Is Silver next?

[spencer rifle]

So, I did after all do the bank run. Took out a bit more that my usual withdrawal (we don't have to go to the ATM with what we keep at home). I originally wanted some 50s and 100s, but they said "We are short on funds right now. Do you mind having that all in 20s?"
This is a major national bank. At least they had enough.

 

[nonobaddog]

$250k limit at one bank, but you keep $1k at 250 different banks?

Like W.C.Fields, he had lots of bank accounts all over the country, some people say 700 accounts but many doubt that number. His heirs are still trying to find all his money. He is probably still laughing at that.

 

[nonobaddog]

So, I did after all do the bank run. Took out a bit more that my usual withdrawal (we don't have to go to the ATM with what we keep at home). I originally wanted some 50s and 100s, but they said "We are short on funds right now. Do you mind having that all in 20s?"
This is a major national bank. At least they had enough.

I just went and took out $5K. They had all hundreds and didn't even blink.

 

[buckwacker]

Since it is just me - I go to separate banks to keep it simple - plus I get more toasters.

Made me think of this

 

[rdbs505]

I just went and took out $5K. They had all hundreds and didn't even blink.

Did they ask you if you had big plans that day? I always wonder how much of a withdrawal is enough to make them "suspicious " enough to fill out the form 8300. Ever had to deal with that?

 

[blain]

Did they ask you if you had big plans that day? I always wonder how much of a withdrawal is enough to make them "suspicious " enough to fill out the form 8300. Ever had to deal with that?

The 8300 trigger is $10k.
But if you withdraw measured amounts large enough, you might get a visit.
My local coin shop had an especially busy week a couple of years back.
His wife made several runs to get cash from the business account (none 10k or more).
He told me an IRS agent and sheriff's deputy dropped by to visit.
He got a little defense and explained to the agent how his business is heavy on cash transactions.
He invited the agent to come back after close and inspect his books all he wanted to. The agent declined.
He spoke up and asked the deputy what he was there for (they knew each other). The deputy wouldn't make much eye contact.

 

[Nugget]

The 8300 trigger is $10k.
But if you withdraw measured amounts large enough, you might get a visit.
My local coin shop had an especially busy week a couple of years back.
His wife made several runs to get cash from the business account (none 10k or more).
He told me an IRS agent and sheriff's deputy dropped by to visit.
He got a little defense and explained to the agent how his business is heavy on cash transactions.
He invited the agent to come back after close and inspect his books all he wanted to. The agent declined.
He spoke up and asked the deputy what he was there for (they knew each other). The deputy wouldn't make much eye contact.

Multiple transactions adding up to $10k is actually more suspicious to banks than one big one of $10k or more. At that point, they assume you know the $10k rule and are trying to skirt it with multiple transactions.

Speaking of nosy bank tellers... We decided to move some cash from one online bank to another, by way of our regional bank checking account, to spread the risk around. When the money showed up at the regional bank, I also went to the branch to pull a couple grand out to keep handy. When the teller saw the balance, she told me that was a lot of cash to keep in a checking account. I told her it wouldn't be there long. She asked what my plan was for it. I told her I was just rearranging the deck chairs on the Titanic.

 

[Cozy439]

Which company selling silver rounds/bars has the lowest mark-up?

 

[dieselrealtor]

Silver on the move, up .59 to $22.21 at Monument

 

[spencer rifle]

Which company selling silver rounds/bars has the lowest mark-up?

Depends. Lately it's been SDBullion with their generic rounds. But it depends on what you want and what day it is.
100 oz. bars are around $1.75 per ounce above spot. Goes up from there as the item gets smaller.
Findbullionprices is a good start, but I found a number of better deals by going directly to the seller's site.
Go-to places right now are Monument, SD, silvergoldbull for silver and Liberty Coin for gold commemoratives.

 

[spencer rifle]

Did they ask you if you had big plans that day? I always wonder how much of a withdrawal is enough to make them "suspicious " enough to fill out the form 8300. Ever had to deal with that?

My bank has never asked, but they now expect me to stop by every month or two to make a major withdrawal. So never any questions (except "how do you want that?") and just pure normal business transaction. SWMBO appreciates not having to stop by the ATM every time she needs cash.

 

[Mij]

The 8300 trigger is $10k.
But if you withdraw measured amounts large enough, you might get a visit.
My local coin shop had an especially busy week a couple of years back.
His wife made several runs to get cash from the business account (none 10k or more).
He told me an IRS agent and sheriff's deputy dropped by to visit.
He got a little defense and explained to the agent how his business is heavy on cash transactions.
He invited the agent to come back after close and inspect his books all he wanted to. The agent declined.
He spoke up and asked the deputy what he was there for (they knew each other). The deputy wouldn't make much eye contact.

I withdraw deposit that amount and more all the time, never had anybody make a visit to my home, business, let alone a Leo. I don’t even know what an 8300 is.

I guess a lot of folks think 10k is a big chunk of money, it’s not. Lots (and I mean lots) of folks deal with that amount of dollars multiple times a day.

Why in the world would the IRS show up at your home? Or Business? It takes those guys hours to put on there shoes. And a local business had a same day visit, with Leo. He’s already on someone’s radar for unknown reasons. Or?

 

[nonobaddog]

The 8300 trigger is $10k.
But if you withdraw measured amounts large enough, you might get a visit.
My local coin shop had an especially busy week a couple of years back.
His wife made several runs to get cash from the business account (none 10k or more).
He told me an IRS agent and sheriff's deputy dropped by to visit.
He got a little defense and explained to the agent how his business is heavy on cash transactions.
He invited the agent to come back after close and inspect his books all he wanted to. The agent declined.
He spoke up and asked the deputy what he was there for (they knew each other). The deputy wouldn't make much eye contact.

