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Getting questioned at bank for making ca$h deposits...
This has happened to me three times already and I've only been dancing about a month. I go to make my cash deposits of the money I am earning and the bank teller asks where the money is coming from... I have been telling them that it was cash my parents gave me for going to school, but, it is accummulating and I don't know how much longer I can use that excuse.
A customer at work told me that I could say I rent a house that I sublet to other students and I am in charge of collecting the rent... This clearly doesn't explain the sums that I am able to pay down my student loans and start investing with... Anyone have a suggestion of what to say? Should I just say that I work for cash?
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Re: Getting questioned at bank for making ca$h deposits...
i've never been asked, but i would ask them if its any of thier business.
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Re: Getting questioned at bank for making ca$h deposits...
Why is it anyone's business where your money is coming from? Maybe you should just hit the drive-up to deposit your money instead of going in. Or maybe you should tell them that it's not polite to grill people about their finances and where they get their income.
But I know people are curious, especially when you have lots of ones accompanying the rest of your money. And I'm usually honest about it, the looks they get on their faces are priceless.
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Re: Getting questioned at bank for making ca$h deposits...
I bet the teller is either a super-Christian or jealous. They probably know but just want to hear it from you.
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Re: Getting questioned at bank for making ca$h deposits...
Is it the same teller? Different tellers?
I've never, ever had a bank teller ask me where I got my cash. That is not their business. If they ask you again, tell them that some aliens took a liking to you and just keeping giving you money.
Or you can just tell them that you are a cocktail waitress or bartender.
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Re: Getting questioned at bank for making ca$h deposits...
Tell them your a secret agent in the CIA and because you can't leave a paper trail, you get paid in cash. Give them some asinine reason, just to fuck with them.}:D
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Re: Getting questioned at bank for making ca$h deposits...
Don't feel the need to provide some nosy teller with an answer. I would smile and say, "why do you ask?" That will shut them up. It's really inappropriate to ask where you get your money, and if it happens again I wouldn't hesitate to alert the manager. Chances are he or she would want to know that the tellers are being rude and unprofessional.
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Re: Getting questioned at bank for making ca$h deposits...
Next time somebody asked me about it, I'd ask to speak to a manager. It's nobody's business where your money comes from. Asking about personal financial matters is just a huge pet peeve of mine!
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Re: Getting questioned at bank for making ca$h deposits...
Great minds think alike, Samba :)
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Re: Getting questioned at bank for making ca$h deposits...
Seriously. Once I was making a several thousand dollar withdrawal at my branch. The chick at the reception desk asked if I was going shopping while the broker went to make a copy of my ID and print my check. I was not pleased. She would never have asked me what I was doing with my money if I had been older. It was unprofessional of her and I should have shut her down.
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Re: Getting questioned at bank for making ca$h deposits...
Fuck, I'd just say, "I'm a hitman for the mob. It's great, Miss Kochanski scored me a cool four grand last week!"
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Re: Getting questioned at bank for making ca$h deposits...
Sorry, I forgot to mention- In Canada it is law to disclose where cash is sourced from. I think that if I make more frequent deposits with less cash amounts it might be easier, though... also, i think i'll deposit from different branches each time, seeing that I am with a major bank that has about 5 locations within a 15 minute drive from my house.
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Re: Getting questioned at bank for making ca$h deposits...
*** ahem *** In the USA the following regulations apply. Any other country which is a signatory to the Terrorist Anti-Money Laundering Treaty (i.e. Canada, UK, Australia) probably has equivalent regulations in place. Trust me this is not something that you want to 'f#@k around with', unless your prior income tax reporting is in absolute agreement with your bank account balance, your credit card spending habits, your major purchases, your investment account balance etc.
I would also point out the use of the word 'aggregate' in the reporting regulations ... as in making three relatively small separate bank transactions which would individually fall below reporting limits, but that aggregate to a total amount which exceeds the reporting threshold.
