I am in the process of moving some of my savings to gold but don’t want to trigger the IRS reporting or anything else for that matter. If I withdrawal $3,500 a day or a few times a week, will that cause problems? I have been saving for a while, and so it is definitely out of the ordinary for me to withdraw that kind of money frequently, however, I did tell them what I was doing, and even inquired about safety deposit boxes to store the gold I am buying.

  • bus_factor@lemmy.worldEnglish
    0·
    6 days ago

    You’re much better off just doing it in one go. What you are considering doing is called structuring, and will, unlike making a large transfer, result in mandatory reporting and a money laundering investigation.

    Contrary to popular misunderstanding, [the reporting requirement] does not apply to checks or electronic transactions. Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report (SAR).

    https://en.m.wikipedia.org/wiki/Structuring