SAR ($5,000) can delay Security Check too

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eb1_nsc

Registered Users (C)
Looks like if you made a money transfer of more than $5,000, it could cause your name to be "hit" and security check further delayed. I think this may involve extended review, manual intervention and on and on.

Has anyone faced this situation and had 485 approved without issues?

More info @ "http://www.bankrate.com/msn/news/bank/20060628b1.asp"

Transactions conducted or attempted by, at or through the bank (or an affiliate) and aggregating $5,000 or more, if the bank or affiliate knows, suspects or has reason to suspect that the transaction
 
Breach on whose part? My understanding is if there is a transaction of $5,000 or more, there is a good probability that the bank will report this as a suspicious activity. They may report it anyway just to be safe (which is understandable). Which means your name gets into the suspect list. The transaction will be found OK, but only after it gets into extended review, manual follow-up, delays, etc. Is my understanding right, or am I being pessimistic?

rir_or said:
Breach is if SAR is filed not because there was a 5K transaction.
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You are being paranoid. :-) Bank clerks have other things to do. Common sense is people planning terrorism should be smart enough to use offshore accounts: bankers certainly aware of that and would report activity only if they absolutely have to. May be there is a list of names and countries that is specified as "suspicious". I can see that a wire to Iran to a guy with "Abedinajad" last name will bring a couple of FBI agents knocking on your door next week. Other than that it's probably nothing.

I work for insurance company and we have a list of terrorists: if medical provider's name is on the list we put their checks for their claims on hold and don't send them. Government made us do this but you can only imagine how ridiculous this is.
 
It has been rumored on Murthy forums also.
Banks would tend to be conservative and report these as SAR.
I think it is reasonable to assume such activity would cause a delay in namecheck.

eb1_nsc said:
Breach on whose part? My understanding is if there is a transaction of $5,000 or more, there is a good probability that the bank will report this as a suspicious activity. They may report it anyway just to be safe (which is understandable). Which means your name gets into the suspect list. The transaction will be found OK, but only after it gets into extended review, manual follow-up, delays, etc. Is my understanding right, or am I being pessimistic?
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Cashier automaticaly hold your deposits

When you do a transaction of 5,000 or more they automatically hold your transactions for one week while they clear up your account and make sure your funds are not suspicius. That happens to me when i bought my house.
 
Miamivice4u said:
When you do a transaction of 5,000 or more they automatically hold your transactions for one week while they clear up your account and make sure your funds are not suspicius. That happens to me when i bought my house.
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5K transaction is nothing these days. Consider change your bank.
 
I thought they do this check only for transfers outside of US. I had no idea that transfers happening within US are also checked for SAR.

Miamivice4u said:
When you do a transaction of 5,000 or more they automatically hold your transactions for one week while they clear up your account and make sure your funds are not suspicius. That happens to me when i bought my house.
Click to expand...
 
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