The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
The Biden and the Democrats initially wanted an IRS reportingof any bank transactions of $600 or more.That raised such a fuss (justifiably) that they changed it to$10,000 or more.Still, many are complaining.Fact is, transactions including deposits orwithdrawals of$10k or more is already being reported and has been since1970.It's a result of the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act that was passed in 1970.So, why is all the fuss about?-- This email has
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
"Mr. Luddite" <nothere@noland.com> Wrote in message:rwithdrawals of$10k or more is already being reported and has been since1970.It's a result of the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act that was passed in 1970.So, why is all the fuss about?-- This email has
The Biden and the Democrats initially wanted an IRS reportingof any bank transactions of $600 or more.That raised such a fuss (justifiably) that they changed it to$10,000 or more.Still, many are complaining.Fact is, transactions including deposits or
Just got a message from BOA. They have decided to limit
transactions to $9,999.99. Slow Joe doesn't know who he's dealing
with.
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not
for wires or cashiers checks and some were over $100K.
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not
for wires or cashiers checks and some were over $100K.
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com> >>>> wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not
for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency
and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not
for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the reporting, not the consumer.
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency >>>>>>> and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not >>>> for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
You are correct that *I* didn't fill out the paperwork but the bank did
it in front of me and asked what the purpose of the withdrawal was.
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency >>>>>>> and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not >>>> for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
a
You are correct that *I* didn't fill out the paperwork but the bank did
it in front of me and asked what the purpose of the withdrawal was.
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency >>>>>>> and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not >>>> for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
You are correct that *I* didn't fill out the paperwork but the bank did
it in front of me and asked what the purpose of the withdrawal was.
On 10/23/2021 11:06 PM, Alex wrote:
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency >>>>>>>> and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not >>>>> for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
a
You are correct that *I* didn't fill out the paperwork but the bank did
it in front of me and asked what the purpose of the withdrawal was.
I just found a pretty good description of how the banks are required to >report transactions of $10k or more to the IRS. They must report it
within 15 days of the transaction and, according to the article, are
supposed to notify you that a report has been filed.
As I mentioned in another post, I've done many deposits or withdrawals
over the years at several banks. Some have been simply withdrawing
money on a bank check to purchase a vehicle and some were very large
deposits (like when I sold my company). I've *never* been notified
by any bank that a report of the transaction had been sent to the
IRS although I am sure they did.
Seems like banks follow the law in different ways.
Here's a link to the referenced description:
<https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>
On Sun, 24 Oct 2021 07:56:58 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
On 10/23/2021 11:06 PM, Alex wrote:
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting >>>>>>>>> of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to >>>>>>>>> $10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency >>>>>>>>> and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not >>>>>> for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was >>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it >>>>> was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
a
You are correct that *I* didn't fill out the paperwork but the bank did
it in front of me and asked what the purpose of the withdrawal was.
I just found a pretty good description of how the banks are required to
report transactions of $10k or more to the IRS. They must report it
within 15 days of the transaction and, according to the article, are
supposed to notify you that a report has been filed.
As I mentioned in another post, I've done many deposits or withdrawals
over the years at several banks. Some have been simply withdrawing
money on a bank check to purchase a vehicle and some were very large
deposits (like when I sold my company). I've *never* been notified
by any bank that a report of the transaction had been sent to the
IRS although I am sure they did.
Seems like banks follow the law in different ways.
Here's a link to the referenced description:
<https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>
It does seem like a great reason to have more than one bank.
Put 8 grand or so in different banks and nothing will alert anyone as
far as I know.
OTOH my FIL just put $360k in the credit union, split between what he
owed me (into my account) and the balance in his. We did it all at the
kiosk in the lobby.
