Quotes below are random picks, the article itself is lengthy with interesting information.
I think for years, it's a red flag threshold of $10,000 either deposited or withdrawn from a single account. This can also be taken together as an accumulated amount to determine whether it's worth noting. You can take 9,999 from more than a single account thinking you'd be circumventing the rule/law (?) but if the accounts are all at the same bank - they go for the total. So, I have always wondered (and posted) about why no red flags were raised and if they were, I'm curious about the process. Banks and the IRS don't want money laundering, drug deals or kidnapping. That much cash can be tax evasion.
JP Morgan Chase is banning wire transfers*from their bank to foreign banks to prevent American capital flight which will surely happen as America wakes up to the desperate situation that the banks are in. The bank is also prohibiting any cash withdrawals of $50,000 or more. This past Friday, HSBC (America) followed suit. It is highly likely that all 5 megabanks will enact the same policies in the near future.
Federal law requires that the bank file a report based upon any withdrawal or deposit of $10,000 or more on any single given day. The law was designed to put a damper on money laundering, sophisticated counterfeiting and other federal crimes.
To remain in compliance with the law, financial institutions must obtain personal identification, information about the transaction and the social security number of the person conducting the transaction.
Technically, there is no federal law prohibiting the use of large amounts of cash. However, a CTR must be filed in ALL cases of cash transaction regardless of the reason underlying the transaction."
http://www.thecommonsenseshow.com/2...oney-out-of-the-bank-without-going-to-prison/