Fund Transfer
 

Once upon a time, depositing $10K or more in a bank account would send up a 'red flag'. Is this still the case and if so, what are the consequences of the red flag? My question concerns selling a collectable car in the $50K range.

Thanks for knowledgeable replys Gents

Re: Fund Transfer
 

The "smurfing" regulations still exist. There are no consequences if you are not selling or buying arms, drugs or laundering money. It is just a banking regulation that documents large movements of money to and from an account. If you are selling a car you have nothing to worry about.

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Not 100% positive, but the IRS is probably also informed. Creates an additional paper trail on the money.

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I think the IRS has access to the information, but not sure if they are officially informed.

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The new trigger with the IRS is 5K. I stopped working in our family business last year and took 5 months off (can we say family feud). I was moving cash from the safe in to the checking account every few weeks and asked my banker to make sure that I stayed under the radar. If you are selling a car and have the documents to back it up, it should be no problem. Also, if it is cash I believe it shows up differently than a cashiers check on how it is reported to the KGB.

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Chris
1967 Yenko Stinger YS-199
Southeast of Disorder

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$5k?? I think at that level, the IRS would be buried in meaningless info. https://www.yenko.net/ubbthreads/imag...lins/dunno.gif

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I was also recently told by my bank that at $5000 they are required to submit a document to the IRS. I would agree Marlin, $5k transactions today are very much common place and the IRS would be overwhelmed. I do as many as 10-15 of these a year easily though I have documents to back everything up. I think this could be another one of those, "keeps the honest, honest and the dishonest, scared"? https://www.yenko.net/ubbthreads/imag...lins/dunno.gif
Rick

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Der government must know what ze comrades are doing wis der money!

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I imagine they summarize the data and look for trends or anomalies, but geez.... that's a lot of data!

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[ QUOTE ]
I was moving cash from the safe in to the checking account every few weeks and asked my banker to make sure that I stayed under the radar.
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Chris
1967 Yenko Stinger YS-199
Southeast of Disorder

[/ QUOTE ]

Guess what! What you did right there was an automatic trigger for a SAR "suspicious acitivity report" to be filed by the bank. If your banker did not fill out the reports, he can face serious consequences for hiding the info, even though there was no criminal intent to hide anything. It is a mandatory reporting requirement for anyone making large deposits or attempting to circumvent the reporting of large deposits. https://www.yenko.net/ubbthreads/imag...emlins/eek.gif

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[ QUOTE ]
Der government must know what ze comrades are doing wis der money!

[/ QUOTE ]
Must be East German before the commies left. https://www.yenko.net/ubbthreads/imag...mlins/grin.gif

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Dis iz true comrade! No soup for you!! https://www.yenko.net/ubbthreads/imag...ns/naughty.gif

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The bank told me that a 'wire' transfer is not reported. Cash is a different matter.

Thoughts?

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I tried to get several postal money orders the other day (four to be exact) and they have a 1,000 limit.

Lo and Behold, new reg that says anything over two, and you have to fill out a federal form!

Also, had trouble getting seven thousand CASH out of my bank account recently. To the point where they had a cop come over and start asking why I wanted so much cash, what I intended to use it for etc...

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I would just apply for the new bank of america illegal american credit card, then just take a cash advance......
Seriously though, these reporting rules have gotten out of hand.

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Rich

I'd find a new bank.

I take cash out of my account all the time. Sometimes as much as 40 or 50K no questions asked. All I have to do is call the day before to make sure they and I have the amount I need. If some bank lobby cop came up to me at the tellers window and started asking questions regarding my plans with my money I'd have to tell him to put it where the sun don't shine. https://www.yenko.net/ubbthreads/images/graemlins/no.gif

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[ QUOTE ]
I tried to get several postal money orders the other day (four to be exact) and they have a 1,000 limit

[/ QUOTE ] The ironic thing about postal money orders is that the government wont let you buy 2000.00 worth without filling out a form when you pay for them with cash, yet the only form of payment the government accepts on a Postal MO is CASH,they wont take any type of checks or credit cards to purchase them,so when you go to your bank to get the cash you need to fill out a paper,and then fill out another when you buy the MOs at the post office https://www.yenko.net/ubbthreads/imag...lins/dunno.gif

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I have a friend that worked in the "big brother" department at a Federal level and was one of the guys checking those transactions. Last he mentioned (a few years ago), it was still a 10K trigger that got your name and transaction amount on a list. He reviewed these lists looking for patterns and criminal activity. If you are on the up and up, I'd say you have little to worry about.

Phil Woj.

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Check this site for Canadian legislation
http://www.fintrac.gc.ca/