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I believe 10 M, the M being the roman numeral for 1000...

we have come to accept the K as 1000 because of the computer.

Blammer
Believe convention dictates the lower-case m is 1000 and the upper-case M is 1,000,000... K is from the Greek and m from Latin...
art

The Law of Something or Other--if you try to mess with them, they won't notice. If you want obscurity, they'll be right there.

You be right. I keep using 'M' instead of 'K' in the proper places.. Actually, I think 'K' is supposed to be used in metric measurements such as 'ten K run' meaning kilometers (thousand meters). The 'M' is the roman numeral for 'thousand'..

For whatever reason, in the banking and brokerage business we use M = 1,000's and MM = 1,000,000's. Not really logical, just the accepted practice.

The fact that Barak is taking $10,000 from his account will not generate a form since the money is already in the "system." The receiver of the funds would be required to fill out the proper forms if it is received in the form of cash or cash equivalents (cashier's check, money orders, etc...). This is true if the checks add up to $10,000 over a period of time (time is subjective). You can't avoid this filing by breaking it up into two $5,000 items as was suggested.

Using a personal or business check will not require the receiver of the funds to file the paperwork. This money is already in the "system" and considered clean.

In the banking and brokerage business these are the abbreviations of the "yummy" sound, as in "Money! Yummy!".

$1,000 is good and rates one "Yummy" - "m", $1,000,000 is really good and rates two "Yummies" hence "mm".

$1,000,000,000 (a billion dollars) rates something close to an orgasmic sound whose written representation I shall not display on this family oriented forum.

I have a question, while we have the attention of some guys who know more about the banking system than I do.

My sister and I are in the process of settling my mom's estate.
I recieved my half of mom's IRA, took said check to the bank and deposited it. It's more than 10 grand so I was told it has to be held for 11 buisness days.
However, the funds will become available on a schedule.
In 1 buisness day a small portion, less than 1% becomes availible.
In 5 buisness days about 16% is availible and on the 11th buisness day the balance.
Why?
Once the check clears and the feds have been notified shouldn't the entire balance be deposited.
The 11 day wait I understand, the schedule baffles me.

I'd bet that somehow the bank is making interest off that in the interim...

B'sW

Shreck
May depend on what kind of check it was and who wrote it. Sounds like not my kind of bank, though.

Longbob is right, I"m a Banker in Canada and the laws in both countries are the same. If the 10k(or M) is already in your account and you buy a draft/cashiers cheque for $10,000 that is not a suspicious transaction. The laws are meant to curb the flow of large amounts of cash, (while not always) overwelmingly large amounts of cash have good reason to be suspicious. People who actually bury cash under the bed or in tha back yard are very unusual and cash is becoming much harder to use in any significant amount.

It's a cheque from a bank. You would think banks would trust one another. <img src="/ubbthreads/images/graemlins/mad.gif" alt="" />

And Mrs. B... I'm sure my bank is making interest on the balance.

There is a lot of misunderstanding as to just what laws apply and how they are applied. If you are going to deal regularly in large amounts of cash, monetary instruments, or wire transfers, you had better know the rules. The penalties are quite unpleasant. The regs are available at the FDIC site and also at the US Treasury sites. What I see posted here is a lot of misunderstanding and half truths about a complicated subject.

Basically any business that deals in large amounts of cash is required by law to have a money laundering policy in place and internal controls and training to identify illegal activity. As a practical matter most of the non-regulated commercial businesses that are required to have policies and controls, don't bother until their bank or some other entity requires them to.

As far as banks, credit uniions, stock brokers, etc are concerned, their internal activities are watched very closely by their regulators and more is going on than most people realize. Everyone kind of knows about the $10,000 cash thing. . .large currency transaction report. . .that is filed if you bring in a lot of currency. Businesses that regularly deal in lots of cash for legitimate reasons such as a grocery store, will be exempted by the bank if they meet certain criteria identified in the regs. Certain other business such as car dealers, boat dealers, jewelry stores etc. are cannot be exempted as they are deemed high risk and banks are required to report their activity regardless.

