Co-worker says it's illegal to have more than 10,000$ on your person?

[timcar86]

He has to be wrong...right?

[UncleJak]

Couldn't say....I've never had $10,000. 

It sounds like bologna to me though.

[Guest 6.8 AR]

Yeh, he's wrong. Ask him what he is drinking. :D

[Spots]

I don't think its illegal but you are supposed to have a document from the bank I think. I got one when I sold my truck. May have something to do with cali state law thojgh.

Its not illegal, but it does require filing a form, and I was told to carry the form by the bank.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-$10,000-(Form-8300) Edited February 16, 2013 by Spots

[Guest ThePunisher]

I think if you make $10,000.00 withdrawals from the bank, then you send a red flag to the commies, and they start watching you to see if you are buying too many guns and ammo.

[TrickyNicky]

There is paperwork that needs to be filled out by the bank when depositing $10,000 or more, not sure if the same goes for withdrawals or not. As to carrying it, he's full of it. I've known several people who have paid for new vehicles and in one case a .5million dollar home with cash. I've also completed transactions with landscapers for excess of 10,000 where they paid in cash to receive a hefty discount.

[TripleDigitRide]

You may have to declare it at an airport if you're leaving the country. A bank may have to notify the IRS if you make a cash deposit of that amount. It is not illegal to walk, drive, skip or jump with that much money on your person. That is, unless you get stopped by the drug task force here in the state of Tennessee. Then they will take your money, harass you for a while on the side of the interstate and send you on your way without filing any charges. Oh yeah, they will also keep your money and never return it. But hey, that's a small price to pay to live in a free society.

[RobertNashville]

I'm positive it is not "illegal" but (and it's been quite a while since I looked it up) while not "illegal"; if you are stopped by LE and they find that much cash on you I believe they can legally confiscate it under the assumption that it's either "drug money" or at least evidence of criminal activity.

Somebody correct me if I'm wrong about that.

 

[Raoul]

There is actually some post 911 legislation that prohibits wire transfers over 10k without some type  of documentation.. And deposits exceeding 10 k are flagged. Large cash deposits have been scrutinized for years due to drug trafficking. 

[10-Ring]

I know that you can not pay over $10,000 on a single credit card per day, had something to do with the Patriot Act.  As others have said, if you are pulled over your cash can be confiscated and all the cops have to say is that they thought that it could possibly be drug related.  I think that if you were pulled over with a large sum of cash then it might be a grand time to exercise your 5th Amendment right, of course I'm not sure how effective that is since it really isn't a crime to have cash to begin with.  For more information about this happening in TN Google the terms "Monterey, cash seizure, and Officer Bates."

[superduty]

I don't think it's ilegal to carry that amount of cash, but if you bank with amounts of that level - being an individual that is not normally expected  to be dealing with transactions in that amount, the bank can/will file a SAR - suspicous activity report - that goes to IRS and/or FinCEN.

 

I had thought the limit was $10,000, but it may actually be $5,000.. just did a bit of Googling on it.

[gregintenn]

I thought it was anything beyond a $7500 bank transaction that got you looked at by the feds.

[vontar]

If you deposit 10k or more they report it.

 

Easy enough, I don't carry 10k around.

[billyscott]

I believe a $10,000 or more transaction with a bank will be reported to the IRS. 

Here's a link to the channel 5 report, Policing for profit. 

 

http://www.newschannel5.com/story/20342745/nc5-documentary-examines-policing-for-profit

[vontar]

I know my Credit Union has a sign on the counter about the limit, it is 10 or 11k but as it doesn't affect me I didn't really pay much attention to it.

[Raoul]

Here. Wiki is your friend.

 

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

[Guest 6.8 AR]

Whoa! Too many responses to a simple question.

In the first place it is not illegal to have any amount of money on your person at any time. It is not illegal for you to keep your money

from being confiscated by police. In other words they are using a ruse to take your money if you are dumb enough to let them see it.

Money cannot be taken from you, legally, if it is sitting in your car while you are stopped. If you are told that, maybe I should become

a highwayman. Once you allow a cop to take money from you, you had better have been arrested. He has no right at all to take

anything from you like that, unless you have something illegal in the open, or you have submitted to a search.

