$9000+ transfer between accounts, involves the Fed/Homeland security?

[Ms. DICKINSON]

OK, I know that any amount $9000 and below will not flag the fed if the check is from someone else (any teller will advice you to do this). However, I opened an AMX High Yield account and transferred from my other accounts, each transfer is more than $9k. Should I be hearing for a knock on my door soon if I keep transferring?

 

[TrueBlueLS]

Why worry about the dollar amount if you're not trying to hide something?

 

[kranky]

What do you think looks more suspicious - one transfer over the reporting limit, or multiple transfers which are just below the reporting limit?

Answer: Nobody cares if you are transferring money among accounts you own.

 

[tranceport]

You are no where near a number that will hear knocks.

 

[MistaFreeze]

You are no where near a number that will hear knocks.

Yeah you'll be fine. I'm always doing transfers of around a couple million and nothing went wrong.

 

[Cogman]

Its over 9000?

 

[dullard]

OK, I know that any amount $9000 and below will not flag the fed if the check is from someone else (any teller will advice you to do this). However, I opened an AMX High Yield account and transferred from my other accounts, each transfer is more than $9k. Should I be hearing for a knock on my door soon if I keep transferring?

You won't notice a thing. The law states that the bank(s) must report SOME transactions over $10k in a day or any group of transactions that look like they were set just under $10k to avoid this law. Meaning that you are more likely to raise suspicion with multiple $9k transactions than $10k transactions. But, the sole purpose is to look for money laundering or tax evasion. Since the government will clearly be able to see that you aren't laundering the money (they know both accounts, so you didn't gain any secrecy), they won't care about this transaction. The tax evasion is only an issue if you are transferring in/out of the US and if you are evading taxes. I assume that doesn't apply to you either.

Plus, by law, the bank has to tell the government this transaction WITHOUT your knowledge. Having someone knock at your door will violate that law.

I've done many transactions of that size (or bigger). No problems. No knocks on my door. The only issue is that often you have to wait a week or two for the transaction to complete.

 

[FelixDeCat]

Its only CASH deposits equalling or exceeding 10k that MIGHT trigger a SAR. Other traceable forms arent that big a deal unless they come from a suspicious source or known tax haven.

The purpose of a SAR is catch money launderers and tax cheats (the terrorist angle is just for public consumption, they use foriegn banks). The most commonly caught tax cheats are small car lot dealers who try to circumvent the SAR by deposting cash into several accounts (usually relatives) at different banks. They get caught when a teller sees a familiar face (the dealers daughter from the last case I read about) bringing the same bag with lets say $3500 cash for Tuesday, $1900 cash Wednesday, $5000 cash Friday, etc.

$10k is just a threshold, but if circumvention might be in play you get SARd. Then the IRS scans all accounts at all banks in your SS, determines the source of the cash (your dads car lot) when you get questioned (lying to Federal authorities is also a crime) and then youre just screwed up the you know where.

 

[sdifox]

9k is nothing.

 

[JulesMaximus]

I've done deposits for almost $20,000 into my checking account...never had anyone question it.

 

[FelixDeCat]

I've done deposits for almost $20,000 into my checking account...never had anyone question it.

When I was an Ebay powerseller I had to move cash from WFC to my bank at work so I could recylce it to buy more inventory. I was moving $2000 to $8000 at a time every other day from one bank to another whenever I had a few sales racked up. I was very paranoid about people around me until I could redeposit it. The best part was when I won a free $2500 laptop from WFC. I just knew I was going to get robbed with $6000 in cash on me and a NIB laptop walking around downtown Fort Worth.

They dont tell you when a SAR is generated. Thats backroom stuff. You find out when you rack up enough of them. Bob Dole, longtime senator and former presidential canidate got one because he always shunned credit cards and carried thousands around to pay for food, lodging, etc and deposited what he didnt need eventually.

 

[MedicBob]

Since you are worried, transfer $4500 USD to me. I will hold onto it until it is decided there won't be a problem.

Shouldn't be a big deal and I really doubt you have anything to seriously worry about.

 

[Ms. DICKINSON]

Cool. Good to know. Thanks all.

 

[Arkitech]

Wow, you have 9,000.00 dollars?? Did I ever tell you how hot you are??

 

[JS80]

You're worried about $9k electronic transfer getting flagged? HAHA.

 

[Suspicious-Teach8788]

YOUR OWN accounts.. Are you kidding me? When I switched internet banks, I moved $100k across thru my BoA. Jeez.

 

[thepd7]

Its over 9000?

I want my 15 seconds back

 

[wiredspider]

I've $50k without raising any flags, not like I have anything to hide though. I think multiple transfer just under the limit would be more suspicious

 

[spidey07]

Also get flagged if you withdrawal more than 10k in cash.

 

[invidia]

Also get flagged if you withdrawal more than 10k in cash.

I did $14k a couple years ago. I was contacted by DHS about it roughly 3 weeks later. Given that amount of time, I would probably bought a Soviet nuke already and used it.

 

[zerocool84]

You're worried about $9k electronic transfer getting flagged? HAHA.

He's probably trying to sound cool here.

 

[spidey07]

I did $14k a couple years ago. I was contacted by DHS about it roughly 3 weeks later. Given that amount of time, I would probably bought a Soviet nuke already and used it.

Not sure if serious?

10K cash is the trigger.

 

[manlymatt83]

It's CASH TRANSACTIONS

 

[JJChicken]

Yeah you'll be fine. I'm always doing transfers of around a couple million and nothing went wrong.

same here