How do providers deal with the cash?

What time should I drop by for breakfast? Sounds like the prize at the bottom of the box is much better at your place. Originally Posted by DangedDragon

the horror of a 7 year old to see 5k at the bottom of the box and no hologram sticker.

First of all it's good to see some of Nnnn RRR girls around here, I was feeling a bit out of place.

About money, I invest all my money on a bar by my house, those guys make the best margaritas in town and their Cape cod is far better than mine.
So we all know I'm expending with a good cause.

Back in the 2Ks, I had a mid-day session with a well established provider here in Houston. We parted and within the hour she called me, from the baknk, to let me know that the count was off.

We amicably made it good later. The point is that she made the deposit before doing anything else. Maybe she bought a car wash later on when she moved to Abq.

launder mats to 'wash' the money away

the banking system is not like it was back in the 80's, you can deposit up to 10K in the bank and there is zero red flags.

if you have a real job or a small business on the side or own real estate/rental property its easy to wash money.. Originally Posted by joesmo888

actually you cannot deposit all you want in cash up to $10k..
i worked at a bank for 2 years 2012-2014 .. any deposit in cash is noted on daily reports. when it gets over $9-10k they may file a SARS report

every since 9-11 they are more cautious than you think..

actually you cannot deposit all you want in cash up to $10k..
i worked at a bank for 2 years 2012-2014 .. any deposit in cash is noted on daily reports. when it gets over $9-10k they may file a SARS report

every since 9-11 they are more cautious than you think.. Originally Posted by RALPHEY BOY

That is what I thought and figured depositing cash was the less of two evils.

I do deposit cash so I can pay bills and taxes as well as invest. I file taxes as a consultant.

actually you cannot deposit all you want in cash up to $10k..
i worked at a bank for 2 years 2012-2014 .. any deposit in cash is noted on daily reports. when it gets over $9-10k they may file a SARS report

every since 9-11 they are more cautious than you think.. Originally Posted by RALPHEY BOY

Can you elaborate on this? When it gets $9-10K in that day? In a week? In a month? With so many accounts, the banks actually pay attention to every single deposits in EVERY account? I'm curious.

Samantha--

It does depend on the branch.. and with newer software, Corporate Accounting can see if all of a persons deposits are in cash as opposed to checks, payroll, direct deposit, etc. Used to be a time that you could just go to different branches.. these days, some banks will check your deposits across the board.

I have had inquiries as to my cash deposits in the past, and I never deposit large sums at one time. Fortunately, I have a couple of licenses in businesses that tend to have a lot of cash based clients, plus I pay my taxes, so it was an easy to deal with experience. But it does happen, even if you never cross that 10K threashhold.

Can you elaborate on this? When it gets $9-10K in that day? In a week? In a month? With so many accounts, the banks actually pay attention to every single deposits in EVERY account? I'm curious. Originally Posted by samantha thom

The law states 10,000 in a day, however there is also verbage that they look for "anything suspicious" and there are targeted behaviors they look for, even if the total is below the threshold. You can google "SAR report" for more specifics and articles that give examples of what behavior to avoid. Deposits at different branches to spread it around would be one

Can you elaborate on this? When it gets $9-10K in that day? In a week? In a month? With so many accounts, the banks actually pay attention to every single deposits in EVERY account? I'm curious. Originally Posted by samantha thom

its called 'layering' its an every day count. so if Provider x deposits a few hundred every couple of days then yes it gets logged in.

It may not always garner a red flag but its monitored. And you cannot have two or three different accounts and think I will deposit in x then y then z. they monitor that too. Basically any and every nickel you deposit the bank will check at some point.

Now if you never file a tax return you are taking a big risk if you keep depositing cash..

and down in the Rio Grande Valley that number is $4500-$5000 the wil file a SARs report.. SARS means Suspicious Activity Report

Can you elaborate on this? When it gets $9-10K in that day? In a week? In a month? With so many accounts, the banks actually pay attention to every single deposits in EVERY account? I'm curious. Originally Posted by samantha thom

Technically, the bank staff don't have to do anything. It's the system that monitors every activity: nowadays with network, software etc, almost all financial organizations are linked into a huge network, a huge system that do things automatically.

The following quotes are very helpful information, along with some others in this thread who gave examples of how they manage their income and doing things legal.

As someone mentioned before, it's all about you paying taxes to this country.

Samantha--

It does depend on the branch.. and with newer software, Corporate Accounting can see if all of a persons deposits are in cash as opposed to checks, payroll, direct deposit, etc. Used to be a time that you could just go to different branches.. these days, some banks will check your deposits across the board.

