Success story, cashing refund check, and CTR

David,

This is my second year redeeming lawful money, 2014 was a partial year, and 2015 was a full year. I filed in April to get my full withholding back since I did not want to involve my employer per previous advice from this site. Approximately 6 weeks after filing I had my full refund for 2015. Success! What freedom! I thought members on this site would find what happened next interesting:

I have a fairly good relationship with the manager of the credit union I use and I have had a couple of one-on-one meetings discussing lawful money, restricted endorsement, and a very brief overview of my reasoning. After speaking with her boss, we have come to an agreement that any and all checks I can use restricted endorsement(Redeemed in lawful money Pursuant to 12 U.S.C. 411) When I brought my refund check in to have it cashed, the manager went to the tellers to check the status of cash available. For the record, I attempted to cash this check on a Friday which I assume is when they have more funds on hand. She was worried that cashing my check would cause the branch to be short for Saturday(open until 12). She contacted another branch to confirm they could cash it. They confirmed they could and I drove to the branch. As I arrived the bank manager was practically waiting on me. He introduced himself and promptly told me they could not cash the check. I do not know this manager but he explained that cashing my check would put the bank below "the reserve" they needed. He apologized for whomever told me that they could cash it, they were mistaken. He then asked if I wanted to deposit it and they could arrange next week to "get the money there."

I could not believe neither of the two branches had enough in reserve to cash this check. How little in reserve do they have to have? This is a local credit union but there are 10 branches.
Also, I found it insulting that the manager of the second branch was ok to take my check as a deposit as numbers in a computer system, but if I had asked for it they literally could not give it to me. I declined and just left with the understanding they are to contact me when they do "get the funds."

My last question is in relation to the Currency Transaction Report(CTR) that has to be filled out for any transaction in cash over 10k. Would lawful money be excluded?

Quote:

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Originally Posted by Pharmjd

David,

This is my second year redeeming lawful money, 2014 was a partial year, and 2015 was a full year. I filed in April to get my full withholding back since I did not want to involve my employer per previous advice from this site. Approximately 6 weeks after filing I had my full refund for 2015. Success! What freedom! I thought members on this site would find what happened next interesting:

I have a fairly good relationship with the manager of the credit union I use and I have had a couple of one-on-one meetings discussing lawful money, restricted endorsement, and a very brief overview of my reasoning. After speaking with her boss, we have come to an agreement that any and all checks I can use restricted endorsement(Redeemed in lawful money Pursuant to 12 U.S.C. 411) When I brought my refund check in to have it cashed, the manager went to the tellers to check the status of cash available. For the record, I attempted to cash this check on a Friday which I assume is when they have more funds on hand. She was worried that cashing my check would cause the branch to be short for Saturday(open until 12). She contacted another branch to confirm they could cash it. They confirmed they could and I drove to the branch. As I arrived the bank manager was practically waiting on me. He introduced himself and promptly told me they could not cash the check. I do not know this manager but he explained that cashing my check would put the bank below "the reserve" they needed. He apologized for whomever told me that they could cash it, they were mistaken. He then asked if I wanted to deposit it and they could arrange next week to "get the money there."

I could not believe neither of the two branches had enough in reserve to cash this check. How little in reserve do they have to have? This is a local credit union but there are 10 branches.
Also, I found it insulting that the manager of the second branch was ok to take my check as a deposit as numbers in a computer system, but if I had asked for it they literally could not give it to me. I declined and just left with the understanding they are to contact me when they do "get the funds."

My last question is in relation to the Currency Transaction Report(CTR) that has to be filled out for any transaction in cash over 10k. Would lawful money be excluded?

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I presume you have a stamp. So use it on the Form, preferably alone - just the stamp on the signature line. I do not know any way around pulling more than $10K cash so that you do not get the Form.

That kind of pay raise is fun!

https://www.youtube.com/watch?v=MIjMwGC1730

lawful money cheque can not be held as reserves for the bank.
so they can't fractionally lend it out, making their credit pool and reserve much smaller and the law states they need a certain amount in holdings.
took me five days once to take out a large amount of cash from the bank and it was in the account.
called them monday and it was there on friday.

i was trying to change dollars into peso's once in mexico and the man in front of me deposited a pile of peso's.
i was next inline and the bank told me they couldn't because they had no money. i said what about that pile of peso's that man just deposited? she said it wasn't theirs.

Thank you Walter. I was going to say something about that too. It was rolling around back of my mind anyway.

Special Deposit:

Attachment 4041