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Discussion => Newbie discussion => Topic started by: simelemontolomeo on May 10, 2013, 05:48 am

Title: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: simelemontolomeo on May 10, 2013, 05:48 am
What the title says, I have a regular checking account, and withdraw through dwolla. everything is legit.
nothing has raised flags, there is nothing illegal about buying bitcoins, and "selling them" for cash.

the reason why i ask is i have read about people being talked to by the bank after certain ammounts... but i dont know.
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: scout on May 10, 2013, 05:55 am
You'd have to be acting AWFULLY suspicious and sketchy for them to bother you about $300 deposits ...
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: simelemontolomeo on May 10, 2013, 06:18 am
I usually make deposits on the ATM, there are thousands around town, but i tend to only use 2, theres a third i seldom use, but there shouldn't be anything wrong with using other ones right? am I just being paranoid?

and if someone asks, i can say that i am a student (true) and resell books i buy from other students (books go for $100s )
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: H3rm3s on May 10, 2013, 06:52 am
I'm not sure if it's a cumulative total but 10k is for sure the max amount you can deposit at once without them clearing it with IRS etc. I deposited ~14k clean money once and they only released 7.5k until a week later. Should've seen the teller lady hitting on me when she read the amount. So personally I wouldn't go above 7.5k if I HAD to put in a lot at once. I'm interested in specifics about this too. How much can you realistically have in your account before they get suspicious? If you place in a lot in small increments but pay taxes for it will they leave you alone?
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: forumuser001 on May 10, 2013, 06:58 am
Banks don't become suspicious, the only hotline they have is for robberies.  The metrics you produce by specific banking habits could trigger flags for further investigation.  At 300 *4 times per week * 52 weeks in a year I don't think you're financially significant.  Congratulations or apologies
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: changemonger on May 10, 2013, 08:41 am
Why are you depositing cash to the bank? You can still use cash to buy stuff. Put your cash in a floor safe or your freezer or something. Its much safer there than the bank
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: DemontheSaint80 on May 10, 2013, 09:47 am
You are being extremely paranoid;-)  Unless you reside in a small town in which the tellers would gossip about your bank activity, I believe you are good. 
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: ComeNDanceWifMe on May 10, 2013, 10:04 am
If you're really nervous about it, and dont live in a small town, gradually bring up your "side job".  If you're a nerdier looking fellow, mention coding. If you're a normal joe, mention handyman work or painting or whatever.

That amount of money is only suspicious if you make it suspicious.
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: Jean-Ralphio on May 10, 2013, 10:34 am
Quote from: yoblack on May 10, 2013, 05:59 am
I don't really know who can ask, but if anyone with authority asks, how would you explain the ongoing cash deposits?
nothing's going to happen at that amount. neither with cash or account transfer. banks love the money. what you need to worry about is the FBI/FDIC. banks are federally regulated. i wouldn't mind depositing no more than a couple thousand a month. as for the rest, pay cash
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: deer1990 on May 10, 2013, 10:57 am
I just wait and depost it all at once.
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: vanguard54 on May 10, 2013, 04:40 pm
just say you do landscaping, sell books, make something up,
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: hkusher on May 10, 2013, 04:46 pm
I think I read here that 10k is the max deposit before it gets flagged for some more eyes. Most say 8.5k is the most you should put in at a time to stay a bit clear of that 10k

I've done deposits up to 2k when bitfloor was still here
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: way2high on May 11, 2013, 12:34 am
okay so depositing 10K at one time will flag the system but is there a cumulative total which can also flag it. like if you deposit 1K/day everyday thats 365K a year which seems to me would raise a flag.
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: heavysmoker on May 11, 2013, 12:41 am
Quote from: way2high on May 11, 2013, 12:34 am
okay so depositing 10K at one time will flag the system but is there a cumulative total which can also flag it. like if you deposit 1K/day everyday thats 365K a year which seems to me would raise a flag.

I don't know if there is a cumulative total, but they do look for "structuring" which is depositing 10k+ over multiple deposits to avoid detection. 

I would assume 1000/day for 10+ days would meet the criteria to be flagged for structuring. 
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: BEHRS on May 11, 2013, 12:48 am
TODAY
Title: Re: When do banks start getting suspicious on $300 deposits 2-4 times per week?
Post by: BajoZero on May 11, 2013, 02:18 am
Everybody has side gigs nowadays. Maybe you buy stuff at garage sales and sell it on Craigslist, or mow lawns or paint houses or babysit.  Or maybe your mom gives you cash every week.  The bank doesn't care.