I am watching the You Tubes while waiting for a woman and I see "financial " vids about the banks being in Cahoots with the feds and that those people with more than adequate funds should beware.


The inability to get funds out of the banks is part and explanations for withdrawals is part and frequency of visits is another,
Weather
Depositing or withdrawing.


My question is if you sell something and you get a check for $33,000.00,

Can you get around cashing that check at a bank ?
And what the feds don't know ,won't hurt them ?

I am able to deposit checks into my brokerage account. I have no idea if it must be reported to the feds if over $10k.

Definitely what the feds don't know won't hurt them!

You could always deposit the $33k and then take out increments in cash to store at home. Say $5k per week for 6 weeks. There's nothing illegal about that, and then you can use the cash as you'd like. The feds would still know about the $33k, which I can't imagine is an issue unless they do a deep investigation for tax fraud and look at all your banking.

You might be able to get a cashier's check if you are attempting to "cash" it at the bank upon which it is drawn, and the depositor has sufficient cleared funds in his account. I doubt you would be able to find a bank branch that actually has $33K in cash on hand, nor would (m)any be inclined to pay out that amount. Either way, be prepared to show convincing ID, and to fill out paperwork. Once you have a cashier's check in hand, you can prearrange for a bank branch to have the cash on hand, and make an appointment to pick it up. Yes, there will be ID and paperwork requirements here too.

Depositing the check into an existing account, or using it to open an account will be much easier, but there will again be paperwork and ID requirements. A casino might be the easiest option, I suspect you might actually be able to leave the casino with cash in your pocket in less than a day.

And, of course, there are loan sharks and check cashing businesses that will facilitate this, but you would be giving up a percentage of the funds.

If your intention is to avoid taxes on earned income, we are probably all committing felony conspiracy by talking about it! Fly-Sig's idea of using multiple sub-$10K transactions to avoid filing an i8300 is called "structuring" and is also illegal (but the prosecutor would have to prove intent). Here are the IRS instructions that should clear up any uncertainty. Note that, as I read these, you are obligated to file an i8300 within 15 days of the sale. This legal review is fairly eye-opening on the subject.

The only way that I know of to cash a check of that size without going to a bank is to go to a casino on the weekend. I occasionally have to give clients checks of that size and even cashiers checks are an issue, plus a cashiers check of that size is all the risk of cash (mainly losing it or having it stolen and thus not having it replaced) along with not being anyone to cash it because there just isn't enough cash at a bank to cash it. Last time I had to give a client a 30K check the bank said it would take a month to have all of that on hand AT BEST.

I will never be in a position for this to apply to me.

And I don't mind paying taxes at all paying taxes for me is not an issue


( Now how the tax money gets spent , that's a whole nother thread)


So where are all of these you tubers getting giant bags of cash ?

I suspect that most of the YT and TT posters get them from a prop store.

I can tell you there is a reason that marijuana dispensaries are, and youtube posters are not, a major target of robberies and real cash on hand is one of them.

quote:

Weather

????

quote:

Originally posted by architect:
dFly-Sig's idea of using multiple sub-$10K transactions to avoid filing an i8300 is called "structuring" and is also illegal (but the prosecutor would have to prove intent).

Perhaps the intent is to buy gold/silver periodically with cash. So, no intent to avoid filling out forms or having the feds track the transactions, just a bit of dollar cost averaging below the legally defined reporting threshold.

Of course, depositing the check in the first place will create computer records and perhaps reporting to the government.

Aside from a totally cash transaction, the government will know about large transactions such as $33k, and in the event of investigation will track everything about where it came from and where it went.

I am assuming bendable is curious about privacy, not any kind of criminal activity. He doesn't seem like the felonious type!

We always knew that banks were there to make money ,
Seemed reasonable to most.
And for the most part it wasn't a concern.

But now we find out that they they are not required to give it back in the manner in which they received it ..

Gives me concern.


Henry Ford said a long time ago that if the citizens knew how banks operated there would be unrest and upheaval ..

Perhaps the time is nigh

quote:

Originally posted by bendable:

We always knew that banks were there to make money , <snip> But now we find out that they they are not required to give it back in the manner in which they received it

In the Original Post in this thread, you referred to "a check for $33,000.00." I cannot imagine that any bank would have a problem giving you a check for $33,000, once the funds had cleared. That would be "the manner in which they received it."

Back in 2022 I transferred 32,000 dollars from my brokerage account to my bank account and shortly thereafter then wrote a 9200 dollar check for a new water heater and HVAC system for my house. The following spring I then wrote another 19,700 dollar check for a new roof and gutters on my house and garage. If the Feds are the least bit curious about what I did with that 32 grand it's a rather direct connection to the improvements to my house. Somehow I suspect that the Feds don't care diddly about a single transfer of this size because most folks aren't foolish enough to keep that much cash on hand and instead will put it into savings or brokerage account.

Good point v tail.


I see what you mean.

Plus,
W/o $32,000. In my acct. They would put it on a three or four days hold until the check cleared the other bank.

I got my procedures all gummed up.

On the subject of cashiers checks, this may surprise some people, but they are basically no more secure than a personal check. The banks that they are drawn on will not verify the funds over the phone if you call, and your own bank has no way to verify it other than to deposit and wait for it to clear like a regular check.

quote:

Originally posted by bendable:
banks being in Cahoots with the feds

No surprises. They need Federal charters, get depositors insured via FDIC, have accounts at the Federal Reserve Bank, are regulated by Federal (and state) law, and, as they have a lot fewer employees with badges and guns than the Feds, generally obey the laws and regulations of the land.

"cahoots" is shorter, for sure, but it makes that all sound kinda shady, rather than business as usual, in this not-quite-a-free-market where we find ourselves.

The Walmart near me cashes checks…