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 Replies: 47 / Views: 4,309 |
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Pillar of the Community
Canada
1502 Posts |
Went in to my bank today to deposit the cash I had on hand from selling 2 100oz silver bars over the weekend. Thought it would be easier to do it at the teller because I was paid with a lot of 20s. I thought wrong...
I guess I should wore a suit and tie because they way the teller and then the manager spoke was as if I was dealing drugs. To think I was with the bank for close to 20 years! Was finally told that they were doing me a favor depositing the cash without a proof of sales (on private sales of non-taxable bullion items no less!) and that this would be the first and only time.
... the bank also sells gold and silver bars/wafers/coins. I've heard that there were papers and questions associated with buying but never thought much into it. Now I see.
That's here in Canada, any of our Southern neighbors experienced the same thing?
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Moderator
 United States
14463 Posts |
From my bank, I have only withdrawn money or gotten money orders to purchase coins. No one ever asked me why I needed that much money/order. It might have been part of the general conversation that I was buying coins, but I was never required to prove it.
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Valued Member
United States
302 Posts |
Not noticeably, but banks here are required to report all cash transactions over a certain amount to the government. Is a pain for any retail store, no matter how small.
Because of this, some stores, especially the larger chains, are paying for local deliveries out of the cash register rather than cut a check or post to open account. Basically, it keeps cash on hand to a minimum and keeps cash deposits smaller.
Cash transactions include cashing checks, making cash withdrawals, as well as depositing cash.
I don't handle enough cash to worry about it. And even if I did, I would limit any cash transactions to a maximum of $2500, and then only where well known so I wouldn't get hassled.
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Pillar of the Community
United States
5833 Posts |
JP Morgan have to report any transaction of greater than $7500 to be withheld from normal deposit until it is approved for regular customer.
As an example, if I were to deposit $10,000, not all funds will go through, only the first $7,500 will be deposit it, than I will received a letter from JPM and state that federal regulation (blah blah blah), and in a few days the rest will be completed.
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Pillar of the Community
United States
1150 Posts |
The government does not like competition when it comes to money, especially if they think you may be skippin' out on some taxes.
My advice to you would be to become the treasury secretary here in the US or a US congressman if you want to have no questions asked when you deal with large amounts of money.
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Pillar of the Community
 Canada
1502 Posts |
Next time i'll just make smaller deposits at the machine
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Valued Member
United States
294 Posts |
Edited by omahaorange
08/25/2011 06:37 am
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Rest in Peace
United States
9104 Posts |
In the US, any cash transactions over $10,000 (checks/wires already have records) must have paperwork as to the source. Leon at Silvertowne and Don DeVore both did time in the Federal Greybar Hilton for this. The idea is to prevent piles of drug and other illegal money floating around.
Dunno about comparable Canadian law, or if the US limit has been lowered.
A dealer I know was approached by criminiminals who wanted $700,000 in gold, and would pay $1 million in cash. No problem with the gold, but no way to hide the cash.
If you think you have a workaround, forget it. Making two $5000 cash deals, or fifty $200 ones to the same or related buyers is called structuring, with similar penalties.
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Rest in Peace
United States
9104 Posts |
Quote:
Next time i'll just make smaller deposits at the machine See "structuring", above. |
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Valued Member
Canada
442 Posts |
I had a teller ask me what was in my Safety box. It's way at the top, and its loaded with my stack. She almost dropped it since most other boxes dont weight a thing. I told her I was keeping lead in it :P
Which bank in Canada sells bullion in their stores?
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Pillar of the Community
United States
830 Posts |
Yeah I was thinking about the weight factor. Any bank employee that handles your SDB in and out is going to know its loaded of heavy metals and most likely of the precious kind.
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Pillar of the Community
United States
667 Posts |
She knows what is in the box.  I never deposit more than $2,500 in cash a month. If I understand correctly which may be wrong the tracking is for cash and not checks? |
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Pillar of the Community
United States
842 Posts |
If it is such a high amount for cashing things why did the bank give me a hard time about a check the other day? I got $50 check for mowing my neighbors lawn and when I took it to the bank to cash it they would not give me the money. I have been a customer there for almost a decade! They have never given me trouble about cashing anything before until now. Needless to say I was very upset. I was headed to the coin shop to pick up 2 oz. of silver and needed it for that purpose.
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Pillar of the Community
United States
830 Posts |
mkfarm I'm pretty sure its just actual cash deposits, they are worried about the source. With checks they know exactly where the money is coming in from. Coin guy we are talking about deposits into the bank, I think you are talking about cashing a check (cash out of the bank).  Edited by GoThunder
08/25/2011 12:24 pm
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Pillar of the Community
Canada
1502 Posts |
@vinnycoin:
It's Scotia bank / Bank of Nova Scotia, that deals in bullion in Canada. They don't carry it at branches but can order and get the PM delivered to the branch for you.
I understand that banks have to keep an eye out for money laundering, but it still ticks me off that a $9000 deposit was enough to warrant such treatment. My wife has not had problems like this with other canadian banks.
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Pillar of the Community
United States
3670 Posts |
If they treated me like that after 20 years of your bus, I would consider moving on to another bank. I understand precautions are taken and the worse must be assumed with sums over a certain amount, but come on....
I will never forget, years ago my dad was getting a large amount out on a card seems like, and the teller gave him the run around, he told her...."I bet if I was not wearing this camo chiller killer and shaved my beard, and had a nice suit on, you would not be giving me this grief!"
Presumptuous as heck on my ol man's part, but I could see where he was coming from with the up in the air attitude he was getting, and the look on her face. I was embarrassed as all get out, even in the drive through line, lol....
Edited by Silverhawk74
08/25/2011 12:40 pm
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Replies: 47 / Views: 4,309 |
Posted 08/25/2011 03:23 am
