dump bank continues to fight

[silvercop]

just when i thought they were finished.......... last month my main dumpbank stopped me from using their coin counting machine because they said my halves were tearing the machine up. well they started providing me the bags and i just bring in the dumps and exchange them. i thought everything was good so i start doing this, the only difference is now they want to make me to deposit the sum of the dumps in my account and then do a immediate withdrawl. i found this to be a little suspicious because it seemed to me they only wanted a paper trail to use against me later, but i did it their way and did not say anything. today when i got my statement they charged me a fee of 12.00 for excessive immediate withdrawls. guess i will go see what they have to say about it monday, what do you guys think? ever heard of something like this?

 

[silvercop]

banks can do what ever they want. i found that out. and yes i guess i might be getting some correspondence from the feds on the amount of dumping i do. if i do i will just go to my supply bank and get a statement from them, and one from my dump bank and providethe paper trail for them. it should not be that big of a deal. the feds don't scare me anyway. i have done nothing wrong

 

[Rich Hartford]

Silvercop,

I highly doubt that you will be hearing from the Feds as a result of your CRH activity.

 

[silvercop]

i hope not, but i kind of wonder what the paper trail my dump bank is creating will be used for? it all started a few months ago which makes me really suspicious. up to then they never needed a trail, i took my print out from the machine and just cashed out. i also just took my bags in for a few weeks and cashed out. wonder what they are up to? guess i will find out in time.....

 

[Rich Hartford]

Silvercop,

I had a strange event occur at a former dump bank a couple of months ago.
I used to dump 2,3, and 4 thousand a week at a bank that had a coin counter. I had an account at this bank for years,but used a closer branch for my regular banking. The tellers operated the counter,and were very polite. I always chose a morning when the bank was not busy to dump my coins.
So on this one particular morning I'm at the bank reading the newspaper as they are counting the coins. The bank was empty of customers. After I was there 20 minutes or so a man entered the bank. He was dressed like a bum but was clean shaven, had a neat haircut and was wearing an expensive watch. The man had a deposit slip in his hand and was fiddling around,looking at brochures,but not approaching a teller.
In the mean time the manager approached me and told me that I cannot dump any coin there anymore because the volume I was dumping was more than his business customers, and was costing the bank money. He went on to say that the tellers would cash out some of my change, but I would have to take the remainder elsewhere. Although he was out of earshot I noticed the man dressed like a bum watching me. When I turned in his direction he averted his eyes, and went about,well, just hanging around with a slip in his hand.
After my talk with the manager I'm wondering about this bum. Is he here for me? Lets see. So I casually leave the bank,(the count is still going on) but once outside I split fast to a doorway of an adjacent building. Less than a minute later the man dressed like a bum comes outside and looks around the parking lot. He can't see me,but I can see him. After a couple of minutes he reentered the bank.
I went back in, hung around for the count to end, and left with my cash. But instead of going to my car I went back to the doorway of the other building. The man walked out just as I entered th doorway,looked around the parking lot,and walked to his car. At that point I stepped out and just stared at the guy,who I know saw me looking at him,but would not look at me.
Was he a Fed? Who knows!

 

[jonhls]

Speaking of being contacted by feds or anyone else 2 points of concern
1. At one time any cash or coin deposit of 10 k or more had to be reported by the bank,this was done to keep track of money laundering.The 10 k amout was reduiced after 9/11 but i am uncertain what level it is at now.I also have no clue what they do after reporting the transaction
2. I started an e-bay business last year it is very small scale but when doing my taxes this year the subject came up with my accountant.She informed me that i needed to track all my purchases and sales.The reason she gave was that in case of an audit all deposits into my checking account would appear as income.If i could not show corresponding expenditures i could expect a bit of grief and possibly a higher tax bill from the audit.I then explained my half hunting and she suggested not depositing any of that money but doing straight exchanges.As for the business i just have to track purchase and sale price of all items.SHe said i can claim enough in expenses that i won't show any profit but i still need a good paper trail.
So if she is correct and i believe she is,be very careful with lots of cash deposits and withdrawels...the paper trail could get ver expensive.

 

[silvercop]

hey rich that bum may have been a robber and you were probably his mark. sounds like it to me anyway

 

[silvercop]

hey jonhis i have some thoughts on feebay too. i was thinking that now that everyone has to have a paypal account on feebay all purchases and sells can be easily tracked now right back to your bank account or credit card.

 

[jonhls]

Yep that is very true,thats basicaly what she was telling me.If i have it deposited into my account and i don't claim it on taxes,if i get audited they will show the deposits and count it as income.Same with any cash deposits if you can't show proof otherwise.It's sad but its up to you to prove its not income not the other way around....whatever happened to innocent till proven guilty lol....only the irs can get away with that...

 

[Rich Hartford]

Silvercop,

That was my first impression,that he was going to stick up the bank. The more I looked at hiim though changed my mind. Late 40's,grey hair,bit of a gut,soft hands, clean shaven,fresh haircut,the expensive looking watch,all didn't match his clothing. He looked more like a UC that does not know how to play the part. So he probably was not a city cop.Probably a Fed.

 

[jim4silver]

hey rich that bum may have been a robber and you were probably his mark. sounds like it to me anyway

Sounds like this is a possiblility to me.

Silvercop,

That was my first impression,that he was going to stick up the bank. The more I looked at hiim though changed my mind. Late 40's,grey hair,bit of a gut,soft hands, clean shaven,fresh haircut,the expensive looking watch,all didn't match his clothing. He looked more like a UC that does not know how to play the part. So he probably was not a city cop.Probably a Fed.

If he was a fed why would he need to be UC? UC is used to infiltrate some type of ongoing criminal activity that they are aware of. If the feds want to talk to you about something, they will most likely be wearing suits and will show you their IDs and approach you directly; no need to act evasive and apprehensive. They would also come straight to your front door. They will not be some bum looking guy following you around in the parking lot.

Or, could be another CRHer who wanted to buy your halves, maybe thought you were some non-CRHer dumping grandpas coin collection?

Jim

 

[Yinzi50]

Speaking of being contacted by feds or anyone else 2 points of concern
1. At one time any cash or coin deposit of 10 k or more had to be reported by the bank,this was done to keep track of money laundering.The 10 k amout was reduiced after 9/11 but i am uncertain what level it is at now.I also have no clue what they do after reporting the transaction
2. I started an e-bay business last year it is very small scale but when doing my taxes this year the subject came up with my accountant.She informed me that i needed to track all my purchases and sales.The reason she gave was that in case of an audit all deposits into my checking account would appear as income.If i could not show corresponding expenditures i could expect a bit of grief and possibly a higher tax bill from the audit.I then explained my half hunting and she suggested not depositing any of that money but doing straight exchanges.As for the business i just have to track purchase and sale price of all items.SHe said i can claim enough in expenses that i won't show any profit but i still need a good paper trail.
So if she is correct and i believe she is,be very careful with lots of cash deposits and withdrawels...the paper trail could get ver expensive.

Chatted with a head teller, now the amount the bank has to report is 5K.

 

[jonhls]

i knew they had lowered it but was uncertain as to how low.I try to avoid deposits whenever possible.I usually drop off 2k at the max per bank and get all cash back.I will be lowering that amount soon as i am getting tired of the skunks...just had 3 more in a row,mondays 3 probbably will be smelly as well.....hh jon

 

[silvercop]

the finds lately have been slim for me as well, i decreased my volume from 10K a week to 6K. found about 50 keepers this past week, best week i have had in a long time. i miss those boxes that had 100 keepers in them each, guess those days are gone...