Even the bank has to report deposits over $10K these days.
I’ve heard they want to abolish the $100 bill because it makes money laundering too easy. Funny thing is that it is worth about as much as a ten dollar bill in the 70’s, and yet we all carried twenties and even fifties back then, no problem.
At the end of the day, this is really about the government’s war on cash. They can’t track it so they want it eliminated.
Stopped at the local Burger King in Sturgis, this week and saw a large sign at the cash register that they are not taking any bills larger than a twenty, because of too many forgeries. Who knew?
The reports over an amount are mandatory. But, if there is a reasonable legal reason for the cash, the Secret Service is not going to give it a second glance. They look for patterns.
ANY suspicious transaction can be reported. There is no minimum. There are mandatory levels. Hitting those is so common, the SS won’t look at them unless there is some kind of pattern.
I don’t like the reporting. From the bank side it’s a pain in the neck. But the “invasion of privacy” concerns really are overblown.
You carried fifties! I don’t think I ever saw a fifty in the 20th century . . .My rule of thumb is that commodity prices today are ten times what they were back in the day. A loaf of bread used to cost a quarter, now costs more like $2.50. Same with gasoline . . .
Now digital electronics, OTOH . . . even the federal government couldn’t have afforded this computer - which mostly sits idle - in 1950.