TimZim, n8dagr8345 and other high volume hunters, help a brother out!!!

[optix]

Ok I got a letter from my pickup bank, they basically wanted me to call them because it looks like I am trying to evade the CTR filing requirements by structuring. Basically every time I get coins from my banks they have to sell the coins to me. I always pay cash for the coins, never the less even thou the money is not being deposited in the accounts; the fact that I get over 10k per week in coins from several branches set off a flag.

has anyone come across a similar situation? What is the best way to handle this? I am thinking that my drop bank will probably soon send me a similar letter because my deposits are over 10k spread over multiple banks. What is the best way to continue doing volume without having to explain myself to uncle Sam?

Please note that doing less volume is not something I want to do. If someone does not want to post in public, I would appreciate a PM. By the way I called the number on the letter and explained my situation, they told me that there was no problem and they now understand what I am doing.


Thanks

 

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[The_EE]

If doing $1,000 a week less in volume makes your life and theirs easier, its something you want to do. I would love to be able to do $10,000 pick ups but for me its just not possible, both with the funds but also with the dumping. I stick with $1,000 to $1,500 pick ups spread between 3 banks one week and 2 the next in alternating fashion. That is all I can manage to dump successfully in my area and I am more than grateful I can do that.

 

[n8dagr8345]

I have never had this problem. The majority of the time I deposit coin, or withdraw coins the tellers I work with do NOT put it into the system. I try to always work with the same teller so that they 'know me' and 'trust me'. I am not sure if I am lucky, but only 1 of the branches actually runs the transaction through the system. If I ever work with a different teller, and they ask for my account information, normally the other teller will speak up and say, don't worry he has an account with us. Most places I go do not care as long as you have an account with them. I might try talking to them and tell them that you do not profit from your HOBBY of collecting coins. Since you do not profit from it, ask them if they would mind just doing a cash exchange and not running it through your bank account as the large amount of $ would give false impressions to those who look at your accounts. Try to emphasis this is a non-profit making hobby and just do not want to have to explain yourself to the IRS. Sometimes honesty works the best.


I am not sure if this makes a difference, but I always deal with the vault teller. That way he/she sells my cash(always use cash) right to the vault. I walk in with 4 grand, the 4 grand is sold to the vault, and 8 boxes are taken out of vault...

I hope that helps, I do not have that problem so I am not sure what to tell you(but maybe my letter is in the mail too?)
Good luck
N8

And let me make sure I am correct--- You do not get 10k From one branch? You get 10+ from several branches(ie. 4k from 3 different branches)

 

[optix]

I have never had this problem. The majority of the time I deposit coin, or withdraw coins the tellers I work with do NOT put it into the system. I try to always work with the same teller so that they 'know me' and 'trust me'. I am not sure if I am lucky, but only 1 of the branches actually runs the transaction through the system. If I ever work with a different teller, and they ask for my account information, normally the other teller will speak up and say, don't worry he has an account with us. Most places I go do not care as long as you have an account with them. I might try talking to them and tell them that you do not profit from your HOBBY of collecting coins. Since you do not profit from it, ask them if they would mind just doing a cash exchange and not running it through your bank account as the large amount of $ would give false impressions to those who look at your accounts. Try to emphasis this is a non-profit making hobby and just do not want to have to explain yourself to the IRS. Sometimes honesty works the best.


I am not sure if this makes a difference, but I always deal with the vault teller. That way he/she sells my cash(always use cash) right to the vault. I walk in with 4 grand, the 4 grand is sold to the vault, and 8 boxes are taken out of vault...

I hope that helps, I do not have that problem so I am not sure what to tell you(but maybe my letter is in the mail too?)
Good luck
N8

And let me make sure I am correct--- You do not get 10k From one branch? You get 10+ from several branches(ie. 4k from 3 different branches)

You got it, 10k from 5 different branches. I only have one bank that has yet to ask for my account number, all the other banks do. I will try to explain this to them and see what happens. Thanks for the advise.

 

[n8dagr8345]

And this might make no sense, and may be completely off base and wrong, but I might even think that UPPING your volume / branch may help. If you get to the point that the teller can sell it to the vault(too much to hold in their drawer) they may not run it through your account?
I have no idea, FORMERTELLER may be able to chime in on that..
N8

 

[Bigheed]

Hey Optix

You should try having more than 1 pickup bank not just 5 branches of the same bank. If the 5 branches are Chase you definitely want to remedy the situation - they are closing accounts on people, some have posted on this board about it already, dunno if you are supplying from Chase or not but I felt it is worth mentioning.

