" 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?
Quoting: USMC0369 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:
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link to www.fraudfighter.com]