I would additionally point out that certain US states (and possibly certain Canadian provinces) have established reporting thresholds to state tax / le agencies that are substantially lower than the federal standards ... for example the $10,000 threshold for generating a mandatory cash transaction report has been reduced to just $3,000 in New York, and the $2,000/$5,000 threshold for generating a suspicious activity report has been reduced to just $1,000 in New York.
Also, any financial institution can choose to 'voluntarily' file a suspicious activity report regardless of the amount of the transaction(s) involved.
(snip)"Money Services Businesses Can Help Fight Money Laundering
Suspicious Activity Reports (SARs) are one of the government’s main weapons in the battle against money laundering and other financial crimes since these reports generate leads that law enforcement agencies use to initiate money laundering investigations. Many individuals launder money to conceal illegal activity, such as drug trafficking, health insurance fraud, tax evasion, and even terrorism. It fuels criminal conduct, allowing drug dealers, smugglers, terrorists, arms dealers, and tax evaders to maintain control over their proceeds and ultimately to provide a legitimate cover for their sources of income. Law enforcement officials estimate that such individuals yearly launder 1 to 2 trillion dollars worldwide through different types of financial institutions and businesses.
One of the types of financial institutions money launderers use are the Money Services Businesses (MSBs) that issue, sell or redeem traveler’s checks or money orders, transmit money, or exchange currency. Since they are targets for money launderers, the Bank Secrecy Act requires MSBs to file suspicious activity reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Check cashers and sellers and redeemers of stored value are not required to, but may voluntarily file a SAR.
When to File a SAR
An MSB must file a SAR when it knows or suspects that:
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The funds come from illegal activity or disguise funds from illegal activity;
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The transaction is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or,
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The MSB is being used to facilitate criminal activity.
There are two different dollar thresholds that require a SAR. They depend on the stage of discovery and the type of transaction involved. A $2,000 threshold applies if a customer is conducting or attempting to conduct a transaction(s) that aggregates to $2,000 or more. A threshold of $5,000 applies for transactions identified by issuers of money orders or traveler’s checks from a review of clearance records. These thresholds are known as the $2,000 front door/$5,000 back door rule. The $2,000 front door transactions are face-to-face with the customer. The $5,000 rule applies after the records have been processed at the issuer level, thus the back door.
Examples of Suspicious Activities
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The customer pays for products/services using musty bills having an unusual or chemical-like odor.
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A 16-year-old, riding a bicycle, brings bags of cash to a money transmitter to transfer from New York City to Miami.
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A customer, a retired CPA, frequently sends and receives money transfers of more than $2000 to and from many different people. (snip)"
from
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FEDERAL DIRECTIVE TO BANKS
(snip)"WHEN TO MAKE A REPORT:
1. All financial institutions operating in the United States, including insured banks, savings associations, savings association service corporations, credit unions, bank holding companies, nonbank subsidiaries of bank holding companies, Edge and Agreement corporations, and U.S. branches and agencies of foreign banks, are required to make this report following the discovery of:
d. Transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act. Any transaction (which for purposes of this subsection means a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument or investment security, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected) conducted or attempted by, at or through the financial institution and involving or aggregating $5,000 or more in funds or other assets, if the financial institution knows, suspects, or has reason to suspect that:
i. The transaction involves funds derived from illegal activities or is intended or conducted in order to hide or disguise funds or assets derived from illegal activities (including, without limitation, the ownership, nature, source, location, or control of such funds or assets) as part of a plan to violate or evade any law or regulation or to avoid any transaction reporting requirement under Federal law;
ii. The transaction is designed to evade any regulations promulgated under the Bank Secrecy Act; or
iii. The transaction has no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage, and the financial institution knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction.
