Re: Bank security

From:
Date: 10/27/02 

Date: Sat, 26 Oct 2002 19:45:32 -0400

The law is called the "Bank Secrecy Act" (BSA). Financial institutions in
the U.S. must report any single cash transaction over $10,000 (deposit,
withdrawal, buying money orders, etc) or, if it is noticed or picked up by
their computers, aggregate cash transactions that are over the $10,000 (same
day or within a short period of time - doing $5,000+ per day will get you
reported). In addition, they are required to keep a log (or be able to
generate the info if requested) of cash purchases - money orders, travelers
checks, etc - of $3,000 to $10,000.

There are (will be) new requirements within the BSA due to changes in the
Patriot Act. One major one is a set system the financial institutions are
required to use to identify customers. 

--

~~~~~~~~~~~~~~~~~
Dave McAuliffe
<Central Mass.>  USA
Remove X from address
~~~~~~~~~~~~~~~~~

<name@company.com> wrote in message
news:qc2krucgiile2mipb539povsp9ifh0sv8p@4ax.com...
> On Fri, 25 Oct 2002 21:50:10 -0500, Donald M. Bell
> <dbellNOSPAM@tdbellenterprises.com> wrote:
>
> >Pretty much any deposit at or over $1,000 is reported.  In SOME cases,
> >$500 is the magic number.  If the deposit is in the form of a pay
> >check, it will not be reported to the Feds.
> >
> >As to releasing the information to other people, no, they are not
> >supposed to if the are FDIC insured, but that doesn't stop social
> >engineering, etc.  (If the person is on the account as well, they can
> >get "legal" access to the information of course!)
> >
> >Don Bell
> >http://www.tdbellenterprises.com
>
> Where are you getting this from? The requirement for reporting
> deposits to the IRS is $10,000 and I'm not  sure that the requirement
> applies if the deposit is a check as opposed to cash. Please cite
> source for your information!

Relevant Pages

  • Re: Is this a scam or money laundering scheme?
    ... U.S. Postal money orders are difficult to cash overseas. ... > His offer is that his customers send me their money, I deposit it, then cut ... written for has been altered to reflect a much larger figure than the amount ... remember that the bank has to report any ...
    (misc.legal)
  • Re: lost deposit (forfeited deposit)
    ... See also, Son v. CIR, BTA Memo 1939-331 (deduction for loss on ... As to the treatment of the seller who retained your deposit, yes, it ... you, as payor, report the payment to the seller, although it might be ... only to have the buyer renege, my realtor convinced me that the wise thing to do was ...
    (misc.taxes)
  • Re: Client Dec. Payment vs. Jan. Payment Received - how to report?
    ... and deposit until January. ... How do I report this on taxes? ... Report the amount you received through December 31st. ... attach a statement that the specific 1099 in question ...
    (misc.taxes)
  • Re: Update of tick box on clese
    ... It's actually a form for printing of a bank deposit for qheques. ... once the report is printed I want to click on the "Close" button to close ... If I were to go back into the form, I don't want it to show the cheques just ... > Consider the BeforeUpdate event. ...
    (microsoft.public.access.formscoding)
  • Re: Calculating a new balance for each line item reported
    ... header that has the starting balance (original deposit?). ... Running Sum Over Group ... Add another text box so show the balance. ... > Basically how do I do that in a report where we do NOT have the Avail Bal ...
    (microsoft.public.access.reports)