Second, you should get to know the tellers first , especially the business or merchant teller, don't go through the regular teller line. The regular tellers have to buy it from the vault and sell it to a customer, the vault teller already "owns" it so they can just sell it off. Chase is the only bank that ever asks for my account info - hence as i mentioned before you should consider having multiple supply "chains" not just "branches" Diversity is key, volume is king.

Call them up, be cordial, get your house in order or they will pull the plug.

Good luck and I hope it works out for you!

Bigheed

 

[AgHawk]

.....Diversity is key, volume is king..........

That's great advice from one of the big volume guys right there.

 

[optix]

I do get coins from two different banks, but maybe adding another bank or two will not hurt. Thanks for the sound advise.

 

[TimZim]

Its best to use many banks. Sun nat.. Bank closed my acc ?? for no reason. Ho well next!!

 

[namster]

The tellers I work with always sell to bags to the vault and I always exchange for cash. Nothing is recorded that way. The worst thing you can do as a high volume person IMO is deposit/withdraw every time you dump/pickup.

 

[namster]

Words to live by.

Hey Optix

You should try having more than 1 pickup bank not just 5 branches of the same bank. If the 5 branches are Chase you definitely want to remedy the situation - they are closing accounts on people, some have posted on this board about it already, dunno if you are supplying from Chase or not but I felt it is worth mentioning.

Second, you should get to know the tellers first , especially the business or merchant teller, don't go through the regular teller line. The regular tellers have to buy it from the vault and sell it to a customer, the vault teller already "owns" it so they can just sell it off. Chase is the only bank that ever asks for my account info - hence as i mentioned before you should consider having multiple supply "chains" not just "branches" Diversity is key, volume is king.

Call them up, be cordial, get your house in order or they will pull the plug.

Good luck and I hope it works out for you!

Bigheed

 

[optix]

The tellers I work with always sell to bags to the vault and I always exchange for cash. Nothing is recorded that way. The worst thing you can do as a high volume person IMO is deposit/withdraw every time you dump/pickup.

I never deposit withdraw at the same time. On occasions when I go to coin machine I cash the tickets instead of depositing them. But that is only when I have a crap load to dump and orders are coming in.

 

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[AgHawk]

Always try to buy with cash and always try to get cash when dumping. Try to keep as much of this "hobby" off paper as you possibly can.

 

[Hi Ho Silver!]

Its best to use many banks. Sun nat.. Bank closed my acc ?? for no reason. Ho well next!!

There IS a reason they booted you out.... think about it!!!!!

 

[BillyOceansEleven]

Hey Optix

You should try having more than 1 pickup bank not just 5 branches of the same bank. If the 5 branches are Chase you definitely want to remedy the situation - they are closing accounts on people, some have posted on this board about it already, dunno if you are supplying from Chase or not but I felt it is worth mentioning.

Second, you should get to know the tellers first , especially the business or merchant teller, don't go through the regular teller line. The regular tellers have to buy it from the vault and sell it to a customer, the vault teller already "owns" it so they can just sell it off. Chase is the only bank that ever asks for my account info - hence as i mentioned before you should consider having multiple supply "chains" not just "branches" Diversity is key, volume is king.

I'm surprised to hear issues with Chase. They are my primary supply bank and thus far I have had no issues with them. I do typically just do a cash exchange instead of a deposit and withdrawal. In fact I don't know that any of the Chase branches I use have ever asked for my account info or even if I had an account, and no I don't frequent the branches other than for my CRH activities so they would have no way of knowing I am an accountholder. I will use caution with them going forward, however.

 

[golden silver]

This is exactly what happened to me. Watch it. They can launch an investigation on you if they have not already done so. I did not come that close to 10,000 but a few times did 8,000 and it raised a flag which triggered an investigation that led to me being followed and photographed etc for well over a year. They accessed and followed all of my accounts and visited my residence. I was later told that if I was purposely trying to evade the 10,000 mark that it was federal offense and punishable with up to 10 years in prison and forfiture of personal property. Sounds crazy but I promise you this is what I went through. If they called you....be glad you got a call and back down your numbers significantly. Undoubtedly there will be plenty of guys here that will call me a fool or crazy or what ever...I am not the first guy on this forum that this has happened to.

Golden Silver