A Peak at Bank Account Balances

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bkshopr said:
Socal,

You are just like me. http://www.irvinehousingblog.com/forums/viewthread/3160/#70928
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"People are wearing nice outfit but their underwear and socks have holes. Go to the Well Fargo ATM by Culver and Walnut and pick up the transaction slips people left behind. You will be amazed to see the account balance left on their accounts and the cars they drive. I did that for 5 hours one evening a year ago and I learned a lot."

Bk - you are my hero. You've got me beat by 4 hours and 57 min. That sounds like a good experiment.

LOL you guys have colorful imaginations. No "rummaging" occurred. I should go take a picture of the receptacle. Y'all seem to think I rolled up my sleeves and was sifting through old soda bottles, half-eaten hamburgers, and cigarette butts in a big trashcan on the sidewalk. LOL. It's a little container no bigger than a bread box that is attached to the ATM. It was over-flowing with papers so it was a quick grab. I'm not dumb enough to do this with a line of people standing in front of the machine. Of course you always have to have an alibi. Mine: "I accidentally threw away my receipt and need to find it."
 
Astute Observer said:
A question for BK is that is the sampling bias or not? That is, is Asian more or less likely to frequent ATM machine than other groups? And is Asian less likely to have account in credit union than other ethnic groups? I don't remember seeing any credit union in asian supermarkets, for example. And is people who frequent ATM are more likely to be financially distressed than those who never use them?
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Older Asians 40+ like to use cash and especially those own businesses dealing with cash transactions. Majority of Asians cheat on taxes therefore cash profits are never deposited in avoiding paper trails. Asian retailers offer good discount to customers not using credit cards another record trail. Asians like to use the mini branch inside the Asian supermarket such as East West, Cathay, Hanmi and Billigual Wells Fargo for cash withdrawl and deposit. Cathay and East West locations are indicators of large Asian population.
 
bkshopr said:
Older Asians 40+ like to use cash and especially those own businesses dealing with cash transactions. Majority of Asians cheat on taxes therefore cash profits are never deposited in avoiding paper trails. Asian retailers offer good discount to customers not using credit cards another record trail. Asians like to use the mini branch inside the Asian supermarket such as East West, Cathay, Hanmi and Billigual Wells Fargo for cash withdrawl and deposit. Cathay and East West locations are indicators of large Asian population.
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I don’t think the IRS tracks cash deposits or wire transfers (unless one large sum is wired into numerous multiple accounts)

I’ve been told the bank will notify the IRS when an amount over $10K in cash is withdrawn.

Does anyone know if that is correct?
 
I have to agree with others that a snap shot of their checking account doesn't tell the whole story. Although I keep a fair amount of cash in checking, the bulk of my cash is in savings, money market account, and CDs earning a better interest rate.
 
since 9/11, the amount has dropped. i've heard $4k or $5k now, but of course the real number is secret.

(this was to answer ten's question about $ tracking by banks)
 
no_vaseline said:
When I worked for wages, I never carried more than $100 in cash.

Now, I don't even own a ATM card. I had to get my wife one when she was doing post Katrina FEMA work.
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What do you do now, No_Vas?

Are you an asian male over 40?
 
tenmagnet said:
bkshopr said:
Older Asians 40+ like to use cash and especially those own businesses dealing with cash transactions. Majority of Asians cheat on taxes therefore cash profits are never deposited in avoiding paper trails. Asian retailers offer good discount to customers not using credit cards another record trail. Asians like to use the mini branch inside the Asian supermarket such as East West, Cathay, Hanmi and Billigual Wells Fargo for cash withdrawl and deposit. Cathay and East West locations are indicators of large Asian population.
Click to expand...

I don’t think the IRS tracks cash deposits or wire transfers (unless one large sum is wired into numerous multiple accounts)

I’ve been told the bank will notify the IRS when an amount over $10K in cash is withdrawn.

Does anyone know if that is correct?
Click to expand...
Banks are required to notify regulators/authorities about any number of transactions that indicate money laundering might be occuring. $10k used to be a trigger, but it's less than that now and that includes any combination of smaller amounts from different accounts.
 
Its still $ 10K for an IRS report.

But the bank can notify if they see multiple cash transactions

on the same account in a consecutive manner over the $ 10K limit

that appears as avoidance.
 
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