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      01-16-2012, 06:35 PM   #57
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Originally Posted by Brucewonder View Post
+1 Its not illegal to have 10K+ in cash but a bank will fill out a specious activity form if a personal account deposits or withdraws over 10K+ cash. Use to work as a teller back in my undergrad days
Actually partially incorrect, its not a "specious activity form".

I had 3 banks about 10 years ago and only Bank of America could fill my $20,000 withdrawal. Union Bank had to "ORDER" the money or some bullshit excuse so you can't just go in and take out $20,000 in 100's. They told me they order enough to get by for the week and they have people that get paid weekly that withdrawal immediately so they have to be able to cover all those transactions. So I said thanks and went to my other bank. Takes 3-5 working days to order the cash.

The rule how I read it is, anything over $10,000 in cash, either a deposit or withdrawal gets reported. The form is a called a CTR, if the bank never asked you to fill it out is because it is either electronic or they have all the info in your account to fill it out themselves (which they're supposed to do already on your behalf). They just look up the info in your account, fill it out and fax it to their back office who then reports it. The form itself isn't a problem, neither does it mean you will get audited, its merely a disclosure, if there's a bunch of these in a year and you're not a business, then there may be some questions, however, they can trace the money from your info, your job/business, the account activity so it all gets done w/o the person even knowing.

Last edited by Endless619; 01-16-2012 at 06:48 PM.