“David Vocatura had made cash deposits of under $10,000 into the bakery’s account, but only after a bank employee called the bakery in 2007 to tell them that deposits of more than that amount required them to submit additional paperwork.”
“The terminology that they used was never really explained to us in detail,” David Vocatura told The Daily Signal. “We just thought it was an inconvenience or a nuisance for [the bank].”
WRONG. Stop right there. You call a lawyer right then and there. If there ANY issues like that you call a lawyer. You figure out the law and you obey it. Problem solved.
Whether the law is correct or moral or warm and fuzzy is irrelevant. You have to follow the law.
This stupid law in particular was enacted after 9/11 and is completely stupid.
I’m glad they’re finally getting their money back.
Currency Transaction Reporting for cash deposits greater than $10K has been a federal banking requirement since before the mid 1980s so no this law was not enacted after 9/11. The law is related to money laundering. Restaurants and other cash-based business can fill out paperwork to get an exemption, or higher threshold for completing the CTR on each deposit.
Well, for a long time most of us thought, "Over 10K, bad; under, ok." I can understand the government investigating a series of under 10K transactions to be sure they are legit, but not going with the presumption of guilt--that's not part of the law.