thelark

Ok, I decided to try this out. Dipped my toe in with a $500 order to see how this works. Why do I have a feeling I'll be buying max amount for both me and the wife in a few weeks?

mikeef

Andy2 is right, you're fine. All they're interested in is money laundering. You're likely never going to hear about it again. Even if you did (again, unlikely), you'd just show your credit card receipt, explain what you did and move on, after everyone had a good laugh.

Mike

alanh

Note that splitting deposits between different branches may also trigger a SAR, as multiple deposits that appear to be evading the $10K reporting limit.

However, simply having a SAR report filed doesn't mean anything will result from it.

chimmy826

If you purposely try to stay below $10,000 to avoid the reporting requirement, then you are structuring, which is a federal crime. I'm not accusing you of doing that, but the way you worded your sentence sounded like that.

mrpickles

If you buy too little they ship via USPS and then there is a risk of it going missing without a means to track the shipment online. I would buy at least $1500.00 worth.

Andy2

I hear you, and it is a worry. I only buy $5,000 at a time, deposit it, and then buy another $5,000. Or at least that is what I try to do. Sometimes the delays in shipping can play havoc and I will have one order in process while another is on hold, but I never have more than $5,000 in my possession at one time.

How does everyone else deal with structuring worries, or do they? There is a legitimate business reason to buy less than $10,000 at a time and break up the deposits among various banks. More than 2 fifty pound boxes are too difficult to transport when they arrive, and the banks are less likely to terminate your account if the deposits are $1,000 or less. I have had two banks specifically ask me to limit my deposits to $1,000 or less per week (Chase and PNC).

I also happen to use a different credit card for each $5,000 purchase, because I am trying to accumulate miles/points in different programs and minimize the risk of a devastating loss if an airline or hotel program files Chapter 7 bankruptcy.

ArizonaGuy

They've never not shipped UPS Next Day Air to me despite quantity. As little as $500. Yesterday's $750 shipment came UPS as well.

mrpickles

Good point. Here is a refresher course in structuring for the newbies:

http://en.wikipedia.org/wiki/Structuring

mrpickles

They only mean $1k or less of coin, they want all of your other money!

thelark

Ah well, I had canceled and placed a new order for $1500 after mrpickles post - I'd rather be safe. Thanks for the tip ^

atwnsw2

..............

Andy2

Yes, good distinction.

We really need a designated decoy in this program. The lady at Chase actually likes me because a parking lot owner always wants $1,000 of dollar coins per week for his operations. Some of us should go to various banks at which we don't deposit and request dollar coins.

aaron1262

i couldn't stop laughing for at least a half hour after i saw this photo!

Andy2

If you have over $10,000 in your possession at one time and purposely deposit less than $10,000 at different banks over a short period of time, I don't think anyone can assure you that no structuring worries occur. Also, a single $7,500 deposit is awfully close to $10,000 and if multiple $7,500 deposits go into your account, the likelihood of a SAR increases.

Why do you need to have more than $10,000 in your possession at once?

In my opinion, the risks, however small, are minimized by never possessing more than $10,000 at once and never having the certainty that all open and approved orders exceed $10,000.

Personally, I try to receive $5,000 at a time, deposit $1,000 into five different banks, then order another batch. There is no certainty that each order will be approved or that this program will continue to be in existence at the time I place each order.

Happy

I had a $500 order shipped UPS. I only wanted $500 to go to a particular Chase card so I could redeem the next level of cash rebate. After that is done, that Chase card goes to sock drawer.

Starting a few months ago, any orders above $300 are shipped UPS signature required unless you are in a very rural area.