“Now, Yellen has somewhat changed course, supporting a raise in the reporting threshold from $600 to $10,000.”
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I heard many many years ago that transactions over 10k were by law required by the bank to be reported. Is this not already a thing?
$600 in activity per year??????that is less than $1.65 per day….are these people completely insane????how many times per week do I ask this????
That was single transactions of $10,000 or more.
They want a $10,000 reporting threshold for the TOTAL of ALL transactions on an account for a full calendar year, if you pay JUST your rent or mortgage of $833.34 a month from the same account, they want full access to EVERY SINGLE TRANSACTION you made that year.
You used your debit cart at Taco Bell? They want to know.
Yes.......connected to drug dealers.......called structuring.