at what point do banks start checking your deposits? ive heard different amounts ($5k, $10K, etc)

what are the reasons they do this? what gives them the ability to do this? (other than just them owning the bank, providing the service, blah blah blah)

1/14/2006 9:24:54 PM

I've heard not to wire in more than $10k at a time. Of course, this was 9 years or so ago, but some friends that worked a Western Union had wires come in all the time for $9,996...dunno about today tho

1/14/2006 9:28:56 PM

10k throws an IRS flag.

1/14/2006 9:29:34 PM

^ok, why? implications?

1/14/2006 9:30:01 PM

That is some arbitrary number that they pic.

Also, that is the largest gift that can be given before it is taxed.
There are no real implications, except for the IRS will do a check to see where the money came from since it is such a large amount (relative).

1/14/2006 9:41:53 PM

Quote :

"Also, that is the largest gift that can be given before it is taxed."

that was my guess

1/14/2006 9:43:05 PM

My grandma owns a shopping center.
My dad owns his own comercial realestate bussiness.
My mom was the head accountant for the second largest electronics supplier in California.

I know a few things about money, taxes, and when to spend.

1/14/2006 9:45:10 PM

The Patriot Act requires banks to put a hold on large deposites of money untill they check you out, where the money came from, are you shady enough to be a terrorist... and some bull shit

[Edited on January 14, 2006 at 10:21 PM. Reason : .]

1/14/2006 10:20:34 PM

George Bush doesn't care about bank deposits

1/14/2006 10:44:07 PM

These laws governing the 10k deposits existed long before the Patriot act.

1/14/2006 11:21:42 PM

Quote :

"that is the largest gift that can be given before it is taxed."

Before 2005 it was $10,000
2005 was $11,000
2006 is $12,000

1/14/2006 11:40:36 PM

so 50 12k 'gifts' huh?

i suppose that would be in a year.... or some other time frame

1/15/2006 8:29:06 AM

It's 12K per year. So, only 1K month from the same person.

1/15/2006 10:04:31 AM

what about paychecks?

are they checked?

and when amounts are checked, is there a hold put on the funds until it is completed?

what about if you try depositing $5000 one day and $5000 the next? is there a certain amount you can deposit within a certain time frame for them to check it out?

1/15/2006 1:22:58 PM

You should probably just keep your drug money in a safe in your house, maybe depositing it slowly over time.

1/15/2006 3:36:43 PM

and don't put $3,000,000 in a sketchy bank in Panama.

1/15/2006 3:46:33 PM

9,999

1/15/2006 3:48:23 PM

As I was told (recently asked when transferring bank accounts), there is not a problem with depositing checks of any value. When you deposit "cash" over 10k (number may have changed), then they have to report it to the IRS. It is an easy thing to avoid, however.

1/15/2006 3:52:24 PM

9500

1/15/2006 4:55:17 PM

At centura I'm pretty sure it's 5K a week.

1/15/2006 5:07:26 PM

you know it, I know it, we all know it. You're gona have to launder that money. Don't be one of the young drug dealer bitches at prison who got excited by all the money and was just too careless.

1/15/2006 6:22:10 PM

that shit takes so long to do it right

1/15/2006 6:40:24 PM

There's this MMORPG where the basis of the game is buying and selling virtual property. Some guy paid like 200,000 to buy a virtual club. You could use that to launder money if you wanted... just sell virtual cars or something to yourself...

1/15/2006 7:28:03 PM

^^^if you get caught money laundering you're not going to white collar resort prison. You're going to federal pound you in the ass prison.

1/15/2006 7:46:45 PM

[Edited on January 15, 2006 at 8:51 PM. Reason : nvmn]

1/15/2006 8:51:11 PM

Quote :

"George Bush doesn't care about bank deposits "

winner

1/15/2006 8:55:43 PM