Went to make a deposit to First Citizens Bank two days ago. The amount was less than $500. The tell asked for my ID. I got pretty loud and asked what she needed it for. She stated they are now required to document every single cash deposit.
I believe it's time to stop using banks. Hmmm I wonder what those new 87,000 IRS agents will be up to...
Could be anti laundering or tax evasion measures.
Haha yeah, anti laundering and tax evasion at the under 500$ level..
If thats true, why have they never done it before? Do you know how long laundering and tax evasion has been an issue?
Did you know crypto makes up most of that nowadays?
Perhaps it is because of cryptocurrencies that they have to implement new measures- to be on the look out for structured transactions, 'mules' making small deposits across multiple accounts, - look, im no pro. lol