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On the figures in the article: 62,000 seizures, half under $8800, total of $2.5 billion. Doing some rough calculations, assume 31,000 seizures of $8000 and that
by docdeek 2y ago
On the figures in the article: 62,000 seizures, half under $8800, total of $2.5 billion. Doing some rough calculations, assume 31,000 seizures of $8000 and that’s a total of $248 million. That leaves the other half of the seizures to make up the remaining $2.25 billion, or an average of more than $70,000 per seizure.
Is it typical in the US to carry cash in the tens of thousands of dollars? While I understand some people are unbanked, surely it is possible to open a bank account if you have tens of thousands to deposit. Leaving aside whether it is legal to seize the money or whether it is ethical to do so, is there a good reason why you would choose to walk around with, say, $100,000 in cash instead of a bank cheque or a a plastic card?
- Volundr 2y agoOff the top of my head my understanding is a lot of collectables traded at shows (e.x. sneakers, antiques, cardsa) are done as cash transactions, so that could be one possible reason. If someone is an avid collector, or makes a living trading this stuff they could be going to a show with a large amount of cash in anticipation of buying. (Not my world, so I welcome being corrected here)
- RajT88 2y agoYeah, swap meets for computers or musical instruments may involve cash deals large enough where police would liberate you from your spending money. But - as I like to point out - what is a suspicious amount of money depends on who you are. A huge number of cash seizures are on the order of hundreds of dollars or less than 100 in poor neighborhoods.
- chucksta 2y agoIt is not typical to get into multiple 10s. Generally speaking you'd only use that kinda cash in a private transaction, some people just find it more appealing in a deal. One less thing to "go wrong" I guess. There generally isn't a good reason and that's most of the logic to the forfeiture. Its not in the bank because someone didn't want to disclose were it came from (required in deposits in more than 10k USD).