God Bless America and my life savings

[TallGuyJohninBKK]

And meanwhile, in other headlines from the OP's same "sht fan" "news" source:

Expert Says “Banning Cash” The Only Solution to Negative Interest Market Problems

12 Bad Strategies That Will Get Preppers Killed

Going Rogue: 15 Ways to Detach From the System

Military Lied! Jade Helm Is Training To Kill Americans Who Resist

Edited April 19, 2015 by TallGuyJohninBKK

[Pib]

This is getting ridiculous .If the Feds suspect you they'll get you.Whats the world coming too? Doom and gloom.This can't happen to me !!!!!!

http://video.foxnews.com/v/4181222848001/irs-takes-maryland-farmers-funds-under-laundering-law/?intcmp=obnetwork#sp=show-clips

Here's a 14 Apr 15 Washington Post article with a lot of details/history on this case which started back in early 2012.

.

[suzannegoh]

This is getting ridiculous .If the Feds suspect you they'll get you.Whats the world coming too? Doom and gloom.This can't happen to me !!!!!!

http://video.foxnews.com/v/4181222848001/irs-takes-maryland-farmers-funds-under-laundering-law/?intcmp=obnetwork#sp=show-clips

They don't go into whether he declared the income and paid taxes on it ?

Does he have employees on the farm and did he fail to take out payroll and social security taxes ?

Sounds to me like he did not pay his estimated taxes and they put a lien on his bank accounts

Instead of complaining about the IRS he might want to talk to his accountant and obviously fire the lawyer

One of the first lessons my father gave me growing up was to never, never , ever screw with the Internal Revenue Service. They don't need a conviction to seize your assets, they don't need a warrant to seize your bank accounts, and they don't need anything but probable cause to wreck your credit

He's a sovereign man who never signed a social contract, therefore he owes no taxes.

[riclag]

And meanwhile, in other headlines from the OP's same "sht fan" "news" source:

Expert Says “Banning Cash” The Only Solution to Negative Interest Market Problems

12 Bad Strategies That Will Get Preppers Killed

Going Rogue: 15 Ways to Detach From the System

Military Lied! Jade Helm Is Training To Kill Americans Who Resist

Your missing the point.This war on money laundering has over reached its original intentions.My OP was more concerned about government agencies seizing my or others money..This has nothing to do with groups or organization that sponsor radicalism ,their not going to help try recover monies confiscated. I hoped to bring awareness that their could be concerns pulling money out of your bank accounts in large sums to come to retire here it could raise suspicion.The threshold for cash deposits over $10,000 is the default flag but the justice department has been working with institution to be aware of anything over $5,000,yes this is for bank and financial institution cash deposits.Now comes withdrawals . Beware of the FBAR(foreign bank account reports) another possibility that some agencies could be suspicious.So now your above the radar but you been a good law abiding citizen all your 50 plus years but now the feds freeze your money and take it through a SAR with out probable cause and under the disguise as money laundering. Years and thousand of dollars later go by trying to prove you just wanted to spend your golden years spending your money as a expat here. Sh- - happens !

[riclag]

This is getting ridiculous .If the Feds suspect you they'll get you.Whats the world coming too? Doom and gloom.This can't happen to me !!!!!!

http://video.foxnews.com/v/4181222848001/irs-takes-maryland-farmers-funds-under-laundering-law/?intcmp=obnetwork#sp=show-clips

They don't go into whether he declared the income and paid taxes on it ?

Does he have employees on the farm and did he fail to take out payroll and social security taxes ?

Sounds to me like he did not pay his estimated taxes and they put a lien on his bank accounts

Instead of complaining about the IRS he might want to talk to his accountant and obviously fire the lawyer

One of the first lessons my father gave me growing up was to never, never , ever screw with the Internal Revenue Service. They don't need a conviction to seize your assets, they don't need a warrant to seize your bank accounts, and they don't need anything but probable cause to wreck your credit

He's a sovereign man who never signed a social contract, therefore he owes no taxes.

Check out the link from PIB (Washington Post) .The Feds painted this with a broad brush and had used all of their tools at their disposal . The IRS has no boundaries and

realistically no one to be accountable too.

