[Shotimes] OT - Selling a car

[Ian Fisher]

Information about the conductor (person conducting the transaction) and
the type of transaction conducted must be filled out on the BSA form
(Bank Secrecy Act), so it is very helpful to have that person present.
There is another form that can be filled out "request for investigation
of suspicious activity" (or something along those lines) that the
customer obviously wouldn't know about. Whenever someone brings me that
much cash, (not often, but it does happen..or if I notice that they've
been cashing checks on the same business day at different branches to
stay under that $10,000 yet total over $10,000) I inform them that
federal regulations require that I fill out a form because of the amount
of money and I sit down with them and start filling it out despite their
grumbling. The fines and punishments for not filling out the form are
severe enough that I really don't care how much they curse at me. They
usually know that they are doing something wrong and they are pissed off
that I caught them (Ian is on a power trip, warning) :)

Ian Fisher
Consumer Banking and Distribution
Fleet National Bank, NA, a member of FleetBoston Financial, FDIC

-----Original Message-----
From: shotimes-admin@autox.team.net
[mailto:shotimes-admin@autox.team.net] On Behalf Of Ryan M Dudek
Sent: Monday, April 14, 2003 11:18 AM
To: Paul L Fisher; 'V8SHO'; shotimes@autox.team.net
Subject: RE: [Shotimes] OT - Selling a car


Yes, as a stipulation under the banking privacy act (BPA - I believe
~1980, but I'm not a teller so I really didn't pay attention in that
part of
training) any transaction over $10,000 must be reported to the IRS.  It
is designed as a means to curtail and catch money laundering schemes. No
forms to be filled out by the depositor, rather the bank automatically
sends the info to the IRS most often without the customer having any
idea. Additionally, in most large banks, any deposit over $3000 is
flagged and sent for deposit review.

Ryan Dudek
98 Black
Retail Banking Officer
Bank One, NA
-----Original Message-----
From: Paul L Fisher [mailto:sho@paul-fisher.com]
Sent: Monday, April 14, 2003 11:02 AM
To: Ian Fisher; 'V8SHO'; shotimes@autox.team.net
Subject: Re: [Shotimes] OT - Selling a car


The only problem I have with cash is that amount. Aren't there some sort
of regulations the bank has to adhere to? For example, I thought I had
heard that any cash amount over $10,000 needs to have a form filled out
for the IRS. Also, I would be concerned with counterfeit currency.

Paul L Fisher
'93 Ford Taurus SHO Crimson Clearcoat ATX 171K Build date 11/18/1992
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