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Dropy
09-17-2012, 11:39 PM
So, how does a person going about cleaning out a bank account of say 100,000$ without drawing flags to himself. Theorhetically speaking of course.

The Stig
09-18-2012, 12:05 AM
IIRC banks are more concerned about deposits when it comes to government reporting but someone asking for that large of sum is going to draw attention to himself. Even if it's just tellers whispering to themselves they will notice.

Better be carrying when you walk out of the bank with that wad o'cash in your pocket.

Dropy
09-18-2012, 12:18 AM
i thought any amount over 10,000$ was reported to the gov?

bacpacker
09-18-2012, 12:43 AM
We decided to stay under $1000. Maybe do weekly or bi weekly withdrawls. You could also do multiple branch withdrawls as well.

The Stig
09-18-2012, 12:44 AM
http://www.ehow.com/info_7935006_much-account-being-reported-irs.html

Glad you asked...wasn't sure myself.

Echo2
09-18-2012, 12:51 AM
According to my teller...any amount $5k or more is flagged....and $10k is reported.....either direction.

That is one reason, for them holding a check from a client of mine for over $10k....even if the client has an account at the same bank.

I'd start now doing cashier checks for $2k and $3k now...and cashing them at different banks....If I wanted to draw down an account.

Or just say "screw them" and do it.....and buy a bit of silver or whatever

Evolver
09-18-2012, 01:11 AM
One 1000 stack is about 1/2'' tall so if someone were to have 1000,000 the stack would be 5'' tall so they better be wearing allot of pocket or carrying a bag/case/pack/purse. :)

Evolver
09-18-2012, 01:26 AM
Now if you had one trillion in 100 dollar bills it would look like this...


There is a person standing in the lower left corner.
http://www.pagetutor.com/trillion/calc_pallet_x_10000c.jpg

Echo2
09-18-2012, 01:35 AM
Now if you had one trillion in 100 dollar bills it would look like this...


There is a person standing in the lower left corner.
http://www.pagetutor.com/trillion/calc_pallet_x_10000c.jpg

WOW!

AlphaTea
09-18-2012, 02:07 AM
According to my teller...any amount $5k or more is flagged....and $10k is reported.....either direction.
That is one reason, for them holding a check from a client of mine for over $10k....even if the client has an account at the same bank.
I'd start now doing cashier checks for $2k and $3k now...and cashing them at different banks....If I wanted to draw down an account.
Or just say "screw them" and do it.....and buy a bit of silver or whatever

Sort of right...
the below was shamelessly copied from the web:

The Money Laundering Control Act of 1986 enabled banks to begin completing Large Currency Transaction Reports (LCTR) on individuals who conduct transactions involving more than $10,000 in cash

A CTR is required for every deposit, withdrawal or exchange over $10,000 in cash. Wire transfers or transactions by check and non-cash means are not subject to the CTR filing requirement. The requirements apply to all accounts, whether individual, group or corporate, regardless of their size. Banks are also required to aggregate all cash transactions made by or on behalf of an account on the same business day and at all branch locations. Transactions over the weekend or on holidays are treated as if made on the following business day. If the aggregate total is $10,000 or more, a CTR is required.

realist
09-18-2012, 02:58 AM
If you want I will go get the money for your...............

Now that trillion you multiply by 16 for our debt and you can pave Washington.

One thing that I have found if you want to have a large amount of money in a small place is gold coins. You would be looking at roughly 67 one ounce coins or about 4.25 pounds.

Sniper-T
09-18-2012, 12:14 PM
So what would the IRS do to you if you withdrew it all? Aska couple questions and watch you for large purchases? Ooooh, scary!

Spend a couple hundred, buy a ticket to Vegas. Withdraw everything, and then go on a trip. Take in a couple shows then come back and if they ask, tell them you bet it all on one roll of the dice.

realist
09-18-2012, 01:01 PM
Sniper I think that you have the right idea. Since the money is in the bank there is already records of it being there. Their only problem would be they can no longer track it and that is not illegal.

Grumpy Old Man
09-18-2012, 04:39 PM
You could also withdraw over $10K in the form of a cashiers check for big purchases but is still trackable. Better to withdraw smaller amounts over time.

cwconnertx
09-18-2012, 07:42 PM
Guys.... I want to tell you to proceed with caution here.

Many suggestions being made can probably be considered structuring, if you want to withdraw 14,000, but instead withdraw 7000 on two different days to avoid the CTR report, then you have committed the crime of structuring. Personally, I'd just let the bank know you want to withdraw and do it all at once, one report, no risk of prosecution. If any questions are asked, just say I am afraid of a bank failure, 2008 scared me. I would not try to avoid the report, they are looking for that and its just as serious as failing to file the proper report.

Structuring is a crime and they are watching for it.

