lili

We haven't had to open the rolls. That would be a deal breaker. Union Bank is okay so far, only two deposits to our country branch totalling 5K.

Mr. lili is beginning to complain about the weight of $3500 and the stupid double door entry to the bank - like he has to put the boxes of coins on his head to punch open the second door. May just open another WaMu/Chase account for the coins.

Haven't told him he has to do $15,000 more for my Hilton Diamond, and then another whole lot to get my SPG points back. One day at a time, on a need to know basis.

troyb

I hope that's not directed at me, for two reasons:

1) My Firm has a large AML practice, of which SARs and structuring (among other things) are a big part of
2) I've never stayed at a Holiday Inn Express and have no plans to

Andy2

I certainly appreciated your comments, troyb. It gives us all good food for thought and personally I may slightly reduce my frequency of deposits.

Ironically, this program started about the same time I wanted to increase my number of bank accounts to get more ATM cards for future international travel. Less of a hassle if a bank freezes a card due to abnormal use.

Someone over at fatwallet made a good comment. There seems to be no intent to commit structuring if a person simply cannot carry $10,000 of coins at one time. Personally, $2,000 is the most I can fit in my laptop bag and $3,000 is the max for my wheeling suitcase. So of course I make multiple deposits.

Do you know how much bank software shares information with other banks? I rarely make multiple deposits at different branches of the same bank, but I do make multiple deposits at different banks.

It would be incredible for someone to legally purchase coins from a branch or instrumentality of the federal government (the Mint) and then be investigated/prosecuted by the federal government for depositing those coins in order to pay the liabilities attributable to purchasing the coins, but crazy things do happen. I think we should definitely keep all receipts, and I really feel uncomfortable with earlier posts encoraging lies or statements regarding collector status. The more that banks and law enforcement understands about this process, the less chance of unwanted investigations of depositors.

jlgrandam

For the record, I still encourage lies about the origin of your coins. Or if you're not comfortable lying, just tell them you don't want to answer their silly questions and do they ask every customer where their money comes from?

LLM

What's the worst thing that could happen if you tell the truth? One of my banks decided I was in the coin business and wanted me to open a biz account and pay a $1 fee per $1000 deposited. Annoying but not the end of the world if my other banks balk. Lying is utterly pointless, besides being wrong.

ChaseTheMiles

I think it's better to tell the truth than come across as evasive and arouse suspicion. There is no need to explain everything and all the bonus rewards; just summarize in one simple sentence that you are buying coins to get the miles. Come to think of it; that is what we are doing.

smcgrath12

Which bank is this and what kind of business account? If they only charge $1 per $1000 in deposits, I don't mind paying and will stop feeling guilty about burying my bank in coins

Nelumbo

I've been always courteous and smiled when making deposits of these coins in the banks. Occasionally, the tellers asked about from where and why I got these coins. Some tellers thought I have some friends who collect coins, and I just smiled. But most often the tellers just go through the depositing process without asking these questions. I usually thank their help after they get the deposits done

BTW, I do keep the packing slips from usmint in file as suggested by FTers here.

Keep Smiling!

LLM

Union Bank in California. After we brought in a lot of coins, they "discovered" this was their "policy." I'd have to move $3K to the new small biz account to avoid fees. First $1000 in coins per day is free in these accounts so that's another way around it.

e_mcconnell

I've had the same approach... never once have I had issues. The worst thing that's happened was the teller talking too much & trying to get me to sign up for different accounts. Annoying but bearable.

Italy98

Why compromise your integrity and possibly bring unwanted and unneeded scrutiny by the DOJ which investigates criminal banking activities? What would your employer, friends and neighbors think about being interviewed by the FBI?

smcgrath12

Not bad. $1000 per day will still get you close to $20K per month. As this is their policy, you can force them to keep accepting $1K every day if the bank is within your normal travel every business day ^

LLM

Absolutely! Lying as a lifestyle does not work for anyone except Feds and banksters, not for us little people.

It's not like we are ashamed of buying coins and need to cover it up, either. We are proud and it's patriotic!

LLM

Indeed and in any case they are still glad to see me at Chase and Citi and I plan to open a Wachovia account with my next big batch.

Lefty

The status of my NA's on order just changed from 'backordered - 7/28/09' to now show 'in stock and reserved'.

Looks like the NA's are about to start flying out the doors of the Mint again. ^