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How to cash a check over $10,000 ?

 
bbb
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User ID: 130546
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11/28/2006 08:24 AM
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How to cash a check over $10,000 ?
How do you cash a ten thousand dollar check with out a bank
account ? Do they have to report it because its over $3,000 ?
gooderboy

User ID: 68162
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11/28/2006 08:29 AM
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Re: How to cash a check over $10,000 ?
Use it to buy $10,000 worth of lower denominational money orders, and make them out to yourself.
Anonymous Coward
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11/28/2006 08:31 AM
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Re: How to cash a check over $10,000 ?
I suppose under the bill(6166?) signed in the past year that your account is flagged if anything over $5000 is deposited in it. I'm not sure here on this, but I think it's obvious that amount would be looked at if deposited all at once.

I saw the $5000 thing on a conspiracy website in the past few months. Anyone else hear about that?
bbb (OP)

User ID: 130546
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11/28/2006 08:34 AM
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Re: How to cash a check over $10,000 ?
Use it to buy $10,000 worth of lower denominational money orders, and make them out to yourself.
 Quoting: gooderboy

Do the money orders max out at like $3,000 ?
gooderboy

User ID: 68162
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11/28/2006 08:36 AM
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Re: How to cash a check over $10,000 ?
I have no idea, I never buy them... call your local post office and ask them?
bbb (OP)

User ID: 130546
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11/28/2006 08:37 AM
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Re: How to cash a check over $10,000 ?
The lil redneck girl at the "7-11" says they can't accept
a third party check for payment. 1dunno1
Anonymous Coward
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11/28/2006 08:41 AM
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Re: How to cash a check over $10,000 ?
go to the bank where it is made out at. the payees bank. they still may call it in though. good luck
gooderboy

User ID: 68162
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11/28/2006 08:44 AM
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Re: How to cash a check over $10,000 ?
The lil redneck girl at the "7-11" says they can't accept
a third party check for payment. 1dunno1
 Quoting: bbb


... oops!... ya sure didn't say it was a 3rd party check... you are doomed then, and cuz it has to clear first.
bbb (OP)

User ID: 130546
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11/28/2006 08:45 AM
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Re: How to cash a check over $10,000 ?
some one wrote me the check, lol .
gooderboy

User ID: 68162
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11/28/2006 08:47 AM
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Re: How to cash a check over $10,000 ?
some one wrote me the check, lol .
 Quoting: bbb


... then it's not a third party check... now what's going on with you?
bbb (OP)

User ID: 130546
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11/28/2006 08:49 AM
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Re: How to cash a check over $10,000 ?
some one wrote me the check, lol .


... then it's not a third party check... now what's going on with you?
 Quoting: gooderboy

I did say "lil redneck girl", lol.
REAR VIEW (NLI)
User ID: 150179
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11/28/2006 08:52 AM
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Re: How to cash a check over $10,000 ?
For every misguided post here there are two bad ideas.

TWO WAYS EASY:

ONE: OPEN ESCROW AT A TITLE COMPANY WAIT 4 DAYS AND ASK FOR A REFUND IN SMALLER AMOUNT CHECKS.

TWO: GO TO THE NEAREST CASINO...THEY DON'T CARE WHO YOU ARE THEN CASH INTO CHIPS AND HAVE AT IT CASHING AS MANY CHIPS AS YOU NEED.
Anonymous Coward
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11/28/2006 08:52 AM
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Re: How to cash a check over $10,000 ?
I think banks are the only ones that will consider playing with that much money.
gooderboy

User ID: 68162
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11/28/2006 08:55 AM
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Re: How to cash a check over $10,000 ?
some one wrote me the check, lol .


... then it's not a third party check... now what's going on with you?