 

Money is money. That's all it is. If you let a cop take money off of you, he better have a warrant for your arrest. They use the asset

seizure law, in this case, after you have been suckered into believing you have to give it to them. No, you don't. Tell the fool to

arrest you, or get the Hell out of the way.

[RichardR]

It's not illegal per say, but the authorities can & do confiscate large amounts of cash during traffic stops quite regularly, to which then the owner of the confiscated cash must "proove" either through a bank statement, etc that they had earned/aquired that money legitimately before it is returned.

So I have always made sure to keep the withdraw slip from my bank with the money, when I carry large amounts of cash on me, just in case.

[Guest 6.8 AR]

It's none of their business that you even have the money. Why would you have it where they had a reason to know about it?

Unless you are crazy, you might be keeping money out of plain sight. They still have to have some kind of probable cause.

 

Those highwaymen on the interstate, from whichever county or federal agency, have no right to touch anything in your car

without reasonable cause and yes, you would be crazy to voluntarily submit to a search, especially if you are carrying cash.

 

Writing a speeding ticket is not probable cause, and unless someone corrects me, I have yet to hear the highwaymen include

the THP. Some county or federal yokel out there phishing for money can find another target. He won't get a dime from me.

 

Those "confiscations" are nothing but fear based and fearful people are the ones they target. None of that garbage would

stand up to scrutiny if people stand up to them. Show me the law that allows them to search without cause. And then, show

me the law that allows them to confiscate without first having cause. Don't buy into that nonsense.

 

I will roll my window up and call 911.

[10-Ring]

And now they have dogs that sniff out money as well.

[Rowdy]

And now they have dogs that sniff out money as well.

My wife has been doing that for years.

[Mike.357]

You may have to declare it at an airport if you're leaving the country. 

 

 

10K is the maximum in cash you can leave the country with.   I personally know of a couple of people who have this on hand at all times.  And that because they leave the country on business often.   LMAO I have seen it in a couple of golf bags several times.

[Patton]

Tell the fool to
arrest you, or get the Hell out of the way.

I agree with other things you have said, but remember a citation is issued in leu of an arrest. Yes, speeding is an arrest able offense. If their probable cause for the stop was an infraction and not just a suspicious vehicle they may very well arrest you after that statement.
I have known some TN Drug Task Force Agent's and when they take cash it is almost always honest to got true drug money. I will not give away how they know the origins of money but they have a very relible method. Honest people have nothing to fear.
When DTF stops a vehicle and suspect's drug trafficing it's over before the driver even knows what happened. A series of questions and the agent knows what's in the car and which process of the transportation it is in. Once again no one here has any reason to fear for the safety of their money, unless your trafficing. Edited February 17, 2013 by Patton

[TripleDigitRide]

I agree with other things you have said, but remember a citation is issued in leu of an arrest. Yes, speeding is an arrest able offense. If their probable cause for the stop was an infraction and not just a suspicious vehicle they may very well arrest you after that statement.
I have known some TN Drug Task Force Agent's and when they take cash it is almost always honest to got true drug money. I will not give away how they know the origins of money but they have a very relible method. Honest people have nothing to fear.
When DTF stops a vehicle and suspect's drug trafficing it's over before the driver even knows what happened. A series of questions and the agent knows what's in the car and which process of the transportation it is in. Once again no one here has any reason to fear for the safety of their money, unless your trafficing.

Investigations and words out of the mouths of LEO tell me what you just said is inaccurate. See the investigation into such a stop in Monterey, TN.

They can test the money for traces of drugs all they want. Do you have any idea how many lines of coke and meth are snorted through rolled up dollar bills on a daily basis? A whole freaking bunch. I'm sure you've carried around more than a few bills containing traces of drugs and the sweat of a strippers ass. Does that mean you snorted lines of coke from a strippers' ass? Edited February 17, 2013 by TripleDigitRide

[Mike.357]

traces of drugs and the sweat of a strippers ass. Does that mean you snort lines of coke from strippers ass?

 

brings a nostalgic tear to my eye