[PSA/Article]Important Information About Banks and Cash Reporting For U.S. Residents Especially

I came across these articles a little while ago.

http://www.smarteranalyst.com/2015/03/24/slowly-making-cash-illegal/

http://thefreethoughtproject.com/feds-banks-inform-law-enforcement-customers-depositingwithdrawing-5000-cash/

tl;dr The Feds "request" that banks call LE directly for deposits and withdrawals in the amount of $5000 or more, not just file a SAR report.


Comments


[3 Points] RunawayCheeseNips:

They rarely if ever file them tho, especially SARs, I work at a credit union and deposits of 2k-5k are so common place.

Banks may be different but my guess is that they get even more cash deposits then we do, and that's because they offer business accounts and are typically larger institutions. I would think you would need to be extremely reckless to attract attention.


[2 Points] Big_Daddy_Trucknutz:

Yawn, nothing new here really. Anything over 3k in cash already was a potential SAR, this is just the logical next step.


[1 Points] agorathrow8080:

Yeah...this may be pushing whats out there to the extreme for click bait...there are no actually reporting laws for this.

Source : its kinda my job to know these things.

Its still 10k or depoits in a short period adding up to that amount to avoid the reports, sensaltionalist articles at best


[1 Points] KevlarNChrome:

I don't work in the industry, so I'm not sure how hard they'll be pushing this idea. I just figured that people should know that they may be lowering the bar yet again for the state's agents to stick their noses into your life.