Has anyone had an issue with taking large sums in cash out of your bank account? I've been doing a lot of hobbying lately, and I'm wondering if the 5-6k I take out over a month is going to put up red flags at the bank (usually around 2k at a time). I also wonder, do the tellers have an inkling as to what the money's for? I'd hate to have an IRS agent show up at my door.

If they s how up just tell them you have a gambling problem

I doubt the government will come running for large cash withdrawals. Now they will come running for those of us who make large cash deposits.  

Just say you're trimming some hedges.  You'll be fine.  

... amounts over $2000 can trigger a report to the IRS under certain circumstances... such as if the person at the bank suspects or has reason to suspect that the transaction or pattern of transactions is suspicious.  So... be cool.

Governor Eliot Spitzer, aka Client 9, was taking out about $5 k in cash, per withdrawal, which is below the mandatory reporting threshold of $10k. However, some banks voluntarily report smaller amounts. That's how they nabbed Spitzer.  

by withdrawing the maximum before the reporting threshold kicks in.  That was considered to be illegal in and of itself in some recent scandal.  I think it was with the former House Speaker Dennis Hassert who was paying blackmail regarding an underage sex scandal.

I routinely withdraw 4k to 8k cash from my account. I like to use cash for everything. It's not just the amount. It's also your pattern. Your bank is required to report the withdraw if they feel it's suspicious. If you always withdraw the same amount at the same time interval then it's suspicious because it could be structuring which is serious.

It's understandable to be somewhat paranoid in this hobby, but don't let it get out of hand.

The AML/Anti terrorism rules about cash amounts isn't reported to the IRS -- it's reported to Treasury. There is a 10,000 cash threshold that does require a bank to report it. There is also a "know your customer" standard that banks and other financial institutions are expect to follow.

large sum of money. I was told I have to come back the next day because they will need time to prepare the cash for my withdraw. When I went back the next day, I was been asked a lot of questions. I spent over 30 minutes answering them. I am sure the questions were prepared by some government agency because only they will know to ask those questions. The only upside is there was no other problem.

$10k. I wanted to leave it blank so much. haha

To get info for their report to the Feds, I'm thinking.  

anything illegal. When they asked those questions, they had the answers to those questions. There's no way my bank had those kind of info so it was definitely Fed (my guess is DHS). There was no negative consequence but I am pretty sure my trip was more closely monitored than normal (my reason for the cash was for my Vegas trip).

I had to take out $25,000 in cash a few months ago to pay off some tax liens on some properties I was taking over and the only way to do it "right now" to close on the deal was to send the money through a money gram and the only way to pay them was either by cash or debit card. My debit card had a $5,000 daily limit so the only way to pay the liens was to go to Walmart with $25,000 in cash. lol

If there were going to be any red flags raised in regards to your bank account,  I would think it would happen putting money IN the bank, not taking it OUT. If you put it in lawfully how can there be anything illegal about taking it out for whatever reason you want?

It's about large cash transactions -- deposits or withdrawals. The 10K amount used to trigger a form be filed -- suspect it's still the case.

The local office would not accept payment, I couldn't send a bank wire, every other remedy required a couple of weeks processing time, so the only solution was a "moneygram" even Western Union was not an option.

Cash TRANSACTIONS of 10K or more ARE by law reported.

especially if you are using the same bank/branch and are known as a regular with a routine.  

It seemed like I was taking out $5-10,000 every week or two back when I was hitting Latin America multiple times a month several years ago. I just called it my "Charlie Harper" money, the only questions any of the tellers would ask me was "what country are you hitting this weekend?" lol

This has been the reason many people have been caught trying to skirt the laws. The smarter thing is to not deposit all of your cash.

It should not be a problem. I withdrawl large somes of money all the time. The only time its ever reported is if you withdrawal 10K or more at one time.   You could also go to a few different branch locations to make cash withdrawals.