bank secrecy act-10k

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sil2017
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Joined: Mon Jan 23, 2017 7:25 am

bank secrecy act-10k

Post by sil2017 » Wed Dec 06, 2017 2:28 pm

Hope I can get some advice before I withdraw funds (distribution process) from my 457B. The institution I hold my 457b is linked to my bank account. Whenever I needed money, the institution would electronically transfer the amount to my bank account. Many times, it has been about 2k per transaction.

As I am uncertain with the proposed tax plan 2018, I would like to withdraw funds (distribution process) from my 457B account in the amount of 20k to 30k into my bank account.

Is this considered a red flag based on the bank secrecy act as the transaction will be 20k to 30k (haven't decided on exact amount yet ? Would my Bank need to file form for the government or any Suspicious Activity Report?

Also, with some of the money in my bank account, I would like to write a check to pay off some of my heloc loan. It may be over 10k for the check. Is this considered a suspicious activity report as it is over 10k?

Thanks all for your expert advice and time.

Chip
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Joined: Wed Feb 21, 2007 4:57 am

Re: bank secrecy act-10k

Post by Chip » Wed Dec 06, 2017 2:33 pm

None of those transactions are a problem. It is CASH transactions of 10k or over that get flagged & reported.

wilshuer
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Re: bank secrecy act-10k

Post by wilshuer » Wed Dec 06, 2017 2:37 pm

Even if it does, why do you care? Nothing illegal about the transactions, let the bank waste their time.

sil2017
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Re: bank secrecy act-10k

Post by sil2017 » Wed Dec 06, 2017 2:38 pm

chip and wilshuer

thanks both for your quick responses

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Epsilon Delta
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Re: bank secrecy act-10k

Post by Epsilon Delta » Wed Dec 06, 2017 2:55 pm

Although if the bank knew that you were asking if this was a suspicious activity, the question itself could trigger a report. :twisted:

Actually for a transfer from a 475b account thats not likely to happen, but if you walk in to a bank with say $8,000 in cash from a car sale asking if the deposit will trigger a report is the wrong thing to do.

ERISA Stone
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Re: bank secrecy act-10k

Post by ERISA Stone » Wed Dec 06, 2017 3:14 pm


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dm200
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Re: bank secrecy act-10k

Post by dm200 » Wed Dec 06, 2017 3:24 pm

Just do not ask any questions, etc. that would lead a financial institution to believe you had something to hide.

badger42
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Re: bank secrecy act-10k

Post by badger42 » Wed Dec 06, 2017 3:24 pm

As long as what you're doing is legal, SARs are not a problem even if one is filed. Let everybody waste their time, it will not do you any harm.

If you structure to avoid a SAR, that's illegal and can cause all sorts of headaches.

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dm200
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Re: bank secrecy act-10k

Post by dm200 » Wed Dec 06, 2017 3:26 pm

Epsilon Delta wrote:
Wed Dec 06, 2017 2:55 pm
Although if the bank knew that you were asking if this was a suspicious activity, the question itself could trigger a report. :twisted:
Actually for a transfer from a 475b account thats not likely to happen, but if you walk in to a bank with say $8,000 in cash from a car sale asking if the deposit will trigger a report is the wrong thing to do.
Right.. If, however, you walk into your bank or credit union to deposit the $8,000 cash and, if asked, tell the truth about the money - and not even appear "suspicious" - I doubt anything would be filed.

ermcgrat
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Re: bank secrecy act-10k

Post by ermcgrat » Wed Dec 06, 2017 3:32 pm

ERISA Stone wrote:
Wed Dec 06, 2017 3:14 pm
Just don't end up like this guy.

http://www.foxnews.com/politics/2015/05 ... -back.html
Dang, that is pretty crazy.

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Epsilon Delta
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Re: bank secrecy act-10k

Post by Epsilon Delta » Wed Dec 06, 2017 4:01 pm

dm200 wrote:
Wed Dec 06, 2017 3:26 pm
Epsilon Delta wrote:
Wed Dec 06, 2017 2:55 pm
Although if the bank knew that you were asking if this was a suspicious activity, the question itself could trigger a report. :twisted:
Actually for a transfer from a 475b account thats not likely to happen, but if you walk in to a bank with say $8,000 in cash from a car sale asking if the deposit will trigger a report is the wrong thing to do.
Right.. If, however, you walk into your bank or credit union to deposit the $8,000 cash and, if asked, tell the truth about the money - and not even appear "suspicious" - I doubt anything would be filed.
That's what I meant, sorry if I was too elliptical.

It is also worth mentioning that a $10k cash transaction results in an automatic Cash Transaction Report (CTR), this is not the same thing as a Suspicious Activity Report (SAR). CTR are more common that SAR by about 15 million per year to 1 million per year, so the reporters do not consider most large cash transactions to be suspicious.

ERISA Stone
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Re: bank secrecy act-10k

Post by ERISA Stone » Wed Dec 06, 2017 8:21 pm

ermcgrat wrote:
Wed Dec 06, 2017 3:32 pm
ERISA Stone wrote:
Wed Dec 06, 2017 3:14 pm
Just don't end up like this guy.

http://www.foxnews.com/politics/2015/05 ... -back.html
Dang, that is pretty crazy.
I'm just happy he got most/all of his money back. Last time I remember reading about this case, the government offered him 50%.

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