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I have a friend who buys electronics (phones, laptops etc..) and fixes them up and sells them. Strictly wholesale B2B buying and selling, however he also have a customer that he pay in cash. Now since banks are closing tellers all over his city (One branch is always backed up in line) he withdraws from the ATM to pay for these items but he takes out $2,000 a day for like 3 days in a row to collect $6,000 sometimes 2 days only when he needs 4,000 sometime 4 days when he needs $8,000. Will this be considered structural withdraw? His whole business is online transaction but this one customer takes cash.

Here is an example of the withdraw schedule for the atm

  • 3/22/2020 - Withdraw $2,000
  • 3/23/2020- Withdraw $2,000
  • 3/24/2020- Withdraw $2,000
  • 4/7/2020- Withdraw $2,000
  • 4/20/2020- Withdraw $2,000
  • 5/1/2020- Withdraw $2,000
  • 5/2/2020- Withdraw $2,000
  • 5/3/2020 Withdraw $2,000
  • 5/4/2020- Withdraw $2,000
  • 5/10/2020- Withdraw $2,000

He has done so far 26 withdraws which total to $52,000. He have a business account and a business operating for years however this is his first time buying with Cash.

1 Answer 1

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If the bank thinks this needs to be reported, then they will do so.

If he has business records of his transactions, and he is paying taxes, then he has little to fear about the report. The goal of the bank reporting large cash transactions is to make sure that income is actually being reported, and that their isn't money laundering going on.

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