Fact:
Out of context: Reply #30
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- DUKIE08220
Weird, why would the transfer of monies under $10,000 dollars by a guy who is a millionaire (Spitzer is quite well off) be "suspicious" to a bank and the IRS? And when your bank is suspicious of fund transfers, don't they usually contact YOU first and not the IRS?
I worked at banks through hs and partly through college...and yes any time you are making frequent transfers under the 10000 dollar mark banks are required to report it to the feds...
The 10000 dollar mark is the trigger point for a bank employee to file a bsa report...However if a customer is making frequent transactions under the 10000 dollar mark the bank is required to report it, failure to do so results in penalties applied to the bank and even to the person conducting the transactionAlso the bank is under no obligation to inform the customer that their transactions are being reported...in fact you are trained not to mention it to the customer at all
- Actually with the Patriot Act I think it's at $5000 these days...TheBlueOne
- I don't believe the ammount changed due to the patriot act...I believe it just added add'l transactions that need to be reportedDUKIE0822
- to be reportedDUKIE0822