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Venmo won't let you take out more than 4999.99 in a single swoop. I frequently have $10k+ in there. I suppose I'm technically "structuring" when I withdraw, but
by renewiltord 3y ago
Venmo won't let you take out more than 4999.99 in a single swoop. I frequently have $10k+ in there. I suppose I'm technically "structuring" when I withdraw, but there's no other way for me to get the money out and I haven't gotten in trouble yet. If I do get in trouble, I'll post here and hopefully Venmo will have figured out how to withdraw more.
- Deprecate9151 3y agoIf you're doing it because of a hard cap on the withdrawal amount it's not structuring. You have to be doing it with the specific intent to avoid required reporting.
- renewiltord 3y agoRight. I agree. That's how I'm saying it's similar to the OP: it's the intent that makes it one or the other.
- buildbuildbuild 3y agoYou don't have to be doing anything wrong. You only need to appear suspicious to a compliance algorithm and you're suddenly unbanked with no explanation or recourse. Today's banks are over-compliant and won't care to dig into your intent. See: https://www.nytimes.com/2023/11/05/business/banks-accounts-close-suddenly.html https://www.nytimes.com/2023/11/05/business/banks-accounts-c...