What is the wire limit for bank transfers before it raises a red flag?

[BetIt]

Thanks

 

[Dante]

well my wife's mom opened an account a few weeks ago I remember them asking her if she is going to recieve any transfers OVER 3000$...so I think 3000$ is a flag

 

[Fishhead]

Don't think anyone really knows the answer to this question, at least with 100% certainty.

We have had the $2500, $3000, $5000, anything over $10000 figure, to some suggesting it ALL raises a red flag no matter what the amount is, even if it is as little as $50.

If your main worry is the IRS as far as a red flag is concerned, simply pay your taxes on your winnings, which for the majority is the correct thing to be doing.

 

[Dante]

Fish... everyone that posts on this site pays there taxes....do not be silly

 

[Insiders]

3000.00 is the limit now days before anything is filled out. Used to be 10 k, but things change. So really 2999.99 will slide right through. Same thing at any USA bank, you can deposit more than that in cash, but you cant withdraw without red flag comeing up. How silly is that?

 

[wantitall4moi]

I only do bank wire transfers. Can be difficult during baseball, but I stick to 2500 withdrawals these days, but I will do mulitples if I have to, and can get them for "free". Unless I make a huge future score, which isn't too often.


Obviusly the best way to do it, if you don't need to "collect" the money (for personal use), is book to book transfers which are much more difficult to get. That is if you get low someplace and need to reload see if they will do tarnsfers for you. Makes it more obvious what you are probably doing, but most of the reliable books do not care as long as you are not hitting "winning" sides on them all the time and not reloading.

I am not big on the whole red flag thing anyways. I took a huge chunk out of Canbet and Pinnacle a couple years ago when Fla won the NL pennant, and I took both all at once well into the 5 figures from both. No problems whatsoever. Not from my bank, not from anywhere. And that was two years ago, so I am thinking I am "safe".

 

[buddyboy]

the amount doesn't matter. There is no magic $$$ amount you can send/receive to avoid detection. Banks are required to report any and all suspisous transfers.

Money sent/received from offshore no matter what the amount is suspicous.

here is how it was explained to me:

anything over $10k IN CASH generates an automatic report to the feds (no way around it)

any unusual deposits/transfers/withdrawals will go across the desk of the branch manager, who either sees it as normal or thinks it is fishy... if it's fishy he passes it along to his boss who then makes the same decision until it is either dropped or reported to the feds.

So, do what I do, I told my banks branch manager that I send/receive funds offshore from time to time to play poker and such. That way when it comes across his desk as suspicious he stops it right then and there from going any further.

enjoy and good luck

 

[Fishhead]

the amount doesn't matter. There is no magic $$$ amount you can send/receive to avoid detection. Banks are required to report any and all suspisous transfers.

Money sent/received from offshore no matter what the amount is suspicous.

here is how it was explained to me:

anything over $10k IN CASH generates an automatic report to the feds (no way around it)

any unusual deposits/transfers/withdrawals will go across the desk of the branch manager, who either sees it as normal or thinks it is fishy... if it's fishy he passes it along to his boss who then makes the same decision until it is either dropped or reported to the feds.

So, do what I do, I told my banks branch manager that I send/receive funds offshore from time to time to play poker and such. That way when it comes across his desk as suspicious he stops it right then and there from going any further.

enjoy and good luck

EXCELLENT POST!!

 

[moethepuppy]

I can't remember the exact source (possibly the Wall Street Journal or maybe the ABA Journal) but I recently read that the government is being overwhelmed by these suspicious activity reports being submitted by Banks. Since 9/11 there has been much discussion and concern about money being funneled to terrorist groups overseas. The regulations are a bit vague in regards to what constitutes these so-called "unusual activities." Therefore banks are filling out so many SAR's that the feds can't keep up and have a very large backlog. It is my understanding (as was said before) if you keep it under $10 grand you should be ok. And even if one was to be filled out by your bank on you, it may end up at the bottom of a huge pile of some government worker who may never even see it.

 

[Fishhead]

I can't remember the exact source (possibly the Wall Street Journal or maybe the ABA Journal) but I recently read that the government is being overwhelmed by these suspicious activity reports being submitted by Banks. Since 9/11 there has been much discussion and concern about money being funneled to terrorist groups overseas. The regulations are a bit vague in regards to what constitutes these so-called "unusual activities." Therefore banks are filling out so many SAR's that the feds can't keep up and have a very large backlog. It is my understanding (as was said before) if you keep it under $10 grand you should be ok. And even if one was to be filled out by your bank on you, it may end up at the bottom of a huge pile of some government worker who may never even see it.