Here is a link
http://www.fincen.gov/whatsnew/pdf/CTRPamphletBW.pdf

helomech
09-18-2012, 07:56 PM
Man our government is messed up when it is a crime to take my own money out of an account. Damn we need a huge change.

Onestep
09-18-2012, 08:14 PM
Small increments over time is the only way to do it.
I pay for most things with cash so I am always getting money out, but never a large amount (which I don't have anyway).
I direct deposit and get what I need out on a weekly basis.

bacpacker
09-18-2012, 10:21 PM
I had never heard of that before. I do have to agree with Helo. Most everywhere forces you to do direct deposit on your pay, but then try and get your own money out. and you got some splanin to do Lucy!

I agree just make smaller withdrawls over a longer period of time, or just bite the bullet and take it all at once.

LUNCHBOX
09-19-2012, 04:16 AM
"Get it, its your money and you want it now"......or something like that. LOL

4suchatimeasthis
09-19-2012, 04:42 AM
"Get it, its your money and you want it now"......or something like that. LOL

Those crooks! I actually looked into that, I was curious if it was cheaper to get a loan from the bank or cash out part of a settlement. Ha, highway robbery! No thanks.

Echo2
09-19-2012, 10:35 AM
Those crooks! I actually looked into that, I was curious if it was cheaper to get a loan from the bank or cash out part of a settlement. Ha, highway robbery! No thanks.

Yup...a buddy of mine looked into that....almost 40%....yikes.

ladyhk13
09-30-2012, 06:01 AM
I would assume it's only a crime if the money you are talking about was illegal to begin with. If it's your money that you have saved then what exactly is the problem if you take it out all at one time or 4 withdrawls a month? We wanted to buy a bulldozer so we just went to the bank and said we want to withdraw the money which was over 10K no problem. Every big purchase we make we pay cash and have never had a problem.

If I robbed a store and was shifting large amounts of money each direction they would be suspicious I guess because I wouldn't be able to show where my money came from - no job with W-2's, maybe not paying taxes - that is why this law was formed. I must be missing something here about why you would be concerned with taking your money out of the bank. What if you wanted to change banks? You would go to the bank, withdraw all of your money and close the account. Are they going to come and arrest you? Are you going to be taxed? No. You have done nothing illegal.

Mira57
08-26-2014, 11:22 AM
I worked in the Middle East and had an account with a British bank. It took me about 3 weeks to close my account before moving to France. I was finally able to close it but then it took me about 2 months before they were willing to transfer my money to my account in France. I finally had to telephone the ex-bank manager, then working in Switzerland and friend of my ex-boss, and have his office okay the transfer. We are captives of our banks. Our money, but possession is 9/10ths of the law...

ElevenBravo
08-27-2014, 02:29 AM
Ive never had much money so Im ignorant.

What is the reason you have to get permission to get a large sum? I understand the money laundering thing and there trying to prevent it.. but is there some sort of tax that is due at the time also??

When I take out enough cash for gas and liqueur Ive never been given a second look so Im curious what big rollers have to tend with...

EB

Sniper-T
08-27-2014, 03:16 AM
if I try to take out 'x' amount and they deem it as 'excessive' I get hassled... I shoulda called ahead, I shoulda made an appt... I say f*ck you, give me my money!! they do... with a 'reminder' to call ahead next time. lol!

bacpacker
08-27-2014, 12:38 PM
Lots of banks don't have a ton of cash in their vaults anymore. If you want say 100 they have to order the cash to deliver to the bank. That's just a number I threw out. But you get my drift. The money you deposit is not kept where you deposit.
Do a little look into Fractional Reserve Banking. We can thank the Federal Reserve and what was created at Jekyll Island a century ago. An interesting read is The Creature from Jekyll Island.

Fidel MD
08-27-2014, 01:37 PM
So what would the IRS do to you if you withdrew it all? Aska couple questions and watch you for large purchases? Ooooh, scary!

Spend a couple hundred, buy a ticket to Vegas. Withdraw everything, and then go on a trip. Take in a couple shows then come back and if they ask, tell them you bet it all on one roll of the dice.

Send their SWAT team after you, and 'arrest' the money....after killing your dog, of course. Then, try and get the money back.

ElevenBravo
08-27-2014, 09:27 PM
BP has the nail hit on the head...

EB

Sniper-T
08-28-2014, 04:51 AM
Send their SWAT team after you, and 'arrest' the money....after killing your dog, of course. Then, try and get the money back.

at which point the money is buried in the back 40....

ladyhk13
09-14-2014, 02:32 AM
It is true that most banks don't keep probably over 50K on hand. Depends on the size of the bank. We were told once that an amount we wanted to withdraw was more than they kept on hand but they ordered it for us no questions asked. Now when I take out large amounts I tell them I'm going shopping. They all laugh. But then again we bank with our community bank and know all of the employees very well, it's not one of those mega banks where you are just a number to them. Pays to do business with your neighbor where all of the shareholders are your neighbors too.