We gonna talk about the Vile Democrats “Billionaire Tax”?

TechRaiderRider said:
i got an informal call from a branch mgr last year,
when i made several large deposits
with cash withdrawn from another bank,
so i was curious if this is regular -

so, has the threshold been lowered from 10k ?
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I think your confusing IRS reporting requirements with SAR (BSA).

By law you're required to report any financial transaction in cash over 10k. (e.g. if a dude walks into a car dealership and plops down 80k in cash for a Tesla, that's gonna get a form 8300) -- basically this is to stop money laundering by exchanging cash for services/property in kind at the point of sale.

SAR's are more for detecting henky shit going on at a financial institution, usually money laundering, insider trading, terrorist financing etc..). For my neck of the woods, that's more insider trading, but for banks, it can be stuff like depositing 5 grand into a new account (or multiple ones adding up to that much). Basically trying to detect money laundering. It'd be unusual in the old days for a withdrawal to get flagged with an SAR, but since their ass is on the line they tend to overreport these days.
 
texaggie95 said:
I think your confusing IRS reporting requirements with SAR (BSA).

By law you're required to report any financial transaction in cash over 10k. (e.g. if a dude walks into a car dealership and plops down 80k in cash for a Tesla, that's gonna get a form 8300) -- basically this is to stop money laundering by exchanging cash for services/property in kind at the point of sale.

SAR's are more for detecting henky shit going on at a financial institution, usually money laundering, insider trading, terrorist financing etc..). For my neck of the woods, that's more insider trading, but for banks, it can be stuff like depositing 5 grand into a new account (or multiple ones adding up to that much). Basically trying to detect money laundering. It'd be unusual in the old days for a withdrawal to get flagged with an SAR, but since their ass is on the line they tend to overreport these days.
Click to expand...
thx for the terrific clarification -

so it looks like the SAR threshold is 5k,
while the IRS reporting threshold is 10k -
that makes sense as to why i got the call
from the receiving banker,
as i limited the withdrawals and deposits to 9k
because of the IRS reporting threshold -
 
TechRaiderRider said:
thx for the terrific clarification -

so it looks like the SAR threshold is 5k,
while the IRS reporting threshold is 10k -
that makes sense as to why i got the call
from the receiving banker,
as i limited the withdrawals and deposits to 9k
because of the IRS reporting threshold -
Click to expand...
Your second deposit triggered it for sure. If I had to guess the call went something along the lines of, did you withdraw this from another financial institution? Once he has that he'll do the standard 8300.
 
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