Silk Road forums
Discussion => Security => Topic started by: deer1990 on July 10, 2013, 11:38 pm
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I know this topic is somewhere but everytime I use the search feature I get an error, So anyways I use my banks ATM to deposit cash into my account and then from their I send it to dwolla and exchange it for bitcoin. My concern is will depositing a couple grand a week and then withdrawling around that amount to dwolla raise any suspicions with my bank? If im every questioned what should I say ? I have a couple thousand in cash I would like to deposit so I can get some more bitcoins, but I dont want to press my luck. Ive thought about going to money orders, but I also dont want to look like an idiot and hold up a line while the person counts all the cash for money orders.
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10,000 but they can be suspicious on any amount if its all tens and 5s
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10,000 but they can be suspicious on any amount if its all tens and 5s
I heard it's actually 9,999 and that at 10,000+ they start asking questions and that amount will get reported. But anything under 9,999 is safe. You can just say you sold your boat or something, they do not need to have proof of that. It's your money and non of their fucking business. If you're in the US and need coin I can direct you to a couple vendors on the SR that will you give you coins for a bank deposit. The fee is only 10%. Msg me if you are interested.
Regards,
i push the kush
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the $10,000 threshold is an old one - banks are required to report daily on any deposits or cash withdrawals they find unusual for a customer - while the legal limit is $3000, requiring them to file at the end of the day, if it's suspicious and unusual for a customer, or you have a "teacher teacher" teller, they can report on less
personally, i'd deposit no more than $1000 at a time 2- 3 days apart, at different branches, and try to bring it in in odd bills, to make it look like you cleaned out your piggy bank
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personally, i'd deposit no more than $1000 at a time 2- 3 days apart, at different branches, and try to bring it in in odd bills, to make it look like you cleaned out your piggy bank
Good tip, lets stick with that 8)
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personally, i'd deposit no more than $1000 at a time 2- 3 days apart, at different branches, and try to bring it in in odd bills, to make it look like you cleaned out your piggy bank
Good tip, lets stick with that 8)
This worked until last year when they brought in geographic statistical analysis where now using different branches like that to make smaller deposits will now flag you up. There is no safe limit, only a safe back-story to justify it so get that in order.
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the $10,000 threshold is an old one - banks are required to report daily on any deposits or cash withdrawals they find unusual for a customer - while the legal limit is $3000, requiring them to file at the end of the day, if it's suspicious and unusual for a customer, or you have a "teacher teacher" teller, they can report on less
personally, i'd deposit no more than $1000 at a time 2- 3 days apart, at different branches, and try to bring it in in odd bills, to make it look like you cleaned out your piggy bank
It's still true though. Anything above $9,999 they hand you an IRS form to fill out. But you are right, they will notice frequent large cash deposits on a regular basis not going to a business account and they will notice quickly. Just keep it infrequent and limited to a few thousand at most. Or be smart and look into how to form your own LLC and get a bank account under that name. They won't flag cash deposits as easily as they will to a personal account.
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personally, i'd deposit no more than $1000 at a time 2- 3 days apart, at different branches, and try to bring it in in odd bills, to make it look like you cleaned out your piggy bank
this isn't good advice - having worked in a bank myself we were told to look out for people making multiple cash deposits in different branches, this does look very suspicious - you are much better off using the same branch but make up a story that you own a business that deals predominantly in cash and therefore you need to make multiple cash deposits. you would probably be better off opening a 'business account' linked to your personal account. i dont know what the laws are in the states regarding that - in the uk its not against the law to use your personal account for business needs but it isn't the right way to go about your business. obviously a business account with multiple deposits and transfers is going to arouse less suspicion than a personal account with that kind of behaviour.