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Old 03-31-2017, 07:33 PM   #21
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I used to do a series of $8,000 cash deposits spaced days or weeks apart, just $2,000 under the reporting requirements. I always asked the teller if I needed to disclose anything regarding the cash deposits in order to avoid accusations of structuring (learned about it during law school). The answer was always no.

So far, so good. No prison time.
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Old 03-31-2017, 07:37 PM   #22
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I'm a little surprised for the OP because these were not cash transactions.

I assume the reason he did it it 4 chunks was because his bank has ACH daily and/or monthly transfer limits?

Checks and electronic transfers all can be tracked. Why would "staggering" matter?

DH deposited a large (>$50K) check once, the teller had to get the bank manager to approve the deposit. But no questions were asked.
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Old 03-31-2017, 08:21 PM   #23
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When I bought my Dream Home in cash, first I received several large sums from Vanguard via ACH, although I don't think there was any upper limit for the amount of on ACH transfer to my bank. Then I had a certified check created, for me to carry to the real estate closing.

No question at all, although I made a point of sitting down and explaining everything to the bank during the week before closing. I thought they would figure I was some sort of international drug smuggler or something, but no. They said they do this all the time. I don't recall signing anything saying what it was for.
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Old 03-31-2017, 08:26 PM   #24
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Avoid using those $9,999.99 deposits .
I pulled a bunch of equity out of my rental using an HELOC. I did it in increments of $6500 to $8500.
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Old 03-31-2017, 08:36 PM   #25
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So, your son deposited in cash ? Above $10,000, you need to fill up a form. It's an archaic regulation, but they say its to catch the drug dealers who transact in cash.
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Old 03-31-2017, 08:46 PM   #26
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SAR = Suspicious Activity Report.

Never expected this to happen to me or my family but my son was called into his bank to answer questions about suspicious activity on his account that may be money laundering.

In January I sold our car to a dealer a couple of weeks before we left the country, returning to England to live. The check was $14,000 which is above the $10k mobile check deposit limit and we no longer had a bricks and mortar place to deposit the check so I went into my son's bank with him and endorsed the check in front of a teller before he deposited it into his account.

He then used Transferwise to send the money into my bank account in England, and to avoid wire charges he sent 3 payments over a 4 week period using ACH. This triggered the SAR resulting in him being called into the bank. Apparently he should have explained to the Teller clearly what he was intending to do, or better still called the Bank as they only saw a large sum being deposited and then paid out in smaller chunks.

I have done this a lot last year, paying in large chunks of money from my brokerage, then sending lots of smaller payments to my bank in England.
I'm a little confused here...how do you know a SAR was filed on these transactions? The bank should not be disclosing a SAR filing to the customer. That would be in clear violation of AML regulations.

General Prohibition on Disclosure
Important to the usefulness of the reporting system is the general prohibition on
disclosure imposed upon financial institutions. These entities are barred from disclosing SARs,
or information related to the existence of SARs, to “any person involved in the transaction”
reported upon in the SARs.
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Old 03-31-2017, 08:50 PM   #27
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So, your son deposited in cash ? Above $10,000, you need to fill up a form. It's an archaic regulation, but they say its to catch the drug dealers who transact in cash.
No, he didn't deposit cash, he deposited a $14,000 endorsed check.
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Old 03-31-2017, 08:54 PM   #28
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You don't need to fill out any forms to deposit more than 10k in cash, other than a deposit slip. The bank is responsible for filling out the CTR (and SAR if needed). They typically won't tell you about it unless you ask.
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Old 03-31-2017, 08:58 PM   #29
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There is a limit of $100k ACH transfer per day. I've done this on multi banks, for overseas it's GBP 100k per day.
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Old 03-31-2017, 09:22 PM   #30
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I guess I do not understand why the OP's son got suspected. It is only cash transactions that would be suspicious.