The Bank Secrecy Act requires all financial institutions to file currency transaction reports (CTRs) in accordance with the Department of the Treasury’s implementing regulations (31 CFR Part 103). These regulations require a financial institution to file a CTR whenever a currency transaction exceeds $10,000. If a currency transaction exceeds $10,000 and is suspicious, the institution must file both a CTR (reporting the currency transaction) and a suspicious activity report (reporting the suspicious or criminal aspects of the transaction). If a currency transaction equals or is below $10,000 and is suspicious, the institution should only file a suspicious activity report."(snip)
from
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Re: Getting questioned at bank for making ca$h deposits...
^Well if you're depositing thousands of dollars mulitple times a week, I understand the suspician. And damn, that's a lot of money anyways, go shopping!
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Re: Getting questioned at bank for making ca$h deposits...
Quote:
Originally Posted by
PrettyCurlieQ
^Well if you're depositing thousands of dollars mulitple times a week, I understand the suspician. And damn, that's a lot of money anyways, go shopping!
No no no don't go shopping.
The money ain't gonna be there forever.
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Re: Getting questioned at bank for making ca$h deposits...
I used to get asked all the time. I'd be vague. Now I just say "I'm a dancer." And the only biddies cluck cluck, frown frown, and can just fuck off. They take my money with a smirk now, but they don't say anything. I've never had male tellers ask me.
You don't have to formally disclose it unless it's over ten grand in cash, btw. Just tell them anything that's not entirely untrue (ie- I used to say, when asked where I got the cash "from work"..."where do you work?" ..."I'm self-employed"...But they only really shut up when I say "I'm a stripper"). I used to get self-conscious, and now I totally don't care. It's actually pretty funny to see the tellers gang up and gossip about me, like right in front of me. This is less likely to happen at a busy branch, but I hate lines. And I don't trust ATMs with cash deposits.
It's Revenue Canada's business, not the bank's.
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Re: Getting questioned at bank for making ca$h deposits...
Quote:
Originally Posted by
Deogol
No no no don't go shopping.
The money ain't gonna be there forever.
That last part was sarcasm.
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Re: Getting questioned at bank for making ca$h deposits...
Thanks. I believe the reason they ask is because of what Melonie posted. some kinda anti-money-laundering policies. and yes, I think that RevCan can make banks ask us to disclose our earning sources.
next time i'll tell them i just 'found it'... ;)
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Re: Getting questioned at bank for making ca$h deposits...
Per Melonie, I am required to train twice a year on SAR procedures, as I am a licensed rep. that handles money. However, I am not allowed to deal with cash.
When she asks you where you got the money from, just say "employment." If she asks you further, tell her "none of your fucking business." Or just tell her you're a stripper, rub your tongue across your lips, and wink lascviously. That might shut her up.
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Re: Getting questioned at bank for making ca$h deposits...
Quote:
Originally Posted by
XxAmber89xX
next time i'll tell them i just 'found it'... ;)
No! No! That is a suspicious answer and she will be obligated to fill out a SAR report on you!
I liked to drop off my cash into the bank's ATM machine in an envelope, during the day.
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Re: Getting questioned at bank for making ca$h deposits...
Are you depositing the entirety of the $44,000 it appears you have may have earned since you started dancing a month ago?
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Re: Getting questioned at bank for making ca$h deposits...
Quote:
Originally Posted by
zxcire
Are you depositing the entirety of the $44,000 it appears you have may have earned since you started dancing a month ago?
Bwahahaha I just noticed that in her siggy!
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Re: Getting questioned at bank for making ca$h deposits...
Holy shit I don't make $45K a month! I've NEVER made that much!:faint:
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Re: Getting questioned at bank for making ca$h deposits...
sorry girls... i'm working on reaching $10k for dancer income, not 45g's... i had a $38k trust for school left for me from my great-grammy's estate.
$45k per month! i don't think that would come from freelance dancing, though i have heard that top feature porn star girls used to make that in the 90s...
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Re: Getting questioned at bank for making ca$h deposits...
^^^ they did, but the money didn't come from featuring !!!