Posted on 02/23/2008 9:36:39 PM PST by atomic conspiracy
I’ve just glad that every time I stroll around NYC with $150K in cash I don’t have such problems..... when I think of all the millions in cash I’ve carried around through the years it’s such a relief to know that I never needed an armored car or any kind of serious protection for it......
What if you're buying a car from a private party for five or six thousand dollars, say, and the seller is demanding cash because he doesn't trust you, a stranger, not to give him a bad check? I've withdrawn large sums in such cases, not because I was trying to hide anything from the authorities.
There's a couple of factors that militate against this.
The first question the police will ask the victim after getting a description of the mugger will be: "Can you tell us the names of every person who was aware of this transaction?"
The bank employee is taking the lion's share of the risk - his identity is already known to the police, his fingerprints are already on file, he will lose his job even if his complicity cannot be proven in court - while his accomplice actually gets physical possession of the loot. If his accomplice disappears, the bank employee cannot come forward and identify the accomplice without directly implicating himself.
In those circumstances, who can you really trust? Maybe a family member - and the cops will immediately look into family members.
My guess is that the culprit moves in Mr. Ijams' business circles, somehow got wind of the transaction, and shadowed Ijams until he made the withdrawal. Or, more exotically, it could be a scam by Mr. Ijams.
Every time anybody moves more than $10,000 in any transaction a form is filled out and sent to the feds. I have done work in banks and many have reminders posted in the restrooms.
I already got the lecture from my husband and had to take it back. If you work for a bank though, I’m sorry but so what...it goes with the job. I’m just saying don’t willingly give up your rights. It’s your money... There have been several instances where people were traveling with large amounts of money and when discovered ,it was taken, until they were proven innocent. That “ain’t” right.
After all, he should be willing to take a certified bank check, which is as good as cash - better, even, because he can put a stop on it if it is stolen before he gets a chance to cash it.
You are ok with that?
side-note:
10k is the max amount of funds you can gift to any one person or entity w/out being taxed for it by the fed.
When you opened your bank account there was, as you recall, a significant amount of paperwork associated with it - including something called a "Depositor's Agreement" or something similar. The fine print, as they say.
That fine print usually says that unless the bank is satisfied that a transaction is not going to expose them to criminal or civil liability, they will reserve the option to process or not process a requested transaction.
Confiscating cash that is already in someone's possession is another matter, legally.
You ok with that?
It’s also the maximum amount of currency that you can cross the US border with, or at least it used to be.
Of course I am.
Our economy does not work without a reliable banking system, and there can be no reliable banking system if banks cannot legally protect themselves from outsized risks.
And it works both ways: your deposits are guaranteed for up to $100,000 in case of bank failure.
A guarantee that you will be made whole in the event of a bankruptcy is a very valuable guarantee to have.
That's the fine print in your favor.
They never asked me. This a federal law not bank policy. I understand why they do it, most people don’t carry large amounts of cash around. Often when they do their are trying to avoid something. I think the amount might be raised because it has not changed since they started doing this when they declared war on drugs.
It’s ok to mess with bankers but never joke with the border patrol, esp the women. We took our truck across to pick up some stuff for our friends. When we came back they declared it and the BP looked at it. We were asked if anyone was carrying over 10k. The guys started clowning around and asking how much money everyone had. We got pulled out of line and the truck was searched big time. She knew we were ok but they made her mad, I guess.
Here in California only the buyer pays tax.
Didn’t do it that often, but it always made me jumpy, that’s for sure. I never knew whether or not some random mugger was going to try to rob me that day, or even whether the seller himself might try something funny.
Going to be interesting to see whether or not Mr. Ijams ever gets his money back, assuming he’s not part of a scam here.
M?
Million... no
I=1
V=5
M=1000
never mind.
Note to self: drink coffee BEFORE going in to withdraw $150,000.
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