Continuing $$$ Talk re: Western Union Thread

[pgrahmm]

http://www.tpnn.com/2015/03/27/government-orders-banks-to-call-cops-if-customers-withdraw-5000-or-more-from-accounts/

[NancyL]

If you really take the time to read the article, the I think you'll find the restriction is about withdrawing more than $5000 in cash -- which sounds low to me. I thought the limit to where a flag is raised is $10,000. At least that was the limit when we ran a business in the U.S. And then, it wasn't a restriction, it was just a trigger point to where a simple form had to be completed if a transaction involved more than $10,000 in CASH.

[noahvail]

They dropped the amount to 5k a couple of years ago, and made it bloody cumulative from month to month. So, if it's 5.1k in the month of April, you're supposed to report it. I don't personally know anybody doing a cumulative report for what would be very small amounts.

[Dante99]

may

could

Anything is possible.

What restrictions Nancy? I have never had any problem getting 10k cash from my bank just walking in and never filled out any form.

Where does it say you are supposed to report it Noah? Isn't that the bank's responsibility to report it within 15 days?

[NancyL]

The "issue" we had with our business in the U.S. was in making cash deposits greater than $10,000. The tellers at the bank had to fill out another form, about as complicated as a bank deposit form. They'd roll their eyes and look annoyed, esp. when I brought in a deposit that was something like $12,000 in cash. Some even broadly hinted that I should come back tomorrow with another deposit, in effect splitting that $12,000 into two smaller deposits so they didn't have to report it.

I can't speak to the issues of large cash withdrawals. The "problem" we had was with large cash deposits. Our outflow was via electronic transfer, as would be the outflow of most anyone moving funds from the U.S. to Thailand.

The Tea Party article referenced in the OP is an example of needless scaremongering.

[puukao]

9 times I gave them 9,999.99. 1 time I got arrested on tax evasion......i kid, i kid.....but it does happen in America!!!

I put my money in the washer.....but I am not sure this is what they mean by "clean"

No worries, I have bet all my money on Thailand winning 100 gold medals at the next olympics!!!!!

I got great odds!!!