I just walked out of my bank without making my deposit-am I a fool?

[Jtrey17]

I sold a car over the weekend and went to the bank this morning to deposit the cash. When I got to the teller station she printed out a form and proceeded to ask my where I worked. I told her that was none of her business. She called over a personal banker from the corner office who told her that if they didn't get the form completed I wouldn't be able to make my deposit. So I walked out with my cash-super pissed off. I have worked for the same company for 23 years and have had a direct deposit to this bank every other Friday. I went home and called the corporate office and was told it was a 'government thing' to avoid money such-and-such with drug runners. To which I explained that if people like me continue to bend over and let the government remove our right to privacy, that we'll all just be a herd of sheep.To get around that requirement they recommended I split up those deposits to smaller deposits over time. What say you mustachians? Am I upset over nothing? And better yet-does anyone know if credit unions have this stupid requirement?

[4alpacas]

https://www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000

Edited to remove bad advice.  Thanks for the better info, ketchup!

[ketchup]

https://www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000

If you're concerned about filling out the IRS form, then break up the deposit.

Yeah, don't do that.

https://en.wikipedia.org/wiki/Structuring

[Raenia]

Yes, credit unions will also have this requirement.  Just fill out their form.

[Sibley]

Better question is, why didn't get you a money order or cashier's check for the car, rather than cash?

But yes, fill out the form. Large cash deposits are tracked to help combat money laundering. Lesson learned for next time.

[bobechs]

Buy gold coins and hold them.  Close to your testicles, for maximum effect.

Or stockpile .22LR ammunition.  Keep that away from your testicles.

Whatever.

[frugaliknowit]

In the future, when you sell a car, do so at the buyer's bank and get a cashier's check (you can walk right up to the teller window with the buyer).

At this point, I WOULD fill out the form so your money is safe.

[Jtrey17]

Yep, I did (didn't like the cash hanging around)-but ugh, I felt like it was a total invasion of privacy 🙁 - thanks for the reply!

[Jtrey17]

https://www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000

Edited to remove bad advice.  Thanks for the better info, ketchup!

I called the corporate office of my bank and was given the same advice from them!

[AlanStache]

We have all had those moments.  It is also not just large cash deposits, banks are also required report 'suspicious' activity - whatever that is.  If it helps you can think of this as one of the costs for getting FDIC insurance; else you are welcome to keep the cash under your mattress (provided you still follow the IRS rules).  Or take the cash to a digital currency vending machine-but even this may not be private.  Really your best bet might be to buy small amounts of gold from pawn shops-but they have security cameras and your face may be 'publicly' identified with your name via facebook. 

Privacy is a very hard concept these days. 

Edit: Also note that each dollar bill has a unique ID string on it; even if you spent only this cash at small stores the gubment/TheMan (with some work) could probably still work out who you are.  I am not sure there is a 100% private means of commercial exchange; it is really just a matter of effort on your part and the part of some one trying to ID you.

[ooeei]

If you really value your privacy you can go to a grocery store and buy $100-$500 Visa giftcards with cash like drug dealers do. You pay a bit of an "anonymity fee" of 2-3% for the privilege, but nothing is free.

If it helps, the government and your bank already know way more about you than whatever was on that form.

[SuperSecretName]

it's a standard form for cash deposits > 10k.

do not split it up.  just deposit it.  Preferably at the same bank you walked out.  Just tell them you need to do your due diligence.

[Jtrey17]

If you really value your privacy you can go to a grocery store and buy $100-$500 Visa giftcards with cash like drug dealers do. You pay a bit of an "anonymity fee" of 2-3% for the privilege, but nothing is free.

If it helps, the government and your bank already know way more about you than whatever was on that form.

It does make me feel a little better-lol. I believe I had a case of the Monday's this morning

[frugaliknowit]

Yep, I did (didn't like the cash hanging around)-but ugh, I felt like it was a total invasion of privacy 🙁 - thanks for the reply!

Yeah, I would feel the same way if it happened to me...guess it's the only way to curtail the crooks...next maybe it will be no $100 bills...?