Large cash purchases

[texsativa]

I've heard of people buying a car cash up front. It may have been with a personal check, I don't know. It was .. no big deal. They were legit, of course.

 

[BrainSellz]

I havent made any large purchases but when my buddy was trying to bail me out with 10k he learned Uncle Sam was gonna wanna know where that money came from...I'm sure they wanna make sure they got their fair share of taxes off of it...be safe

 

[igrowone]

a thread well worth subscribing to, so i am
what burns my ass, and i'm sure a lot of others is that legal activity becomes watched activity
there is no evidence of a crime, you've got cash, so the fuck what?
we have to use cash because that's the crap this government mandates as money

 

[GMT]

LOL, its pretty obvious that when they arrest someone, they are looking at them as a criminal, they also view their friends as potential criminals, so when a ffriend turns up with a wad of cash, it's gotto be expected for them to ask about the source regardless of the value,

 

[RM - aquagrower]

Very interesting subject. I know that a lot of the rules changed as part of the Patriot Act, in the "war on terrorism".

I can say for sure that down payments on real estate are heavily scrutinized, even if coming from a bank account. Gotta prove where the money came from.

I think that the lesson to be learned here is that if ya want to make a large cash purchase, deal with a private individual.

 

[sneaky_g]

Why not just pay 50 dollars a year for a safe deposit box and stack your 100's that you've saved in it? A little at a time.. One of those boxes could probably hold 100k

 

[Max Headroom]

Why not just pay 50 dollars a year for a safe deposit box and stack your 100's that you've saved in it? A little at a time.. One of those boxes could probably hold 100k

and would be a 'fuck you' to those goddamned banks, because that way they can't play with your money (invest, extend credit, interest).

 

[Treetroit City]

Why not just pay 50 dollars a year for a safe deposit box and stack your 100's that you've saved in it? A little at a time.. One of those boxes could probably hold 100k

Because there's only so many things that cash can get you.

Lots of nice meals out? Sure. A house? Nope. A nice car? Nope.

Being hood rich ain't all it's cracked up to be. Although it's better than being poor.

 

[hippie_lettuce]

Nothing happens if the teller fills out a CTR form. They ask you what your occupation is, you can say you are retired but you'll have to tell them what you're retired from. They'll make sure your personal info is correct (address, legal name, etc.). They will fill out what type of account the money came from.
What you may have to worry about is if you back down from the transaction after the teller informs you that he is filling out a CTR, then he is obligated to fill out a SAR. So once you find out they are filling out the CTR, DO NOT tell them, "I'd rather take out $9000 instead" or "I'd rather not do this at all." Just treat it as a regular transaction and you are fine. To my knowledge I have not heard of anyone being followed up on if they were not reported as suspicious, but there might be a threshold.

Now if you are making large deposits on a regular and consistent basis and you do not have a business they may question how you are getting that money. But if you wanted to make a cash purchase, say for a car or some other big ticket item, they may casually ask why you are taking out the money (yes, tellers are nosy) but you don't have to tell them what you're really buying.

 

[igrowone]

i saw a few that mentioned cash and safety deposit boxes
did you know you're not supposed to put cash in a safe deposit box?
that doesn't stop many from doing it, but it's just part of the same pattern
your money is the government's money

 

[Puffaluffagus]

Because there's only so many things that cash can get you.

Lots of nice meals out? Sure. A house? Nope. A nice car? Nope.

Being hood rich ain't all it's cracked up to be. Although it's better than being poor.

Cash can most certainly get you a nice car, no doubt about that, but the dealership will file a CTR on you.

That is really my main interest here, not taking money out of the bank, or putting it in, but spending cash in excess of 10K that has never seen the inside of a bank while in your possession.

Who has bought something(or knows someone who has) with cash greater then 10K?
And did they ever receive any contract about it? Knock on door, phone call, audited, etc...

 

[BurnOne]

My wife is a banker. There is an SAR (Suspicious Activity Report) form if bank personnel suspect money laundering. Lots of cash deposits of under $10k can trigger this form to be generated. A $10K cash deposit will certainly generate a CTR. It's the law.
Burn1

 

[Puffaluffagus]

My wife is a banker. There is an SAR (Suspicious Activity Report) form if bank personnel suspect money laundering. Lots of cash deposits of under $10k can trigger this form to be generated. A $10K cash deposit will certainly generate a CTR. It's the law.
Burn1

Ask her what usually happens after they file them.
Does someone contact the bank for more details, or is she aware of any kind of follow up that has come as a result of having filed these forms?

What I've heard is that it's automatically filed by computer at the bank when deposits greater then 10K occur.(but the SAR can be filed for as little as 3K)

I want to know if the government automatically investigates every form filed, or if you need to have a few of them to start drawing attention.

Basically, If you made a one time only large purchase in cash, say a new car, does that mean you will automatically get investigated? Or does the form just sit around somewhere with no one really following up on it after it's filed if there isn't a pattern of large cash deposits/purchases?

 

[Hydro-Soil]

Believe me... with that kind of 'kink', the call girl will take 10k and not report you.

Stay Safe!

 

[silverhazefiend]

My brother in law works construction ...when he sold his moms house a few yrs back he took some of the money and bought a BMW ..car was 16 K he put down 10k ..a week later the FEDS called asking the usual questions ..he proved he was legit ..he was of course but unless u own a company ..construction workers who work off the books or on te books but make alot go tru alot of scrutiny ..but they can prove it in the long run

 

[watts]

It depends what you want to buy, but I wouldn't deposit any extra money in the bank unless you have a legit cash business. If you grow, you should lease a car if you want something new, especially in a non-med state. Otherwise drive older cars.

 

[mean mr.mustard]

"I can't believe what nerds we are. We're looking up money laundering in a dictionary."
- Peter "Man" Gibbons

Love that movie

 

[mrcreosote]

I just tell them I'm on the Board at HSBC.

No problem.

 

[Crusader Rabbit]

This led to the outing of Eliot Spitzer's taste for call girls.

On March 10, 2008, The New York Times reported that New York Governor Eliot Spitzer had patronized an elite escort service run by Emperors Club VIP.[1] The ensuing scandal led to Spitzer's resignation as Governor on March 12.

...

Spitzer reportedly had at least seven liaisons with prostitutes from the agency over six months, and paid more than $15,000 for their services. Federal agents had him under surveillance twice in 2008.[13][14][15] According to published reports, investigators believe Spitzer paid up to $80,000 for prostitutes over a period of several years — first while he was attorney general, and later as governor.[16][17][18]

Screenshot of the website of Emperors Club VIP.




The investigation was purportedly initiated after North Fork Bank[19] reported suspicious transactions to the Internal Revenue Service (IRS) as required by the Bank Secrecy Act. According to Newsday, Spitzer wanted to transfer more than $10,000 to a front company for the prostitution ring. However, he broke up the transactions into smaller slices due to federal law requiring the reporting of any transfer of $10,000 or more. When he tried to get his name taken off the wires, the bank refused, saying that the money had already been wired out and that it would be improper to do so in any case. The IRS Criminal Investigation Division then began a probe, initially fearing that Spitzer was the victim of either extortion or identity theft.[20]

 

[Hydro-Soil]

The IRS Criminal Investigation Division then began a probe, initially fearing that Spitzer was the victim of either extortion or identity theft.[20]

I'm having a hard time fitting that much horse pucky into even a 757 cargo plane.

Is that a joke or something? We're supposed to believe the IRS is out to protect us? That's really sick.

Stay Safe!