One Bank Threatened to Call the IRS.......

[dpy52081]

I have one bank that gives me grief when I ask for boxes. One of the Mgr's said that they only give boxes to business accounts, and that if they keep giving me boxes, they will have to alert the IRS. I am merely a small timer at that bank, only getting maybe a box of pennies and nickels at a time at the most. I mean I can see if I were getting 10k in coin every week, but that bank has been limited to $125 topps.

I know we're not doing anything illegal, but I don't want the IRS up my A$$ If I can avoid it.

Anyone else been told that?

I am thinking about classifying them as "Enemy of the State" and making them dump bank #1

 

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[ArkieBassMan]

I believe I'd just find a new bank. Even though you're doing nothing wrong, you're just asking for trouble if you continue to do business with them.

The closest thing that has happened to me happened on my last roadtrip. I had just purchased $2 in halves from the teller's tray. After chit chatting with the teller for a bit, she mentioned that she collected Ikes. I just happened to have 95 of them in my truck. I retrieved them and she bought them all. Just as we concluded the transaction, the head teller strolls up, and asks what we are doing. She then tells me, "I need to make a copy of your driver's license and get your social security number." I ask why, and got the reply of "Its just standard bank procedure." I've been to literally hundreds of banks, and have never been asked this before, so I highly doubt that. After thinking about it for a second I replied, "Ma'am, you can have my driver's license and social security numbers just as soon as you give me yours." I then proceded to pull out a pen and small notebook. She looked surprised and said, "I don't give that information out to people." To which I replied, "Neither do I." and walked out the door. I heard the teller that bought the Ikes giggling as I left.

 

[tumbleinn2]

I would tell them to call the IRS Call there bluff! The IRS cant do any thing about you coin roll hunting. I was taking coins to a bank that has free coin counting mechine. With a sign that said free use for our clients. I put 15k in the counter in 1 week. They wanted to charge me a 3% fee. I told them that I would pay my mortgage each month in pennys and the car payment in pennys for the next 20 years If they want me to pay the fee. I called there bluff and never seen a fee to date.
Under the FDIC federal law a bank has to take your money paper or coin.

 

[chkn]

I suppose they think they'll need to report your measely profit to the gubmint.

 

[mlayers]

If the bank told me that I would tell them to call the IRS. As there is nothing illegal about coin searching. So what can they do. All teh bank can do is cut you off from your boxes so you will have to find another one....Matt

 

[jeff of pa]

head teller strolls up, and asks what we are doing. She then tells me, "I need to make a copy of your driver's license and get your social security number."

I Had a Teller at a Drive Thru make a copy of My Drivers License
when I Asked for a Roll of new Quarters
When the State Quarter Program first Started.

She "Claimed" The were Just keeping Track of Who Bought them ?

 

[Bum Luck]

head teller strolls up, and asks what we are doing. She then tells me, "I need to make a copy of your driver's license and get your social security number."

I Had a Teller at a Drive Thru make a copy of My Drivers License
when I Asked for a Roll of new Quarters
When the State Quarter Program first Started.

She "Claimed" The were Just keeping Track of Who Bought them ?

Don't be intimidated; they're just bankers.

 

[$ilver$urfer]

head teller strolls up, and asks what we are doing. She then tells me, "I need to make a copy of your driver's license and get your social security number."

I Had a Teller at a Drive Thru make a copy of My Drivers License
when I Asked for a Roll of new Quarters
When the State Quarter Program first Started.

She "Claimed" The were Just keeping Track of Who Bought them ?

Now that teller knows you collect coins AND your home address - most tellers do not have access to account profile information, only account ledgers. Should you be worried, I don't really think so, but just be aware.

HH,

$ilver$urfer

 

[crazyjarhead]

I'd tell them, "Go ahead". And just what is the crime for me being a customer at your bank?? Then I'd move my business elsewhere

 

[Rich Hartford]

I have one bank that gives me grief when I ask for boxes. One of the Mgr's said that they only give boxes to business accounts, and that if they keep giving me boxes, they will have to alert the IRS. I am merely a small timer at that bank, only getting maybe a box of pennies and nickels at a time at the most. I mean I can see if I were getting 10k in coin every week, but that bank has been limited to $125 topps.

I know we're not doing anything illegal, but I don't want the IRS up my A$$ If I can avoid it.