[suzannegoh]

This is getting ridiculous .If the Feds suspect you they'll get you.Whats the world coming too? Doom and gloom.This can't happen to me !!!!!!

http://video.foxnews.com/v/4181222848001/irs-takes-maryland-farmers-funds-under-laundering-law/?intcmp=obnetwork#sp=show-clips

They don't go into whether he declared the income and paid taxes on it ?

Does he have employees on the farm and did he fail to take out payroll and social security taxes ?

Sounds to me like he did not pay his estimated taxes and they put a lien on his bank accounts

Instead of complaining about the IRS he might want to talk to his accountant and obviously fire the lawyer

One of the first lessons my father gave me growing up was to never, never , ever screw with the Internal Revenue Service. They don't need a conviction to seize your assets, they don't need a warrant to seize your bank accounts, and they don't need anything but probable cause to wreck your credit

He's a sovereign man who never signed a social contract, therefore he owes no taxes.

Check out the link from PIB (Washington Post) .The Feds painted this with a broad brush and had used all of their tools at their disposal . The IRS has no boundaries and

realistically no one to be accountable too.

The IRS is illegal.

[Langsuan Man]

He's a sovereign man who never signed a social contract, therefore he owes no taxes

.

The IRS is illegal.

Tell that to Wesley Snipes, Al Capone, Ozzy and Sharon Osborne, Dionne Warwick, Pamela Anderson, and Nicolas Gage, just to name a few

[suzannegoh]

He's a sovereign man who never signed a social contract, therefore he owes no taxes

.

The IRS is illegal.

Tell that to Wesley Snipes, Al Capone, Ozzy and Sharon Osborne, Dionne Warwick, Pamela Anderson, and Nicolas Gage, just to name a few

The Feds persecuted Ozzy? That's outrageous.

[riclag]

Another news story to substantiate a doom and gloom attitude!!!!To think, that your life savings could be confiscated by the long hand of the law with respect to the IRS and other similar agencies of USA are just a stretch of your imagination, then don't bother reading about the article in the link below.

More and more people over 50 are taking there money out of the States and living abroad. Beware of withdrawals and deposits in country and out of country, when wanting to come and live here. You are a law abiding citizen in your country so you won't mind spending thousands in litigation and months of frozen assets to prove you haven't done anything wrong by moving money and assets around and setting up foreign financial accounts just so you could live your golden years in another country.

In conclusion,don't have your assets be held hostage, obtain advise from a good accountant so you can lessen the chance of being a victim of circumstance.

God Bless America

http://freebeacon.com/issues/irs-drops-asset-forfeiture-case-against-nc-business-owner-after-media-scrutiny/

Edited May 15, 2015 by riclag

[Time Traveller]

While I also hate (hate, hate, hate) the fact that the U.S. government is becoming more and more intrusive into the lives of citizens, your post failed to mention that the $5,000 trigger point is for cash withdrawals not transfers between bank accounts.

$10,000 is the trigger and that's not much these days.

It's been $10,000 since the 1960's or early 1970's and hasn't even been adjusted for inflation. It was put into place to look for drug crime, money laundering, tax evasion, etc. It applies only to cash deposits and withdrawals at a bank and only once did it affect me. I wanted $20,000 so I went in on two separate days and got $10,000 each time and didn't have to fill out the form. When I've needed more than that I've bought a cashier's check (bank guaranteed check) and that rule doesn't apply there.

Let me give you the inside tip. $10k is just what they want you to think the trigger amount is. In fact, that's only the level for mandatory filing of forms.

The truth is cash amounts less than $10k do all get reported. I don't know what them minimum level is - it could be $5k - but any person doing multiple deposits of, for example $9k, in an obvious attempt to avoid $10k reporting do get detected.

I know this because, the IRS gets these reports, and if you can't explain the source adequately, be prepared to pay tax on those cash deposits or in same cases have the money forfeited.

Edited May 15, 2015 by Time Traveller

[Walter Travolta]

I sold my house in the UK and wanted my money put into my mother's bank so that when I came out here, she could deal with any problems that might arise making it easier as I cannot be doing with dealing with petty problems that might arise thousands of miles away, due to some jumped up office clerk making things difficult.

