Try using cash at your bank these days for cashiers checks..

Discussion in 'General Discussion' started by jjmitchell60, Mar 19, 2012.

  1. I had an order from one of my distributers coming in COD so I went to the bank to get a cashiers check for it, $216.08 was the amount and I pay extra on my checking account to get cashiers checks, travelers checks, and etc. for only a $1. Well I went to get this one, got 2 last week with one for $800+ and other $700+ with paying cash for them, so I took the cash to get it. Was told I would HAVE to put the cash in my checking account and THEN write a check for the $216.98 of the amount of the cashiers check AND then one for $1 for the service of the cashiers check. Now I could NOT pay cash for it, a total of $217.98 ($216.98 cashiers check + $1 for the service). Well I ask WHY and was told it was a federal regulation to which I called BS! IO went to another bank in town to ask them because if it was just my bank being an ass I would switch banks ()I do have a BUSINESS account as well as personal accounts) to which the other bank said the same thing, put the cash into my account and the debit the checking account for the cashiers check. Now I know anything over $10K has to be reported but now it is down to ANY amount of CASH! I went to the post office and bought a MO asking if they still accept CASH! they do. My bank also said they can no longer sell bonds if you pay in CASH! Seems cash is NO LONGER legal tender in this country. Add that on top of the fliers I saw where if a customer comes into my shop and insists on paying in cash, I am to report them to the FBI!!!!!! So now anyone who pays with cash is a possible terrorist!!! have you ever heard the like! I fired a nasty letter to my 2 US Senators and my US Representative. This is BS. Pass this around and see if others have run into this problem with CASH!

    I told the senators and Representative that they need to check the banking regulations, the so called "terrorist" laws, the mockery that we have sunk lower than any 3rd world nation which accepts the US Dollar as legal tender yet the US does not, and mainly the Federal Reserve. I also had a few choice words as to that POS Kenyan in the white house and his cronies. I also told them it is sad that a damn illegal can go to Wal-Mart and send up to $10K to any country with CASH yet a US Citizen who has ancestors that came to the colonies in the early 1600s cannot pay for a $200 cashiers check at the bank he has banked at for 30+ years with CASH. I told them that the words on the US bills that say they are legal for all debts, private and public is a bunch of BULL **** these days. Also told them all they were in D.C. for was to live off the tax payers teat but they had better hope it was not CASH!
  2. jack404

    jack404 Former Guest

    Jan 11, 2010
    it's already like that here and in the UK

    wait till you cant use cash to buy gas as thats also on the list here next

    its already the case with gas bottles ( propane)
    you cant hire anything without a credit card
    cant pay cash for airline tickets
    cant pay your taxes in cash either i found out recently ( i owed $45 and rather the late fine i went to their office , no cash accepted is writ on the door )

    welcome to the UN

  3. mjp28

    mjp28 Well-Known Member

    Dec 17, 2011
    anytown, OHIO
    ......My bank also said they can no longer sell bonds if you pay in CASH! Seems cash is NO LONGER legal tender in this country.......

    When I first started reading this I thought it was about the recent banking rules where they squeeze them in one area so they look to switch fees in another -but- when you read on any US cash bill about "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE" (yes in caps) and it's not accepted, that's different.

    That really hits at the heart of our monetary system, if you owe someone $100 USD in the United States, you can try to pay it back in Mexican Pesos or valuable jewelry or gold metal, or even a cheque or a charge card, but they don't have to accept any of those as payment.

    But I guess it's just one more part of our system too to keep us safe, bad guys can get suitcases full of money easier that other "money".

    Oh on the $10,000 cash transaction, that's a very old regulation, in an audit the banks themselves can be fined for not reporting those transactions per transaction.

    It's a good idea to break them up anyway....if you can.
    Last edited: Mar 19, 2012
  4. raven818

    raven818 Well-Known Member Supporting Member

    Oct 3, 2011
    Jax, Fl.
    That is a myth. It was never true. Yes, that figure ( 10K ) had to be reported, but the operative word with 10K is " had ".

    The regulation, said/says, in part, that any unusual transaction(s) by a customer, based on their regular banking habits, the bank must report, no matter the amount. And it's been that way since the big flood.

    Whether or not it's unusual, is strictly up to the bank.

    One would be surprised at the amount of drug dealers who get busted, because they think they will stay under the radar if they make deposits under 10k.
  5. raven818

    raven818 Well-Known Member Supporting Member

    Oct 3, 2011
    Jax, Fl.
    As a second far as the bank is concerned, you could be laundering money.

    You collect cash for X, go to the bank, buy a money order for cash, go somewhere else, pay their fee for cashing it, and Poof, the moneys in your pocket.

