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Author Topic: I've done several 10k so just FYI (if you don't know) cause banks like Marcus  (Read 313 times)

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Offline theking

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...will be harder to withdraw pure cash since they don't have ATM and/or physical branchs afaik. However, no problems at your local typical bank branch i.e., Chase, B of A, etc.

Anyways, if you withdraw more than $10,000 in cash because cash is king at times, be prepare for a background check and verification process...beca use banks are required to report that transaction to the feds:




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Offline NtsesHnub

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My sister works at the bank so I have no problems. 



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Offline Hung_Low

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My sister works at the bank so I have no problems.

Does not matter... you might not need background check and verification but banks are still required to report it to the fed.

https://www.thehealthyjournal.com/faq/how-much-cash-can-you-withdraw-from-a-bank-without-it-being-reported




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Offline theking

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My sister works at the bank so I have no problems.

Cool.. 8)



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Offline theking

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Does not matter... you might not need background check and verification but banks are still required to report it to the fed.

https://www.thehealthyjournal.com/faq/how-much-cash-can-you-withdraw-from-a-bank-without-it-being-reported

Bank Secrecy Act (BSA)..."The $10,000 Rule" was established to prevent/reduce fraud...such as money laundering...



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Offline theking

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If it's below the "$10k Rule", they may just run your driver's license like when I made this withdraw:




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Offline Cali Guy

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Nice! Moving money around is easy but withdrawing large amount of cash is a pain in the buttocks.



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Offline theking

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Agree.



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Offline theking

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The machine is pretty accurate but when it's that kind of amount, they hand count it too just to be sure:






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Offline theking

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...withdrawing large amount of cash is a pain in the buttocks.

Have not try this but my ATM daily withdrawal limit is $3000 so guessing one way of avoiding the background check and government report is to withdraw the daily max on several occasions. However, gotta try not to lose the withdrawal money along the way though... ???



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Offline Cali Guy

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I would rather just take one lump sum and go through the process than many deliberate withdrawals under radar which is considered structuring. Yep, withdrawing your own money in a suspicious manner can be illegal. Now that is a slap in the face.



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Offline DuMa

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If your daily withdrawal has already maxed out and you need more money, head to walmart and buy something cheap and go through self check out.  It will ask you if you want cash back.  Easy $100.  Rinse and repeat to how many $100 you want. 

When I gave my cousin who doesn't even have a job about $15k to buy his car on a co signer, he got hit by that $10k rule issue.  A letter came in the mail a few days later upon driving that new car off the lot.  They want to know where he got the money from.  :2funny:




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Offline theking

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I would rather just take one lump sum and go through the process than many deliberate withdrawals under radar which is considered structuring. Yep, withdrawing your own money in a suspicious manner can be illegal. Now that is a slap in the face.

Yep, that can be deemed as "suspicious" by some...

Plus one has to think about protecting that money for several days too... ???



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Offline theking

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Say if only $10,000 is needed, perhaps one can try to just withdraw $9,999.99 to avoid the red tape... ??? ;D


Or can try to do two smaller withdraws on the same day  ???:




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Offline NtsesHnub

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Depositing $10k in cash is also a red flag but a person can only do it once a year, if I remember correctly. 



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