Silk Road forums

Discussion => Newbie discussion => Topic started by: delmar813 on April 24, 2013, 11:20 pm

Title: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: delmar813 on April 24, 2013, 11:20 pm
Ok I am a new vendor on SR however, I have been in the game a good long while.  Nothing huge.  Just enough to make ends meet.  I was looking at my bank statement the other day and noticed that I am halfway through April and there are close to $10k in cash deposits into my account.  Now I know that $10k at one time or anything close to that is closely looked at, but what about the guy who deposits between $400-$1000 2-3 times a week? Or is it bad to use ATM to make cash deposits? I feel bad doing it but I know I would use that feature even if I had nothing to hide since it is so much faster.  If there are any bank personal out there I am very curious to hear input.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: UFOCommander on April 24, 2013, 11:31 pm
No clue but if your worried why not buy a shovel and a GPS and go hide your cash somewhere in the desert/mountains/woods maybe ?
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: sofish89 on April 24, 2013, 11:38 pm
Umm depositing 10,000 will definitely get you flagged. I believe the threshold is either 5000 or 10,000 but that will def get you an IRS flag here in the states. But anyways why would you take your cash to a bank?? I always take my checks and cash them at the counter and take all my cash with me I dont trust those fuckin thieves
If you really have that much cash then invest in a small safe for 100 or 200 itll be well worth the investment
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: captainjojo on April 24, 2013, 11:41 pm
In Canada large, single, cash transactions of more than $10,000 or two or more cash transactions over a 24 hour period of more than $10,000 must be reported via the 'Large Cash Transactions Report' to FINTRAC, an agency of the Canadian Government.

It's best to keep cash transactions below $5,000 for any 24 hour period.  I also imagine that any bank account where there are numerous large cash deposit done over longer periods, even though each transaction may be below $5,000, could quite possibly be flagged for investigation at a later date.  In other words someone might wonder where you are getting all that cash.

In the US the cash transaction is more likely to come under the Patriot Act then the Bank Secrecy Act.  The threshold amount is the same, $10,000.  In the US the report is called a SAR report or 'Suspicious Activity Report'.  Do a clearnet search on SAR report and you'll find a link to the wikipedia entry for the report.

Basically, as long as you keep your cash deposits below the $5,000 mark and aren't depositing hundreds of thousands of dollars into the account over short time periods you should be OK.

But remember, if you do get audited by the IRS and they find your bank accounts you are going to have to come up with some explanation for where all that cash came from.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: Not_A_Sheep on April 24, 2013, 11:42 pm
Haha I like UFO's Idea, Fuck the Banksters!! dont just put your whole lifesworth of money in their account!! lol anyways if the IRS is still workin on the same thing a deposit or withdraw of $10,000 is supoosedly flagged. I have heard people say if you need to deposit large amount make it in increments of $9,999 lol, I am sure they would notice this if it hppened often though too. If you have a debit card linked to your checking account or whatever I would suggest getting reloadit packs either for cash at a store, or here on SR for bitcoins and going to reloadit.com and depositing straight into your debit/ reloadabl visa card. That way if theres any questions about the source its easy as fuck to just say,"My rich aunt from whereverthehellsheis, Nevada sent me a bunch of these redemable cards as a birthday present" or whatever lols, I have not had to deal with any one doing this method so hey I dont know everything, just a suggestion.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: Neebor on April 24, 2013, 11:46 pm
Shit i do the same and never even thought about it. Say around £800 a werk ish. Is this bad?
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: sofish89 on April 24, 2013, 11:47 pm
Ok I am a new vendor on SR however, I have been in the game a good long while.  Nothing huge.  Just enough to make ends meet.  I was looking at my bank statement the other day and noticed that I am halfway through April and there are close to $10k in cash deposits into my account.  Now I know that $10k at one time or anything close to that is closely looked at, but what about the guy who deposits between $400-$1000 2-3 times a week? Or is it bad to use ATM to make cash deposits? I feel bad doing it but I know I would use that feature even if I had nothing to hide since it is so much faster.  If there are any bank personal out there I am very curious to hear input.
w
Youre a vendor?  can you send me a link to your page I'd love to check out the new products
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: sofish89 on April 24, 2013, 11:51 pm
Shit i do the same and never even thought about it. Say around £800 a werk ish. Is this bad?
Is it enough to get you flagged? probably not, thats not toomuch, however if you said 8000 euros a week i'd be worried. You can always say my parents gave me some money this weekend or my buddy lent me some money for this car or watever u get the point. Just dont ever walk in with 5000 or more  USD cash in one transaction
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: whatisDrugs on April 25, 2013, 12:24 am
It's probably a good idea to have more than one bank account. I would definitely be careful depositing over 1,000$ a week into the bank because that could definitely draw attention since it is coming in as cash rather than deposits from a company or something else.

