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Old 11-05-2007, 10:49 AM   #1
november
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Default 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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Old 11-05-2007, 10:51 AM   #2
Scoobie Noobie
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Post reported to teh FBI scumbag!
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Old 11-05-2007, 10:52 AM   #3
lukek
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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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Old 11-05-2007, 10:52 AM   #4
november
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Post reported to teh FBI scumbag!
Ah, wtf, why did you have to go and do that?
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Old 11-05-2007, 10:56 AM   #5
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Post reported, scumbag
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Old 11-05-2007, 11:05 AM   #6
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Originally Posted by november View Post
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.

More than $10,000 in a day on your accounts.... not necessarily just one account, and banks have to file a CTR (Currency Transaction Report). These are the ones filed with the IRS. You KNOW they're getting filed as there is strict protocol to do it... above $10,000 = filed, no guess work.

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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Old 11-05-2007, 11:06 AM   #7
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Post reported, scumbag
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Old 11-05-2007, 11:19 AM   #8
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nevermind, the nsa IS watching.
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Old 11-05-2007, 11:22 AM   #9
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Opp, too late!
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Old 11-05-2007, 11:22 AM   #10
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Quote:
Originally Posted by chkltcow View Post
More than $10,000 in a day on your accounts.... not necessarily just one account, and banks have to file a CTR (Currency Transaction Report). These are the ones filed with the IRS. You KNOW they're getting filed as there is strict protocol to do it... above $10,000 = filed, no guess work.

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.
bingo.
cant get much more simpler than that.
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