What most people don't know until they get in trouble: It is against the law to structure transactions to avoid the currency transaction reporting limits. Banks are required to have systems in place to aggregate transactions to identify structuring schemes and report them. Next, the $10,000 threshold aside, Banks, etc., are required to report "suspicious activity" by filing a suspicious activity report with a central data base. The law requires them to do this, and prohibits them from telling you that they are doing it. So, if you show up at your credit union with a bunch of cash and you don't normally do this and there is no apparant reason for you to be depositing say $6,726 in miscellaneous large and small bills. . . .it is likely that you will have a SAR filed. . . especially if you do it several times. There are a variety of other behaviors and activities that will also be classified as suspicious and reported in addition to basic cash transactions. The Banks don't particularly enjoy doing this but they are required by law and fined heavily if they are examined and found lacking in their own compliance. In some cases, criminal liability extends to the bank officers so they tend to be vigilant in their compliance efforts.

Aedes,
you must work in the financial Industry, the Bank I work for has a very good record of compliance with this sort of thing, we have an extensive network of Bank's and Branches in the Carribean and Central America. The issue of compliance with the international treaties to curb money laundering for criminals and terrorists are becoming increasingly difficult to make sure you are in compliance. I can't speak for the US, our regs (or theinterpretation of them) are constantly being tweaked to the point that as a Branch Manager it's almost impossible to be totally compliant just due the constantly changing world.
To get back to Barak's question though, if he has been saving the $10k in a shoebox for the past few years and he wants to convert cash to a draft he is going to have a problem, if the money is in his acct or Mrs Barak's this is an easy thing with no compliance issues at all.

Yes, the money has been honestly earned and has been increasing over a number of years in an interest-bearing account. Nothing larger than a paycheck has been deposited at any one time.

The car dealer will be paid with a personal check. I don't think there's going to be any problem.

B'sW

One last observation, if you have $10,000 or more in cash and you have not done anything illegal to acquire it, having a large currency transaction report filed is not going to cause you any problems. It is an irritating invasion of privacy, but there are thousands filed on a daily basis and there is not some little gnome in a marble building tracking down each one. And, the FBI is not going to start asking your neighbors questions just because one was filed. You are way better off just filing the CTR than you are having a couple of Suspicious Activity Reports filed on you because you were trying to be clever. Bank transactions are like tatoos, you can't erase them once they are done.

If there is some legal reason you do not want the government to know you have a wad of cash, don't go near a financial institution with it. <img src="/ubbthreads/images/graemlins/confused.gif" alt="" /> <img src="/ubbthreads/images/graemlins/confused.gif" alt="" /> <img src="/ubbthreads/images/graemlins/confused.gif" alt="" />

Shreck
That's incredible on a cashier's check, although the business of fraudulent cashier's checks has never been better. I'd like to hear from a banker on that.

Continuing thought--pretty soon we'll be down to electronic transactions only, and I don't have to tell anyone the implications of that.

No it wasn't a "cashiers cheque", it was a cheque from an investment bank.
I still do not understand the dolling out of the funds.
I'm assuming it's my banks policy.

That's why I think digital cash is coming. Once digital cash gets established, you'll be able to do everything electronically, and more anonymously and untraceably than you can now with paper cash. The government will of course be opposed to it, but it may get its start in the black market.

Shrek, they out a hold on the cheque even from your investment bank, because it wasn't guaranteed funds. The American Banking system has so many Bank's it's impossible to adequately verify funds all the time. I have sent Moneyorders/drafts from our bank to people in the US and the Bank's down there want to hold it for 30 days. Partly because they dont recognize the name of mine(although we are bigger than most of the US Bank's that have done this) and partly because of the potential it is stolen or fraudulently produced/altered.