The profit went into my account via transfer via the solicitors and a few days later I went in branch and withdrew all but £1000. The branch manager wanted me to keep it in MY account for obvious reasons but I explained it was MY cash and could do what I want with it. Needless to say, the money is now in my mother's account . . .

But she wont let me have a lot in 1 go cos I think she thinks Im gonna spend it all on sweets!!

[NeverSure]

It's been $10,000 since the 1960's or early 1970's and hasn't even been adjusted for inflation. It was put into place to look for drug crime, money laundering, tax evasion, etc. It applies only to cash deposits and withdrawals at a bank and only once did it affect me. I wanted $20,000 so I went in on two separate days and got $10,000 each time and didn't have to fill out the form. When I've needed more than that I've bought a cashier's check (bank guaranteed check) and that rule doesn't apply there.

Let me give you the inside tip. $10k is just what they want you to think the trigger amount is. In fact, that's only the level for mandatory filing of forms.

The truth is cash amounts less than $10k do all get reported. I don't know what them minimum level is - it could be $5k - but any person doing multiple deposits of, for example $9k, in an obvious attempt to avoid $10k reporting do get detected.

I know this because, the IRS gets these reports, and if you can't explain the source adequately, be prepared to pay tax on those cash deposits or in same cases have the money forfeited.

You weren't ever a banker filling out those forms for customers to sign, were you? I was.

You don't have any actual experience with what a bank does at all, do you? I do.

If a customer deposits or withdraws more than 10,000 cash in one day, the bank gets out a simple one page form it has, fills it out and has the customer sign it. It is simply forwarded to the IRS.

Depositing or withdrawing money from your account doesn't trigger a taxable event. Generating income triggers a taxable event. I've never seen any follow up to one of those reports to the IRS. It isn't a report done behind the customer's back. To the contrary the customer sees it and signs it, and if the customer changed his mind about the withdrawal due to the form, the form wouldn't get sent.

This law and process has been in effect since at least the early 1970's and for the same amount of money. It's nothing new.

It's just that newbs are new and increase the value of tinfoil hats exponentially when they finally learn about it.

[Langsuan Man]

I don't understand all this talk about "forms" to be filled out

When I purchased a condo here in Thailand I had E"trade Bank wire me the full amount, around $54,000, into my Thai Bank Account so that I would have a Foreign Currency Exchange form to take to the Land Office. I of course filed my FBAR report that year and that was all. I never had to sign any form other than the FBAR by July of that year

I am sure that if I had tried to be cute and had five and a half wires done, to keep the amount less than the $10,000 threshold , that probably would have been a red flag and there might have been questions

It seems to me that people who run afoul of the IRS and Treasury Department are those who try and skirt the law

[riclag]

#42 Never Sure.,Sorry! Where you a banker pre or post "The Patriot Act Law". It seems that what you say pre PAL would stand up to your reasoning.The Feds are constantly changing strategy and regulations, since the Law went into effect back in late 2001.Besides the issue at hand here has little to do with taxable event triggers. Its all about "suspicious account activities". Moving around large sums of assets through different institutions and countries or "structuring" deposits of cash in various banks in the world .

This could be cause for inquiries which could result in a great deal of explaining or worst case freezing up your accounts. It would be wise to talk to a accountant who is privy to Foreign transaction transfers in and out of country and keeping all your documents.

[riclag]

God bless my money and America to??

Oh! its just another doom and gloom story about using your own money and how the USA doesn't see it your way..I'm tellin yah its very bad

http://www.foxnews.com/politics/2015/05/29/feds-indict-former-speaker-house-dennis-hastert-on-bank-related-charges/

[Langsuan Man]

God bless my money and America to??