Yeah, $10K is the official trigger but they can also do it anytime they want.

 

[nonobaddog]

I withdraw deposit that amount and more all the time, never had anybody make a visit to my home, business, let alone a Leo. I don’t even know what an 8300 is.

I guess a lot of folks think 10k is a big chunk of money, it’s not. Lots (and I mean lots) of folks deal with that amount of dollars multiple times a day.

Why in the world would the IRS show up at your home? Or Business? It takes those guys hours to put on there shoes. And a local business had a same day visit, with Leo. He’s already on someone’s radar for unknown reasons. Or?

I got a surprise visit from two IRS agents a few years ago so I know darn well it happens. They were wondering why I was taking $5K every day out of my account in Pittsburgh. That tells me they can be and are informed about transactions if the bank feels like it. The problem was I do not have an account in Pittsburgh. However some buttwipes stole my identity along with many, many other people and were filing fraudulent tax returns to get refunds. They were getting TONS of money from our government and they happened to use my ID to open an account in Pittsburgh to receive and store this money.
The FBI already knew about this and had arrested several people involved. I get emails from them through the Victim Notification System(VNS) and fortunately had saved those emails. I told the IRS agents they should talk to the FBI instead of me. I gave them my Pittsburgh FBI contact name and number and showed them many emails from the VNS and gave them a list of the buttwipes involved.
Here is that list. I am not violating anybody's privacy - this matter is in the public records through the courts. Notice the good American names on the list. Some of these buttwipes are being deported because they were not even US citizens.
Xerxes Shevar
Gcobisa Kehle
Loyiso Kula
Abiodun Tijani
Funmilayo Aliyu
Samuel Sobaloju
Kwame Asamoah
Doherty Kushimo
Abiodun Bakre
Saburi Adeyemi
Adetunji Gbadegeshi
Adebola Mejule
Idowu Olugbade
Alaire Sanya
Olanrewaju Ajetunmobi
Olusegun Akinwale
Olayinka Olurinde
Festus Owusu

 

[nonobaddog]

Did they ask you if you had big plans that day? I always wonder how much of a withdrawal is enough to make them "suspicious " enough to fill out the form 8300. Ever had to deal with that?

No, they didn't care. I take out $5K periodically. A few months ago I took out $9K and they told me I needed to call ahead a few days to get that much. They did give it to me though. I happened to get the one well-known grouchy teller that time. So since then I just do $5K.
I don't know if they do a form 8300 or not - I figure that is up to them.

 

[blain]

I withdraw deposit that amount and more all the time, never had anybody make a visit to my home, business, let alone a Leo. I don’t even know what an 8300 is.

I guess a lot of folks think 10k is a big chunk of money, it’s not. Lots (and I mean lots) of folks deal with that amount of dollars multiple times a day.

Why in the world would the IRS show up at your home? Or Business? It takes those guys hours to put on there shoes. And a local business had a same day visit, with Leo. He’s already on someone’s radar for unknown reasons. Or?

They stopped by the business, that he opened over 3 decades ago.
Maybe he'll drop off their radar when his business crosses the 1/2 century mark.

 

[Mij]

I got a surprise visit from two IRS agents a few years ago so I know darn well it happens. They were wondering why I was taking $5K every day out of my account in Pittsburgh. That tells me they can be and are informed about transactions if the bank feels like it. The problem was I do not have an account in Pittsburgh. However some buttwipes stole my identity along with many, many other people and were filing fraudulent tax returns to get refunds. They were getting TONS of money from our government and they happened to use my ID to open an account in Pittsburgh to receive and store this money.
The FBI already knew about this and had arrested several people involved. I get emails from them through the Victim Notification System(VNS) and fortunately had saved those emails. I told the IRS agents they should talk to the FBI instead of me. I gave them my Pittsburgh FBI contact name and number and showed them many emails from the VNS and gave them a list of the buttwipes involved.
Here is that list. I am not violating anybody's privacy - this matter is in the public records through the courts. Notice the good American names on the list. Some of these buttwipes are being deported because they were not even US citizens.
Xerxes Shevar
Gcobisa Kehle
Loyiso Kula
Abiodun Tijani
Funmilayo Aliyu
Samuel Sobaloju
Kwame Asamoah
Doherty Kushimo
Abiodun Bakre
Saburi Adeyemi
Adetunji Gbadegeshi
Adebola Mejule
Idowu Olugbade
Alaire Sanya
Olanrewaju Ajetunmobi
Olusegun Akinwale
Olayinka Olurinde
Festus Owusu

^
^

Yes, what I mentioned, “already on radar”. I’m surmising in your case they wanted to know, find out, if you were somehow involved. Just a guess of course.

Festus——

 

[nonobaddog]

^
^

Yes, what I mentioned, “already on radar”. I’m surmising in your case they wanted to know, find out, if you were somehow involved. Just a guess of course.

Festus——

I was "already on radar" as far as the FBI was concerned, yes. However I could tell this was all brand new to the IRS agents and they did not have a clue before I told them all about it.

 

[snorko]

Remember when former Speaker of the House Dennis Hassert got in trouble some years ago? He was being blackmailed. In order to avoid reporting he made several periodic withdrawals under $10K instead of regular $10K+. He faced no legal trouble from being blackmailed but was charged with Structuring.

Friend of mine used to work in Fraud Detection & Investigation at a regional bank. She just laughed at the shenanigans folks went through for no real reason.

 

[Mij]

I was "already on radar" as far as the FBI was concerned, yes. However I could tell this was all brand new to the IRS agents and they did not have a clue before I told them all about it.

I can only imagine this IRS crap is only going to get worse with the current crop of Bozo’s in office. Recall that is how the .gov “got” Capone. Nobody does an end around better than a Fed. Politician.