I have transferred large amounts of money (several hundred Ks) between my accounts. No problem, as long as the money is moved between institutions. People buying/selling RE move large amounts of money all the time. Nothing illegal or suspicious about it.
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Old 03-31-2017, 09:29 PM   #31
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There is a limit of $100k ACH transfer per day. I've done this on multi banks, for overseas it's GBP 100k per day.
Some banks and credit unions impose a much lower limit on SCH transfers. For example, $5K limit per day is not uncommon.
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Old 03-31-2017, 09:30 PM   #32
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I guess I do not understand why the OP's son got suspected. It is only cash transactions that would be suspicious.

I have transferred large amounts of money (several hundred Ks) between my accounts. No problem, as long as the money is moved between institutions. People buying/selling RE move large amounts of money all the time. Nothing illegal or suspicious about it.
The only thing I can think of is that funds were transferred to an overseas bank?
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Old 03-31-2017, 09:36 PM   #33
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The only thing I can think of is that funds were transferred to an overseas bank?
Yes.

Alan, the OP, did this himself earlier without any question from the authority. But Alan was moving money between his own accounts. This time, money was moved from his son's account in the US to Alan's account in the UK. So perhaps that's the difference.
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Old 03-31-2017, 10:12 PM   #34
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I guess I do not understand why the OP's son got suspected. It is only cash transactions that would be suspicious.

I have transferred large amounts of money (several hundred Ks) between my accounts. No problem, as long as the money is moved between institutions. People buying/selling RE move large amounts of money all the time. Nothing illegal or suspicious about it.
It must be multiple days, I believe the limit is $100k among US institutions. But I've deposit checks in multiple of $100k with no problem.
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Old 03-31-2017, 10:14 PM   #35
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Some banks and credit unions impose a much lower limit on SCH transfers. For example, $5K limit per day is not uncommon.
I think for Bank of America, I could only do it $1000 or so per day. This is from my experience transferring money to my kids. IIRC.
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Old 03-31-2017, 10:55 PM   #36
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Yes.

But Alan was moving money between his own accounts. This time, money was moved from his son's account in the US to Alan's account in the UK. So perhaps that's the difference.
That would be my guess as well. These systems are purposely not disclosed to outsiders to make it harder to game the system, so no way to know for sure.
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Old 04-01-2017, 12:21 AM   #37
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I'm not sure the average bank teller, who is often under 30, if not more like age 22, is a good judge of normalcy. Sometimes they want to print my checking account balance on the receipt, and I've had young tellers exclaim, "Wow, you have lots of money in your account!". This when the balance was 3 thousand and change.
Yep, and that is when they want you to talk to their "investor advisor"....here come the annuities!!!
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Old 04-01-2017, 02:14 AM   #38
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It was not cash, it was a check from the local VW dealer.

He transferred it in 3 chunks because $5k is the max fee free amount TransferWise allows, and he transferred it all to my bank in England, so everything was easily traced, although this was the first time he has done this.

To LOL!
He was just asked some questions, no forms to fill in. Just a friendly warning. At least they didn't freeze his account or anything worse, and this happened in January so it took a while.
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Old 04-01-2017, 06:26 AM   #39
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It must be multiple days, I believe the limit is $100k among US institutions. But I've deposit checks in multiple of $100k with no problem.
Only some institutions allow their customers to do ACH transfers of $100K, many have lower limits. Some are quite restrictive.

And the OP couldn't use mobile deposit to deposit the $14k check. Many banks have limits on Mobile Deposit. Chase is $5K, for example.
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Old 04-01-2017, 06:46 AM   #40
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And the OP couldn't use mobile deposit to deposit the $14k check. Many banks have limits on Mobile Deposit. Chase is $5K, for example.
Exactly. I didn't want to endorse the check and mail it to my bank since endorsing it essentially changes it to cash.

In 2011 while on a 7 month stay in England I received an unexpected bonus paper check of over $6k from the company I'd retired from the previous year. My son was picking up our mail and let me know what had arrived. After informing my employer and my bank I got him to mail the check to our US bank without my endorsing it and they did allow it to be deposited to my account. Otherwise I'd have to have him mail it to me in England, then I'd endorse it and mail it to my bank in the US.
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