[jwzimm]

A cashiers check cannot have a stop payment put on it. It is as good as cash in those terms. Only a personal check can have a stop payment placed on it. This is the reason for cashiers checks. They allow for the exchange of a large sum of money through a neutral intermediary (the bank).

[kingofthedemo]

Originally Posted by Maestro

Good to know you have a solution, however, for those who suggested going to his bank and just getting the cash, good idea, except when the amount is over $10K if you walk in to your bank and try and deposit $10K in cash it will send up flags. The bank will need to verify where those funds came from. They will need to know the money was not obtained illegally. Not sure how you prove one way or another but it can be a hassle these days.

Hell if you have the money in the car during a traffic stop and the police see it they can confiscate it and then you have to prove you are in legal possession of the money.

That's very easy, to circumvent, you can simply deposit, $9,999 (or $9,000) one week, and deposit the rest the next week.

[txz4]

Originally Posted by 6spdg37s

I am selling my z06 and the buyer will most likely be paying with a certified bank check. If I sell it to this one person I already know a decent amount of info about him , where he works etc; and even know one or two of the same people so I doubt they would pass a fraudulent check but just in general how do you verify this? especially if it is a sunday and the bank is closed?

go with him to the bank. watch him do it. When i sold my car i met them at the bank and watched them get the check.

[6spdg37s]

Originally Posted by kingofthedemo

That's very easy, to circumvent, you can simply deposit, $9,999 (or $9,000) one week, and deposit the rest the next week.

they will flag you for things like this as well

[AW335TT]

Originally Posted by jwzimm

A cashiers check cannot have a stop payment put on it. It is as good as cash in those terms. Only a personal check can have a stop payment placed on it. This is the reason for cashiers checks. They allow for the exchange of a large sum of money through a neutral intermediary (the bank).

Lol I work at wells fargo, we put stops on cashiers checks all day and no it's not as good as cash, only cash is as good as cash.

[SoCali E36]

Originally Posted by jwzimm

A cashiers check cannot have a stop payment put on it. It is as good as cash in those terms. Only a personal check can have a stop payment placed on it. This is the reason for cashiers checks. They allow for the exchange of a large sum of money through a neutral intermediary (the bank).

That's not true. You can put a stop payment on any form of check. I work in a bank and we do this all the time. He can easily go back to the bank and say it was lost or stolen.

[fwmcb]

Certified cheques can be problematic, try to get a bank draft or the best method of payment is wire transfer.

[6spdg37s]

its a pre-approved auto loan so it is a certified bank check. I will call the bank to verify and I will take a copy of his drivers license.

I think that is enough safety netting

[kingofthedemo]

Originally Posted by 6spdg37s

they will flag you for things like this as well

The banks are only legally obligated to file a specific deposit report to the IRS, if you deposit $10,000 USD in one deposit. You can easily deposit $9,000 one week, and another the next, without the specific deposit report being reported.

[6spdg37s]

they will catch you if you are doing structured deposits ..not right away necessarily but eventually it will cause a red flag

[SoCali E36]

Originally Posted by kingofthedemo

The banks are only legally obligated to file a specific deposit report to the IRS, if you deposit $10,000 USD in one deposit. You can easily deposit $9,000 one week, and another the next, without the specific deposit report being reported.

Lol there is a different report for acts like that

[just4kickz]

imo just meet at a bank as others have mentioned. who gives a shit if its a person you might or might not know. they are not "good for the money" until you have that money in your account. buy should understand that

[persian54]

Originally Posted by kingofthedemo

That's very easy, to circumvent, you can simply deposit, $9,999 (or $9,000) one week, and deposit the rest the next week.

Doesn't work that way

Originally Posted by 6spdg37s

they will flag you for things like this as well

yeah

It's such a PITA.... $10k isn't even that much money... I understand if you're going in with say $100k in cash...but wtf does $10k mean?
I understand entering the country at customs... but a simple cash deposit? It's such a pain.
The best way around it is to have an account at every local bank and credit union.


It also does depend on your relationship with the branch.

[AW335TT]

^^ lolll why do people make such a big deal about getting a CTR filed? If the money is legit you have nothing to worry about. People come in and out of the bank with a lot more than 10k in cash everyday, banks could care less.

[JMX328]

Reading through this thread, as a VP/Executive Officer of Regulatory Compliance and Operations for one of the largest banks in the world made me cringe... so, let's cover a few things, simply for clarification:

1. Cashier's checks generally can be verified, and usually carry a number on them to verify the check.

2. Cashier's checks, while not easily forgeable, can be forged. However, it is generally noticeable. For example, some major banks require a wet signature on a Cashier's check; fraud checks generally are photocopied. Chase, however, does use a pre-printed signature, so it isn't always the case.

