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Originally posted by BlueAjah
reply to post by Iwinder
It's not illegal in the US to have 10,000 cash on you.
It just gives police the right to question you as to where you got it.
They can actually do that for almost any large amount of cash, even 1,000.
You have to have a good reason for the source and why you are carrying it, and be able to back it up.
Or else they can confiscate it, under the premise that it must have a nefarious source, such as drugs or some other crime.
If you happen to have any kind of drugs on you, and are carrying a large sum of cash, you can forget about even trying to get the cash back.
You also must report any bank cash withdrawals over 10,000 to the IRS.
edit on 3/23/13 by BlueAjah because: (no reason given)
Originally posted by Iwinder
Next the wife had to provide 3 forms of ID with a photograph, answer 8 to 10 questions which were very personal. They asked these questions to verify her identity as if 3 pieces of ID with photos were not enough.
Originally posted by Iwinder
Next the said she had to sign a Waiver to absolve the bank of any Liability if she were to be robbed of the cash on the way home!
Originally posted by pheonix358
An easier way to take out cash is to do it every time you go shopping. Use eftos and when they ask would you like cash just say yes and take out the maximum they will do. Easy, no questions and after a few visits to supermarkets, paying for fuel and every other place you go to you will take out quite a bit without leaving much of a trace.
If you have to tell a bank why you want it just tell them that the Casino beckons. Watch their face!
P
Originally posted by Iwinder
Why is cash a crime now?
Originally posted by BlueAjah
reply to post by Iwinder
It's not illegal in the US to have 10,000 cash on you.
It just gives police the right to question you as to where you got it.
They can actually do that for almost any large amount of cash, even 1,000.
You have to have a good reason for the source and why you are carrying it, and be able to back it up.
Or else they can confiscate it, under the premise that it must have a nefarious source, such as drugs or some other crime.
If you happen to have any kind of drugs on you, and are carrying a large sum of cash, you can forget about even trying to get the cash back.
You also must report any bank cash withdrawals over 10,000 to the IRS.
edit on 3/23/13 by BlueAjah because: (no reason given)
I'm actually sort of glad that my bank does this. And when it's helping you remove your cash from an unstable environment, does it really matter? They are essentially holding the gun here.
Originally posted by sheba2011
Originally posted by Iwinder
Why is cash a crime now?
Because cash is used by criminals and terrorists and money launderers. Because cash transactions are untrackable.
Try buying a new car with cash these days. You have sign all these forms and provide all sorts of ID, just in case you may be a terrorist planning to use the car to blow something up.
At any rate, if the banks crash and the economy fails spectacularly, the cash will be just as worthless as the virtual money sitting in the bank. If having it under your mattress gives you a false sense of security, fine, whatever. You'll be using it later as toilet paper because that's all it will be worth.
At any rate, if the banks crash and the economy fails spectacularly, the cash will be just as worthless as the virtual money sitting in the bank. If having it under your mattress gives you a false sense of security, fine, whatever. You'll be using it later as toilet paper because that's all it will be worth.
Originally posted by Bilk22
Originally posted by BlueAjah
reply to post by Iwinder
It's not illegal in the US to have 10,000 cash on you.
It just gives police the right to question you as to where you got it.
They can actually do that for almost any large amount of cash, even 1,000.
You have to have a good reason for the source and why you are carrying it, and be able to back it up.
Or else they can confiscate it, under the premise that it must have a nefarious source, such as drugs or some other crime.
If you happen to have any kind of drugs on you, and are carrying a large sum of cash, you can forget about even trying to get the cash back.
You also must report any bank cash withdrawals over 10,000 to the IRS.
edit on 3/23/13 by BlueAjah because: (no reason given)
Most everything you wrote here is incorrect. The police cannot take your money. They can hold it if they happen to arrest or detain you because of a suspected crime. You would then have to show what the source of the cash was. The amount that is reported for withdrawal is $9500. The bank is responsible for reporting it. The would not leave that up to the depositor. Who would report it?
Sheriff Thornton would seem accurate in claiming that they can seize and/or investigate ”[a]ny amount of money that’s over $8,000 or $9,000″ because that is exactly what they (like so many other law enforcement departments) are doing.
Unlike criminal forfeiture, civil forfeiture proceeds against the property, not the person. In theory, civil actions are remedial, not punitive like criminal proceedings. By acting civilly, the government seeks to remedy a harm, through the fiction of the property's "guilt."
A criminal charge or conviction is not required to seize.
Unless provided in statute (as in 18 U.S.C. §981(a)(2)), innocence of the owner is typically not a defense.