People in banking 17 replies, 10446 views

Kevlar Moneyclips
9/3/2011 11:59:00 AM
Say I take a personal check to my bank and cash it as opposed to depositing it. Is this really an anonymous option?
Tim E. Husk
9/3/2011 12:13:00 PM
I don't work in banking, but of course the bank is going to keep a record of the check. Whether anyone can get a hold of that information is another question.
riggard
9/3/2011 12:14:00 PM
If it's made out to you, most likely wouldn't be anonymous.
Kevlar Moneyclips
9/3/2011 1:06:00 PM
I want to know what sort of records the bank keeps, to whom they would be available and how cashing differs from a deposit from someone who actually has experience in this sort of thing specifically.

If your qualifications in this matter consist entirely of "I post on pahardcore", rest assured that I too post on pahardcore- and also happen to know that my name is on the check, that records are kept by banks of checks, that i signed the check, that it went through my bank account, etc. I probably know just about as much about taking checks to the bank as everyone else on here, save for people who do this for a living, whose opinions I would appreciate
Bonsai
9/3/2011 1:10:00 PM
Originally posted by: riggard

If it's made out to you, most likely wouldn't be anonymous.

And you typically need to show id or your bank card at the time of the transaction. Some banks will record your id or acct number on the check.

Not sure if it is company wide or just local, but if you take a check drawn from a PNC Bank to PNC to be cashed, and you aren't an account holder, they take your fingerprints. Crazy.
Tim E. Husk
9/3/2011 1:12:00 PM
Originally posted by: Kevlar Moneyclips

I want to know what sort of records the bank keeps, to whom they would be available and how cashing differs from a deposit from someone who actually has experience in this sort of thing specifically.

If your qualifications in this matter consist entirely of "I post on pahardcore", rest assured that I too post on pahardcore- and also happen to know that my name is on the check, that records are kept by banks of checks, that i signed the check, that it went through my bank account, etc. I probably know just about as much about taking checks to the bank as everyone else on here, save for people who do this for a living, whose opinions I would appreciate

So, in other words, you know that asking if it is possible to cash a check anonymously is silly question.
Kevlar Moneyclips
9/3/2011 1:23:00 PM
If I was trying to hide the proceeds from the sale of kilo of coke, I wouldn't be accepting a check.

If I was trying to make the proceeds from the sale of a few hours of my labor a little less obvious to the tax man, but still conduct my business like a normal American, I would accept a personal check. The question remains what would be the most sensible thing to do with the check?

Seeing as how this board is chock fucking full of armchair experts on everything on which they read a magazine article, I thought I'd come here.
Tim E. Husk
9/3/2011 1:24:00 PM
Here's an honest suggestion - maybe a cash-checking place would be better than going to your bank. At any rate it would lengthen the paper trail.
Kevlar Moneyclips
9/3/2011 1:28:00 PM
I'm a little turned off by the three percent most of these guys seem to be charging. I had some good guys who would do it for one percent for me with no ID before I moved.

Three percent is still better than thirty percent, I'm just hoping to avoid that altogether
riggard
9/3/2011 1:36:00 PM
Originally posted by: Kevlar Moneyclips

I want to know what sort of records the bank keeps, to whom they would be available and how cashing differs from a deposit from someone who actually has experience in this sort of thing specifically.

If your qualifications in this matter consist entirely of "I post on pahardcore", rest assured that I too post on pahardcore- and also happen to know that my name is on the check, that records are kept by banks of checks, that i signed the check, that it went through my bank account, etc. I probably know just about as much about taking checks to the bank as everyone else on here, save for people who do this for a living, whose opinions I would appreciate

I cash checks, we're governed by the department of banking. I'm going off my personal experience being that I deal with banks on a daily basis. Do I qualify?
Bonsai
9/3/2011 1:37:00 PM
Some banks process cashed checks as a deposit and withdrawal on your account... whether your bank does or not, who knows. You can avoid that by cashing it where it was drawn.

Generally, anything under $10,000 will not be recorded in a way that would be reported to the IRS. All cash transactions over 10k are automatically reported within 30 days. Cash transactions over $3000 may be recorded and kept in a log for 5 years, but they don't get forwarded to the IRS.

If you start walking out with thousands in cash every month, the chance of someone filing a suspicious activity report is high. But if you'rre talking a few hundred here and there, don't worry about it.
riggard
9/3/2011 1:39:00 PM
Also most check cashing places take more information than the bank, being that if the check is bad we get screwed out of money. A check is itself a paper trail if it has your name on it. You probably won't be able to do anything with it until tuesday anyway, most banks close at 12 on Saturdays.
Kevlar Moneyclips
9/3/2011 1:43:00 PM
Originally posted by: riggard

Originally posted by: Kevlar Moneyclips

I want to know what sort of records the bank keeps, to whom they would be available and how cashing differs from a deposit from someone who actually has experience in this sort of thing specifically.

If your qualifications in this matter consist entirely of "I post on pahardcore", rest assured that I too post on pahardcore- and also happen to know that my name is on the check, that records are kept by banks of checks, that i signed the check, that it went through my bank account, etc. I probably know just about as much about taking checks to the bank as everyone else on here, save for people who do this for a living, whose opinions I would appreciate

I cash checks, we're governed by the department of banking. I'm going off my personal experience being that I deal with banks on a daily basis. Do I qualify?


being that it was a smart ass answer without much in depth information, you got a smart ass response. maybe I phrased my question inappropriately. where do you work and what do you do with the information that you collect?


I'm not concerned about banks reporting to the IRS, I'm not dealing with anywhere near that amount of money. I'm more concerned about what things might look like in case of an audit. I don't think I make enough that they're going to go all gonzo on a few thousand, but I'm trying to keep my bases covered
riggard
9/3/2011 1:47:00 PM
I work at a pawn shop. We do check cashing, western union, bill payments and all that as well. As far as check cashing, we take ID, SSN, phone number, and a fingerprint, and all those are kept on file indefinitely.
Gatsby
9/3/2011 2:11:00 PM
If you earn less than $5000 a year in your side business you dont have to claim it. Are you subcontracted through a contractor or are you strictly side work through your personal contacts?

The only thing that would raise red flags is if you already have misc. deductions that you do claim that they may audit for and notoce other regular checks posted to your account that you didn't claim.
Sandy Dickhands
9/3/2011 2:15:00 PM
KM sure comes off as a total prick itt
Rina.
9/3/2011 2:27:00 PM
Is it a large check or something? How would anyone ever know the money went toward business? It could be that someone owed you a large amount of money, or the check could have been a gift.

I dont know much about banking, but I know that my daughters dad has his own business, and cashes personal checks all the time. Yet he collects welfare because he has no "income." I cant prove a thing otherwise.
Kevlar Moneyclips
9/3/2011 2:33:00 PM
Gatsby- in short, audits are a minor concern of mine, I take a lot of deductions and its not a side business, though most of my work is subcontracted through a few contractors.


Sandy- you might be on to something with that one

Sabrina- I don't even have such a check. People are just shying away from paying real cash for things but still want the cash discount for writing a personal check instead of a business one. Its becoming more and more of a thing and I'm starting to wonder how to proceed