The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on April 05, 2024, 05:00:24 pm
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7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
March 31, 2024
Angela Mae Written by
Levi Leidy Edited by
If you plan to deposit $10,000 or more into your checking account, there are a few things you should consider first. By law, banks have to report deposits that exceed a certain amount.
Not only that, but many bank accounts come with maximum deposit restrictions. You may also be subject to certain fees when making such a large deposit. If you frequently make large deposits, you should also watch out for any potential scams or fraudulent activity. But even if this is a one-time thing, it’s still important to know about these factors and how they might affect you.
Banks Must Report Large Deposits
“According to the Bank Secrecy Act, banks are required to file Currency Transaction Reports (CTR) for any cash deposits over $10,000,” said Lyle Solomon, principal attorney at Oak View Law Group. CTRs typically include the name of the individual, their account number, Social Security number and taxpayer identification number — all of which are verified and recorded by the bank.
Banks must file CTRs to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of the Treasury. Some banks will do this manually, while others will automate the process.
“The creation of a CTR does not mean that your account will be frozen, nor that the Men in Black will be visiting your home,” said Herman (Tommy) Thompson Jr., CFP, ChSNC, ChFC certified financial planner at Innovative Financial Group. For banks, it’s considered standard procedure and isn’t a cause for concern if the deposit is legitimate.
These procedures exist to help prevent money laundering, counterfeit deposits and similar financial crimes from occurring. By requiring banks to report deposits of $10,000 or more, the government can more easily keep track of monetary transactions. As long as your deposits are legitimate, you won’t have anything to worry about.
more
https://www.gobankingrates.com/banking/checking-account/things-you-should-know-if-you-deposit-more-than-10k-into-your-checking-account/?utm_term=incontent_link_8&utm_campaign=1266698&utm_source=msn.com&utm_content=11&utm_medium=rss
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As long as your deposits are legitimate, you won’t have anything to worry about.
That line made me laugh! This is the exact mantra of every dictator in history. If you are innocent, then what's the problem?
If you are not doing anything illegal, then you shouldn't mind if we search your bank account and put you on trial.
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$10K reporting rule only applies to cash (& certain checks like cashiers checks, money orders & travelers checks)..."ACH" transfers and regular check deposits not affected/covered.
https://www.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-the-government
(Started in 1970)
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$10K reporting rule only applies to cash (& certain checks like cashiers checks, money orders & travelers checks)..."ACH" transfers and regular check deposits not affected/covered.
https://www.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-the-government (https://www.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-the-government)
@Drago
Set up a shell company and then write yourself an electronically transferred paycheck of $50K monthly and all is well with the world.
If for some reason you actually need a legit bank account.
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And then there are the *secret* laws and regulations in place in which banks are forced to spy on their customers but can't tell them about.
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DEA takes $43k from traveler
(http://www.youtube.com/watch?v=PdSjiCXGtfs)
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TSA - Armed Robbery
(http://www.youtube.com/watch?v=FT8Znm9ua3Q)
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Yeah, the TSA using "Civil Asset Forfeiture" to seize cash at the airport...more info:
https://criminaldefenseattorneytampa.com/asset-seizure-asset-forfeiture/airport/can-tsa-seize-cash/
https://www.usatoday.com/story/opinion/voices/2021/03/10/civil-asset-forfeiture-laws-justice-crimes-column/4633965001/
https://ij.org/press-release/new-report-finds-civil-forfeiture-rakes-in-billions-each-year-does-not-fight-crime-2/
Someone fought back and got a million $$ settlement:
https://youtu.be/SaX4TMwVmbM?si=6RjDl3VGWip3mhvW