My New Personal Dump Record

[coolpix9]

Today I monopolized the coin machine at my local bank. I put 24,704 halves through their machine. We ended up with 13 bags of halves piled on the floor. That cash is sure easier to cart out to the car than all those halves. If I knew I was going to have this much fun after retirement, I would have retired weeks earlier. Cheers, Jim

 

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[DrDetector]

So you had to fill out a CTR (Currency Transaction Report) right? That would have been over $10K that you either deposited or traded for larger bills.

 

[Codes]

WOW! Did the tellers give you any crap about it?

 

[coolpix9]

The tellers at this bank have to do the bag swapping. When she got close to the magic 10K number she accidently cashed me out. I had to do the rest on another transaction unfortunately. I have a habit of taking the ladies a dozen fresh bagels with plenty of cream cheese. The donut routine was getting old. My other supply bank has tellers who insist upon fried pies as a bribe. These random acts of kindness are getting more expensive as the number of halves increases. Cheers, Jim

 

[RaptorSE]

....the bank employee should deny such a request and continue the transaction as originally requested by filing a CTR. This sort of attempt is known as structuring, and is punishable by federal law against both the customer and the bank employee.

So your banker violated serious Federal laws, because you bring them Bagels.

Also, the point Dr.Detector was making, Im sure was that.... Even if you did it in 15 different related
transactions, the CTR still has to be filed. You cant bypass with multiple lower amounts,this is also "structuring".

 

[Cat J]

Yep you are right even if you go to a different bank in a different town if it is the same type bank. I picked up six thousand in halves in one town at Old National then picked up five thousand at an Old National in another town and the computer alerted on it and they had to ask for my drivers license.

thanks
Cat

 

[coolpix9]

I assure all of you that I was not trying to avoid any paperwork. I work with this bank at least twice a week dumping large amounts of coins in exchange for cash. Not once has the subject of filling out a form come up. I am going to dump there tomorrow and I will ask whether we are missing something as obvious as a banking rule. Thanks to all, Jim

 

[Silver_Fox]

The worst that could happen is a few year stint at Leavenworth..........mmmmmm........while there you could hunt for gold....LOL

 

[coolpix9]

Hey Gang, I just went to my bank and asked to fill out the form. The manager told me that it wasn't necessary because the whole transaction was involving their coin counting machine. (?). I have a call into the district manager for clarification.
I sure hope there are untapped banks in Kansas for me to search on weekends if I have to go up the river. Jim

 

[TxTim]

Must have felt good to lighten that load!

 

[renegade_7]

....the bank employee should deny such a request and continue the transaction as originally requested by filing a CTR. This sort of attempt is known as structuring, and is punishable by federal law against both the customer and the bank employee.

So your banker violated serious Federal laws, because you bring them Bagels.

Also, the point Dr.Detector was making, Im sure was that.... Even if you did it in 15 different related
transactions, the CTR still has to be filed. You cant bypass with multiple lower amounts,this is also "structuring".

So lets see if I got this right: If I take a three thousand out of my bank account to purchass coin rolls from the same bank, then a few days later take it to a dump bank, exchange it for cash, I have to fill out a CTR? And then when I use the cash at the original bank to purhase my rolls, and repeat the process, I must continue this protocal? It is the same $3000.00 being circulated minus a few halves, not as though the full amount has been taken out of circulation. Got me confussed!

 

[coolpix9]

Renegade, I think what they are trying to tell me is that every transaction above $10k sends up a red flag and our government would like to track the transaction. I would guess it might stop drug dealers and other types from laundering their cash. Just a theory on my part. My bank has tolerated me withdrawing large amounts for halves and then -re-depositing the rejects so it doen't sit around in my wife's purse all weekend. I hate to give her that much temptation. Cheers, Jim

 

[renegade_7]

Ya, that is what I think too. I once withdrew amounts above 10k cash and had to do one of those. I know the Feds track those amounts especially if you take it out of circulation.

 

[Silver_Fox]

Here is why a CTR is required

Just a lilttle information about the what and why of a CTR.
Personally, I could care less if a bank does it or not for a CRHer.

History
When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement. This was primarily due to the financial industry's concern about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act, the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transactional information to law enforcement. As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the Suspicious Activity Report (SAR) was introduced.
Procedure
When a transaction involving more than $10,000 in cash is processed, most banks have a system that automatically creates a CTR electronically. Tax and other information about the customer is usually pre-filled by the bank software. CTRs since 1996 include an optional checkbox at the top if the bank employee believes the transaction to be suspicious or fraudulent. Unlike the Suspicious Activity Report (SAR), a customer is always informed about the need to file a CTR before the transaction is completed. However, a customer is not directly told about the $10,000 threshold unless they initiate the inquiry. A customer may decline to continue the transaction upon being informed about the CTR, but this would increase the likelihood of a bank employee filing a SAR. Once a customer presents or asks to withdraw more than $10,000 in currency, the decision to continue the transaction must continue as originally requested and may not be reduced to avoid the filing of a CTR. For instance, if a customer reneges on their initial request to deposit or withdraw more than $10,000 in cash, and instead requests the same transaction for $9,999, the bank employee should deny such a request and continue the transaction as originally requested by filing a CTR. This sort of attempt is known as structuring, and is punishable by federal law against both the customer and the bank employee. Informed individuals who structure their transactions at an amount near, but not over $10,000 could have their accounts closely monitored by tellers and bank staff to see if a pattern emerges that could warrant the filing of a SAR.

 

[renegade_7]

OK thanks for clearing that up. I appreciate the info. Oh, no structuring on my end....

 

[ringding]

coolpix, relax. You are not going to get into any trouble. The purpose of your deposit was not to hide illegal activity. There is nothing wrong with buying halves to search for silver. You are now part of what we jokingly refer to as the "half dollar laundering ring."


People who structure do it to hide profits from street drug sales.

 

[rsc]

Geez Jim you must have a good wagon or dolly to handle that weight. Good to convert to cash, and go get some more. HH Gayle