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 Replies: 36 / Views: 4,330 |
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Pillar of the Community
United States
757 Posts |
Hello all,
just wanted to see if many of you were having this problem in searching halves. I'm getting about 4k worth every monday and it seems that they think it's some sort of big deal. they've been taking my driver's license number, phone number, address, etc.
i feel like they're treating me like a criminal. when I bought just 2 boxes there wasn't any problem whatsoever.
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Bedrock of the Community
United States
14454 Posts |
it may be because of the amount of money changing hands in this transaction. just to cover their self maybe if the cash turns out to be counterfeit or if its a check, that it clears or something like that. If its just taking money out of your account, it could be to make sure you are who you are supposed to be and they have a record of the DL number and address if there is a problem of you not being you
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Pillar of the Community
United States
4085 Posts |
I think when you hit a certain dollar limit, you trigger Anti-Money Laundering laws that were enacted as part of the US Patriot Act after the 911 attack. The bank is probably following an established procedure for transactions over a certain dollar amount.
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Valued Member
United States
64 Posts |
They are reporting you to the IRS. The bank MUST report any deposit over 10k. Even if it it split between multiple transactions.
They also must report any suspicious cash transactions. Taking out 4k worth of coins every Monday is extremely unusual. They are just covering themselves.
If an agent calls or visits, just tell them what you are doing. And that should be the end of it.
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Valued Member
United States
296 Posts |
At what point is "multiple transactions" one transaction split up, or just single transactions..? What is the criteria..?
This might be the bank getting tired of handling all the coins. I have gotten the same treatment with just a single box of dimes. Yet zero problems at another bank getting $2k worth of coins in one visit.
If you have been doing this for a while the bank shouldn't be asking for the info every single time...
Are you returning these coins to the same branch? Or a different branch of the same brand with the same manager, or regional manager?
Edited by Bowfin
12/25/2010 2:10 pm
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New Member
United States
24 Posts |
Quote:
t what point is "multiple transactions" one transaction split up, or just single transactions..? What is the criteria..? It really comes down to intentions. Purposely splitting-up transactions to evade reporting laws is called 'Structuring'. If you aren't doing anything wrong there shouldn't be anything to worry about, except that it's annoying to think ''someone is watching''. |
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Pillar of the Community
United States
613 Posts |
I usually get rolls at the drive up window, the one time I went in I had to provide an ID and sign some papers about money exchange. Its the same bank, so that fixed me on walking in.
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Pillar of the Community
United States
3592 Posts |
Why don't you just ask them ? As far as reporting transactions of 10K or more, yes I was told they do that but only if it were the same day.But really, why worry about it.I have to show ID for every transaction at my bank and I'm glad of it.
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Pillar of the Community
United States
623 Posts |
The boxes of coins cost the bank money. It might be a way of proving to internal auditors where the boxes went. I doubt it has anything to do with the IRS $10,000 rule.
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Valued Member
United States
455 Posts |
That is appalling. I'd change banks most definitely!
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Pillar of the Community
United States
623 Posts |
Obla...are you walking in with $4K in cash every time or do you withdraw from your account?
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Pillar of the Community
United States
809 Posts |
Four thousand dollars worth? I'm lucky if I can find one half dollar coin!!  |
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Pillar of the Community
United States
623 Posts |
Lincolncent...I thought I saw you're in the Dallas area too. I have $500 of halves in my garage. You can have them for FV. ;-)
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Pillar of the Community
United States
508 Posts |
I don't ever get hassled for personal information. I only get threatened with fees.
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Pillar of the Community
United States
809 Posts |
Hiya Russ....I would love to have them,but I live in Indiana! Thanks though! |
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Pillar of the Community
United States
623 Posts |
LOL ooops, maybe I am thinking of someone else that I saw this morning. Who knows, I did eat a lot of food since then! Speaking of Indiana, I did see the movie Rudy today. Quote:
I don't ever get hassled for personal information. I only get threatened with fees. Deltron...do you know how much the fee(s) are per box? |
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Replies: 36 / Views: 4,330 |
Posted 12/25/2010 1:23 pm
