Deposting halves into your bank account

[Pennysaved]

This might be a weird question but I sort about 8k of halves a week. Wells Fargo lets me dump them back in bags which makes my life easy but most of the branches make me deposit them and then withdrawal the money so their is a trail for my account.

My statement for last month had 40k going in and out of my account. I asked would this ever raise red flags and they said no.

Am I worrying for nothing?

[Rodebaugh]

Should be fine....I have a withdrawl/deposit of 15K a month....no problems yet

[Pennysaved]

Thanks just didnt want someone to think Im money laundering or something like that haha

[BamaJoe]

I deposit at least 12k a month, sometimes more. Put them into accounts that are solely for that purpose - nothing going in except my halves and nothing coming out except withdrawls that are even thousands. No problem yet.

[commoncents]

You could keep track of your searches. If ever you were questioned about your bank activity you could show what you were doing and why. Such as:
date source coins 90% 40% comment
------------ -------- ------ ----- --- -------------
2010-10-9 chase 480 1 6 customer wrapped rolls

[highroller4321]

This might be a weird question but I sort about 8k of halves a week. Wells Fargo lets me dump them back in bags which makes my life easy but most of the branches make me deposit them and then withdrawal the money so their is a trail for my account.

My statement for last month had 40k going in and out of my account. I asked would this ever raise red flags and they said no.

Am I worrying for nothing?

Unless you are doing transaction of $10k at a time than you have nothing to worry about. Transactions of cash/coin of $10k or more per transaction have to be reported.

[HelloMeteor]

This might be a weird question but I sort about 8k of halves a week. Wells Fargo lets me dump them back in bags which makes my life easy but most of the branches make me deposit them and then withdrawal the money so their is a trail for my account.

My statement for last month had 40k going in and out of my account. I asked would this ever raise red flags and they said no.

Am I worrying for nothing?

How do you get a hold of that many halves to sort? I'm looking to get into this, and would like to know. Thanks a bunch.

[Pennysaved]

Well it took me a couple weeks to get a regular order of over 8k in halves.

I started out with $500 boxes from several banks. I took in candy occasionally as a thank you and got most of them to order me 1k a week consistently. I have one bank that orders me $2500 a week.

You might have to go around and ask several banks to order them for you.

[Devil Soundwave]

Man I really wish we still had silver in circulation in England.

How many do you find on average per week from 8k?

[BamaJoe]

]

How do you get a hold of that many halves to sort? I'm looking to get into this, and would like to know. Thanks a bunch.[/quote]


I admit I have an edge in the coinage department. My little island girl is the head teller at her bank so I can order what I want.

[giddyup99]

This might be a weird question but I sort about 8k of halves a week. Wells Fargo lets me dump them back in bags which makes my life easy but most of the branches make me deposit them and then withdrawal the money so their is a trail for my account.

My statement for last month had 40k going in and out of my account. I asked would this ever raise red flags and they said no.

Am I worrying for nothing?

Unless you are doing transaction of $10k at a time than you have nothing to worry about. Transactions of cash/coin of $10k or more per transaction have to be reported.

This is incorrect. Banks and/or Bank tellers can choose to report for further investigation ANY deposits or deposit amounts if they feel they are suspicious. They are required by law to report any single transaction over $10k. Several deposits made over many days of $2k, $3k, $8k, may very will "look" like suspicious transactions and very similar to a tactic called "structuring" that those attempting to launder money use to circumvent the $10k reporting requirement.

Now obviously your teller may know you and know you are not a criminal, but larger banks use exception reporting based software to flag transactions fitting certain conditions for further review. Your deposit of $8k in coins, looks just like paper money to the computer and may result in further review.

Don't tick off that teller. They can submit suspicious activity reports at their leisure - and they do get investigated.

Keep accurate records so if you are visited by a federal investigator you have proof to back up your story. More importantly, be candid with your tellers if they start asking questions, they are trained to scrutinize transactions and if you are secretive or somewhat clandestine with your answers, you may open the door for a SARS report.

[MO-SILVER!]

I can only imagine the look on a Federal investigators face to walk into your living room and see 8K in halves lying around waiting to be sorted....

[HoardCopperByTheTon]

I'm surprized they let you cycle $8k a week without cutting you off. Usually if you are dumping heavily at one branch you will eventually get told that the bank manager wants to talk with you. It is pretty much never about offering you a low interest rate loan. I have a hard enough time dumping $1k in halves every week. They never seem very happy to get them.

[Pennysaved]

Well luckily I live in a city big enough to have a lot of bank branches. It gives me a lot of options for pick up banks and dump banks.

[HoardCopperByTheTon]

I have a lot of banks and branches in my area too.. but I have yet to find a single one that wants me to bring in halves.

[commoncents]

Pennysaved wrote:
This might be a weird question but I sort about 8k of halves a week. Wells Fargo lets me dump them back in bags which makes my life easy but most of the branches make me deposit them and then withdrawal the money so their is a trail for my account.
My statement for last month had 40k going in and out of my account. I asked would this ever raise red flags and they said no.
Am I worrying for nothing?

The essence of 'structuring' is attempting to prevent the reporting of bank activity by splitting a large ($10,000+) transaction into multiple small ones. Unfortunately 'structuring' is a serious crime with lax standards of proof. But there is no law whatsoever about deposting large amounts of cash to a bank account, only about attempting to conceal the same. Pennysaved could adjust deposits so as to make fewer total deposits, all of which are larger than $10,000. That would not be structuring and would not be illegal. The authorities get zillions of reports of large cash deposits each year. As a side benefit, it is possible that the banks would be less likely to object to deposits of all coin if they occur less often, even if the amount is larger.