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" WTF"Bank has to report anything over $100.00 now
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[quote:Anonymous Coward 9032227:MV8yNTE2MzYyXzQzNDk5NTkyX0NGNjczMjU1] [quote:USMC0369:MV8yNTE2MzYyXzE2RTlBRTQ3] " WTF"Bank has to report anything over $100.00 now[b] My wife went to the bank today in Iowa. She had (2) $100.00 bills that she need changed into $20.00’s. The bank teller told her anything over $100.00 has to be first deposited because under the new law anything over $100.00 in cash has to be tracked. When did it go from $10,000.00 to $100.00? This is crazy. Has anyone else saw this or had it happen to them? [/quote] This isthe only reporting requirement Im aware of: Bank Secrecy Act Compliance - The $10, 000 Rule The Rule states that any person who receives more than $10,000 in a single cash transaction, or a series of cash transactions, must report the exchange to the IRS. This includes businesses as well as individuals who engage in a transaction that results in the transfer of cash so long as the payment: Is over $10,000 Received as: A lump some over $10k Two or more related payments in excess of 10K (combined) Payments received as part of a single transaction (or two or more related transactions) that exceed 10K in a 12-month period. Received in the course of trade or business From the same person (payer) Received in a single transaction or two or more related transactions. More here: http://www.fraudfighter.com/counterfeit-detection-id-verification/bid/80625/Bank-Secrecy-Act-The-10-000-Rule [/quote]
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" WTF"Bank has to report anything over $100.00 now
My wife went to the bank today in Iowa. She had (2) $100.00 bills that she need changed into $20.00’s. The bank teller told her anything over $100.00 has to be first deposited because under the new law anything over $100.00 in cash has to be tracked. When did it go from $10,000.00 to $100.00? This is crazy. Has anyone else saw this or had it happen to them?
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