Oh! its just another doom and gloom story about using your own money and how the USA doesn't see it your way..I'm tellin yah its very bad

http://www.foxnews.com/politics/2015/05/29/feds-indict-former-speaker-house-dennis-hastert-on-bank-related-charges/

Yes and once again he is in trouble for trying to skirt the law by having the cash withdrawn in small amounts

Why you would want to raise red flags when you are paying off a blackmailer

Pretty stupid so maybe he deserves to get caught

[TallGuyJohninBKK]

I was doing some federal tax stuff the other day, and came across a couple of references in the IRS manual for foreign expats, pertinent to this topic. Note in particular item #2, FinCen form 105 re physically moving money internationally. This summary is from Wikipedia:

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

1. FinCEN Form 112 (formerly Form 104) Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, b] they result in cash received or disbursed by the financial institution of more than $10,000.^[2]
   
2. FinCEN Form 105 Report of International Transportation of Currency or Monetary Instruments (CMIR): Each person (including a bank) who physically transports, mails or ships, or causes to be physically transported, mailed, shipped or received, currency, traveler's checks, and certain other monetary instruments in an aggregate amount exceeding $10,000 into or out of the United States must file a CMIR.^{[3
   ]}
3. FinCEN Form 114 (formerly Treasury Department Form 90-22.1) Report of Foreign Bank and Financial Accounts (FBAR): Each person (including a bank) subject to the jurisdiction of the United States having an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in a foreign country must file an FBAR if the aggregate value of such accounts at any point in a calendar year exceeds $10,000.^[4] A recent District Court case in the 10th Circuit has significantly expanded the definition of "interest in" and "other Authority".^[5]
   
4. Treasury Department Form 90-22.47 and OCC Form 8010-9, 8010-1 Suspicious Activity Report (SAR): Banks must file a SAR for any suspicious transaction relevant to a possible violation of law or regulation.^[6]
   
5. FinCEN Form 110 Designation of Exempt Person: Banks must file this form to designate an exempt customer for the purpose of CTR reporting under the BSA.^[7] In addition, banks use this form biennially (every two years) to renew exemptions for eligible non-listed business and payroll customers.^[8]

It also requires any business receiving one or more related cash payments totalling more than $10,000 to file IRS/FinCEN Form 8300.^[9]

It reads to me as though FinCen 105 only applies to PHYSICALLY moving currency into or out of the U.S. -- as opposed to electronic banking system transfers like wire transfers. But this requirement applies both to individuals and banks, if they are physically moving money in that way.

However, it seems that the first form, FinCen Form 112, would apply to all banking system fund transfers exceeding $10,000, whether they be domestic or international. And it includes the language about the bank having to treat multiple sub-$10K transactions being done by the same person as a single, reportable transaction. But 112 seems to be only a reporting obligation for banks, not the account holder.

Edited May 30, 2015 by TallGuyJohninBKK

[gk10002000]

While I also hate (hate, hate, hate) the fact that the U.S. government is becoming more and more intrusive into the lives of citizens, your post failed to mention that the $5,000 trigger point is for cash withdrawals not transfers between bank accounts.

$10,000 is the trigger and that's not much these days.

It's been $10,000 since the 1960's or early 1970's and hasn't even been adjusted for inflation. It was put into place to look for drug crime, money laundering, tax evasion, etc. It applies only to cash deposits and withdrawals at a bank and only once did it affect me. I wanted $20,000 so I went in on two separate days and got $10,000 each time and didn't have to fill out the form. When I've needed more than that I've bought a cashier's check (bank guaranteed check) and that rule doesn't apply there.

Let me give you the inside tip. $10k is just what they want you to think the trigger amount is. In fact, that's only the level for mandatory filing of forms.

The truth is cash amounts less than $10k do all get reported. I don't know what them minimum level is - it could be $5k - but any person doing multiple deposits of, for example $9k, in an obvious attempt to avoid $10k reporting do get detected.

I know this because, the IRS gets these reports, and if you can't explain the source adequately, be prepared to pay tax on those cash deposits or in same cases have the money forfeited.

FYI. I know for a fact that certain Casinos in the USA do report cash at the $6,000 level. I am told that $3,000 is commonly reported by some financial institutions, I know first hand, see my other post that the US post office will bug you if you try to buy $3,000 in Money orders.

[JimGant]

However, it seems that the first form, FinCen Form 112, would apply to all banking system fund transfers exceeding $10,000, whether they be domestic or international.