Anyone else been told that?

I am thinking about classifying them as "Enemy of the State" and making them dump bank #1

The prudent thing to do, is close your account (if you have one) and move on to another bank.Don't even dump there.
You claim that you are not doing anything illegal,but do you know that for a fact?
There are thousands of State and Federal laws on the books. Many are written in such a convoluted way that experienced lawyers have difficulty in interpreting them. Laws can be twisted by clever interpretation,and expert wordsmithing, to be tailor made to make a lawful act,illegal for a targeted individual.
Now I'm not saying that CRHing is illegal, but you can get yourself in a heap of trouble if someone is looking to make trouble for you.
The following is a ridiculous example.
John Doe dumps 2 grand every week at the Dime Savings bank. The manager who happens to be slightly crosseyed, asks Doe where he is getting all the coins from. Doe is truthfull and tells the manager that he is a coin roll hunter, however he avoids eye contact with the manager,simply because he can't tell which direction he is looking, and does not want to appear that he is staring at his handicap.
The manager does not believe Doe because he never believes anyone that does not look him in the eye.
Since no one is depositing money these days the manager has plenty of free time on his hands and spends this time wondering what Doe is up to. He is thinking,letting his imagination run, Doe is well dressed, has a tan or is it really a swarthy complexion? He dumps 2 grand in coin every week. Where is he getting the money? Maybe he is part of a Colombian Drug Cartel laundering money at his bank just like that other Nationwide bank he saw on the news.
Maybe he is a terrorist disguised as an American,planning a disaster.
The manager decides to do the "right thing" and reports his findings to one of the alphabet agencies.
They assign their top investigator, Agent Petard to the case.
Agent Petard, conducts a thorough background investigation of Doe, he even looks up what books he borrowed from the local library.
Not finding anything he taps his phone,emails,puts a tracking device on his car, and sets up 24 hour surveillance on Doe. He even searches Doe's garbage, where he finds a receipt from McDonalds for one cup of coffee and a steak,egg and cheese bagel,dated March 28,2008.
Months go by and all that Agent Petard can get on Doe is that he is an avid coin collector. He prepares a 500 page activity report for his boss.
After reading the report,the boss is livid that millions of dollars were wasted,and orders Agent Petard to find anything to arrest Doe for to justify the expense.
Agent Petard, with a bit of creative writing is able to procure a search warrant. He assembles the swat team and they raid Doe's house. After an exhaustive search they come up empty handed. Even the white tags attached to the mattress and pillows were still intact.
In desperation he interviews Doe. Doe is cooperative and pleasent even though his ears are still ringing from the effects of the flash bang.
After a waterboarding session Doe still insists that he is a mere coin collector.
Being a seasoned investigator Agent Petard still has one trick up his sleeve. One that always works when a case cannot be made.
He drops the bombshell asking Doe what he ate for breakfast on March 28, 2008. Doe replies" Uh, I don't know,maybe a egg McMuffin". Agent Petard whips out the Micky D's receipt that he discovered months ago in Doe's garbage. "It says here that you ordered a cup of coffee and a steak ,egg and cheese bagel". "You just lied to a federal agent, which is a felony, and I'm placing you under arrest"!
After losing all, in legal costs,including his modest coin collection, Doe was sentenced to 5 years in prison.
Case closed
Rich

 

[TheRandyMan]

 

[jim4silver]

Under the FDIC federal law a bank has to take your money paper or coin.

This is not true. I would like to see a cite to the law that states what you assert.


Jim

 

[SFBayArea]

I have one bank that gives me grief when I ask for boxes. One of the Mgr's said that they only give boxes to business accounts, and that if they keep giving me boxes, they will have to alert the IRS. I am merely a small timer at that bank, only getting maybe a box of pennies and nickels at a time at the most. I mean I can see if I were getting 10k in coin every week, but that bank has been limited to $125 topps.

I know we're not doing anything illegal, but I don't want the IRS up my A$$ If I can avoid it.

Anyone else been told that?

