A question about purchasing a cashiers check

[Lone_Star_Dem]

I've sold a vehicle and am about to purchase a newer used one. The total transaction will be $16,500. The seller doesn't want cash (I don't blame them) in that large of an amount. My friend just told me that if I purchase a cashiers check that large that the records will be turned over to Homeland Security by my bank for further review.

Is that true, and if so why?

[MissB]

1. Of course it is true. I saw it on CSI: Miami.

Why? To keep us all safe from terrorists.

:sarcasm:

[Lone_Star_Dem]

3. Explains why I didn't know, I only watch the one with with Grissom.

:P

[BOSSHOG]

2. I think

if you make any withdrawals over $10,000 that it is flagged by the feds, but you have a valid reason for doing it and your bank will know as well.

Recall limbaugh making $9,000 withdrawals in small bills to buy his dope???

[Lone_Star_Dem]

6. I do recall that now that you've mentioned it.

I wonder if I'll go on a list or something?

[BOSSHOG]

15. We made a very substantial withdrawal

eight years ago when we closed on our house. It showed up on our credit report but it was a legitimate transaction. As long as your not using the car for criminal purposes, you will be fine.

[Lone_Star_Dem]

17. Note to self: No bodies in trunk of new car

;)

[Bjornsdotter]

13. My bank

....told me that any amount over $2000 is reported. I'm not sure if this true for all banks.

Cheers

[ellenfl]

4. any amount deposited or withdrawn that is over

$9,999.00 is reported. this is nothing new and i believe was originally designed to keep an eye on drug dealers. it has been in effect for years. nothing to worry about.

ellen fl

[Justice]

7. I echo that - has been around for years.

enjoy the new(er) wheels!

[Marrah_G]

5. I can answer that

Any cash transaction over 9,999.00 requires paperwork to be filled out. This is to make sure large amounts of money are trackable. This is used to combat money laundering. If you were to go to the bank and deposit 10000 in cash you would have to fill this out also. It's a minor hinderance.

[Lone_Star_Dem]

8. Ah, so I'll just have to state why I'm purchasing the cashiers check?

And no doubt give them my social and such? That's nothing to bad.

[Marrah_G]

10. Yes, it's really pretty simple

It's just a way to track cash that would otherwise be untracable (the kind dope dealers like).

[Lone_Star_Dem]

16. Thanks for the info

That makes sense. I was afraid I'd end up on some silly list and have to wait at airports. LOL!

[Sammy Pepys]

9. Thousands upon thousands of transactions like that....

...take place everyday. I doubt DHS looks at or even receives all of them. If they do, the backlog is probably enormous.

Large transactions are made more easily traceable because of many of the aforementioned reasons, and this has been done for a while now. But it's nothing you probably need to worry about it, unless one of the trunks of the cars involved in the purchase is full of unmarked bills and cocaine.

[Atman]

11. Any transaction over 10k, cash or check, goes to DHS

And the IRS.

It's because drug dealers and terrorists always spend more than $10,000 and are too stupid to break their transactions into smaller amounts in order to deter detection.

Oh, I'm sorry, is my sarcasm showing through? You could give the guy three $5,500 dollar checks...as long as they're all from different transactions. In which case, the DHS and IRS will be after you anyway, figuring you're up to something illegal because you split the transaction.

Welcome to the brave new world.

.

[Lex]

12. Real estate closings require big cashiers checks all the time

so that must happen lots of times every day.

[napi21]

14. It IS true. The banks have been required to file forms for any

transaction $10,000 or over fora very long time. It was fiest instituted tohamper the case transaction of the drug dealers in Fl. I'm thinking thes was back in the early 80's.

I wouldn't worry about it, unless you're trying to hide the deal for some reason.

Many people who sell antique cars want to hide the transaction because they don't want to pay taxes on the profit.