John, only when currency (cash and/or coin) is involved is the bank required to file a Currency Transaction Report (CTR). Electronic Fund Transfers don't require the financial institutions(s) to file a CTR, as this is not a cash-in-hand transaction. So, a $10,000 ACH to Bangkok Bank NY doesn't generate a FinCEN report. However, on its journey to Thailand, it is SWIFT encoded, and amounts over $3,000 have to be recorded:

"Currently, financial institutions are only required to report wire transfers if deemed suspicious and retain records for transfers of at least $3,000."

Possibly this has been lowered to $1,000, based on this article: https://www.wilmerhale.com/pages/publicationsandnewsdetail.aspx?NewsPubId=91065

Dunno.

[Pib]

The info at this FinCen Link for money servicing businesses (MSB) says $3,000. Also gives a variety of other instances/money amounts where certain info has to be obtained, maintained for X-amount of time, and if required a Suspicious Activity Report submitted.

[sirineou]

While I also hate (hate, hate, hate) the fact that the U.S. government is becoming more and more intrusive into the lives of citizens, your post failed to mention that the $5,000 trigger point is for cash withdrawals not transfers between bank accounts.

$10,000 is the trigger and that's not much these days.

It's been $10,000 since the 1960's or early 1970's and hasn't even been adjusted for inflation. It was put into place to look for drug crime, money laundering, tax evasion, etc. It applies only to cash deposits and withdrawals at a bank and only once did it affect me. I wanted $20,000 so I went in on two separate days and got $10,000 each time and didn't have to fill out the form. When I've needed more than that I've bought a cashier's check (bank guaranteed check) and that rule doesn't apply there.

I don't remember the specifics but when I was a banker it didn't apply to big stores which would deposit far more than that every day, and then buy cash to make change in amounts bigger than that. They wanted to deposit their cash and then buy our cash because ours had been organized by machines such as coin counters and wrappers. Our bills had been "mutted" meaning mutilated and worn bills had been removed and sent to the Federal Reserve for face value credit.

It also didn't apply to the armored car service which brought us new money from the Fed and took our mutts and excess and also distributed money among branches.

I think the writer needs a new tinfoil hat. I've never heard a single American complain about these rules. In fact this is the first complaint I've heard about all of this but then, who's it from?

The rules make sense

Most large cash transactions are done electronically, so when a large cash withdrawal occurs the natural question is, Why, why do you need such large amounts of cash if not to do something undetected? and if you want to do something undetected most likely it is because you want to circumvent some rule or regulation.

I understand the need some people have for privacy, but that need does not trump the need to prevent money laundering and tax evasion.

[IMA_FARANG]

In April 2013 an official in the Social Security administration office in West Springfield, Massachusetts, told me that In order for me to keep receiving my Social security pension monthly I would need to spend at least 6 months each year living in the U.S. (and having a U.S. Mailing address). Otherwise I would not be allowed to continue doing monthly transfers of funds from my U.S. bank where my Social Security pension was the direct deposited monthly to Bangkok Bank.

This was false and I told him so, but it is an example if what nonsense the Social Security administration often passes out to people who consult the Social Security office for information these days.

At that time Social Security was encouraging pensioners to open direct deposit accounts to receive their monthly pensions in U.S Banks.

The information they were giving was that a direct deposit account could nor be opened with a bank outside the U.S. that did not have a U.S. mailing address.

That is also not true as their are forms you can fill out and submit to the Social Security that allows you to do direct deposits monthly to an approved bank outside the U.S. by direct deposit monthly.

I know as I did that and receive my Social Security by direct deposit monthly to my Bangkok Bank account since November 2014.

[OneZero]

"The information they were giving was that a direct deposit account could nor be opened with a bank outside the U.S. that did not have a U.S. mailing address."

But Bangkok Bank does qualify by that criteria because it does have a branch with a US mailing address in New York City.

[TallGuyJohninBKK]

However, it seems that the first form, FinCen Form 112, would apply to all banking system fund transfers exceeding $10,000, whether they be domestic or international.

