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Something new happened to me this week that has me perplexed.

Posted by edweaver 10 years, 9 months ago to Government
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This week I went to a bank with a substantial amount of cash that I have saved over the years to get a bank cashiers check to pay for a vehicle that I bought. This was not my personal bank but the business I own does all its banking there. My cash all checked out but the bank system would not process a draft for me without my social security number. While I freely gave it up, 2 days later I am questioning my wisdom in doing that. For the life of me I cannot help but believe it is for more government tracking and I am not impressed.

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  • Posted by edweaver 10 years, 9 months ago in reply to this comment.
    I had no idea of this either and had I a chance at a do over I would have found another way. I shared so others may not be blindsided by it.
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  • Posted by Zenphamy 10 years, 9 months ago
    And now the IRS will ask you to explain how and through what means you obtained that cash.
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  • Posted by LionelHutz 10 years, 9 months ago in reply to this comment.
    Mimi, I knew about FINCEN's $10K limit, but this is the first I've heard of a $3K limit. I did some further reading and believe you've explained things absolutely right and I'm glad edweaver shared his experience because I had no idea this was going on. This comes down to different thresholds that trigger Suspicious Activity Reports versus Currency Transaction Reports.
    Best explanation I saw was here:
    http://www.city-data.com/forum/economics...
    See the comment by user Easybreezy.
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  • Posted by edweaver 10 years, 9 months ago in reply to this comment.
    So this goes hand in hand with the prediction I heard this morning that by the year 2025 the government will control everything we buy. That does not create optimism. :)
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  • Posted by $ Mimi 10 years, 9 months ago
    Of course. There has been a law on the books since the early eighties. They reasoned it was part of the war on drugs(thugs paying cash for cars) but I think it was just to stick their nose in everybody’s bank account. Anytime you make a deposit of $3000 or more or pay cash for an item of a value of over three thousand dollars it gets reported to the IRS. It’s the law.

    At least that is my understanding.
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