Making a Deposit Over $10K Is Tricky. Here’s why.
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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
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⏱️ Timestamps:
0:00 – Start Here
I… I… I found it in the couch cushions 👀 👀
Do it the Walter White way.
So I was a manager at cvs. I would deposit regularly UNDER $10,000 and break up different deposits under $10,000. One time I counted a little over $90,000 in 10 different deposits. If this is structuring, why was my job making me deposit less than $10,000 per deposit instead of the $90,000?
It’s for personal accounts, not business. Government just wants to make sure it’s peasants aren’t hiding money from them
You’re boss was tryna get rid of you 😂
Small businesses get audited for this, not large ones. The money isn’t going into your account. You’re depositing for cvs.
@@EveningStreets I understand that. What I’m failing to understand is why it’s ok for cvs to do it and not me or any other person.
@@maxlivingstone6863who said it was okay? The company may be under suspicion
You could always put it under your bed, it worked for my grandma
So did Sheldon’s grandma.
As long as there isn’t a house fire or determined theif.
@@andrewparker6574determined thief like usa govt?
25k? Ill buy Gold with that thanks!
It’s not trouble to deposit too much money. It’s trouble to try to evade detection. Once you can justify your transaction you should freely deposit it.
I deposited $21.5k one time at the bank bc I sold a high end Pokemon booster box. I didn’t pay extra fees or have anyone call. Just do the right thing.
they still can get you on capital gains tax unless you sold it for what you got it for
@ This was back in 2021.
Does this only apply to cash or does this apply to checks as well?
“As long as you did nothing wrong, nothing will happen to you.”
Not in this economy. 😂
I understand the explaining putting money in your institution. It’s the explaining taking my money out that I don’t like
I shouldn’t have to explain anything. This isn’t court and here in usa we are all innocent until proven guilty, well supposed to be, so why do they ask me personal questions. We ain’t friends this is just a business transaction. I store my money here and you charge me. It’s that simple. No words even need to be exchanged. Just deposit slip or withdrawal slip and an exchange of money. That’s it.
I do nothing wrong, nothing what won’t happen to me.
I saved $12,000 over 4 years to put down on a new car. I saved it up and had it in my safe at home.
Once I had it saved up I put it in the bank. So far, nothing has happened.
Just don’t deposit money in the bank
As a former teller, CTRs (currency transaction reports) are pretty benign, and are only used in the one situation. SARs (suspicious activity reports) are very serious, and are filed for any number of reasons that could flag or constitute illegal behavior. Just get the CTR, with a teller who knows what they’re doing it takes less than a minute to fill out and will likely result in no additional follow up.
You are tracked if you deposit as little as nine hundred dollars, especially if it’s cash. They can’t officially charge anyone, but you are targeting for investigation. It’s one reason drug dealers stock pile cash in their homes.
Everything is tracked above 5k. The requirements to report are the same as the video.
what if the 10k comes from the IRS ?
Nah. As long as you aren’t doing it CONSTANTLY you’re fine. I know someone who had a scrap recycling business for years and used to break up deposits all the time during those years. Or had their buyers write multiple smaller checks
First thing the FBI looks at is your bank account.
Walter White had this problem and he was never able to solve it. 😂