What is the largest amount of cash that a person can handle in transactions whithout answering 1000 questions?

Question

If I wanted to buy a car with $12,000. in cold hard cash -- would I be asked or accused of bad money? I have heard that when anything over $9,950. is exchanged between a business or a bank with a private person; the Federal people want to know where it came from.

Answer 1

While $10,000 is the mark at which banks are REQUIRED to file a Transaction Report, they can file a Suspicious Transaction Report for ANY amount. Neither report is anywhere close to 1000 questions. Unless you make multiple large transactions, the Feds will barely notice they ever received the report. They are looking for patterns of behavior that indicate money laundering. A single transaction is NOT a pattern.

crustysob is mistaken about 9/11 changing the rules. Reporting transactions that appear designed to avoid the $10,000 trigger has been required for as long as the $10,000 threshold has been in place.

Answer 2

The law states that the retailer/bank must file a form if someone walks in with more than $10K in cash. Some banks will report even less.

Don't you have a checking account? Or take some of the cash (say 3 or 4 thousand) and go and buy money orders in $1000 denominations.

And it is not 1000 questions, it is more along the lines of filling out a form where you give your name, address, social security number and sign a statement that you did not obtain the cash illegally.

Answer 3

10,000 is your mark. You walk into a bank you deposit 9,999 well if it was at the bank I worked at I would still make you fill it out. Anything over 10,000 you have to fill our federal paperwork. So open an account and deposit 2,000 in the morning 5,000 in the afternoon. 6,000 the next day and dont worry about it.

Rick has a good Idea, go to your bank and get a CD for 12,000 dollars. Get a 12,000 dollar loan and use your CD for collateral. Then pay it off with the CD in a couple of months. This will build your credit if you dont have any.

Answer 4

The Bank Secrecy Act (BSA) requires financial institutions to complete forms on all transactions of $10,000 or more. In addition, Since the 9/11 attacks, Homeland Security requires financial institutions to complete forms on frequent cash transactions which serves to identify transactions that may be intended to avoid the $10,000 threshold of BSA.

Answer 5

You simply have to fill out a form. I think it is an "I-9" but I might have that wrong.

Not 1,000 questions, just one form.


You could always finance it and pay it off in two or three payments if you want.

Answer 6

$10,000 is what triggers the government getting involved. But also, if you have lots of cash transactions, and your occupation is one that shouldn't involve a lot of cash.