I did say "lil redneck girl", lol.
 Quoting: bbb


... why, yes you did... and you also said that she told you, "they can't accept a third party check for payment".... no?
Anonymous Coward
User ID: 2298
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11/28/2006 09:15 AM
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Re: How to cash a check over $10,000 ?
It's third party when she gets it in payment. They are the third party. So she was right.
ashes
User ID: 152815
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11/28/2006 09:24 AM
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Re: How to cash a check over $10,000 ?
i work at a supermarket in a college town and we deal heavily in money services (ie. western union, money orders) and if someone was to come in and try to break down 10,000 dollars into smaller denomination money orders, were required to fill out a suspicious activity form without ones knowledge and have it sent in to the local federal law enforcement agency.
gooderboy

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11/28/2006 09:30 AM
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Re: How to cash a check over $10,000 ?
It's third party when she gets it in payment. They are the third party. So she was right.
 Quoting: Anonymous Coward 2298


... no... she/'they'... would then be the 4th party to the check.... in other words... if I make a check out to you, and you give the check to someone else to go get cashed... that's a 3rd party check... thus... the person who is then cashing the check would have to also sign their name w/ID... under your endorsement on the back of the check.... and then... and then... that's even a bit 'iffy' now-days, and especially if they don't know who you are and/or the person cashing the check... and thus, the reason for the check clearing first.
Anonymous Coward
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11/28/2006 09:30 AM
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Re: How to cash a check over $10,000 ?
What's the limit? I heard it was $5000 deposit and you will get flagged or deemed suspicious. Right?
gooderboy

User ID: 68162
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11/28/2006 09:33 AM
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Re: How to cash a check over $10,000 ?
i work at a supermarket in a college town and we deal heavily in money services (ie. western union, money orders) and if someone was to come in and try to break down 10,000 dollars into smaller denomination money orders, were required to fill out a suspicious activity form without ones knowledge and have it sent in to the local federal law enforcement agency.
 Quoting: ashes 152815


... lol, I know I sure would too... although I think I'd also be making a phone call or two first, and before any forms were filled out at all, lol.
Anonymous Coward
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11/28/2006 09:33 AM
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Re: How to cash a check over $10,000 ?
How do you cash a ten thousand dollar check with out a bank
account ? Do they have to report it because its over $3,000 ?
 Quoting: bbb


Go to the bank it is drawn on and pay their fee to cash it. As for reporting it depends on the type of check, most times no..
Healthy1
User ID: 155346
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11/28/2006 09:37 AM
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Re: How to cash a check over $10,000 ?
Are you prepared to be fingerprinted at the bank? They will fingerprint you.

I like the option of opening that title thingy.
gooderboy

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11/28/2006 09:41 AM
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Re: How to cash a check over $10,000 ?
How do you cash a ten thousand dollar check with out a bank
account ? Do they have to report it because its over $3,000 ?


Go to the bank it is drawn on and pay their fee to cash it. As for reporting it depends on the type of check, most times no..
 Quoting: Anonymous Coward 146968


... I don't think so, and not now-a-days anyways. Our banks here, and I live in small town America... I know for sure, are obligated to report any and all sizable like money/check/money order transactions... and I thought/do think, that it's like anything $2,000 and over.
Shady
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11/28/2006 09:42 AM
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Re: How to cash a check over $10,000 ?
How do you cash a ten thousand dollar check with out a bank
account ? Do they have to report it because its over $3,000 ?


Go to the bank it is drawn on and pay their fee to cash it. As for reporting it depends on the type of check, most times no..
 Quoting: Anonymous Coward 146968


I'm no expert, but I think they only have to report it if you are either deposting or withdrawing over $5000 CASH at one time. So if you deposit the check into an account and then withdraw it when you need it, you should be OK. I'm sure there are other means too (casino, etc).
Anonymous Coward
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11/28/2006 09:50 AM
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Re: How to cash a check over $10,000 ?
fishy
Demosthenes

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11/28/2006 09:50 AM
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Re: How to cash a check over $10,000 ?
You are aloud to give or recieve "gifts" of cash totaling no more than 12,000 dollars per year without haveing to pay taxes on it as either the giver or the reciever. So go to the bank it is drawn on and you should be able to cash it. They may or may not make you open an account. Or, just deposit it in your own account and wait for it to clear...
"Beyond a critical point within a finite space, freedom diminishes as numbers increase. ...The human question is not how many can possibly survive within the system, but what kind of existence is possible for those who do survive." -Frank Herbert
Demosthenes