    BTW, I mentioned unusual transaction(s). That's true. But, I left off another bit. Your purchase(s), in the banks mind could also be considered a pattern, and patterns of, say, purchasing money orders, must also be reported.
  6. The point is I have banked there 30 years, they KNOW I am a business and have my business account, and have bought HUNDREDS of cashiers checks to pay COD orders. SO NADA as to unusual! According to the bank it is a federal regulation now. Cashiers checks or bank money orders cannot be paid for in cash, you must first deposit the money into your account and then pay for the MO or cashiers check with either a personal check or debit!!! I will just go to USPS and cut back my bank accounts. I pay extra for the right to get cashiers checks for only $1 but alas time to cut back a lot on my accounts and give all my money to USPS or WalMarts. They sell Money Orders for cash all day long. Lots of the time COD is less expensive than putting it on my card being it is between 3% & 5% more to put it on the card. I hate the 90 day accounts so I do not do them with any distributer.

    Bottom line is we are no longer free and our money os no longer good for ANY DEBT, PERIOD. My bank proved that today. Cash can be and is encourged to be turned away as a form of payment by our communist govenment.
    Last edited: Mar 19, 2012
  7. jyantkilr

    jyantkilr Former Guest

    Feb 23, 2012
    It is called a SAR:

    Suspicious Activity Reporting Requirements
    Certain money services businesses – businesses that provide money transfers or currency dealing or exchange; or businesses that issue, sell, or redeem money orders or traveler’s checks – must report suspicious activity involving any transaction or pattern of transactions at or above a certain amount:

    $2,000 or more;
    $5,000 or more for issuers reviewing clearance records.
    You have 30 calendar days to file a SAR after becoming aware of any suspicious transaction that is required to be reported.

    Big brother also watches everything you say or write via the internet. Data mining comps are capable of data mining the entire library of congress in less than a couple seconds. Welcome to the world of VoiP, voice over internet protocol. Yes your phone call will most likely at some point go over the internet. Gotcha !!!

    Penalties for not filing a SAR can be steep.

    Civil and criminal penalties can be imposed for violations of anti-money laundering laws and regulations. Penalties can result in substantial fines and in prison terms. Any MSB that fails to comply with BSA reporting and record keeping requirements faces possible civil penalties of up to $500 for negligent violations and the greater of the following two amounts for willful violations: the amount involved in the transaction (up to $100,000) or $25,000. Under certain circumstances, businesses can also be held criminally liable for the acts of their employees. The maximum criminal penalty for violating a BSA requirement is a fine of up to $500,000 or a term of imprisonment of up to 10 years, or both.
    Last edited: Mar 19, 2012
  8. cpttango30

    cpttango30 Guest

    You still use cash? WOW

    I try my best not to use cash. It is too much of a PITA for me.

    Seeing as someone said big brother watches what you do on the internet. Has anyone heard about the HUGE NSA data mining center in UTAH?
  9. mjp28

    mjp28 Well-Known Member

    Dec 17, 2011
    anytown, OHIO
    I always understood it this way (and there's more, government, tax and other requirements are generally HUGE!).

    Failure to report more than $10,000 cash: felony under federal law

    by Lewis Gainor on January 16, 2011

    A person who is self-employed would probably always prefer cash payment from customers over credit cards or personal checks. But the self-employed should be wary of federal laws concerning reporting cash payments. Intentional violation of cash reporting laws can result in felony charges. The federal government watches small business closely in a number of ways.

    The Internal Revenue Service monitors banking deposits in the United States. Pursuant to federal statute, financial institutions are required to report cash deposits in excess of $10,000 to the IRS.

    Banks are required to make these reports pursuant to the Bank Secrecy Act of 1970. Recently amended by the Patriot Act of 2001, this federal law serves as an important tool for federal prosecutors investigating drug trafficking, money laundering, and terrorism.

    The law placing responsibility on banks to report cash deposits in excess of $10,000 is found at Title 31, United States Code, 5313. It provides that the Secretary of the Treasury can make rules for which deposits must be reported. See 31 USC 5313(a). Financial institutions must make Currency Transaction Reports (CTRs) for these deposits.
    The reports provide the IRS with the identity of the person making cash deposits and other pertinent data, which can be used by law enforcement.

    While banks are required by statute to report deposits, individuals and businesses who receive payments in cash in excess of $10,000 are also required to make reports to the IRS, regardless of whether the money is deposited. This law is part of the tax code at 26 USC 6050I.

    26 USC 6050I provides that any person in trade or business who receives a cash payment in excess of $10,000 must file a return with the IRS. The return is Form 8300, which discloses the identity of the parties and the nature of the transaction. It must be filed within 15 days of the date the payment is received. See 26 CFR 1.6050I-1(e)(1).......CON'T.....on and on...
  10. mjp28

    mjp28 Well-Known Member

    Dec 17, 2011
    anytown, OHIO
    I'm not really that up on SAR but I can see that too....
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