3. Wire transfers are generally the easiest for transactions like this, but they do come with fees.

4. 99.9% of banks require advance notice for withdrawals over $5,000. In the day of debit cards and bill-pay, cash is not something kept in large quantities at banks these days.

5. Withdrawing, or depositing, $10,000 or more is not a huge deal as people seem to make it out to be. It's very, very, VERY common in the banking industry, and it simply is sent for review. Almost all of the time, the IRS does not give two shits about your large deposit. So calm down.

6. Whoever suggested depositing $9k increments at a time... yeah, no; do not do that. That is 'structuring,' and THAT is far worse than any CTR. Structuring is generally used by money launderers, and banks have many, many systems that will detect any possibility of the activity, and flag your account and alert FinCEN (Financial Crimes Enforcement Network) faster than you could say "I want to make a deposit."



So yeah... there's the run down of answers to the thread.

[6spdg37s]

Originally Posted by JMX328

Reading through this thread, as a VP/Executive Officer of Regulatory Compliance and Operations for one of the largest banks in the world made me cringe... so, let's cover a few things, simply for clarification:

1. Cashier's checks generally can be verified, and usually carry a number on them to verify the check.

2. Cashier's checks, while not easily forgeable, can be forged. However, it is generally noticeable. For example, some major banks require a wet signature on a Cashier's check; fraud checks generally are photocopied. Chase, however, does use a pre-printed signature, so it isn't always the case.

3. Wire transfers are generally the easiest for transactions like this, but they do come with fees.

4. 99.9% of banks require advance notice for withdrawals over $5,000. In the day of debit cards and bill-pay, cash is not something kept in large quantities at banks these days.

5. Withdrawing, or depositing, $10,000 or more is not a huge deal as people seem to make it out to be. It's very, very, VERY common in the banking industry, and it simply is sent for review. Almost all of the time, the IRS does not give two shits about your large deposit. So calm down.

6. Whoever suggested depositing $9k increments at a time... yeah, no; do not do that. That is 'structuring,' and THAT is far worse than any CTR. Structuring is generally used by money launderers, and banks have many, many systems that will detect any possibility of the activity, and flag your account and alert FinCEN (Financial Crimes Enforcement Network) faster than you could say "I want to make a deposit."



So yeah... there's the run down of answers to the thread.

+ 1 I said this no1 ever believes me! lol

[Maestro]

Originally Posted by JMX328

5. Withdrawing, or depositing, $10,000 or more is not a huge deal as people seem to make it out to be. It's very, very, VERY common in the banking industry, and it simply is sent for review. Almost all of the time, the IRS does not give two shits about your large deposit. So calm down.


So yeah... there's the run down of answers to the thread.

Yeah the IRS could generally coule care less about these kinds of transaction, but the DEA and Home Land Security does. Generally speaking, depositing large sums of cash is not a problem for businesses or individual who do it all the time. But an individual who does not, it does raise flags and walking is with some piece of paper that says bill of sale generated by a computer is not enough since anyone can do that and sign it. Most Banks will not accept that as proof.

I will tell you I have offer when buying a new car to pay Cash, no check just plain old cash to get a better deal and recently the dealers are saiding they would not accept cash it causes too many problems. I did not get into it with them buy I can imagine what kind of problems it would cause. Hell they would not even accept a personal check without verifying the funds first with the bank.

[kevinbahnz]

Off topic but I had recently applied for a mortgage and I said that part of my DP was $10k in cash and that raised a flag to them. They started questioning me where and how I got the $10k, is it stashed under my bed? LOLZ It's not even a lot of money.

[smyles]

Originally Posted by kevinbahnz

Off topic but I had recently applied for a mortgage and I said that part of my DP was $10k in cash and that raised a flag to them. They started questioning me where and how I got the $10k, is it stashed under my bed? LOLZ It's not even a lot of money.

It's always been like this. They also question any recent deposits other than usual paychecks even if they're only couple of grand; their logic, I guess, is you could borrow it, i.e. it's another debt not reported on your credit report.

[JMX328]

Originally Posted by kevinbahnz

Off topic but I had recently applied for a mortgage and I said that part of my DP was $10k in cash and that raised a flag to them. They started questioning me where and how I got the $10k, is it stashed under my bed? LOLZ It's not even a lot of money.

In this case, it's not the cash itself that's an issue. Mortgage lenders want to know exactly where liquid funds (generally it is in a bank account...) are coming from simply to make sure you're not getting money from other people to help pay for your loan, etc.

They'd ask where it came from, etc, even if you deposited a $10k check from work into your account. They simply want to know of all income sources, as well as the source of your down payments.

Very standard and very common.

[persian54]

Originally Posted by AW335TT

^^ lolll why do people make such a big deal about getting a CTR filed? If the money is legit you have nothing to worry about. People come in and out of the bank with a lot more than 10k in cash everyday, banks could care less.

Your passport doesn't say born in Iran does it? lol