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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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Offlinejasonjasonjason
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Depositing money into an account
    #7996131 - 02/08/08 12:52 PM (15 years, 11 months ago)

A buddy of mine asked me some questions the other day thinking I would know the answers because I am money minded, but there were some things that I couldnt answer.

He has a bank account that several people a couple thousand miles away regularly deposit cash into. He told me they usually deposit anywhere between 400 and 1500 at a time. These deposits apparently happen multiple times a week, and my friend here withdraws the cash from local banks, the most hes taken out is 3500 but usually he doesnt take out more than 1500 at a time.

Now, I told him I know that it doesnt really matter unless you do shit over 10,000 dollars. But he asked "but what about in one statement period?" so i guess is it 10,000 all at once or will 10,000 over the course of two weeks also set off an alarm?

Also, should my friend be worried about not paying taxes on this money?

Basically, my friend wants to know if there is a more anonymous andless sketch way of moving this much money.


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Offlinekindadank
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Re: Depositing money into an account [Re: jasonjasonjason]
    #7996142 - 02/08/08 12:54 PM (15 years, 11 months ago)

Yeah man, if his account gets flagged for any reason he will probably run into some trouble. Why doesn't he just use postal money orders? They only cost $1 per 1k.


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InvisibleGoodbyeOrb
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Re: Depositing money into an account [Re: kindadank]
    #7996370 - 02/08/08 01:53 PM (15 years, 11 months ago)

actually looks like $1.50 per $1k, and limited to $3000 daily.

USPS Postal Money Order Site


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OfflinegeokillsA
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Re: Depositing money into an account [Re: jasonjasonjason]
    #7996425 - 02/08/08 02:03 PM (15 years, 11 months ago)

Quote:

jasonjasonjason said:

Also, should my friend be worried about not paying taxes on this money?



Well if your friend would just pay his darn taxes, he wouldn't have to worry about any of his "sketch" methods of transferring large sums of money. I don't know the specifics as to how much money or how often money transfers raises flags, but just pay the freakin' tax man and you won't have to worry about it. I'm not saying I love paying taxes, but I love feeling comfortable with the amount of money I'm left with, knowing that I'm not going to be at a high risk of audit and the associated extreme financial penalties.


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OfflineSmackshadow
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Re: Depositing money into an account [Re: geokills]
    #7996665 - 02/08/08 03:12 PM (15 years, 11 months ago)

My guess would be not to worry. Amounts over 3k normally show up on a report at the bank. They will log them in a spread sheet and then may some some sort of analysis on them but it is unlikely they would be able to figure it out with so few transactions.

For the record a report HAS to be filed on anything over 10k per day. Some banks will choose to file reports on amounts less than that if they seem suspicious. I would guess that no bank would file a report on less then 9k, but see above.


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The trouble with fighting for human freedom is that one spends most of one's time defending scoundrels. For it is against scoundrels that oppressive laws are first aimed, and oppression must be stopped at the beginning if it is to be stopped at all.
     
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Re: Depositing money into an account [Re: jasonjasonjason]
    #7996840 - 02/08/08 03:56 PM (15 years, 11 months ago)

you could always just keister it.


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Offlinejasonjasonjason
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Re: Depositing money into an account [Re: GoodbyeOrb]
    #7997424 - 02/08/08 06:18 PM (15 years, 11 months ago)

what if my friend were to open multiple bank accounts and then have one or two people depositing into each one instead of all of them into one.


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Re: Depositing money into an account [Re: jasonjasonjason]
    #7997448 - 02/08/08 06:24 PM (15 years, 11 months ago)

maybe if they were at separate banks, but I'm no expert.


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OfflineSmackshadow
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Re: Depositing money into an account [Re: GoodbyeOrb]
    #7998762 - 02/09/08 12:36 AM (15 years, 11 months ago)

If they were at separate banks they would be fine at the banks end. If they were all at the same bank, and by the same person but different accounts then it would still get flagged. The bank monitors all of the transactions from one PERSON not just one account.


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The trouble with fighting for human freedom is that one spends most of one's time defending scoundrels. For it is against scoundrels that oppressive laws are first aimed, and oppression must be stopped at the beginning if it is to be stopped at all.
     
~H. L. Mencken~


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Re: Depositing money into an account [Re: jasonjasonjason]
    #8001042 - 02/09/08 04:51 PM (15 years, 11 months ago)

Quote:

jasonjasonjason said:
what if my friend were to open multiple bank accounts and then have one or two people depositing into each one instead of all of them into one.




If he gets flagged and gets investigated a simple social security number scan will show that he has these multiple accounts receiving these large payments. Either way if someone catches on hes going to be fucked. Especially since this is tax season and the IRS might try to figure out how your friend has been paying for all of his expenses without this reported income.

I suggest money orders as one of the first repliers did as well. Just a much smarter option.


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Offlinekindadank
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Re: Depositing money into an account [Re: GoodbyeOrb]
    #8009524 - 02/11/08 04:47 PM (15 years, 11 months ago)

Quote:

GoodbyeOrb said:
actually looks like $1.50 per $1k, and limited to $3000 daily.

USPS Postal Money Order Site




Yeah, maybe they are 1.50 now.  As for the 3k daily limit, I hear most cities have more than one post office. :wink:


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Re: Depositing money into an account [Re: kindadank]
    #8010042 - 02/11/08 06:36 PM (15 years, 11 months ago)

I'd imagine, being the government and all, they'd realize that the same person was hitting up post offices in close proximity and buying $3000 money orders, unless, that is, you are buying them all with cash money, which would also raise suspicion, if you're rolling up in that bitch daily to drop 3 large.


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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order


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