- Dec 5, 2020
- Reaction score
- In your head
They've had these kind of laws on the books for some time--not necessarily implemented the same way. Deposits of over $10K have been subject for at least 20 years, probably more. I once bought an item at Sears on credit so I could take advantage of the 10% discount. A month later, I attempted to pay the balance of about $3500 at a store. I was told that they could only accept a payment of $2500 because of the same type of cockamamie banking laws.I think its worse than an overreach because it's allegedly being done for the purpose of "detecting and supporting suspicious activity that might signify money laundering, tax evasion or other criminal activity" under the Bank Secrecy Act.
So their reason for doing this is a pretext, also known as a lie, in my opinion because since when does earning and depositing a paycheck constitute "suspicious activity".