The bank teller must ask you questions to complete IRS Form 8300. If you appear to not be telling the truth, they secretly file a Suspicious Activity Report with the government.
If you want to move money from one account to another, I'd recommend a cashier's check or a wire transfer to do it all in one shot. If you want to actually hold the cash, you should make an appointment and be prepared to make multiple visits over a period of time, because honestly bank branches don't actually hold that much cash.
AFAIK, nothing bad actually happens to you. Unless you're engaged in criminal activity.
Unless something has changed very recently there is nothing you have to do to take your money out. I've pulled over $10K out of my account several time over the last 18 months. The most recent was two weeks ago. They key is it's your money you can do what you want with it. That said, I've used the same local bank since I was in high school and I'm 70 years old now.
Physical possession. Right now your getting 1% if your lucky keeping it in the bank? People pulling cash out are basically saying they trust themselves more to hold on to cash than the bank/government.
I suspect that a huge amount of cash has been created digitally that has no physical backing.
The teller will usually try to ask you about what the money is for. If they suspect you are under duress (i.e. you are being robbed or under threat of violence) or if you are engaging in illegal activity. They do have training for tellers to try and gauge your physical and emotional state to make sure everything is kosher. You can give them an explanation, or you can be a jerk, either way, there is nothing they can do to stop you from withdrawing 10k in cash. If you requested 100k, that would be a different story, they will try to stall you for a couple of days, but eventually you will get your money.
In theory some IRS examiner reviews it to determine if you're up to no good, or if it seems to match an established pattern of ungood actions. If you did that from 3 separate banks in a short time, that could theoretically happen, and they'd sic an IRS detective on you.
But in practice: nothing happens. The 10K limit was set up decades ago (70s?), and they never checked it even back then. If you get arrested, they'll dredge up the records later to see if they can add money laundering to whatever they accuse you of.
The system is set up so that law enforcement can be lazy, and to encourage citizens to report on each other: they are happy to fine an honest banker for failing to file the report (i.e., for not snitching on you), but if the same banker reports an actual crime detected this way by adding a suspicious activity report, it's a coin toss (probably less than 50-50) as to whether they'll do anything at all. I once filed a report on someone with outstanding arrest warrants from other jurisdictions, who was actively and obviously scamming people, where all law enforcement had to do was show up to arrest him: I got a call back from the IRS dude over 3 years later. Gov't snooping at its finest.
I sold a used mercedes kompressor once and the guy showed up with about 40K in cash. He asked me to keep it quiet since he was on the county board of supervisors.
I got a SARS report filled out on me as I was closing my account. I was moving out of state, didnt have a new bank yet, and needed the money to pay the movers.
It pissed me off because in that small bank I knew the tellers and manager, they knew I was moving as I had money wired for the closing and still they submitted a SARS.
Nothing will happen, took out 200x that and when they asked, tell them it is your property and none of their business what you do with it. F... the IRS and their forms. How many people are still filing those forms when they are about to be eating out of the garbage cans, Don't shout " but the Constitution " when you haven't read it. Hope this helps for your banking needs and answers the " but the IRS forms" people.
Cash, 3 trips, once a week I'd pick up. You have to order it up or order the money, takes a week anything over 1m gets armored/armed service which draws attention.
Dress like average blue collar and act normal. A good bank will count it with you in a closed room, then you leave when traffic is lite in the lobby. Don't go in and throw your backpack on the counter, you are asking for trouble.
anyone else feel like we are playing right into their needed bank run to install the CBDC?
Yes. General Flynn was on Infowars on Saturday warning about this and telling us to stay calm.
The bank teller must ask you questions to complete IRS Form 8300. If you appear to not be telling the truth, they secretly file a Suspicious Activity Report with the government.
If you want to move money from one account to another, I'd recommend a cashier's check or a wire transfer to do it all in one shot. If you want to actually hold the cash, you should make an appointment and be prepared to make multiple visits over a period of time, because honestly bank branches don't actually hold that much cash.
