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11-05-2007, 10:49 AM | #1 |
Scooby Newbie
Member#: 117828
Join Date: Jun 2006
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MWSOC
Location: Round Lake, IL
Vehicle:2006 Evo SE Tarmac Black |
What Actions Will Flag Your Bank Account > IRS??
I was talking with some friends yesterday. We got on the subject of banks and what will possibly flag your account for the good ol' IRS. I brought up the oldie "Extracting/depositing $10,000 in one day will flag your account"
but we couldn't think of anymore and didn't have any luck searching for more. It's "against the law" for banks to disclose this information, but I'm curious if OT has any ideas.
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11-05-2007, 10:51 AM | #2 |
Scooby Specialist
Member#: 65498
Join Date: Jul 2004
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MWSOC
Location: Black Sheep Squadron
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Post reported to teh FBI scumbag!
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11-05-2007, 10:52 AM | #3 |
Scooby Newbie
Member#: 27041
Join Date: Oct 2002
Chapter/Region:
MWSOC
Location: Chicago, IL
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Banks will flag your account for a lot less these days....And it's against the law for banks NOT to report this. Search Abn Amro they got hit with a huge fine for not reporting funds.
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11-05-2007, 10:52 AM | #4 |
Scooby Newbie
Member#: 117828
Join Date: Jun 2006
Chapter/Region:
MWSOC
Location: Round Lake, IL
Vehicle:2006 Evo SE Tarmac Black |
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11-05-2007, 10:56 AM | #5 |
Scooby Specialist
Member#: 130577
Join Date: Oct 2006
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Post reported, scumbag
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11-05-2007, 11:05 AM | #6 | |
Scooby Specialist
Member#: 10814
Join Date: Oct 2001
Chapter/Region:
South East
Location: Stanley, NC
Vehicle:'13 ToyobaruFRZ-86 97 Miata M |
Quote:
Any activity that a teller feels is suspicious can file a SAR (Suspicious Activity Report). Many banks use a back-end software that scans through a database checking recent activity and will auto-file a SAR. Things like frequent transfers between accounts.... suddenly getting a $50,000 deposit in when you normally get $1000 paychecks every other week.... or things like that are what the software looks for. These are filed with FinCEN (Financial Crimes Enforcement Network). The customer is NOT supposed to know about these being filed. And the last is the Monetary Instrument Log. It's filed if you're buying "monetary instruments" like cashiers checks, travellers checks, etc.... but it's not enough to warrant a CTR to be filed. I think it starts at $3000. Again, these are filed with the IRS. If you really want to know more about it, go read up on the Bank Secrecy Act and Anti-Money Laundering Act. |
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11-05-2007, 11:06 AM | #7 |
Scooby Guru
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11-05-2007, 11:19 AM | #8 |
Scooby Specialist
Member#: 141672
Join Date: Feb 2007
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nevermind, the nsa IS watching.
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11-05-2007, 11:22 AM | #9 |
Scooby Specialist
Member#: 141672
Join Date: Feb 2007
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Opp, too late!
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11-05-2007, 11:22 AM | #10 | |
Scooby Newbie
Member#: 109138
Join Date: Mar 2006
Chapter/Region:
NESIC
Location: i can divide by zero
Vehicle:13 BRZ SWP |
Quote:
cant get much more simpler than that. |
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