On 10/24/2021 5:37 PM, gfretwell@aol.com wrote:
On Sun, 24 Oct 2021 07:56:58 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
On 10/23/2021 11:06 PM, Alex wrote:
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote: >>>>>>
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting >>>>>>>>>> of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to >>>>>>>>>> $10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of >>>>>>>>>> $10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency >>>>>>>>>> and
Foreign Transactions Reporting Act that was passed in 1970. >>>>>>>>>>
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions >>>>>>>>>
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not >>>>>>> for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was >>>>>> reported by the bank. I didn't fill out any papers. Nobody asked me >>>>>> where it went either. In one case I bought a car, in another case it >>>>>> was my pool, several contractors. All cash tho. This was before the >>>>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
a
You are correct that *I* didn't fill out the paperwork but the bank did >>>> it in front of me and asked what the purpose of the withdrawal was.
I just found a pretty good description of how the banks are required to
report transactions of $10k or more to the IRS. They must report it
within 15 days of the transaction and, according to the article, are
supposed to notify you that a report has been filed.
As I mentioned in another post, I've done many deposits or withdrawals
over the years at several banks. Some have been simply withdrawing
money on a bank check to purchase a vehicle and some were very large
deposits (like when I sold my company). I've *never* been notified
by any bank that a report of the transaction had been sent to the
IRS although I am sure they did.
Seems like banks follow the law in different ways.
Here's a link to the referenced description:
<https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>
It does seem like a great reason to have more than one bank.
Put 8 grand or so in different banks and nothing will alert anyone as
far as I know.
OTOH my FIL just put $360k in the credit union, split between what he
owed me (into my account) and the balance in his. We did it all at the
kiosk in the lobby.
I am sure all this is reported but again, I've yet to be notified
by any bank of a transaction report filed with the IRS over the last 21 >years. The year I sold the business there was a wire transferred
deposit of big bucks to one of my accounts that was set up
purposely to receive that money. Never heard anything from the
bank about it. But, I can assure you my tax bill for that year
was enough to make you gulp.
For several years we held mortgages with two couples for homes that we
sold them.
Every year we paid taxes on the interest earned.
Last March, (with my encouragement) both obtained regular mortgages
or refinancing through banks and paid off their principle balances,
totaling about $600k which was wire transferred to one of our banks.
Never heard boo from the bank about reporting the transaction.
On 10/23/2021 11:06 PM, Alex wrote:
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the
Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but
not
for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
You are correct that *I* didn't fill out the paperwork but the bank
did it in front of me and asked what the purpose of the withdrawal was.
Interesting. Over the years I've done many transactions, withdrawals, deposits and wire transfers in excess of $10k and the bank involved
(there were several) never asked what the transaction was for nor did
they fill out any paperwork while I was present.
Mr. Luddite wrote:
On 10/23/2021 11:06 PM, Alex wrote:
Mr. Luddite wrote:
On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
<nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting >>>>>>>>> of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to >>>>>>>>> $10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the
Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but >>>>>> not
for wires or cashiers checks and some were over $100K.
I have taken more than $10k out without any hassle but I know it was >>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it >>>>> was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.
There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.
You are correct that *I* didn't fill out the paperwork but the bank
did it in front of me and asked what the purpose of the withdrawal was.
Interesting. Over the years I've done many transactions, withdrawals,
deposits and wire transfers in excess of $10k and the bank involved
(there were several) never asked what the transaction was for nor did
they fill out any paperwork while I was present.
It was $80K.
Mr. Luddite wrote:
On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:
The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.
That raised such a fuss (justifiably) that they changed it to
$10,000 or more.
Still, many are complaining.
Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.
It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.
So, why is all the fuss about?
It used to be "cash transactions" now it is all transactions
It covers other transactions as well; for example bank checks
and money orders.
I've had to fill out paperwork for cash transactions over $10K but not
for wires or cashiers checks and some were over $100K.
| Sysop: | Keyop |
|---|---|
| Location: | Huddersfield, West Yorkshire, UK |
| Users: | 295 |
| Nodes: | 16 (2 / 14) |
| Uptime: | 02:54:58 |
| Calls: | 6,642 |
| Calls today: | 2 |
| Files: | 12,190 |
| Messages: | 5,325,640 |