Question for those of you that do a lot of "banking"

[cyberdan]

In my past I did up to 2 or 3 boxes of halves a weeks plus whatever loose I could find at various banks. So for a long period of time i would deposit $1000 to over $1500 a week in one bank.

You know the routine:
Pull cash from bank A
Buy coins from banks B thru Z
Take rejects to bank A
Pull cash from bank A
start over again

looks like laundering or evasion to anyone not in this hobby. But, that is exactly what it is, a hobby.

Has anyone ever had an audit or been questioned by any one in authority. Tellers are not in authority even though I have met a few who think they run the place.

In my town I only have two bank accounts. One is strictly the "family" account. Social Security $$ in and bills $$$ out. The other is for my small business (ebay) and CRH if I start again. I don't want to mix money at all.

It just might look funny. Deposit a pile of coins, withdraw cash and do it all over again the whole year, then when it comes time to pay uncle sam no mention of it on your returns. Just wondering if it has set off red flags anywhere?

 

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[port ewen ace]

been doing precisely that for 4 years ---I scrub $1500- $2000 a week with 1 dump & 3 supply banks.

same with food--- buy at a few places-- all (minus the good stuff) goes into Town sewer system ,--- then buy & eat more food and repeat daily

only deposits are the profits I pull from Paypal & dump in my checking to write a check ta pays da bills

 

[Styfflin]

Really large withdrawals and deposits got questioned when I took out my home loan and again when I refinanced. They were fine with my explanation though.

 

[Death&Taxes]

So long as you stay under $10,000, and don't do multiple transactions a day, there will be no issue. I've gotten plenty of red flags before, though.

 

[FormerTeller]

So long as you stay under $10,000, and don't do multiple transactions a day, there will be no issue. I've gotten plenty of red flags before, though.

This. I try to make sure I only do one transaction per bank per day, max. It also helps if your bank know why you do what you do. Be open and up front with them, try to inconvenience them as little as possible, and keep them happy. As long as you don't look suspicious to the locals, they won't call the feds on you. Start looking and acting like you're trying to hide something though, and they'll ferret it out and possibly escalate it up the chain.

 

[Diver_Down]

This. I try to make sure I only do one transaction per bank per day, max. It also helps if your bank know why you do what you do. Be open and up front with them, try to inconvenience them as little as possible, and keep them happy. As long as you don't look suspicious to the locals, they won't call the feds on you. Start looking and acting like you're trying to hide something though, and they'll ferret it out and possibly escalate it up the chain.

While Death & Taxes alluded to the $10K threshold, smaller frequent transactions can generate a SAR. The fact is the prior to the Patriot Act all $10K transactions received scrutiny, but the SAR is now required for transactions that breech that threshold. SARs can also be generated for lesser amounts and frequency. My vault manager had let me know years ago that BoA has their own policy that sets the threshold at $8500 per transaction. I was doing $8K per transaction and even though she knew what I was doing, she wanted to let me know to stay below the $8500 as their system automatically generates a SAR.

 

[cyberdan]

My vault manager had let me know years ago that BoA has their own policy

Well I don't need to worry about BofA here. They just up and closed shop one year ago. Closest is more than 100 miles.

 

[galenrog]

I think the point was that Banks, Credit Unions, Etc, can have SAR policies that are stricter than the Feds. These policies can be bank wide, regional, local, or branch. That is why FormerTeller suggests being completely honest and upfront about what you are doing.

The local Credit Union branch I use for large dumps has a policy of questioning multiple cash deposits of only a few thousand dollars, well under the regulatory minimums. I am honest and straightforward about what I do, and carry several sheets with error, old, and unusual coins to reinforce my point.

Time for more coffee.

 

[LooseChange]

Did you read these?
http://www.treasurenet.com/forums/c...big-brother-watching-some-advice-you-all.html
http://www.treasurenet.com/forums/c...s-when-you-do-lots-high-volume-searching.html

 

[Avago]

If you never deposit or withdraw, you should be fine. Cash is king!

Like many have said, $1000-$1500 weekly isn't really enough to throw up any flags.

The first thread LooseChange just posted is a good one though, +1 on that... worth the read.

 

[Diver_Down]

Loose Change - I love reading through those old threads and seeing old-timers. On your second linked thread, can you believe the nerve of the salutation "Very Truly Yours" in the attached letter? As if they are sending a secret admirer letter. GTFO.

Avago - I always deal with cash, but some banks still insist on generating a transaction. The one BoA that I pick up at does the following: The vault manager owns the coins in the vault. She is not allowed to conduct a direct transaction. The transaction has to go through a teller where the vault manager sells the coins to the teller in which the teller than sells the coin to me. It's a PIA. When you try to stay under the radar, there are still some that prevent it.

 

[ArkieBassMan]

In my box buying days, I was lucky enough to just do a cash swap on both ends. Never had to make a deposit or a withdrawal. My name was on nothing pertaining to either transaction.

There has been a couple of stories on here over the time I've been here with CRHers getting questioned by some government alphabet agencies (don't remember which), and if I remember correctly none of their transactions got to the magic $10,000 threshold.