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
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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