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Old Yesterday, 01:38 AM
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Default Cash?

I caught wind of something recently, that being that the banks we use are being monitored by the government and that people who withdraw large amounts of a cash at a time and operate with cash more than electronic usage are considered 'dangerous' or some shit. Okay I admit, it was a commercial sponsored by Pat Boone for something called Swiss Bank, and they were offering a free video which i will not ask for, but I always wonder if there is a nugget of truth. Since you guys are the ones I go to when I'm paranoid about facebook (thank you lisarea) and because usually i can trust the info here, i was wondering if anyone has heard this. I like cash. I like taking a lot out. And now I'm wondering, should I stuff it in my mattress and fuck the bank?
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  #2  
Old Yesterday, 01:51 AM
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Default Re: Cash?

I think it's $10k and is a legacy of the post 9-11 hysteria.
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  #3  
Old Yesterday, 01:57 AM
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Default Re: Cash?

you mean 10k as what they look at as a withdrawl ? Who the fuck can do that?
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  #4  
Old Yesterday, 01:58 AM
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Default Re: Cash?

If you want to withdraw that much, you go on a list or something.

ETA I don't see a lot of details online. It seems like transactions over a certain amout will get your account monitored but it isn't entirely clear. Maybe that is by design.
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  #5  
Old Yesterday, 02:29 AM
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Default Re: Cash?

This can happen when trying to help that Nigerian prince send you that $15 million. I've an elder in-law who got tangled up in a scam. Cracking down on fraud is a factor alongside the omgterrorism.
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Old Yesterday, 05:53 AM
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Default Re: Cash?

Banks have to report cash transactions of 10k+ to the government. They also will often report multiple cash transactions just below 10k done in short time period by the same person since that looks suspicious.
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Old Yesterday, 01:28 PM
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Default Re: Cash?

I too like cash.
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Old Yesterday, 01:32 PM
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Default Re: Cash?

Money laundering by criminal enterprises (drugs are often the example) and terrorists and anyone else the government doesn't like is a big problem. Reporting large transactions and withdrawals is one of the ways they are trying to deal with it. Any side-effects of increased government information and reduced citizen privacy are just a bonus.
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  #9  
Old Today, 03:07 AM
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Default Re: Cash?

Exceeding the withdrawal limit was how they caught fucking scumbag, Republican House Speaker, and convicted felon Dennis Hastert, who was trying to quietly pay off $3.5 million in hush money to a former student to keep quiet about sexually abusing him when Hastert was a wrestling coach in Illinois and the former student was 14.

How the feds uncovered Dennis Hastert's sordid past
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  #10  
Old Today, 04:36 AM
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Default Re: Cash?

Then there's not reporting it
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