Just another step in the "informer" culture that is being cultivated. All under the guise of national security and anti-terrorism...

Want to be left alone by the government and others? Get to be 80. They're scared to hell of you. Why? Because you've got nothing to lose. At my age, I can be cranky to everyone including government gofers. What can they do to me? "FED SUES 80 Yr. OLD RETIREE." They pretty much limit themselves to phone calls and I have caller I.D. so I never answer. Works good on donor solicitations too, although I don't know why. Just for fun, I might answer and pretend to be silly senile.

I just bought $30,000.00 worth of cows they might come after me for the money and the methane gas the cows produce that I might build a bomb with. Yup I could be a terrorist. Eat more beef!

It kind of makes me want to move $5001 from one bank to another that I bank at. Suppose we all did that, would it trigger some action against us? I think we should just do it. I'm might just do it to see what happens, in cash. Anyone willing to join the test?

Bank calls the cops.
The cops come and confiscate your cash.
The cops also advise that you under investigation.
You remain under investigation as the years pass and pass without you seeing a cent of that cash until you die.
To think America would come to this.

Five grand isn't what it used to be... sure sounds like a clear violation of the forth amendment. One day we will find the government has used the Constitution to line a bird cage in the White House.

outrageous! I knew about the mandatory reporting for transactions of 10 k. now 5 k and seizure? ! why is this not being reported everywhere

This isn't news. They've had real time monitoring since the '70s at least.

I tried to refi via NACA (3 days of my life I will not get back again) - I was required to report and explain in writing every deposit over $600.

Jan

Banking activity above $10 K gets automatic scrutiny.

The purpose is to remove cash from circulation - make it all digital. That way, should we have another crash the gov't can seize your accounts to use as payments on the debt, or to prop someone up.
I've been withdrawing cash for awhile because of this. Other than to pay bills, there is no reason to have excess cash in a bank. It earns no interests and you can't get at all of it if you wanted, and as you can see, they can restrict how much you can have at any given time.
Another reason for Bitcoin. I have bitcoins, and a bitReserve account that I can use to move bitcoins into other currencies, gold, or silver. BitReserve removes some of the fluctuation of bitcoin out of the equation. I don't know if bitcoin can go the distance, but I'm going to do my best to support it.
Cash out, and look at other currencies, now before they tighten up the restrictions.

pride in america dance; is a joke. with all these financial regs being imposed upon us why would anyone want to take pride in what america has become. i fully expect that within 20 years there will be a revolt in america when you consider the way things are proceeding now. glad i am not 20 years old.

This matter is much bigger than just "reporting large cash transactions". Not that the Constitution counts anymore, but all such intrusions of privacy are prohibited by the 4th Amendment.

I have not troubled to verify, but it's been reported that FedGov plans may include that it can withdraw/steal whatever it wants from bank accounts, without notice or even indictment and trial. Such has been done of late in at least a couple of other "nations". Seems it's always in a desperate attempt by Gov to cover it's debt. Theirs, not ours! We are Ruled, you know.

Simon Black, mentioned in the article, writes a pretty good e-newsletter (free), though he tends to be a bit alarmist, he does give a lot of good material. He is a Libertarian, lives in Chile and travels constantly.

What a supprise! (The only part that's really surprising is that 1984 and big brother became a reality shortly after 9/11/2001. The prediction was 17 years early. Better late than mart?)

Hell, getting an outboard motor repaired can cost more than that. The only think left to think is that it's still one more power grab to control the populace.

What constitutes a "suspicious customer"?

Doesn't surprise me in the slightest.