn Fundraiser. For some reason (most likely because I'm an idiot) I decided to hold onto all the cash and deposit at once. Well I went to the bank that morning and said that I would be making a sizable deposit that afternoon, and were there any issues? "How sizable?" was their question, at which point I told them $16k in cash and another $5-7k in checks. They said there would be no problems. I went back with my deposit, at which point they took it from me and then asked for my ID and SS#. Nothing ever came of it, but it was still disturbing, and it wasn't even my account.
Also, I was pissing my pants knowing that if I got pulled over on my way to the bank, that the cash would be confiscated and most likely never seen again. I was much smarter this year with my fundraiser deposits.
15 Feb ’12
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I remember you telling that
19 Feb ’12
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See, while I still disagree with the law, etc., after reading the article, it seems he was breaking the law. He was purposely avoiding the 10k threshold for reporting.
But I do find it ironic that these laws against money laundering, etc. are forcing law abiding citizens to actually launder money, and act like criminals.
15 Feb ’12
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Laundering? that's not laundering.
Willfully keeping cash deposits under $10,000 to avoid such reporting requirements is known as “structuring,” and is illegal.
He was simply trying to stay under what the govt dictates is a large cash deposit imo, as long as his tax returns and receipts supports the deposits, who gives a rats ass, other than the feds of course.
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