I am thinking about classifying them as "Enemy of the State" and making them dump bank #1

The prudent thing to do, is close your account (if you have one) and move on to another bank.Don't even dump there.
You claim that you are not doing anything illegal,but do you know that for a fact?
There are thousands of State and Federal laws on the books. Many are written in such a convoluted way that experienced lawyers have difficulty in interpreting them. Laws can be twisted by clever interpretation,and expert wordsmithing, to be tailor made to make a lawful act,illegal for a targeted individual.
Now I'm not saying that CRHing is illegal, but you can get yourself in a heap of trouble if someone is looking to make trouble for you.
The following is a ridiculous example.
John Doe dumps 2 grand every week at the Dime Savings bank. The manager who happens to be slightly crosseyed, asks Doe where he is getting all the coins from. Doe is truthfull and tells the manager that he is a coin roll hunter, however he avoids eye contact with the manager,simply because he can't tell which direction he is looking, and does not want to appear that he is staring at his handicap.
The manager does not believe Doe because he never believes anyone that does not look him in the eye.
Since no one is depositing money these days the manager has plenty of free time on his hands and spends this time wondering what Doe is up to. He is thinking,letting his imagination run, Doe is well dressed, has a tan or is it really a swarthy complexion? He dumps 2 grand in coin every week. Where is he getting the money? Maybe he is part of a Colombian Drug Cartel laundering money at his bank just like that other Nationwide bank he saw on the news.
Maybe he is a terrorist disguised as an American,planning a disaster.
The manager decides to do the "right thing" and reports his findings to one of the alphabet agencies.
They assign their top investigator, Agent Petard to the case.
Agent Petard, conducts a thorough background investigation of Doe, he even looks up what books he borrowed from the local library.
Not finding anything he taps his phone,emails,puts a tracking device on his car, and sets up 24 hour surveillance on Doe. He even searches Doe's garbage, where he finds a receipt from McDonalds for one cup of coffee and a steak,egg and cheese bagel,dated March 28,2008.
Months go by and all that Agent Petard can get on Doe is that he is an avid coin collector. He prepares a 500 page activity report for his boss.
After reading the report,the boss is livid that millions of dollars were wasted,and orders Agent Petard to find anything to arrest Doe for to justify the expense.
Agent Petard, with a bit of creative writing is able to procure a search warrant. He assembles the swat team and they raid Doe's house. After an exhaustive search they come up empty handed. Even the white tags attached to the mattress and pillows were still intact.
In desperation he interviews Doe. Doe is cooperative and pleasent even though his ears are still ringing from the effects of the flash bang.
After a waterboarding session Doe still insists that he is a mere coin collector.
Being a seasoned investigator Agent Petard still has one trick up his sleeve. One that always works when a case cannot be made.
He drops the bombshell asking Doe what he ate for breakfast on March 28, 2008. Doe replies" Uh, I don't know,maybe a egg McMuffin". Agent Petard whips out the Micky D's receipt that he discovered months ago in Doe's garbage. "It says here that you ordered a cup of coffee and a steak ,egg and cheese bagel". "You just lied to a federal agent, which is a felony, and I'm placing you under arrest"!
After losing all, in legal costs,including his modest coin collection, Doe was sentenced to 5 years in prison.
Case closed
Rich

WOW corruption at the highest levels over CRH? Funny though. Falsifying reports over CRH? Any reasonable person in court would see that people can't remember what they ate 2 years on a specific date. I think Columbian (now Mexican) druglords would have better ways of laundring money than despositing $2000 in half dollars.

Well, you never know.. If Gov. Scott Walker was in charge.. he could make some lies as long as some billionaire pays him.

 

[dpy52081]

Hahaha I would LOVE to see them use drug money laundering as an excuse to bust my chops........ I am so Irish looking that if I even think about the sun I get a burn.

Thanks for the feedback guys and HH!

 

[STDevil]

So what if they tell the IRS. A few years ago, I forgot to report a huge investment sale, and the IRS let me know it. I apologised profusely, called them, sent a check to cover everything, and then called them again to apologise some more. They told me thank you very much and stop being such a worry wart.

Moral of story: Be youself and tell them exactly what you're doing. They'll just assume you're some wierdo and leave you alone.

 

[SFBayArea]

If some manager told me that, I would tell him I'm going to report him for filing a false report and extortion. He extorted me by threatening file a false report on me with the IRS simply because he don't want to order coins for me.

 

[quiksilver]

Power corrupts , absolute power corrupts absolutely

 

[markmopar]

Anyone else been told that?

I am thinking about classifying them as "Enemy of the State" and making them dump bank #1

I'd call their regional rep or whoever else was over their head and tell them of the encounter.