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Thread: getting grilled by a bank teller

  1. #51
    Veteran Member Santos's Avatar
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    Default Re: getting grilled by a bank teller

    [QUOTE=Melonie] However, while your statement is true at the bottom line - that as long as you have your 'ducks in a row' in regard to reporting income and paying taxes, you have nothing to worry about, I would argue that the generation of CTR's and SAR's has to have an effect on one's 'visibility' in official gov't databases and does indeed increase chances of an audit / investigation.[QUOTE]

    Yes, I agree. Unfortunately, my occupation requires that I do a lot of my business in cash, so my options are limited. The best way to cover my ass is to keep good records and pay my taxes. Still, I dread the thought of an audit

    FYI, one option to help avoid future problems is to talk to your bank's manager and tell him or her what you do for a living and explain it is a cash business. Although, I know that might be a little uncomfortable for some.

  2. #52
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    Default Re: getting grilled by a bank teller

    Ok, I talked with a friend today who's a teller at Alterna Savings. She said basically what's been said here, but that the gov't for sure will notice my deposits, that they aren't coming from a business, etc...that "they will audit you, and scary audit you unless you know what you're doing"...

    And she said another dancer goes there who works with one of their financial advisers (haha, her branch is across the street from my club, so it is quite convenient)...so I'm gonna see her and get some help.

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    Default Re: getting grilled by a bank teller

    ... well, the $3,000 reporting limit on cash transactions / money orders / money transfers is right there in black and white at http://www.fincen.gov/bsa_quickrefguide.pdf

    I read this and I didn't take this to mean that a $4,000 cash deposit triggers anything. It talks about money order, cash outs, currency exchange, etc. The only pure "cash" limit seems to be the $10,000 at one time.

    Am I reading this wrong? There must be some former / current bank tellers by day :-) who know what the trigger limit is for a cash deposit . . . .

  4. #54
    Featured Member Vamp's Avatar
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    Default Re: getting grilled by a bank teller

    Kinda you are right and i made some posts here earlier about it. I do not see the 3,000.00 threshold in the link nor do i see it at work.

    I think many are scared because they do transactions in cash. There are ways to avoid everything. ATMs and Night deposits are two ways.

    btw CRTs for a transaction over 10,000.00 in cash are reported to the IRS as well as other agencies that prevent money laundering.

    One more thing I would like to add. I have seen many people at work who deal with very large transactions on a weekly basis. Some in cash or checks etc, none of them on a personal account have been audited. How do I know? We would have to pull the records. I think it comes down to the institution and people you are dealing with. Even in the link Melonie provided http://www.fincen.gov/bsa_quickrefguide.pdf it does say that at any time an employee can report suspicious activity. That can be a broad range of activity. Build a repore with who you are dealing with. From my experience using only one financial institution is you best protection. If the people know you and trust you, warning bells are less likely to go off when you have unusual transactions.

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