I hear ya. I mean most likely absolutely nothing would happen if he just kept cashing the checks at his bank or opened up two other accounts or something. I'm just interested in the different entities perspectives, like the IRS, the bank, and the law.
Does the IRS even track deposits? Isn't that something the banks do and then report any suspicious activity to the FBI and then they investigate the source of the money? And then if your guilty it becomes an IRS issue also?
I honestly have no clue. The most cash I've had in my hand at once was $12k in 10s, 20s, 50s, and 100s from winning $25k from a local. He stiffed me for the other $13k and never heard from him since. I kept that money in a shoebox and spent it on petty things and deposited about $3k in to my savings without any problems.
My understanding is that these would be Cashier's checks made out to the guy. The check cashing center (should) knows this.
Note: Walmart does this in their stores for a flat fee of $6 on any amount above $1,000 but less than 5k. That might be the way to go.
[Edit: Walmart only does payroll, government, money gram money orders, and tax refund checks]
The main concern I have about the bank is this guy is apparently not one of their bigger customers and yet he's going to bring in 10 cashier's checks for $3,000 each issued from the bank of Ottowa (or whatever) and cash them and you think the manager might not get involved?
Maybe I am being 'over the top' but I take a risk based approach to situations like this and I see more risk in just cashing the checks. By the way, "structuring" bank deposits to go under the 10K reporting requirement limit is also a federal crime [31 U.S.C. 5324 ]
Note: Walmart does this in their stores for a flat fee of $6 on any amount above $1,000 but less than 5k. That might be the way to go.
[Edit: Walmart only does payroll, government, money gram money orders, and tax refund checks]
The main concern I have about the bank is this guy is apparently not one of their bigger customers and yet he's going to bring in 10 cashier's checks for $3,000 each issued from the bank of Ottowa (or whatever) and cash them and you think the manager might not get involved?
Maybe I am being 'over the top' but I take a risk based approach to situations like this and I see more risk in just cashing the checks. By the way, "structuring" bank deposits to go under the 10K reporting requirement limit is also a federal crime [31 U.S.C. 5324 ]
If it is under 10k and it isn't really frequent it isn't gonna get reported.
Also with how slow bovada pays out those 3k increments, we'll all be dead by the time he gets paid 30 anyway so this thread kinda moot once I saw it was bovada.
In all seriousness, just cash a few, safety deposit box, etc for a little while and it'll be fine.
Seems if it was an outrageous amount (6 figures) they'd just fly you down to the book or headquarters and let you settle there especially since they are extremely close to some latin countries around there where the banks have lots and lots of experience in these matters for obvious reasons.....There is no shortage of corrupt banks down there...You got the money then they have the detergent and this is common knowledge.
It depends.
Gray made regular deposits of $10,000 or just under $10,000 into his personal and business bank accounts, including at least 25 instances in which Gray made multiple deposits under $10,000 the same day into the same bank or into different banks.
30 months.
or fully report it and pay taxes on it as a MOD and others said earlier, but then again that would depend if he had other losses throughout the year which he may already consider taxes although I doubt he loss more than 30 G's before then although some guy in Vegas lost 500G"s while drunk on Super Bowl weekend so anything is possible I guess.
