[Shotimes] OT - Selling a car

[Ron Porter]

And it's really not that big a deal. Actually, I thought there was also a
$5K reporting limit. This gets done all the time, as there are many
businesses that deal in that much, or more, cash every day.

BTW, is the reporting to the IRS, or to the OCC/OTS/other required Fed
agency? I never got involved with that end either, just had to have the
system set up to flag it.

Ron Porter

-----Original Message-----
From: Ryan M Dudek [mailto:rmdudek@comcast.net]
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