ATF reporting

[97F1504RAD]

Then I will simply tell them I am withdrawing it to spend on whores and gambling

[killmime1234]

As Octane stated, you as the customer have to play the game. I've been through it, and there is no legal obligation to tell the bank employee the whole truth.

Then I will simply tell them I am withdrawing it to spend on whores and gambling

I'd have no problem telling them the whole truth: I am withdrawing it to spend on whores and gambling and gun purchases.

[anthonyca]

"KYC" is similar to the ATF reporting = Oftentimes it's no big deal.

If a customer replied to a teller asking the PATRIOT ACT required question like ^THIS^, the situation becomes much more suspect, and a much bigger deal. All of a sudden, the bank customer is going to have a very bad experience.

How do I know??? I've been a bank manager for 6+ years.

Treat your bank employees like you would want to be treated. They don't care how you're going to spend the money. They're just trying to do their jobs under increased government pressure and requrements.

-B

I understand this, that is why I acted like I didn't hear her and she did not ask again.(I was talking to someone else in the bank that I knew at the time she asked)

My broker explained the PATRIOT ACT to me and gave me some examples. Odds are that anyone here with money has been asked these questions by one of YOUR financial advisors who is a forced government spy. It is VERY scary. Anyone who thinks this is a good idea does not know what the PATRIOT ACT is or is a weak person who thinks big brother is always there to help and take care of them.

[Dr Rockso]

As Octane stated, you as the customer have to play the game. I've been through it, and there is no legal obligation to tell the bank employee the whole truth.

Is there any obligation to tell them the truth at all? Say I'm withdrawing $10k to buy a car, can I just tell them that I'm building a parade float to raise awareness of the dangers associated with inebriated firewalking?

[Octane]

Is there any obligation to tell them the truth at all? Say I'm withdrawing $10k to buy a car, can I just tell them that I'm building a parade float to raise awareness of the dangers associated with inebriated firewalking?

I'm not going to comment on if you should tell the truth or not.

If it is $10,000.01 or more in cash, they fill out additional paperwork, typically called a Large Currency Transaction Report (CTR). The CTR supercedes the Patriot Act requirements and is more detailed. This is used (again) to track money laundering and kiting. http://en.wikipedia.org/wiki/Currenc...saction_report

Again, this isn't a big deal if you're going to go buy a car in cash, or something of the sort that happens occationally.. It happens every day across our country and it's no big deal. BUT, if you were to come in once a week to withdrawal $10k+ for (insert reason here), then the pattern of the CTR's are looked at more closely.

Oh, and if you are DEPOSITING $10k+, a CTR is also generated.

And if you're thinking that you want to avoid a CTR by splitting up your deposit/withdrawal between days, that is also suspecious and is called "structuring", and raises more eyebrows that the original CTR would have.

-your local Banker

PS - none of this information is confidential or bank specific. Several laws have been passed that require ALL banks to conform to these requirements.

[KI6RYC]

Wow, wait a minute here and explain this. Your telling me that if and when i withdraw 2500.00 or more of my money form my bank account that the bank is reporting this to some Government Agency?

Who and why are they reporting this to?

It's called the Bank Secrecy Act and there is some frightening stuff in there.