Law proposed to weaponise banks against gun owners

newmuzzleloader said:

I'm sure I rang alarm bills last week.
I borrowed cash to buy a truck from a private party. They wanted payed back in $100 bills. I had to go to 3 different branches in one day in order to withdraw 75 $100 bills to pay my debt.
My legs remain unbroken.

Click to expand...

Harrys said:

Yes, anything over 10K is reported to the Feds. A few years back I bought a small tractor with front end loader, back hoe and a 52-inch tiller. I paid cash, took money out under the 10K amount. I made a deal with the seller; I came in 4 days in a row with 5k and had it delivered on the 5th day. Nothing illegal about doing it this way, I even made the deal like it when I bought my new vehicle last April.

Where there is a will there is a way.

Click to expand...

Harrys said:

Yes, anything over 10K is reported to the Feds. A few years back I bought a small tractor with front end loader, back hoe and a 52-inch tiller. I paid cash, took money out under the 10K amount. I made a deal with the seller; I came in 4 days in a row with 5k and had it delivered on the 5th day. Nothing illegal about doing it this way, I even made the deal like it when I bought my new vehicle last April.

Where there is a will there is a way.

Click to expand...

gtodave said:

They watch those types of transactions too. Ask South Mountain Creamery.

Click to expand...

MaxVO2 said:

...Probably easier to just not become a person of interest, stay on the straight and narrow, eat your vegetables, and uhhh.. just be a good citizen/err.... subject..

Click to expand...

Harrys said:

Yes, anything over 10K is reported to the Feds. A few years back I bought a small tractor with front end loader, back hoe and a 52-inch tiller. I paid cash, took money out under the 10K amount. I made a deal with the seller; I came in 4 days in a row with 5k and had it delivered on the 5th day. Nothing illegal about doing it this way, I even made the deal like it when I bought my new vehicle last April.

Where there is a will there is a way.

Click to expand...

RCH said:

Harrys, if you did four days in a row of a $5,000 cash transaction, it probably got reported as structuring... i.e. you conducted your transactions in order to evade normal reporting requirements. So now you perfectly reasonable transaction of $20,000 (had you explained it) now looks suspicous.

Click to expand...

jrumann59 said:

So you think, with shopper trackers, e-z pass, license plate readers, if the govt saw fit they could cobble together your day to day pretty easily.

Click to expand...

Harrys said:

Credit Unions typically do not ask why? They do not follow the same rules as the banking industry.

Banks are a for-profit business.

Banks’ depositors are called "customers". Customers have no ownership interest in the institution. Banks are owned by investors who may or may not be depositors.

Banks are owned and controlled by stockholders, whose number of votes depend upon number of shares owned. Customers don’t have voting rights, cannot be elected to the board, and have no say in how their bank is operated. Directors are selected by current directors or by large block stock acquisition.

Banks’ board members are paid, and do not necessarily reflect the diversity of their customer base.

Banks are open to the general public.

Banks are for-profit corporations, with declared earnings paid to stockholders only.

Banks focus on commercial loans and accounts and services that generate significant income.

Competition between banks prohibits a sharing of resources.

With credit unions, their decisions are made to benefit credit union members.

That's because a credit union is owned and operated by members. Credit unions are non-profit organizations.

At credit unions, depositors are called members. Each member is an owner of the credit union.

Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members. Members can also run for election to the board.

Credit unions’ boards are comprised of volunteers who reflect the diversity of the membership.

Credit unions are local and are organized to serve the interests of its membership.

Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates.

Credit unions focus on consumer loans and member savings, as well as services needed by the membership.

Credit unions cooperate with other credit unions and share resources to bring convenience and savings to its members. CU Service Centers and the CO-OP ATM Network are just two examples of this cooperation between credit unions.

In the entire history of U.S. credit unions, taxpayer funds have never been used to bail out a credit union.

Credit union deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a branch of the federal government, which is backed by the “full faith and credit” of the U.S. government.

Take your money out of your bank and put it into a credit union where the government does not have their hands in your pockets.

Click to expand...

Derek1320 said:

I believe structuring only applies to deposits. If you’re withdrawing, the funds are “seasoned” (aka they bank knows the origin; be it from wages, transfers from other banks, etc.)

The only limit on withdrawals is usually how much vault cash is kept on site. Usually it’s well under $10k. When I worked in properly management and had to withdraw big sums of cash at a time, I usually called the bank in advance and the manager would gather funds for me, usually in 24-48 hours.

Click to expand...

Johnny5k said:

IANAL, but I thought structuring had nothing to do with the direction of the money, it is more the intent. If you do it to avoid any reporting requirements, that is structuring.

I know casinos watch for structuring when they make payouts to winners.

Click to expand...

Ssblugsr said:

These laws they come up with are rediculous, it really makes you wonder what’s going on in these politicians heads.

Click to expand...

Texasgrillchef said:

I worked at a Casino.

The one i worked at.... was an Indian Casino. In Oklahoma.

If they made a payout if $2000 or more a note was sent to the IRS. anything $10,000 or more gets reported to a different gov agency though, as well as the IRS.

Same thing applies to banks for deposits. although the limit for banks federally is set at 10,000.

So if you go to a casino. Go get payouts at less then $2,000. Winstar didnt care about how many payouts you got as long as there were not payouts of less then $2,000 of more then 4 an hour. And then it also depended on how much you were gambling since everything was done on a their caino gambling card. (like a debit card, all winings went on the card, all bets came from the card) They would report on payouts over 2k even if the payout was a transfer to your own banks debit card, or even a credit card.

Sadly they would even report payouts of over 2k wven if you preloaded their gambling card with over 2k and only won $100 and now you wanted all of the money in a $2100 payout. crazy!

Click to expand...

rcreynolds said:

As a former software engineer I can tell you, the capability to snoop and sniff and gather and correlate and surveille and form assumptions from the information is growing daily. The Gov can analyze literally billions of records of information, continuously...

Click to expand...