Walking into a bank feels like walking into any other business. Sure, there are a few extra cameras and an armed guard or two, but otherwise, it's a typical experience. What you don't see is the flood of reports—tens of thousands every day—that banks and other financial institutions file with the government, logging what Americans are doing with their money.
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TLDR, or too lazy didn't read. But my favorite is what they call structuring. That means that if you take out $10,000 or more the bank has to report it to the feds. So instead you take out $9,000 every week for 2 months.
ReplyDeleteAccording to the government you are structuring your withdrawals in order to avoid the legal requirements of being reported. A U.S. Senator got nailed for that one a few years back.
To me that would be like if the speed limit is 45 mph, so you drive 44 mph, and the cops give you a ticket for going too close to the limit.
One of the problems with this is: Who has standing to bring a lawsuit to get the law declared unconstitutional? ALL these laws are basically searching your private papers! But do you sue the bank over it? How does this work exactly?
ReplyDeleteJohn G