Fund Transfer
 

Once upon a time, depositing $10K or more in a bank account would send up a 'red flag'. Is this still the case and if so, what are the consequences of the red flag? My question concerns selling a collectable car in the $50K range.

Thanks for knowledgeable replys Gents

Re: Fund Transfer
 

The "smurfing" regulations still exist. There are no consequences if you are not selling or buying arms, drugs or laundering money. It is just a banking regulation that documents large movements of money to and from an account. If you are selling a car you have nothing to worry about.

Re: Fund Transfer
 

Not 100% positive, but the IRS is probably also informed. Creates an additional paper trail on the money.

Re: Fund Transfer
 

I think the IRS has access to the information, but not sure if they are officially informed.

Re: Fund Transfer
 

The new trigger with the IRS is 5K. I stopped working in our family business last year and took 5 months off (can we say family feud). I was moving cash from the safe in to the checking account every few weeks and asked my banker to make sure that I stayed under the radar. If you are selling a car and have the documents to back it up, it should be no problem. Also, if it is cash I believe it shows up differently than a cashiers check on how it is reported to the KGB.

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Chris
1967 Yenko Stinger YS-199
Southeast of Disorder

Re: Fund Transfer
 

$5k?? I think at that level, the IRS would be buried in meaningless info. https://www.yenko.net/ubbthreads/imag...lins/dunno.gif

Re: Fund Transfer
 

I was also recently told by my bank that at $5000 they are required to submit a document to the IRS. I would agree Marlin, $5k transactions today are very much common place and the IRS would be overwhelmed. I do as many as 10-15 of these a year easily though I have documents to back everything up. I think this could be another one of those, "keeps the honest, honest and the dishonest, scared"? https://www.yenko.net/ubbthreads/imag...lins/dunno.gif
Rick

Re: Fund Transfer
 

Der government must know what ze comrades are doing wis der money!

Re: Fund Transfer
 

I imagine they summarize the data and look for trends or anomalies, but geez.... that's a lot of data!

Re: Fund Transfer
 

[ QUOTE ]
I was moving cash from the safe in to the checking account every few weeks and asked my banker to make sure that I stayed under the radar.
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Chris
1967 Yenko Stinger YS-199
Southeast of Disorder

[/ QUOTE ]

Guess what! What you did right there was an automatic trigger for a SAR "suspicious acitivity report" to be filed by the bank. If your banker did not fill out the reports, he can face serious consequences for hiding the info, even though there was no criminal intent to hide anything. It is a mandatory reporting requirement for anyone making large deposits or attempting to circumvent the reporting of large deposits. https://www.yenko.net/ubbthreads/imag...emlins/eek.gif