Any bankers in the house????????

[compuwiz1]

Over the years, I have have always had an account where my employers bank. Never had any holds on payroll that way.

 

[kritical]

Originally posted by: TheAdvocate

Originally posted by: CadetLee
OP: That's normal.

Originally posted by: Greenman

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

Wrong..

Actually, you are wrong. Any combination or aggregation of deposits exceed the threshold in one business day MUST BE REPORTED on a SAR (Suspiscious Activity Report).

I work for a major US bank and I can tell you that you are wrong. SAR and CTR is for cash transactions over 9999.99 and they get reported. MIS is reported when you purchase an instrument such as an MO or an official check in excess of 3k or more with cash. Check deposits don't get reported.

 

[alkemyst]

kritical is right...I am not sure if people are understanding that CTR vs SAR are different. SAR is relatively new and part of the terrorism laws, it can be reported for just about anything...it's up to the bank's discretion.

Traveler's checks also count like cash transactions.