John, only when currency (cash and/or coin) is involved is the bank required to file a Currency Transaction Report (CTR). Electronic Fund Transfers don't require the financial institutions(s) to file a CTR, as this is not a cash-in-hand transaction. So, a $10,000 ACH to Bangkok Bank NY doesn't generate a FinCEN report. However, on its journey to Thailand, it is SWIFT encoded, and amounts over $3,000 have to be recorded:

"Currently, financial institutions are only required to report wire transfers if deemed suspicious and retain records for transfers of at least $3,000."

Possibly this has been lowered to $1,000, based on this article: https://www.wilmerhale.com/pages/publicationsandnewsdetail.aspx?NewsPubId=91065

That's a question I was wondering about, Jim, when I read the definition. Did they mean/define currency only as, as you said, cash and coin, or is it more broadly defined as various forms of money.

When I was reading about these regs, I started recalling back to the past posts here by various folks who claimed, if I recall right, that they were getting hassled and/or their BKK Bank-US Bank online links closed when they tried to ACH more than $10K in a single pass through the BKK Bank New York route.

That was a big issue/concern here for awhile, and then it seemed to disappear...as best as I can recall from some years back. Back then, I'm recalling that people here, rightly or wrongly, were talking about $10K as some kind of reporting threshold on the banks' part for international fund transfers.

Edited May 30, 2015 by TallGuyJohninBKK

[TallGuyJohninBKK]

"Currently, financial institutions are only required to report wire transfers if deemed suspicious and retain records for transfers of at least $3,000."

Possibly this has been lowered to $1,000, based on this article: https://www.wilmerhale.com/pages/publicationsandnewsdetail.aspx?NewsPubId=91065

It sounds from this Oct 2014 Treasury Dept report like they're still working on trying to implement that change, some five years after its original proposal...

http://www.treasury.gov/about/organizational-structure/ig/Audit%20Reports%20and%20Testimonies/OIGCA15001.pdf

Meanwhile, the 2010 article you posted above contained this pretty interesting excerpt on the subject:

On the other hand, the Proposed Rule has raised both effectiveness and privacy concerns. The proposed reporting requirements would flood FinCEN with a massive amount of wire transfer data, an estimated 750 million records a year compared to the approximately 14 million transaction reports it collects under current regulations. FinCEN acknowledges that receiving, analyzing, and disseminating this information would be a "daunting task," and banks and money transmitters should be prepared for significant compliance costs of their own. Moreover, FinCEN would now have identification and transmittal information for every individual who transmits or receives funds via international money transfers, possibly creating significant privacy and security challenges.

That's assuming the final rule/regs contain the same financial thresholds as were originally proposed back in 2010, which may or may not come to pass.

Edited May 30, 2015 by TallGuyJohninBKK

[riclag]

However, it seems that the first form, FinCen Form 112, would apply to all banking system fund transfers exceeding $10,000, whether they be domestic or international.

John, only when currency (cash and/or coin) is involved is the bank required to file a Currency Transaction Report (CTR). Electronic Fund Transfers don't require the financial institutions(s) to file a CTR, as this is not a cash-in-hand transaction. So, a $10,000 ACH to Bangkok Bank NY doesn't generate a FinCEN report. However, on its journey to Thailand, it is SWIFT encoded, and amounts over $3,000 have to be recorded:

"Currently, financial institutions are only required to report wire transfers if deemed suspicious and retain records for transfers of at least $3,000."

Possibly this has been lowered to $1,000, based on this article: https://www.wilmerhale.com/pages/publicationsandnewsdetail.aspx?NewsPubId=91065

Dunno.

This article is refreshing .It's also to clear to me how disgusting it is!!! In the sense of how low my Government will go using these screams to invade my privacy,all disguised as using it to combat terrorism and money laundering.Why must people sacrifice intrusions on privacy for the sake of safety and security for all. It seems to be evolving more and more everyday. As a matter of fact I'm totally amazed that Mr.Snowden is still alive today to talk about it..And yet it is the Sheeple who think its just and right to keep tabs on everyone's money conversations and where abouts " How dear I or anyone dispute this".Don't complain just play the game and when you decide you had enough fouls committed on yourself and you cause a stir, tough Sh!!, right?Now I'm a revolutionist,radical,extremest a doom and gloomist. More and more people are jumping to other countries while positioning there assets so they can live a more comfortable life in another country.The USA would love to have the final say globally on all do's and don'ts. What causes most Sheeple to obey the law without question ?

