I love the convenience of paying off my Chase CC bills at their ATMs...gets rid of extra cash i dont want to carry around...but it just occurred to me the other day- if you pay your CC bill in cash each month will the bank eventually flag your account? I'm definitely paying more than $10k over the course of a year...been doing it for years and nothing yet but does the bank deposit the money into the person's account first (i.e., attach it to their name) and then pay the bill with those funds? I dont even have a chase checking or savings account but I dont want to deal with any future headaches down the road.
Answers
btw, was anyone able to answer that question re: mortgage interest deduction as it relates to points and buy downs???
good to know that if you want any thread deleted, just start spamming it with abusive content
What you are describing does nto spark the automatic $10,000 transfer reporting. There also is nothing suspicious about paying a monthly credit card bill.
But if you were doing such a transfer routinely to the same person or even if they know to that person and, say, a relative, and in amounts adding up to $10,000, that might be suspicious. But it might take even more than that to be suspicious. It would be blatant if you gave the same person two $8,500 checks in a month, it would look like trying to avoid the $10,000 reporting.
But paying a credit card bill is not the least bit suspicious -- unless it is someone else's credit card bill you pay and in amounts that look suspicious.
Regardless, while it might be reported, that does not mean you are in the least bit of trouble. If you ever even heard about it, you just tell the legitimate reason for those particular payments. Maybe that would require reciepts, maybe it was payment for some job done, half up front and half when done.
It's money laundering they are looking for. If it is lgitiamte, it sinowprbelom. But yes, the Feds might look longer to decide if it really is suspiciouis. But even then, they want to be sure it actually is money laundering, they don't just grab you off the streets jsust out of suspicion.
Paying your credit card, or other bills, in cash is not money laundering, so it is not a loophole. How you got that money might be money laundering. You can use cash to pay your legitimate costs and bills, even at the grocery store. If not, then you would not even be able to pay a restaurant bill in cash, or leave a cash tip. As the bills say on them: "This note is legal tender for all debts, public and private." They can't then turn around and arrest you for doing exactly that.
They need more than a pattern to convict you of money pandering. The pattern just tips them off that they might want to check. If they checked on your payments, they would see you pay your legitimate credit card bill in cash at the bank every month.
I am not saying paying a cc bill over the year in cash to the tune of $10k will trigger an alert but it’s not just per transaction. So I support the comment on patterns. But they will default to reporting to avoid fines.
