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The bank secrecy act, which required financial institutions to start tracking and reporting to the government large or suspicious cash transactions, was passed
by amanaplanacanal 4y ago
The bank secrecy act, which required financial institutions to start tracking and reporting to the government large or suspicious cash transactions, was passed in 1970. So unless your dad completely avoided banks, you are misinformed about what privacy he had.
On the other hand, if he really did use cash for everything, you could do the same thing today. Nothing has changed on that front.
- notch656a 4y agoWhen the bank secrecy act was passed, the cutoff was $10,000 (inflation adjusted ~$70,000) Since then, some of the fines for violating currency reporting have been adjusted for inflation. But curiously, the reporting cut off was not inflation adjusted and remains at $10,000. In 1970, thus, a 'large' transaction was one that exceeded the median family annual income. In 2022, a 'large' transaction is a beat up honda civic.