Edited May 31, 2015 by riclag

[riclag]

"The information they were giving was that a direct deposit account could nor be opened with a bank outside the U.S. that did not have a U.S. mailing address."

But Bangkok Bank does qualify by that criteria because it does have a branch with a US mailing address in New York City.

I sincerely believe that legislation is being formed as we speak to reform the SSA . They are writing laws to only allow your SS if you live in USA .I know eligibility for medicare is in country only.To think that this SS deduction in your pay check was mandatory but when it comes down to being able to receive your money back well now that's another topic for discussion. I think the other requirement will be 72 to be eligible to have benefits.

Edited May 31, 2015 by riclag

[riclag]

While I also hate (hate, hate, hate) the fact that the U.S. government is becoming more and more intrusive into the lives of citizens, your post failed to mention that the $5,000 trigger point is for cash withdrawals not transfers between bank accounts.

$10,000 is the trigger and that's not much these days.

It's been $10,000 since the 1960's or early 1970's and hasn't even been adjusted for inflation. It was put into place to look for drug crime, money laundering, tax evasion, etc. It applies only to cash deposits and withdrawals at a bank and only once did it affect me. I wanted $20,000 so I went in on two separate days and got $10,000 each time and didn't have to fill out the form. When I've needed more than that I've bought a cashier's check (bank guaranteed check) and that rule doesn't apply there.

I don't remember the specifics but when I was a banker it didn't apply to big stores which would deposit far more than that every day, and then buy cash to make change in amounts bigger than that. They wanted to deposit their cash and then buy our cash because ours had been organized by machines such as coin counters and wrappers. Our bills had been "mutted" meaning mutilated and worn bills had been removed and sent to the Federal Reserve for face value credit.

It also didn't apply to the armored car service which brought us new money from the Fed and took our mutts and excess and also distributed money among branches.

I think the writer needs a new tinfoil hat. I've never heard a single American complain about these rules. In fact this is the first complaint I've heard about all of this but then, who's it from?

The rules make sense

Most large cash transactions are done electronically, so when a large cash withdrawal occurs the natural question is, Why, why do you need such large amounts of cash if not to do something undetected? and if you want to do something undetected most likely it is because you want to circumvent some rule or regulation.

I understand the need some people have for privacy, but that need does not trump the need to prevent money laundering and tax evasion.

I started this particular topic God Bless America and my life savings.The rules don't make sense anymore more especially for people being accused of wrong doing or being of suspicion ,being coerced to compel yourself to admit to wrong doing when in fact you haven't .Its up to you to prove you are law abiding and done nothing wrong.The USA has grossly abused its powers in many ways and in some instances by confiscating your money because they are suspicious of your financial activities .Those red flags use to be $10,000 cash deposits or structuring deposits, they are lowering the pole down to Suspicious Activity which means any activity which is suspicious.Banks are supplying reports for as little as $3000 cash deposits.Reporting wire transfers,withdrawals etc etc they're all considered activity . Go after the big fish if need be don't spend billions of tax payer monies investigating and convicting someone for misappropriating $1000. No disrespect Meds

Edited May 31, 2015 by riclag

[JimGant]

When I was reading about these regs, I started recalling back to the past posts here by various folks who claimed, if I recall right, that they were getting hassled and/or their BKK Bank-US Bank online links closed when they tried to ACH more than $10K in a single pass through the BKK Bank New York route.

Can't remember anything about a $10k ACH cap. I do remember that Bank of America temporarily shut-down ACH transfers to Bangkok Bank NY, as it's ACH middleman (CashEdge) had become nervous with what they believed were international ACH transfers. They relented after, I guess, they concluded that, at least literally, they were domestic ACH transfers. (But effectively, IMO, they *are* international ACH transfers (IAT), which require more information about the sender, like your SSN. And BB NY doesn't have my SSN -- unless they did an inquiry of my sending bank, USAA.)

