Just go ahead and stay distracted....

[z31maniac]

http://www.reuters.com/article/2013/03/13/usa-banks-spying-idINDEE92C0EH20130313

I guess his presidency isn't the type of transparency the Feds were talking about!

[Pac1373]

time to put it all in gold...

maybe some in Lead and brass as "they" say.

Honestly though, the flagging of cash transactions that exceeds $10k is kind of blatantly pointed at lower to middle class people...why do the NSA/FBI/CIA/ any fucking body else need to know what I, you , or anyone else is doing with their money.

sry for the rant... I am not even American and it pisses me off...

(we have the $10k thing too)

[mrsleeve]

The 10k thing is nothing new at all, even if you come in on 3 or 4 days and pull out an ammout totaling 10k or more, and that's out of habbit for you you will likely be reported.

Your right this is pointed at the middle class and them pulling assets and putting thme into other places in mass as we lose confidence in the dollar. Forex, stocks, bonds ect are all eletronicly traceable. Its the cash market they want to keep tabs on now, in case your stock pileing to be self sufficient in a non electronicly traceable under the radar manner.

After all having 10k in cash is a sure sign of nefarious intent or activity. You can thank the war on drugs for this shit

[BraveUlysses]

Good thing our lovely government gave a pass to HSBC for laundering drug cartel and terrorism money, I'm sure this won't be misused.

[Cletonius]

The 10k thing is nothing new at all, even if you come in on 3 or 4 days and pull out an ammout totaling 10k or more, and that's out of habbit for you you will likely be reported.

Your right this is pointed at the middle class and them pulling assets and putting thme into other places in mass as we lose confidence in the dollar. Forex, stocks, bonds ect are all eletronicly traceable. Its the cash market they want to keep tabs on now, in case your stock pileing to be self sufficient in a non electronicly traceable under the radar manner.

After all having 10k in cash is a sure sign of nefarious intent or activity. You can thank the war on drugs for this shit

As someone who has worked in a banking datacenter for over a decade, anything you do with your account is and has been tracked for a long time.

The only thing this law changes is the ability of these other agencies to view the fincen docs.

There are tons of ways to get yourself flagged by the bank, but the law states only a few that require a sar to be filed. The govt doesn't care unless you have a lot of CTRs and SARs filed about you with fincen.

Things that will land you on a banking watchlist:
* do more than $1k cash transactions per month for a retail acct
* drastic changes in behavior (sudden large deposits/withdrawals)
* more than one visit to your safe deposit box per quarter.

The list goes on... there's software that runs against the account databases to analyze transaction patterns and find fraud. This is a huge industry and they all charge big bucks for their products.

[BobombETA]

The 10k thing is nothing new at all, even if you come in on 3 or 4 days and pull out an ammout totaling 10k or more, and that's out of habbit for you you will likely be reported.

Your right this is pointed at the middle class and them pulling assets and putting thme into other places in mass as we lose confidence in the dollar. Forex, stocks, bonds ect are all eletronicly traceable. Its the cash market they want to keep tabs on now, in case your stock pileing to be self sufficient in a non electronicly traceable under the radar manner.

After all having 10k in cash is a sure sign of nefarious intent or activity. You can thank the war on drugs for this shit

Just want to clarify this. The 10k thing is a per transaction limit, but some banks set parameters to monitor the aggregate cash total for an entire business day to prevent structuring. ie: deposit 9 grand cash and come back later and purchase a money order for $1500 and the bank's system will automatically generate a CTR, Cash Transaction Report, which is different than a Suspicious Activity Report.

If you're the kind of person who is regularly running 10k+ cash a day through your personal account though, then a SAR will likely be filled out. Do the same transactions through a business account and it will likely be ignored.

But doing a single transaction of more than 10k in cash will not necessarily land you on a SAR report... It really depends on the bank personnel, don't be sketchy about it... Join a credit union though :)

[Cletonius]

I don't think you understand what a SAR is/does. It's not limited to cash transactions over $10k; that's the fincen 104 form (currency transaction report). The 104 is only used to report aggregate currency transactions in excess of $10k. Amounts are specified as in or out, they do not offset.

A SAR can be filed by a bank or credit union at any time for any reason if they think you're doing something suspicious. Any drastic change in behavior will cause an automated risk/fraud monitoring system to flag your file for manual review. At that time they will determine if a SAR needs to get filed. It can also be filed by front line staff if they suspect you of something.


Edit: apparently I reposted basically the same thing you posted. That's what I get for only paying half attention. :facepalm:

[BobombETA]

I don't think you understand what a SAR is/does. It's not limited to cash transactions over $10k; that's the fincen 104 form (currency transaction report). The 104 is only used to report aggregate currency transactions in excess of $10k. Amounts are specified as in or out, they do not offset.

A SAR can be filed by a bank or credit union at any time for any reason if they think you're doing something suspicious. Any drastic change in behavior will cause an automated risk/fraud monitoring system to flag your file for manual review. At that time they will determine if a SAR needs to get filed. It can also be filed by front line staff if they suspect you of something.


Edit: apparently I reposted basically the same thing you posted. That's what I get for only paying half attention. :facepalm:

I was gonna say.. I'm pretty sure I know what a CTR is :D
S'all good...

[mrsleeve]

Thanks for the nitty girtty of it guys. I have just been told by bank employees to be careful when pulling large amounts of cash out to make a large purchase to spread it out as much as you can, if possible. Thats why we now keep 2-4k in cash at home now.


Cletonius: So your saying because I pull 1200-1700 bucks out of my checking acct via Point of sale transaction on my debit card at another bank to pay my rent or what ever while I am in another state working that will toss a red flag?? Then you pile on the 300-600 at the ATM in a month, and the little woman pulling another 1200ish form the ATM in month at home, all these cash transactions will toss a red flag??? I mean we are cash people, we have CC's and what not I only just use them for Hotel/travel bills and online orders, same for her, so because she buys groceries and other daily expenses and we pay in cash for most things this is suspicious activity????

[Cletonius]

Thanks for the nitty girtty of it guys. I have just been told by bank employees to be careful when pulling large amounts of cash out to make a large purchase to spread it out as much as you can, if possible. Thats why we now keep 2-4k in cash at home now.


Cletonius: So your saying because I pull 1200-1700 bucks out of my checking acct via Point of sale transaction on my debit card at another bank to pay my rent or what ever while I am in another state working that will toss a red flag?? Then you pile on the 300-600 at the ATM in a month, and the little woman pulling another 1200ish form the ATM in month at home, all these cash transactions will toss a red flag??? I mean we are cash people, we have CC's and what not I only just use them for Hotel/travel bills and online orders, same for her, so because she buys groceries and other daily expenses and we pay in cash for most things this is suspicious activity????

The debit card/pos stuff is irrelevant unless its super excessive. You still get to use your acct....

I'm a cash person as well, and from what I'm reading (and see in the pipeline) I'm guessing over time cash people like us will be considered suspicious. Why would you not want to pay electronically and be tracked? Must be something nefarious.

Either way, the key is to establish "normal" behavior and then stick to that. Bank tellers learn which customers do what. Normal for you could be $2k/wk cash withdrawals, just depends. Software is setup to look for change. Change usually indicates fraud.

[mrsleeve]

Ahhh gotcha so long as you stay with a similar pattern its not so detrimental. Its kinda what I had been thinking then, you had me a bit worried there for a sec,