One of the previous posts was incorrect. Financial institutions are only required to report CASH transactions of $10,000 or more.
It never ceases to amaze me that some people who have absolutely nothing to add, nevertheless, go ahead and post it anyway.
If jerry66stl had actually read and understood the previous post that he claims, with zero authority, to be "incorrect," he would find that the post, in material respects says:
"...Homeland Security put the onus on all banks to report 'suspicious transactions'...and the banks, to avoid lawsuits for 'profiling,' decided to shove it down the Fed's throat...thus all $3,000-plus [cash] transactions are reported to the Federal Government..."
So, jerry66stl, why don't you tell us what is actually incorrect about the above quote...or my original post taken as a whole.
The above quoted
bank policy was recommended by the trade group to which my bank belongs here in Illinois. Homeland Security gave no "safe harbor" criteria by which the bankers are to judge suspicion, pro or con. So, as I said, the "...
banks, to avoid lawsuits for 'profiling'..."
instituted the policy to report all $3,000-plus transactions. I have not tested the system in NYC or San Francisco, where I don't bank. I am certain, however, as a former bank auditor (CPA), and as former legal consul for a banking group, that the Homeland Security-inspired/required reports of "suspicious transactions" have triggered similar responses nationwide. The only way you are going to know about it is to actually go to your bank and get a relatively large sum of cash.
This "red herring" is a good example of what is all too endemic to these sorts of websites: People with no original thoughts of their own feel that they must be heard, and the best they can do is inject silly statements about the probity of prior posts, when, upon scrutiny, it becomes apparent that they haven't read or understood.
As I said in my prior post, the
$3,000 bank policy threshold is different from the
Federally required $10,000 cash reports in re: the money-laundering regs. Now do you get it jerry?
