Withdrawing cash from our checking or savings account with assistance from a bank teller allows us to withdraw larger amounts, but can also get us arrested if we withdraw too much money or appear suspicious. By law the threshold for getting reported is $10,000, but regulations have effectively lowered the amount to just $5,000. Although the BSA law has always required banks to submit Suspicious Activity Reports (SAR) for customers making cash transactions of any amount if they appear suspicious, the handbook lowers the threshold to $5,000 and effectively makes all individuals suspicious. A few of the statements from the handbook are shown in quotes below along with my translations of what it really means. A tip-off from a bank about a suspicious customer could lead law enforcement to seize funds or start an investigation, Ms. In conclusion, my recommendation is to rely on ATM withdrawals as the preferred method of withdrawing cash. Two men, an 18-year-old and a 20-year-old, have since been charged with fraud after being found in possession of an amount of cash obtained by using one of the faulty ATMs.
However, before withdrawing cash from our bank account we should find out how to do it without getting arrested or having our money seized by federal agents.
However, the daily limit for withdrawals is usually about $400 or $500, depending on the bank and the customer account. Imagine how absurd it would have been in 1970 to require a SAR for any individual withdrawing over $803 in cash. For example, if we make multiple smaller transactions from different branches on the same day we would still get reported if the total exceeds $5,000. FinCEN has a name for multiple withdrawals or deposits at different branches on the same day. That would likely be considered suspicious and would get reported. To play it safe, we should avoid withdrawing anything close to $5,000 per day.
Beyond that, smaller withdrawals of less than $2,000 per day would hopefully avoid any problems.
That shows how far we have drifted from the original intent of the law and how much our government has removed our civil liberties.
However, even smaller transactions could get reported if the bank finds other reasons to believe we are suspicious. However, I suspect most Americans are unaware of these requirements and will remain unaware until a crisis makes credit and debit cards unacceptable methods of payment.
We should also avoid making cash withdrawals on several consecutive days involving the assistance of a bank teller because that appears unusual and could trigger a report even with amounts far below $5,000.
So at the time the BSA was passed, the only cash transactions that had to be reported were the ones exceeding $62,284 in today’s dollars. You wait for silver to go up, then you sell to a local dealer, get the check and cash it for money when you need it. One of the things that comes to my mind, when you said you would be "pulling people from the flames of hell".
How to make money with binary options trading|
Day trading youtube