AFAIK, nothing bad actually happens to you. Unless you're engaged in criminal activity.
Tell them it’s for hookers and blow
Unless something has changed very recently there is nothing you have to do to take your money out. I've pulled over $10K out of my account several time over the last 18 months. The most recent was two weeks ago. They key is it's your money you can do what you want with it. That said, I've used the same local bank since I was in high school and I'm 70 years old now.
what do you do with all that cash? Seems like if it is just sitting around it loses value to inflation. Buy physical Gold? Silver?
Physical possession. Right now your getting 1% if your lucky keeping it in the bank? People pulling cash out are basically saying they trust themselves more to hold on to cash than the bank/government.
I suspect that a huge amount of cash has been created digitally that has no physical backing.
The cartels (FBI) knocking at your door to find out if you want to buy some drugs?
You may have to fill out paperwork to take out your money, but nothing will happen to you.
The teller will usually try to ask you about what the money is for. If they suspect you are under duress (i.e. you are being robbed or under threat of violence) or if you are engaging in illegal activity. They do have training for tellers to try and gauge your physical and emotional state to make sure everything is kosher. You can give them an explanation, or you can be a jerk, either way, there is nothing they can do to stop you from withdrawing 10k in cash. If you requested 100k, that would be a different story, they will try to stall you for a couple of days, but eventually you will get your money.
2 weeks.
Nothing. It’s when you deposit a large amount is when the flags go up
Regulation applies to cash, including both deposits and withdrawals.
So if a guy withdraws 30k cash out of his savings, it gets reported. Then what?
In theory some IRS examiner reviews it to determine if you're up to no good, or if it seems to match an established pattern of ungood actions. If you did that from 3 separate banks in a short time, that could theoretically happen, and they'd sic an IRS detective on you.
But in practice: nothing happens. The 10K limit was set up decades ago (70s?), and they never checked it even back then. If you get arrested, they'll dredge up the records later to see if they can add money laundering to whatever they accuse you of.
The system is set up so that law enforcement can be lazy, and to encourage citizens to report on each other: they are happy to fine an honest banker for failing to file the report (i.e., for not snitching on you), but if the same banker reports an actual crime detected this way by adding a suspicious activity report, it's a coin toss (probably less than 50-50) as to whether they'll do anything at all. I once filed a report on someone with outstanding arrest warrants from other jurisdictions, who was actively and obviously scamming people, where all law enforcement had to do was show up to arrest him: I got a call back from the IRS dude over 3 years later. Gov't snooping at its finest.
Makes sense.
I sold a used mercedes kompressor once and the guy showed up with about 40K in cash. He asked me to keep it quiet since he was on the county board of supervisors.
A friend of mine did that,and the bank closed his acc.
I got a SARS report filled out on me as I was closing my account. I was moving out of state, didnt have a new bank yet, and needed the money to pay the movers.
It pissed me off because in that small bank I knew the tellers and manager, they knew I was moving as I had money wired for the closing and still they submitted a SARS.
A group of armed irs agent show up to take your cash and claim it’s under investigation.
Nothing will happen, took out 200x that and when they asked, tell them it is your property and none of their business what you do with it. F... the IRS and their forms. How many people are still filing those forms when they are about to be eating out of the garbage cans, Don't shout " but the Constitution " when you haven't read it. Hope this helps for your banking needs and answers the " but the IRS forms" people.
How long did it take the bank to come up with $2 million in cash? Or did you get a cashier's check or wire transfer?
Cash, 3 trips, once a week I'd pick up. You have to order it up or order the money, takes a week anything over 1m gets armored/armed service which draws attention. Dress like average blue collar and act normal. A good bank will count it with you in a closed room, then you leave when traffic is lite in the lobby. Don't go in and throw your backpack on the counter, you are asking for trouble.