When should I worry about cash deposits,
Money, banks, basic bitch question
When should I worry about cash deposits,
[7 Points] TelJanin_Aellinsar:
[1 Points] None:
[deleted]
[1 Points] Selectivescammer1:
Build it up slow, don't deposit anymore than 3k in one go
[0 Points] chef234:
Also note. Money orders are slightly less shady then just cash and you can get it at any gas station
[0 Points] dnmthrowaway42014:
Cash deposits in my experience are very effective up until needing $10k + at a time. Can easily hit different banks in the area with 2-2.5k deposits. I like to rotate LBC accounts and sellers for an extra layer of security. I would not suggest going much over 2.5k per deposit. It is much safer in my opinion to just add an extra bank into the mix, in order to lower your deposit amounts. I also rotate banks and try not to use the same one more than once a week max. If your going over 10k +, find a local seller. It will be tough, and you need to start out smaller (2k at a time) and build up a relationship. But it saves so much time and money in fees in the long run. Also see the other comments about structuring laws. My advice avoids all of that.
So as a rule you need to avoid CTR. CTR is any cash transaction(s) over $10k within a 24 hour period. You also need to avoid obvious structuring i.e. Coming in every day with $9.900 or multiple deposits adding up to $10k because doing so will get you a SAR - Suspicious Activity Report. These are even worse than a CTR, both go to the IRS, but a SAR will guarantee a higher level of scrutiny.
Now most banks will have a lower threshold where the will start asking for ID, this might be $3k, $5k, but the key is that it is for their internal use only. It will not be sent to the IRS unless you actually go over $10k.
Important to note that If you are asked for ID and refuse, you are getting a SAR sent to the IRS with a picture of your face and any information they have on you which could include a license plate if the bank has a Reader (and many do)