Feds: Banks Should Call Police if Customer Withdraws More Than $5k in Cash

WeedFreak78 · Mar 25, 2015

http://sputniknews.com/business/20150324/1019952952.html

WTF is this shit. I though there was a $9,999 limit before transactions needed to be reported, which is also unconstitutional BS, it's no concern of theirs how i spend my money. But now i read the feds require banks to file SAR's (Suspicious Activity Reports) anytime someone withdraws $5k or more, and now they want the banks to call police and have them come check you out. So just taking YOUR money out of YOUR account is considered a "suspicious activity" by the feds. This bothers me, both for privacy issues, but more importantly because of the rise in civil forfeitures in this country. The Feds are pretty much telling banks to let the police know when they have the ability to legally rob you.Through civil forfeiture, police can seize property they believe has been, or will be, used in a crime. That money, because it is not a legal person, is not protected by "innocent until proven guilty", but rather considered guilty unless the owner can prove , to the polices discretion, that it was not going to be used in a crime. get ready to hand over your cash, and it's all legal.

spandy · Mar 25, 2015

Its bullshit.

But seriously, who is carrying around that much cash? Many of the junker cars/trucks I have purchased over the years for a few grand I just took cash to the deal, but anything of any significance I met with the seller at their bank to do a transfer to protect us both.

Track the tiny amounts a cash, while allowing digital transactions to run wild in the millions/billions. 'Murica, fuck yeah.

lawlrus · Mar 25, 2015

This sucks. However, that $10k limit you mentioned is something from the movies. There is no hard and fast rule about how much money needs to be deposited before a transaction is reported. If you are handling so much cash that this is an issue you should be consulting with your attorney about how to do so correctly anyways.

Grandpapy · Mar 25, 2015

spandy said:
Its bullshit.

But seriously, who is carrying around that much cash? Many of the junker cars/trucks I have purchased over the years for a few grand I just took cash to the deal, but anything of any significance I met with the seller at their bank to do a transfer to protect us both.

Track the tiny amounts a cash, while allowing digital transactions to run wild in the millions/billions. 'Murica, fuck yeah.

Taxing tips as wages, but not letting me claim the tip as an expense...............

desert dude · Mar 25, 2015

lawlrus said:
This sucks. However, that $10k limit you mentioned is something from the movies. There is no hard and fast rule about how much money needs to be deposited before a transaction is reported. If you are handling so much cash that this is an issue you should be consulting with your attorney about how to do so correctly anyways.

Transactions of $10K or more must be reported. That is the law, not a myth.

Rob Roy · Mar 25, 2015

None shall escape Leviathan.

ginwilly · Mar 25, 2015

desert dude said:
Transactions of $10K or more must be reported. That is the law, not a myth.

Yep, deposits, withdrawals and transfers. Anyone buying in the world series of poker has experienced this.

lawlrus · Mar 25, 2015

desert dude said:
Transactions of $10K or more must be reported. That is the law, not a myth.

My point is that a transaction of $5k can be reported just the same as a transaction of $50k can be. You're not automatically okay if you are depositing $9,999 instead of $10,000. My wording may have been a bit obtuse.

ginwilly · Mar 25, 2015

lawlrus said:
My point is that a transaction of $5k can be reported just the same as a transaction of $50k can be. You're not automatically okay if you are depositing $9,999 instead of $10,000. My wording may have been a bit obtuse.

Also true. Any amount can be reported if the bank deems it suspicious thanks to the UIGEA (unlawful internet gambling enforcement act). A 25 dollar deposit to Bovada sports book is flagged now.

Rob Roy · Mar 25, 2015

It's almost like there's this central authority that runs everyones life for them.....nah....crazy talk. Sorry for bringing it up.

I will say that one of the next "wars" will be a "war on cash". The preliminary skirmishes have already begun and will continue to ramp up. Freedom and privacy scare the controllers.

ginwilly · Mar 25, 2015

Rob Roy said:
It's almost like there's this central authority that runs everyones life for them.....nah....crazy talk. Sorry for bringing it up.

I will say that one of the next "wars" will be a "war on cash". The preliminary skirmishes have already begun and will continue to ramp up. Freedom and privacy scare the controllers.

Sad part is you can bet no matter how these new laws are packaged, the partisan folk will deem them necessary. Click your mouse, lose your house is the slogan that got the UIGEA passed. One congressman stood on the floor and pleaded that online poker leads to child abuse (with no studies to back up his claim).

Another tidbit, the co-sponser of the rider Bill Frist has a humanitarian of the year award named after him. It's like Ayn Rand is writing another bad book and our government is using it as blueprint.

Rob Roy · Mar 25, 2015

ginwilly said:
Sad part is you can bet no matter how these new laws are packaged, the partisan folk will deem them necessary. Click your mouse, lose your house is the slogan that got the UIGEA passed. One congressman stood on the floor and pleaded that online poker leads to child abuse (with no studies to back up his claim).

