In the US it's a felony to deposit/withdraw smaller amounts with the intent to evade the reporting requirements. Given that law, even transactions under the limit could be seen as suspicious, especially if they all happened in a short period of time.
So let the bank generate a SAR and waste some FinCen analyst's time. It's still none of their business why I want cash and I've never heard of any US bank requiring explanations for withdrawals. This isn't comparable.
That’s an immediate “close the account” and go to a different bank.
Every bank in Canada has to ask these questions when you're withdrawing cash over a certain amount. It's a federal regulation.
Not if it's under or at the daily limit, which is exactly what this guy did.
In the US it's a felony to deposit/withdraw smaller amounts with the intent to evade the reporting requirements. Given that law, even transactions under the limit could be seen as suspicious, especially if they all happened in a short period of time.
So let the bank generate a SAR and waste some FinCen analyst's time. It's still none of their business why I want cash and I've never heard of any US bank requiring explanations for withdrawals. This isn't comparable.