Cash is definitely being used less due to debit cards and the like, which is unfortunate because it means cash deposits are more closely checked out.

You should look into ways of laundering your money such as purchasing gift cards from American Express for anything you'd be buying in the future and then using those.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: Not_A_Sheep on May 14, 2013, 05:31 pm
After some of the shit I've been reading up on lately, I would advise you not to even use a bank account! lol they arent as safe as you would think, and to be making any good use out of interest you need hundreds of thousands of dollars in your savings, which most normal people nowadays do not have =( Dont get me wrong, I have a bank account, but I only will have no more than 500 bucks at a time, and only use it for bills and such. Rest o my benjamins get hidden In a multitude of areas that are hard to concieve as a place where money could be hidden ;) One of the best ways for preserving money I have ever seen was from this guy that used to smuggle tons of bud from jamaica to america. When he was making millions of dollars a month, he would stack up as many stacks as he could evenly inside of a kooler, close that baby up, put it into a small cardboard box, then continue to fill up the box with liquid epoxy resin until just the handle of the kooler is sticking out the top. Let this dry, rip the cardboard off, and bam! solid, and might I mention waterproof epoxy block !! He hid these strung off deep ends of certain docks he remembered, and In one of his family members back yards he buried several of these epoxy kooler blocks. He would bury it like 2 or 3 feet deep and then cover it up and plant a certain bush on top. Lol he said when he started it was a regular back yard, and by the time he needed the money to go on the run it looked like a damn jungle. Whenever I get a million dollars(And I have a crude plan to do so actually) This is probably what I will do =D
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: offbeatadam on May 14, 2013, 07:04 pm
I would consider the realities of how this can be discovered. If the bank account is interest bearing, its reported to the IRS no matter what the amount is - its a taxed interest. If the IRS becomes aware that you're accruing interest on an amount that increases month to month, depending on how you've filed taxes in the past, its going to raise red flags. They're getting better about it too... since banks are going more and more into the online world, and credit reporting has basically turned into a text messaging business.

Also, consider that opening multiple accounts in the US will still log against a social security number, and this (just like a PO BOX) can constitute federal fraud if you lie. Having multiple accounts that each receive regular small payments is still going to accrue some collective interest - that is a lot of random interest payments. In addition, if you aren't diligent and you don't file these at the end of the year, eventually that will drive an audit, because that is information the IRS already has. They know when you don't file, and consecutively it gets worse the more tax years that pass by.

Honestly, there are plenty of legitimate business professions that accrue large amounts of money a month that is manually deposited either as cash deposits or otherwise. Even in consulting I've been paid in a cashiers check for a reasonable enough amount to get caught. As long as I report the income, no matter what the income was, and paid the taxes on that income, they aren't going to care as much. Look at it historically, if the gov. can't make a case they usually use the IRS instead.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: gratefulheadofdead on May 14, 2013, 07:10 pm
First of all I have to agree with the previously stated "screw the banks" they are a for profit business too, and love it when people start owing them money they already have in their possession. Secondly, I myself have no choice but to sometimes have a friend of mine drop money in there, and from what I have gathered, as long as you are not dropping 10K+ in there at one time, and you a careful about spacing out your deposits, you should be fine.....but if suddenly over a couple months period, you have dropped 50K+ you will raise some questions forsure.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: quixotist on May 14, 2013, 07:24 pm
Shit i do the same and never even thought about it. Say around £800 a werk ish. Is this bad?
If you're putting eight hundred quid a week in cash into your bank account and not paying income tax on any of it then it's only a matter of time before you get fucked by the tax man. If you get investigated and have to prove where you got the money then they'll take all of it off you.

If I were you I'd seek money laundering advice. I've heard Limitless provides advice for a fee, but it may not be appropriate for UK tax laws.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: jthev2005 on May 14, 2013, 08:48 pm
More than 10K USD will get you flagged per the conditions of the ANTI-PATRIOT act.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: Not_A_Sheep on May 16, 2013, 10:55 pm
Haha just start buyin mad copper, silver, and gold coins n shit, then bury that shit, or actually the safe rooms you can get a deposit box for jewelry and all that good stuff are probably really safe as compared to an actual electronic bank account, or just stockpile as many different briefcases as drugs as you can and then when everyones burning their paper money to keep warm you can use trippy suitcases as currency!! For example, 1 crappy car needs repairs = 1 1/2 drug suitcase or slice of pizza = ecstacy pill.          Good idea?? FUCK YEAH TRIPPY MANEEE
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: crankersore on May 17, 2013, 12:44 am
Just do it in small amounts.
Title: Re: HOW MUCH CASH CAN ONE DEPOSIT INTO THEIR BANK BEFORE THEY ARE LOOKED AT?
Post by: GFX4DRUGS on May 17, 2013, 01:59 am
Better be safe than sorry. Consistent small deposits > one-time large deposits.