Another tidbit, the co-sponser of the rider Bill Frist has a humanitarian of the year award named after him. It's like Ayn Rand is writing another bad book and our government is using it as blueprint.

They do like to give themselves awards don't they?

BarnBuster · Mar 25, 2015

https://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_106.htm

schuylaar · Mar 25, 2015

WeedFreak78 said:
http://sputniknews.com/business/20150324/1019952952.html

WTF is this shit. I though there was a $9,999 limit before transactions needed to be reported, which is also unconstitutional BS, it's no concern of theirs how i spend my money. But now i read the feds require banks to file SAR's (Suspicious Activity Reports) anytime someone withdraws $5k or more, and now they want the banks to call police and have them come check you out. So just taking YOUR money out of YOUR account is considered a "suspicious activity" by the feds. This bothers me, both for privacy issues, but more importantly because of the rise in civil forfeitures in this country. The Feds are pretty much telling banks to let the police know when they have the ability to legally rob you.Through civil forfeiture, police can seize property they believe has been, or will be, used in a crime. That money, because it is not a legal person, is not protected by "innocent until proven guilty", but rather considered guilty unless the owner can prove , to the polices discretion, that it was not going to be used in a crime. get ready to hand over your cash, and it's all legal.

read it and weep..it's changed:

FinCEN requires a SAR to be filed by a financial institution when the financial institution suspects insider abuse by an employee; violations of law aggregating over $5,000 where a subject can be identified;[clarification needed] violations of law aggregating over $25,000 regardless of a potential subject; transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act; computer intrusion; or when a financial institution knows that a customer is operating as an unlicensed money services business.
http://en.wikipedia.org/wiki/Suspicious_activity_report

schuylaar · Mar 25, 2015

lawlrus said:
This sucks. However, that $10k limit you mentioned is something from the movies. There is no hard and fast rule about how much money needs to be deposited before a transaction is reported. If you are handling so much cash that this is an issue you should be consulting with your attorney about how to do so correctly anyways.

fail. i used to work for citibank and have filled out SAR's myself..can attest to the fact it was $10k.

Rob Roy · Mar 25, 2015

schuylaar said:
read it and weep..it's changed:

FinCEN requires a SAR to be filed by a financial institution when the financial institution suspects insider abuse by an employee; violations of law aggregating over $5,000 where a subject can be identified;[clarification needed] violations of law aggregating over $25,000 regardless of a potential subject; transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act; computer intrusion; or when a financial institution knows that a customer is operating as an unlicensed money services business.
http://en.wikipedia.org/wiki/Suspicious_activity_report

At least the Nazi gave the Hitler youth some cool toys for telling on their neighbors, like knives and shit.

Rob Roy · Mar 25, 2015

schuylaar said:
fail. i used to work for citibank and have filled out SAR's myself and can attest to the fact it was $10k.

Did it feel good to hold the whip over the others?

Django called and said he thinks you'd be great as the head house boy at Candy Land. Seems the last one developed a sudden problem with knee stability.

schuylaar · Mar 25, 2015

Rob Roy said:
At least the Nazi gave the Hitler youth some cool toys for telling on their neighbors, like knives and shit.

right?

they're gonna call the cops every single time some deposits/withdraws $5k?..$10k made sense..$5k? is going to be insane if a bank does this..so you are going to be detained? to be questioned further? a $5k transaction is so common ie as common as the people that frequent mcd's..the cops are gonna be pulling their hair out.

schuylaar · Mar 25, 2015

Rob Roy said:
Did it feel good to hold the whip over the others?

Django called and said he thinks you'd be great as the head house boy at Candy Land. Seems the last one developed a sudden problem with knee stability.

i love, love that movie..i have a friend who is the spitting image of jamie foxx.

SAR's are actually a pain in the ass and i used to tell my customers to deposit under so i didn't have to fill it out :lol:

..by hand in those days.

EDIT: and as far as the whip is concerned, i was more like the underground railroad..i always gave people the workarounds.

Rob Roy · Mar 25, 2015

schuylaar said:
right?

they're gonna call the cops every single time some deposits/withdraws $5k?..$10k made sense..$5k? is going to be insane if a bank does this..so you are going to be detained? to be questioned further? a $5k transaction is so common ie as common as the people that frequent mcd's..the cops are gonna be pulling their hair out.

No need to call everytime.

The point of having programs like these is PSYCHOLOGICAL control over a population. It' in lots of their programs and very effective. It worked well in Nazi Germany, Soviet Russia and now here. Why should anybody be surprised?

The slippery slope is well greased now, watch as it picks up speed on the way to the bottom.

.... the NSA watches and records every thing posted here. Say hello to the assholes, some of them are no doubt smoking dope on the job even as they collect a paycheck for spying on us.

Feds: Banks Should Call Police if Customer Withdraws More Than $5k in Cash

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