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11/28/2006 09:52 AM
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Re: How to cash a check over $10,000 ?
Also...if they flag you...they flag you...no big deal if you have nthing to hide....far bigger transactions and payments take place on any given day....far bigger....you will barely register on the radar unless you go out of your way to look suspicios....by say...trying to get 10G's worth of money orders....
"Beyond a critical point within a finite space, freedom diminishes as numbers increase. ...The human question is not how many can possibly survive within the system, but what kind of existence is possible for those who do survive." -Frank Herbert
jlazarus

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11/28/2006 09:59 AM
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Re: How to cash a check over $10,000 ?
I believe what you are concerned about are Currency Transaction Reports...

From Wiki:

[link to en.wikipedia.org]

A currency transaction report (FinCEN 104) is a banking form used in the United States to assist in the prevention of money laundering. It came into existence with the passage of the Currency and Foreign Transactions Reporting Act, better known as the Bank Secrecy Act (BSA), in 1970.

A CTR is filed by a bank teller upon a currency transaction exceeding $10,000 by a person in a single banking day. A bank employee who processes such a transaction must complete a CTR immediately following the transaction and have their supervisor review it. The forms must be completed and filed on each deposit, withdrawal, currency exchange, or cash wire transfer over the $10,000 limit. Multiple transactions totaling more than $10,000 of currency in one banking day must be counted as one transaction, and reported accordingly. Used in this context, currency means cash, coins, or other monetary instruments that transfer ownership solely by transfer of physical possession of the instrument.

When the first version of the CTR was introduced, the only way a suspicious transaction of less than $10,000 was reported to the government was if a bank teller called an agent and provided the information. This was due, primarily, to the concern by financial institutions about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act, the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transaction information to law enforcement. As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the suspicious activity report (SAR) was introduced.

(You can google the CTR and find lots of sites on this)
I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein
jlazarus

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11/28/2006 10:03 AM
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Re: How to cash a check over $10,000 ?
Here's a more updated site from the FDIC on this:

[link to www.fdic.gov]
I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein
Anonymous Coward
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11/28/2006 10:05 AM
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Re: How to cash a check over $10,000 ?
Why not go to the bank the check is written on and buy 10 one thousand dollar money orders? You could be purchasing them to give as gifts at Christmas for all they know.
Duncan Kunz

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11/28/2006 10:07 AM
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Re: How to cash a check over $10,000 ?
Well, if the check's mde out to you and you don't have enough money in your own account to cover it, your bank will put a hold on disbursing the check until it clears the payer's bank.

If you want to cash the check right away, you should go to the payer's bank, at which point, you will have to show a couple of forms of ID a well as (probably) your fingerprints.

If your ID has your SSN on it, you will be tracked when the payer's bank reports the transaction to Uncle Pig. However, if your ID does not have your SSN on it, and you give them a bogus SSN, there is a chance that (since you're tracked by SSN) the record will be lost in the bureaucracy.

Of course, if you cash the chaek at your bank, you will be tracked since they already have your SSN on file.

Since you don't have a bank account, you have to go to the payer's bank. My advice is be prepared to spend a couple of hours there, bring plenty of ID, dress neatly, and don't act like a jerk.

Or, as our colleague below suggests, open up an account at your bank and play along with them.

Unless your check is a "gift" under IRS rules (say, a deferred inheritance), you will be rquired to pay income taxes on that money, since it's income. However, you won't have to file a Form 709 if it's under $12,000, so you ought to be cool -- if the payer declares it as a gift.

Some states may allow the bank to actually withhold 20 percent of your funds, just like they do when you cash in a piece of your 401(k) at age 59+, although I don't think this is likely.

Anyway, plan your move carefully, and good luck escaping from Uncle Pig and the thieves in the IRS!
Where's the EVIDENCE, Jim?
Anonymous Coward
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11/28/2006 10:07 AM
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Re: How to cash a check over $10,000 ?
Unless the activity is illegal, just open a bank account, and help them fill out the suspicious activity form.

Being up front and friendly as well as willing to jusmp through some hoops won't harm you in this.

People DO cash large checks you know.... So not everyone with a healthy bank account is being considered a terrorist!

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