Cash reporting requirements?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
There has been much discussion about the over $10,000 in cash withdrawal reporting requirements, but what about if a person takes his paycheck and get cash for it? Does such a practice count toward this reporting requirements?
-- me (firstname.lastname@example.org), March 21, 1999
Simply take the check to the bank it is written on and cash it! It is not your bank, so they do not report!
-- old sailor (email@example.com), March 21, 1999.
We kicked this arond a bit in our office, too. We're not lawyers, but it seems to us that you aren't "withdrawing" money if you just take your paychack down to you'r employer's bank and cash it. Is everyone who cashes his/her paycheck each time guilty of "structuring" withdrawals? Seems unlikely, but there are zillions of crazy/unreasonable laws these days. Then, of course, that cash goes in storage, and you pay your bills, etc. from the other accounts that you want to liquidate. If you decide to do this, you will be joining a fairly sizeable club -- heh, heh.
Does anyone know the law well enough to be certain about this? I believe I read it last year, but it was vague in some areas, like how long the period is that could have withdrawals connected to call it "structuring".
This is insane to have to worry like this to get your own money out of the bank... Do you notice how little you hear "...it's a free country..." anymore??
-- Mr. Cash (firstname.lastname@example.org), March 21, 1999.
Knowing what you know about Y2K, you are preparing like you have never done before in your life, why are you people still messing with banks? They control your life, have access to personal information, and will turn you into the Feds if you don't cooperate (they turn you in every year if you collect any interest). I really don't feel sorry for anyone who complains about banks and still keeps their account open. Cash is the best type of banking to deal with, and there's no paper trail.
-- bardou (email@example.com), March 21, 1999.
I work at a bank on the teller line,..You cash a check drawn on our bank and you are not a customer,we take a thumb print and if the funds are there ,we cash your check with ID..If the check is over 10,000.00 the CTR is filled out..even if you are a customer and want to withdrawl funds or cash a check or deposit 10,000.00 the CTR form is filled out..no cash withdrawl limits yet..I'll let you know if that changes..
-- rooster (firstname.lastname@example.org), March 21, 1999.
I would dearly love to know HOW to get a paycheck cashed on an-out of state bank (my wife's). It's one thing to go down to MY employers bank, since it is local, but another entirely to try to go to RI state to cash hers, since I live in PA.
Any suggestions beyond taking it to a liquor store every week would be appreciated. We cannot justify losing 10-20% of her income to check cashing fees, yet we don't want to use the banks. Sigh...
-- Bill (email@example.com), March 22, 1999.
How about using your cheque to buy smaller money orders payable to your spouse or merchants that you utilize?
-- Watchful (firstname.lastname@example.org), March 22, 1999.
That's an idea that I hadn't thought of. Thanks. I'll look into it.
-- Bill (email@example.com), March 24, 1999.