I have had inquiries as to my cash deposits in the past, and I never deposit large sums at one time. Fortunately, I have a couple of licenses in businesses that tend to have a lot of cash based clients, plus I pay my taxes, so it was an easy to deal with experience. But it does happen, even if you never cross that 10K threashhold. Originally Posted by GracePreston

The law states 10,000 in a day, however there is also verbage that they look for "anything suspicious" and there are targeted behaviors they look for, even if the total is below the threshold. You can google "SAR report" for more specifics and articles that give examples of what behavior to avoid. Deposits at different branches to spread it around would be one Originally Posted by Solitaire

its called 'layering' its an every day count. so if Provider x deposits a few hundred every couple of days then yes it gets logged in.

It may not always garner a red flag but its monitored. And you cannot have two or three different accounts and think I will deposit in x then y then z. they monitor that too. Basically any and every nickel you deposit the bank will check at some point.

Now if you never file a tax return you are taking a big risk if you keep depositing cash..

and down in the Rio Grande Valley that number is $4500-$5000 the wil file a SARs report.. SARS means Suspicious Activity Report Originally Posted by RALPHEY BOY

Apparently the major is bowing out politely. I'll continue with a banking follow-up and a safety issue.



Correct.
A rule from a couple years ago requires bankers (teller supervisors) to be familiar with the folks that make cash deposits. So have your cover story (business) in place and established cause bankers are supposed to be watching for unusual or unknown activity.

As Muse and others mention, that cover should includes taxes. Also, reread Holly's, samantha's, and Devon's comments. A long term business can continue to be successful when a good business person pays attention to the office details as well.

ramblinman69: I know you made your comment as a humorous jest, but I have to mention that one of the KC gals was bawling her eyes out last year over a very similar happenstance. Which occurred at her private hometown in-call. I think everyone in town got upset over that.

So for temporary storage of green confetti: I'm with Muse and Subryna. Safe, or Bank safety deposit box. A local locksmith, or a decent carpenter, can hide a small wall safe for a couple hundred plus install cost. Or, bank safety deposit vaults are commonly open 6 days a week. My bank doesn't allow liquor though. Apparently a wine bottle leaked. Originally Posted by Unique_Carpenter

Snip
...And you cannot have two or three different accounts and think I will deposit in x then y then z. they monitor that too. Basically any and every nickel you deposit the bank will check at some point.

Snip Originally Posted by RALPHEY BOY

I wonder if it would work to have several accounts at different, unrelated banks. IOW, account A at Bank #1, account B at Bank #2, etc. Therefore it would be possible to make infrequent deposits in each account and still fall under the $10k threshold at each bank.

I wonder if it would work to have several accounts at different, unrelated banks. IOW, account A at Bank #1, account B at Bank #2, etc. Therefore it would be possible to make infrequent deposits in each account and still fall under the $10k threshold at each bank. Originally Posted by Irish Cream

all tied to your social or drivers license.. no way around it they will find you..

the public really has no clue what info Banks keep and how long they keep it..up to 5 years in many cases, you write a hot check. that stays on your record for 3 years minimum, Banks share info

The single best practice to avoid issues is to simply pay your taxes. Do that, and the rest is irrelevant.

By the way, money laundering implies illegal activity. Being an ESCORT is not illegal.

My bank doesn't allow liquor though. Apparently a wine bottle leaked. Originally Posted by Unique_Carpenter

I'm now going to try and figure out what random items I can stuff into my safety deposit box.

actually you cannot deposit all you want in cash up to $10k..
i worked at a bank for 2 years 2012-2014 .. any deposit in cash is noted on daily reports. when it gets over $9-10k they may file a SARS report

every since 9-11 they are more cautious than you think.. Originally Posted by RALPHEY BOY

When I was flying a few weeks back I noticed a TSA posting at the airport about traveling in excess of 10k. They will flag you.

The single best practice to avoid issues is to simply pay your taxes. Do that, and the rest is irrelevant.

By the way, money laundering implies illegal activity. Being an ESCORT is not illegal. Originally Posted by GracePreston

Best advice here.

In a nutshell, banks have the power and permission to report anything they deem suspicious without getting in trouble for invading your privacy. Additionally they must report certain activity.

Depositing cash is not inherently suspicious. Even depositing cash while looking like a hooker won't raise many red flags anywhere there are a bunch of strip clubs and restaurants. Dancers and waitresses deposit cash. Totally legal. Escorting is also not illegal. Solicitation and prostitution are. If you handle your business appropriately and report income/pay taxes, you will be fine. The IRS just wants their cut.