Some other folks nervous about IATs include the Virginia Dept of Taxation:

International ACH Transactions: New federal banking regulations have imposed additional reporting requirements on all electronic banking transactions that directly involve a financial institution outside of the territorial jurisdiction of the United States at any point in the process. These are called International ACH Transactions (IAT). At present, TAX does not suppport IAT. If an international transaction is processed by TAX as a domestic transaction, it may be rejected by your bank, subjecting you to late penalties. By instructing TAX to process your electronic banking transaction, you are certifying that your transaction does not directly involve a financial institution outside of the territorial jurisdiction of the United States at any point in the process.

Hmmmm. I guess the air gap between the domestic ACH and BB NY's subsequent international wire transfer to Thailand severs the "directly involve" criteria......at least in some minds.

Anyway, there is no $10k cap, now at least, on an ACH transfer to your Bangkok Bank account via BB NY. I ACHed $20,000 last week with, predictably, no problems. Per usual, it took about 34 hours, and got the 0830 buying TT rate, which on Wed was 33.63 (effectively, 33.59 after accounting for the $10 front end, and 500 baht back end fees.) Of course, the dollar will probably soar this week, just to remind me that FX direction is beyond my comprehension. Sigh.

[sirineou]

$10,000 is the trigger and that's not much these days.

It's been $10,000 since the 1960's or early 1970's and hasn't even been adjusted for inflation. It was put into place to look for drug crime, money laundering, tax evasion, etc. It applies only to cash deposits and withdrawals at a bank and only once did it affect me. I wanted $20,000 so I went in on two separate days and got $10,000 each time and didn't have to fill out the form. When I've needed more than that I've bought a cashier's check (bank guaranteed check) and that rule doesn't apply there.

I don't remember the specifics but when I was a banker it didn't apply to big stores which would deposit far more than that every day, and then buy cash to make change in amounts bigger than that. They wanted to deposit their cash and then buy our cash because ours had been organized by machines such as coin counters and wrappers. Our bills had been "mutted" meaning mutilated and worn bills had been removed and sent to the Federal Reserve for face value credit.

It also didn't apply to the armored car service which brought us new money from the Fed and took our mutts and excess and also distributed money among branches.

I think the writer needs a new tinfoil hat. I've never heard a single American complain about these rules. In fact this is the first complaint I've heard about all of this but then, who's it from?

The rules make sense

Most large cash transactions are done electronically, so when a large cash withdrawal occurs the natural question is, Why, why do you need such large amounts of cash if not to do something undetected? and if you want to do something undetected most likely it is because you want to circumvent some rule or regulation.

I understand the need some people have for privacy, but that need does not trump the need to prevent money laundering and tax evasion.

I started this particular topic God Bless America and my life savings.The rules don't make sense anymore more especially for people being accused of wrong doing or being of suspicion ,being coerced to compel yourself to admit to wrong doing when in fact you haven't .Its up to you to prove you are law abiding and done nothing wrong.The USA has grossly abused its powers in many ways and in some instances by confiscating your money because they are suspicious of your financial activities .Those red flags use to be $10,000 cash deposits or structuring deposits, they are lowering the pole down to Suspicious Activity which means any activity which is suspicious.Banks are supplying reports for as little as $3000 cash deposits.Reporting wire transfers,withdrawals etc etc they're all considered activity . Go after the big fish if need be don't spend billions of tax payer monies investigating and convicting someone for misappropriating $1000. No disrespect Meds

I read your OP several times to make sure I am not missing something, also read the article

If I am correct it pertains to cash transactions

Why would some one need to carry cash to a other country to retire

what is wrong with electronic transactions

I think the only reason people like to carry large amounts of cash is to hide it, or conduct some short of illegal activity, which is exactly why these rules were implemented by the government

Get over it, the days of money belts are over, soon cash will also be a memory

The only cash I carry is for buying a cup of coffee or other small transactions

Or perhaps I have not thought this thru, if so please point out where I am wrong

Honestly, it is a subject that affects all of as and I would like to know,

,