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MrMilkdud February 6th, 2019 5:16pm

In 1970, Nixon signed the “Bank Secrecy Act,” which requires banks to report personal withdraws of $10,000+ cash, or large cash sums in other patterns, in an effort to combat money laundering and other illegal transactions. Do you support this law?

21 Liked

Comments: Add Comment

Liberty 4,032,064
02/07/19 6:23 am

Of course not. It’s a terrible violation of privacy and property rights.

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thedman Free Kyle Rittenhouse
02/06/19 11:55 pm

C-c-c-Come back with a warrant there pal

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theNobamist Silicon Valley
02/06/19 11:36 pm

In 1970, $10,000 was a LOT of money!!!
That is more than $50,000 today.

4boot LaTrineodeur, MN
02/06/19 11:14 pm

Not ok, none of their fucking business.

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Kay41 the Midwest
02/06/19 4:11 pm

I'm ok with it. But, it seems that they should raise the amount slightly now that it is almost 50 years later.

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ovcourse California
02/06/19 5:24 pm

According to my inflation calculator, the amount should now be ~$65,000 due to inflation.

Kay41 the Midwest
02/06/19 5:42 pm

Wow. Well, that may be a bit much. I was thinking $15,000 to 20,000.

ovcourse California
02/06/19 6:33 pm

To be honest with you, $20,000 is a drop in the bucket in California compared to the Midwest. But I know you can’t have a federal law designated by region.

Kay41 the Midwest
02/06/19 7:12 pm

For sure. But, 65,000 still seems too high.

HammeringMan Gods Away On Business
02/06/19 8:19 pm

It's like the Minimum Alt Tax. It was created to catch about 1,000 US Citizens who were able to use deductions to avoid taxes. Today inflation puts almost 25% into that bracket.

HammeringMan Gods Away On Business
02/06/19 8:20 pm

Eg. $250,000 per year used to be an easy $10M in today's dollars.

sgkitty new york
02/06/19 2:57 pm

I support it but I do think some instructions take cash transactions too seriously. I cannot deposit any cash into my business account at Chase without ID. Even $100 deposit requires an ID.

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Squidboy Snarkapottamus
02/06/19 2:45 pm

100% support...? But the ceiling needs to be increased. I would peg it somewhere between 20-30k and then adjust for inflation.

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Squidboy Snarkapottamus
02/06/19 5:44 pm

Your number looks good...but I think it’s too high.

Zod Above Pugetropolis
02/06/19 2:26 pm

Adjusted for inflation since then, maybe. In 1970 $10k would easily buy four cars, today it won’t buy a golf cart. No one should have to jump through hoops to pay cash for a motorcycle, a car, a recreational lot, or a modest motorhome. Make it $100k in today’s dollars, and I don’t care.

HammeringMan Gods Away On Business
02/06/19 8:21 pm

I like that.
I'd also like to borrow your $10k golf cart. It must have Bose Speakers and a nitro booster!

Zod Above Pugetropolis
02/06/19 8:53 pm

Actually, the one I'd want costs considerably more than that. But it helps make the point that a $100k cutoff would be more reasonable:
www.garia.com/coolest-golf-car-ever/

HammeringMan Gods Away On Business
02/07/19 6:56 am

Zod- I do fully agree w your financial view on this. . I just want you to post a picture poll. Just one. Show me your dream cart!! It would be fun.

Seriously, Americans seem ignorant of the crushing effect of bracket creep.

TomM
02/06/19 2:21 pm

It was lowered to 5k which Eliot Spitzer didn't know. I loved that story. The former public prosecutor who used to put prostitutes in jail was caught paying a prostitute. Talk about karma.

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MrMilkdud
02/06/19 2:31 pm

Are you sure? As far as I can tell, it’s still $10,000.
Is that just in NY?

TomM
02/06/19 4:01 pm

I thought it was the law, but I found the 5k is a practice

Bank employees also scan transactions to spot suspicious or non-routine ones totaling $5,000 or more. Those can result in filing suspicious activity reports (SARs) to alert authorities, who then seek the true nature of the transactions.

www.reuters.com/article/us-newyork-spitzer-banks/spitzer-probe-triggered-by-u-s-money-report-rules-idUSN1162908820080311

.

HammeringMan Gods Away On Business
02/06/19 8:23 pm

My banker friend agrees w Tom. 5K gets a SARS report.

rons WOKE is sick
02/06/19 1:53 pm

I work once for Western Union. Money laundering was a biggie. Programs were written to report transfers of 5k.

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EarlyBird Portland
02/06/19 12:28 pm

The law has caused me some inconvenience over the years but I do support it.

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