FDIC interference?

[Anonymous]

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@IOBA wrote:

** When we bought the family car, we paid cash.  I think $1500 went on a credit card, the rest was a personal check.   They called and verified funds.  By choice, I brought bank statements to prove that the money was mine for several months before.   But they never sent me a form saying they reported the purchase to the IRS and it was more than 10k.   Would a car dealership send that form to the IRS and the customer as well?**

>edited to add comment about purchasing car<

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Check does not equal cash. Checks are considered a negotiable instrument and do not fall under the reporting guidelines for the $10,000 transaction limit. Only physical cash transactions do. And the report would only be applicable at the car dealership's financial institution, and would not involve you.

Oh, and the IRS doesn't investigate the $10,000+ transactions - whoever told any of you that is pulling stuff outta their butt. It falls under a different department of the United State government. And it's not really the end of the world. It's reviewed, and in most cases, proven a non-threat.

And in regards to the original question... the FDIC is simply in place to ensure the protection of depositors at insured banks. They have nothing to do with direct deposit - any issues with that would fall under Reg. E, which is actually governed by The Federal Reserve Bank of the United States of America.

[laz98]

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@Anonymous wrote:

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Oh, and the IRS doesn't investigate the $10,000+ transactions - whoever told any of you that is pulling stuff outta their butt. It falls under a different department of the United State government. And it's not really the end of the world. It's reviewed, and in most cases, proven a non-threat.

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@Anonymous @ your signature

i see what you mean, FinCEN would be the ones checking it out......but i did read that they can report it to the IRS, who will probably audit you if you owe them money.  makes sense, no?

[Anonymous]

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@laz98 wrote:

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@Anonymous wrote:

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Oh, and the IRS doesn't investigate the $10,000+ transactions - whoever told any of you that is pulling stuff outta their butt. It falls under a different department of the United State government. And it's not really the end of the world. It's reviewed, and in most cases, proven a non-threat.

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@Anonymous @ your signature

i see what you mean, FinCEN would be the ones checking it out......but i did read that they can report it to the IRS, who will probably audit you if you owe them money.  makes sense, no?

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I'm glad you like my signature. And I have a customer service index of 100% at the bank and a 92% approval rating in my district, so I'm not quite as evil as the majority of my brethren in both fields.

Hypothetically, yes, but usually it doesn't make it to the IRS. FinCEN will usually figure everything out and if it's something suspicious, they have more to worry about than the IRS missing out on lost income.