Individuals mention this $10 grand thing........so what if one were to withdraw say $7500 a week in 3 $2500 installments on Monday, Wednesday, and Friday for a total of $30,000 for the month.

So that is LESS of a red flag then doing one $11,000 withdrawl for the entire month?

Not being a smartass here. just flat out inquiring and looking for opinions.

Thanks,
-Fish-

 

[Fishhead]

Individuals mention this $10 grand thing........so what if one were to withdraw say $7500 a week in 3 $2500 installments on Monday, Wednesday, and Friday for a total of $30,000 for the month.

So that is LESS of a red flag then doing one $11,000 withdrawl for the entire month?

Not being a smartass here. just flat out inquiring and looking for opinions.

Thanks,
-Fish-

Anybody?

 

[Cow-me]

Your answer is... maybe...

As I understand it...

A bank is REQUIRED to file a report for any single transaction over $10,000.

A bank has the OBLIGATION to monitor transactions and file a report for SUSPECTED activity, ie. someone doing multiple transactions to avoid the $10,000 limit.

So if you try playing games with amounts you could get screwed anyway.

Your best bet would be to do as buddyboy suggests. Though I would not say that you are sending/receiving money from gambling. I would put it more like you have foreign investments that requires sending/receiving of funds, typically several thousand dollars at a time. Some months there may be only a couple of transactions, some months there may be as many as xxx.

Then leave it at that and hope the manager accepts you as a good guy as you came to him and told him what was going on.

 

[Dante]

Fish...I just posted above recently..5 days ago when my wife's mom went to open and account at our bank. I happened to hear them ask her her " Do you intend to have more then $3000.00 wired to you at any time to that account , if so to advise them"...the number is 3000$ that they will report it unless you advise them as a buddyboy said if its over that

 

[dmmd98]

Just to add to this. Sending $2999 causes more reg flags then sending $3000. Or sending 2900 one day then coming back two days later doing the same thing at the same place (I know people who have does this) As the above poster said, maybe is correct. You see it's basically a judgement call by either the bank officer mentioning the transaction or the program they use (whatever) so the rules are not set in stone and vary from bank to bank.

 

[harrington]

I was doing a cash deposit last year and I had the coolest teller in the world. I was depositing $18,000 in cash and she said it was none of her business where the money came from but she urged me to deposit half and then come back in a few days and do the other half. I asked her why and she said they have to report any deposit over $9999.99 to the IRS and that she would have to fill a form out. And she was also smokin hot too.

 

[NEWPORT]

I think the last poster has the number and it is 10,000. I always try to keep my arond 3-6,

And keeping it in the 3-6 range an having it sent to a DIRECT DEPOSIT checking, that means an account where you have a paycheck or payment direct deposited normally. Then wires for amounts look like DD. gl NEWPORT

 

[Dante]

I was doing a cash deposit last year and I had the coolest teller in the world. I was depositing $18,000 in cash and she said it was none of her business where the money came from but she urged me to deposit half and then come back in a few days and do the other half. I asked her why and she said they have to report any deposit over $9999.99 to the IRS and that she would have to fill a form out. And she was also smokin hot too.

WOW harry nice...I remember your post in the begining of the year saying you where shutting it down...you must have won big before that

congrats

 

[Whoson1st]

Don't think anyone really knows the answer to this question, at least with 100% certainty.

We have had the $2500, $3000, $5000, anything over $10000 figure, to some suggesting it ALL raises a red flag no matter what the amount is, even if it is as little as $50.

If your main worry is the IRS as far as a red flag is concerned, simply pay your taxes on your winnings, which for the majority is the correct thing to be doing.

Fish,
When you say simply pay your taxes on your winnings, which for the majority is the correct thing to be doing..... Can you tell us which minority should not claim their winnings or under what circumstances should they not do this?

 

[Fishhead]

Fish,
When you say simply pay your taxes on your winnings, which for the majority is the correct thing to be doing..... Can you tell us which minority should not claim their winnings or under what circumstances should they not do this?

Wow, your putting me on the spot.

What it comes down to is the individual believes is right..........after..........

1. Speaking with their tax advisor
2. Reading forums
3. Reading taxes on the law
4. Talking to friends

Personally, anything that hits my bank account, gonna make sure I can account for it..........whether it be from gambling, babysitting, mowing lawns, selling stuff on ebay, etc., etc.

 

[redpimp]

Little bird told me, it has more to do with the kind of activity in your account...

consistency is the key....Generate consistency no matter what even when you have no genuine transactions. Generate consistency year round.... (figure out what that means for yourself)