how to withdraw money from bankgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
How should large sums of money (25-50K) be withdrawn from bank (Cashiers checks, money orders, cash, any other way) and how should it be held at home taking security into consideration (silver, cash, cashier checks, any other way)? Thank you.
-- John Townsend (JTooon@aol.com), April 17, 1998
If it were in a regular checking account, I would buy all the necessary items I need to get ready for the Y2K crisis and then withdrawal the rest in $10, $20, and $50 (a thousand dollars at the time) until I had all of it. The best security is not to tell anyone what you are doing with your money, so noone has any reason to break into your house. I would install a regular security system for peace of mind. Part of your purchases could be $1000 bags of silver coins of pre-1965 selling in the $4,000 to $5,000 range. add a solar/generator system to your house is another $10-15,000; food supplies another $5000; etc. you could easier spend that $50,000 just getting ready.
-- Walter Whitehurst (firstname.lastname@example.org), April 17, 1998.
Before running dowm to your bank to withdraw your life savings, you need to be aware of the Cash Transaction Report(CTR) which, by law, must be filled out when someone withdraws over $10,000. Shortly after the law was installed, congress added the crime of "structuring,"i.e., ordering your transactions to avoid the reporting requirement.Using your ATM card to withdraw $500 at a time. Franklin Sanders has a great report you can get that covers what could be done. Moneychanger,PO Box 341753, Memphis,TN 38184 (901) 853-6136
-- edgar cayce (email@example.com), April 19, 1998.
Does this form have to be filled out for the following?
I closed out a 401K and got a check for 12,000. Can I just cash it or do I have to fill out that form when I cash it?
-- pat spruce (firstname.lastname@example.org), September 21, 1998.
Pat, I used to work at a bank while I was in college. The Cash Transaction Report must be filled out every time you deposit or withdraw $10,000.01 "Cash." You'll probably have to fill one out if you cash your check. The form isn't that big of a deal. It's just so they can track who's making large cash transaction so they can track down drug dealers, money laundriers, and the sorts. I wouldn't be concerned with filling one out. It's not used for any sorts of tax purposes, as some people are concerned about. I would be concerned about the tax treatment of your 401K. Hint, if you want to avoid filling out the form, don't cash the entire check. Deposit $2001and get $9999 less cash. Then go back and withdraw it the next day after it's posted to your account. Actually, you probably don't want to be that obvious, because the teller would probably file a supious transaction form on you (again, not a big deal unless you are up to something), but hopefully you get the just of it. Hope this answers your question. :-)
-- Heather McGee (Hmcgee@juno.com), September 24, 1998.
Keep thy nose clean. Try this site.
-- Uncle Deedah (email@example.com), September 24, 1998.
Here's a plan I heard to avoid the CTR or structuring law since you may not want your name in a database of any sort nor to be a possible felon due to structuring.
You have $50,000 in bank and want to get all of it out post haste. You also want some gold. You buy $50,000 of gold through check or wire transfer. (You could do the same if you wanted to make a large payment on your mortgage). Several weeks later you sell some of the gold back to a dealer and ask for cash payment.
-- Rancherdick (firstname.lastname@example.org), October 11, 1998.