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Posted 01/14/2015 07:35 am
Tryna- the IRS only gets involved if the amount deposited/withdrawn exceeds $10,000 cash. However, by completing the banks CTR, aka currency transaction report, you are adhering to the law. You may thank the patriot act for this.
As far as a SAR, suspicious activity report, the bank does not automatically file this report. An employee must begin the process if they see something unusual and then an investigation goes from there. What looks suspicious is mostly if you are depositing just under the $10,000 threshold frequently or are depositing twice in one days the same bank, say $5000 at one branch and $7000 at another trying to evade filing a CTR. Also is suspect is a customer with very little funds in their account for awhile and then all of a sudden frequently depositing thousands in cash weekly.
Banks have no interest in a customer bringing in boxes of coin. This does not set off any alarms. However, if you keep dumping repeatedly at the same branch they may cut you off due to costs of the bank shipping out the coin. It is best to spread dumps over many branches or banks depending on what you have access to. Also, as far as depositing. I almost never do. I place the boxes on the counter and they usually just cash them in. Its kind of funny because only about 25% of the time do they ever ask if I have accounts, but I always do.
I have box hunting For over 10 years and have never had a problem. The key is to establish relationships with banks so that they know who you are and what you are doing and then there are usually no problems.
As far as a SAR, suspicious activity report, the bank does not automatically file this report. An employee must begin the process if they see something unusual and then an investigation goes from there. What looks suspicious is mostly if you are depositing just under the $10,000 threshold frequently or are depositing twice in one days the same bank, say $5000 at one branch and $7000 at another trying to evade filing a CTR. Also is suspect is a customer with very little funds in their account for awhile and then all of a sudden frequently depositing thousands in cash weekly.
Banks have no interest in a customer bringing in boxes of coin. This does not set off any alarms. However, if you keep dumping repeatedly at the same branch they may cut you off due to costs of the bank shipping out the coin. It is best to spread dumps over many branches or banks depending on what you have access to. Also, as far as depositing. I almost never do. I place the boxes on the counter and they usually just cash them in. Its kind of funny because only about 25% of the time do they ever ask if I have accounts, but I always do.
I have box hunting For over 10 years and have never had a problem. The key is to establish relationships with banks so that they know who you are and what you are doing and then there are usually no problems.
