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View Diary: The bank said 'You'll be back.' (549 comments)

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  •  It's a Deposit or Withdrawl (7+ / 0-)

    BUT, the BSA only kicks in if the transaction is in cash.  Checks, wire transfers, etc, do not trigger the reporting.

    Unless the customer inquires about it, that is.  If a customer ASKS if they are going to be reported, then the bank has to fill out another report about it.  The bank can not BY LAW discuss this level of reporting (called a Suspicious Action Report or SAR) with the customer.

    I once had a customer who was helping his elderly mother deposit just under $30,000 in cash (who apparently literally kept it under the mattress over the course of several decades) ask me point blank if she would be reported to the IRS for such a transaction.  I had to give the cliched "I can't comment about that."  He then proceeded to press me and ask if they would be reported if he, his sister, and his mother each made deposits of just under $10,000 into separate accounts.  This was not a very fun conversation for me.

    "If you don't stick to your values when tested, they're not values! They're hobbies" - Jon Stewart

    by LivingOxymoron on Sat Nov 05, 2011 at 10:17:36 AM PDT

    [ Parent ]

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