IAHtraveler

Wow, really?!? I just assumed that the teller/manager could pull my account & see how often I've made my 2500 deposits in the last X days.

I assumed this, as they got very aggrivated when I asked if they were filling out an SAR when they told me they had to do some paperwork for "corporate" regarding my large cash transactions.

mikeef

I just don't want to hit any lifetime limits. Most of the posts indicate unlimited orders of NA coins, but the FAQ threw me a bit.

Mike

Happy

That WAS the case.

Are you sure you can still do that NOW?

I thought the Mint went thru major overhaul of their website after the Fiasco they had earlier this year. It has since changed to only registered user can access orders online after logged in the account.

ejmelton

The problem is that the government reporting requirements include all of your accounts (you can't avoid a CTR by splitting your deposit between multiple accounts) and "related" accounts (you can't avoid reporting by splitting your deposit between kids or multiple "businesses"). While an automated system might catch all of these, most banks collect information at lower dollar amounts than required and test for possible CTR avoidance.

Andy2

When making my weekly five $1,000 deposits today, I ran into a little problem. As I was leaving, one of the tellers said they need to know how many more of these I will be bringing in, because a lot of people have been doing this and they are trying to determine a shipping schedule. I told them to put me down for the usual $1,000 per week, but if they need more to fill up a shipment, I can bring them more - which seemed to slightly irritate her. Appears that someone else is in my territory. Anyway, I found this good website that explains the government savings that occurs. It is from the government and should make everyone feel good. Invokes the famous JFK quote and everything. May be useful to print out and stick in the bag / suitcase / wheelbarrow that is used in bringing the coins into the bank.

http://www.usedollarcoins.gov/

I thought about structuring concerns that others have raised and I had the following question. Personally, I never have more than $5,000 in my possession at a time. After I receive a $5,000 shipment, I deposit the coins and order another batch. How can I be accused of structuring my deposits to avoid the $10,000 reporting requirement if I never have $10,000 in my possession at one time and I am never certain of my future orders being accepted by the Mint or approved by the credit caed company? If I am driving 65 mph in the 65 mph zone, can the police give me a ticket because my actions were designed to avoid running afoul of the speeding laws?

Carl Johnson

Structuring is splitting up deposits into amounts of less than $10,000 in order to avoid reporting. If you are breaking up deposits for some other reason, it isn't structuring. I break up my deposits because I'm trying to avoid overloading any one bank, and because $10,000 weighs nearly TWO HUNDRED POUNDS. I'm pretty sure I've never deposited $10,000 in one week, because that's just the way it works out. If you're depositing amounts of less than $10,000 because that's just the way it works out, don't worry about it. I don't think there's much danger of any of us being accused of structuring when making a $10,000 deposit requires us to use a wheelbarrow.

crabbing

the mint recently lifted the limit on NA coins (this happened after i wrote the FAQ). it's even possible for registered users to place successful new orders for presidents they previously maxed ($500) out. "previously" could (but might not) mean previous to the removal of limits on the NA coins.

the teller was probably irritated because they want you to bring in less, not more. one can easily presume that shipping schedule means needing more shipments, which cost the bank money.

that website is hilarious - almost totally devoid of any useful info.

structuring is splitting up your deposits so you don't have to report them. it's a red flag for money laundering or evading income tax. dumping large sums of currency is inherently suspicious. of course you can be accused of structuring; you just happen to have a legitimate reason for making these deposits.

the speeding analogy could only make sense if driving at or below the speed limit was somehow suspicious.

gejone

The limit for the CTR is $10,000 per day either as one transaction or "structured deposits." The bank doesn't have to determine why you are making multiple deposits, just the fact that you did and exceeded the $10,000 dailiy limit is enough to require a CTR. The bank may not catch multiple deposits at different branches, but you really can't tell what the bank's process is. Since you have an account there they have all the information they need, i.e. Name, address, SSN or EIN.

Before that law was changed they would have "gentlemen" standing in lines at banks in Miami buying $7,500 cashiers checks, one after the other, all paid for with cash from a suitcase. I know, you're not taking coins for drugs, but that's why we're possibly subject to the CTR or SAR.

mrpickles

For all the newbies afraid to deposit more than $2500 here was my one day deposit:


18 cases, UPS loaded them into my truck, asked if I ordered a lot of books, I said "something like that!".


174 boxes, $2000.00 per stack, one open box

Today they only required me to open the cases and one box, they said they would open all of the other boxes, just to stack them on the floor by the safe for them. I wondered if I would have trouble pushing my heavy duty flatbed with 900lbs, but once it was moving there was no stopping me, kinda like the discount tire commercial, I was going in to return the coins no matter what. I was allowed to use the safety deposit room to open the cases and fill my large trash bags with all of the debris. I brought the op manager a 1lb Trader Joe's Chocolate bar to show my appreciation!

They made only one new request today: please bring it all in to the branch in one trip, don't go back and forth to the car as to leave boxes unattended. I was laughing when I pulled in to the parking lot because the armoured car was at the door and the guard was tossing several bags from last week in the back, inside the branch they told me I was the only one that brings coins so I knew they were mine.

43,500 United Mileage Plus miles ahead today.

FrAAmer

Hey mrpickles-

Where in San Diego are you depositing your coins so I DON'T go to the same branch!

Were your 18 cases from one mint order?

18 cases is more then $10K in a single deposit. How did you (or did you) avoid the reporting paperwork?

mrpickles

North County, is that far enough away?

18 cases was two orders that shipped the same day. Took 40 minutes to open everything up.

I prepaid the credit card and I have already 2 x 99 box orders on hold.

Why would I want to avoid the reporting paperwork??? Why? Let them report away. It is sooooo stupid to attempt to avoid it. I have all of the documentation ready in a file for when they show up.

It's not like they are gonna send the SWAT team to visit me. Or are they?

Astrophsx

Does your CC not have a yearly maximum on how many miles you are allowed to earn in one year?

Andy2

Gejone,

I wasn't referring to "structured deposits", I was referring to structuring. My understanding is that it is illegal to arrange one's deposits (or withdrawals) with the intention of avoiding the $10,000 reporting rule. It is not illegal of course to make a deposit in excess of $10,000, and even the suspicious activity reports are not as big a deal as a potential structuring charge by the federal government. That is why I try to avoid having more than $10,000 at a time.

I really like the argument that no structuring occurs even if someone possesses more than $10,000 due to the difficulty of transporting so much at one time. I remember when it appeared that the federal government considered charging Spitzer with structuring due to his withdrawals. I thought at the time that the charge would be ridiculous since most guys would prefer to see 5 call girls at $2,000 each for 2.5 hours at a time than 1 call girl at $10,000 for 12.5 hours since a guy can only do so much for so long. Kind of off topic, like the earlier strip joint discussion.

FrAAmer

mrpickles-

North County - Noooooo! I live in Leucadia but have been mostly depositing closer to work - UTC area. Please don't tell me you are using the B of A on La Costa Ave........

mrpickles

That branch charges $3 per bag for deposits. But i live 3 blocks from there we should meet for coffee at starbucks on that corner.