Originally Posted by
radonc1
My bolding
What you are suggesting in the bolded area is also illegal. It is considered
"structuring"
What is considered structuring?
“Structuring” is defined as conducting one or more transactions in currency, in any amount, at one or more financial institutions, on one or more days, in any manner, for the purpose of evading reporting requirements.
OMG - do we need to have the Structuring talk again? I thought everyone was clear on this years ago.
Structuring refers to splitting up
CASH DEPOSITS to a
BANK, with the intent of avoiding reporting requirements on
CASH deposits greater that $10,000. Money Orders and checks are not CASH. Retail merchants are not BANKS. Purchases are not CASH DEPOSITS. If you make a CASH DEPOSIT of $10k or more, the BSA requires that your bank file a CTR (Currency Transaction Report). If you make multiple CASH DEPOSITS in a 24-hour period, which total more than $5k, the BSA requires that your bank file a SAR (Suspicious Activity Report), because it looks like you're trying to avoid triggering a CTR. It's this SAR reporting that led to a number of famous cases, where FinCEN went after businesses who had completely legitimate reasons for making multiple cash deposits in a week (like the vending machine company who didn't want to make their deposits a quarter-ton at a time ($10k of quarters weights 500lbs); or the coffee shop owner who didn't want to keep $10k of cash on hand, because her biz insurance only covered a couple thousand dollars in theft loss).
Ask your bank if you should be saving your check and MO deposits until they total $10k+. They'll tell you No, because they don't file a CTR for MO deposits, - they only file CTR's for cash deposits
(Yes, I worked in banking for many years)