Money

[drlove]

Just posting out of curiousity about one aspect of the escort industry. There's no question that ladies can earn substantial amounts of cash in the run of any given week. The question is, where do they put it?? In a locked metal suitcase under their bed??

Seriously, I've often wondered whether they experience any hassles when trying to deposit it into the bank or wherever they wish it to go. For instance, most of the staff at the bank know me. However, when I go to make business deposits totalling even a few thousand dollars, (esp. when there is a new teller on) I get raised eyebrows and questions as to where the money came from. (Yes, they SHOULD know better)

I've even had one bank employee sit there for god knows how long checking and reconciling cheque numbers etc. to ensure they were legit. With large amounts, they put holds on it. Now, I'm assuming that if a lady walks in with a bundle of CASH and wants to deposit it out of the blue, she may face a barrage of inquiries; moreover, I can't see her standing there saying "Oh, I'm an escort" as a response.

Particularly over time, how would one get around looking conspicuous in this regard??

 

[nautilus]

You only need to account for cash deposits of $10,000 or more. Any amount of 10 grand or more requires government I.D. This is the law, and not a request by any particular bank.
Any amount less than 10 grand is no one's business. I have deposited $8,000 a day for three consecutive days, and was never asked any questions.

 

[Fred Zed]

Just posting out of curiousity about one aspect of the escort industry. There's no question that ladies can earn substantial amounts of cash in the run of any given week. The question is, where do they put it?? In a locked metal suitcase under their bed??

Dr Love you must be dealing with a small town bank.
In Toronto the only thing that seems to matter
to the tellers is that the bills are not fake. So if someone has 2 accounts with different banks it should be quite possible to
deposit large amounts of cash.
Don't forget they can always buy a Money order at a cheque cashing boutique, make it payable to themselves, have a friend sign it, then deposit it at their bank.

 

[Malibook]

I would just put it in a safe deposit box.
The interest that could be made is negligible and taxable, especially when considering the potential tax bite and fines if you are caught with undeclared income.

I know a dancer who used to change some $1000 bills from me so that her box would not be too full.

The tough question is how do you make a major purchase without drawing unwanted attention.

 

[gypsy]

What a stupid subject to discuss on a public forum.

 

[gypsy]

You only need to account for cash deposits of $10,000 or more. Any amount of 10 grand or more requires government I.D. This is the law, and not a request by any particular bank.
Any amount less than 10 grand is no one's business. I have deposited $8,000 a day for three consecutive days, and was never asked any questions.

Totally wrong. Banks have a responsibility to know their clients and can request that you sign forms for any deposit which they consider suspicious. If you refuse they have the ability to quickly close your account.

Note that it is a serious money laundering type offence to structure monetary transactions in a way like you described above to attempt to avoid financial transaction reporting requirements.

It is not wise to discuss such personal experiences in a public forum.

 

[baci2004]

You only need to account for cash deposits of $10,000 or more. Any amount of 10 grand or more requires government I.D. This is the law, and not a request by any particular bank.
Any amount less than 10 grand is no one's business. I have deposited $8,000 a day for three consecutive days, and was never asked any questions.

That's all changed now. $2,500 is the new magic number.

Even at the casino they want your ID if you get more than $2,500 in chips.

 

[drlove]

That's all changed now. $2,500 is the new magic number.

That's the first I heard of it. I've made lots of deposits over $2500 and was not asked for government ID. (I'm assuming you're referring to one with a photo). The only thing that happened was they put a hold on a $10,000 cheque.

 

[Keebler Elf]

The question is, where do they put it?? In a locked metal suitcase under their bed??

Believe it or not, that's the honest answer. I know many dancers who have safes or just shoeboxes full of cash. I joke about how they can pile it on the bed and roll around in it like Scrooge McDuck. Funny thing is they don't see anything strange about it. I know one girl who just looked at me with a strange look on her face when I mentioned debit. She was like, "what's that?". She relied exclusively on hard cash and credit cards. She didn't know how to operate a bank machine either b/c she never parted with her cash. When she'd buy a car, the salesman would be shocked when she'd open a bag full of cash! (When they found out she was a dancer, they didn't ask any more questions).

Of course, many dancers spend it as fast as they earn it so where they keep it isn't really an issue.

No dancer that wants to steer clear of RevCanada puts her money in the bank. Unless she's reporting her income accurately. Shee-yah, right!!!

Speaking of which, I can see a serious upside to being in a good relationship with a dancer. All her cash is under the table AND you can pay her as an employee (if you're business allows for it) and deduct the expense. Or just give her the cash to reduce your own income bracket. Cha-ching!!!

 

[joebear]

FINTRAC - Financial Transactions Reports Analysis Centre of Canada

FINTRAC - Financial Transactions Reports Analysis Centre of Canada

check out

http://www.fintrac.gc.ca/intro_e.asp

Effective January 31, 2003, if you are a reporting person or entity, you have to send a Large Cash Transaction Report to FINTRAC in the following situations:

You receive an amount of $10,000 or more in cash in the course of a single transaction; or

You receive two or more cash amounts of less than $10,000 that total $10,000 or more. In this case, if you are an individual, you have to make a Large Cash Transaction Report if you know the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity. If you are an entity, you have to make a Large Cash Transaction Report if your employee or senior officer knows the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity.

 

[Keebler Elf]

That doesn't mean they don't track smaller amounts themselves though...

 

[joebear]

That doesn't mean they don't track smaller amounts themselves though...

read thru the site it is not limited to $10K, if it is $10K there is an automatice reporting requirement, etc.

Suspicious Transactions

http://www.fintrac.gc.ca/publications/brochure/may-2003/pamphlet2_e.asp

From banks to life insurance companies, from securities dealers to accountants, many have a role to play in Canada's efforts to prevent money laundering and terrorist financing. These businesses, identified in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), are among the first that can come into
contact with a financial transaction that is potentially linked to money laundering or terrorist financing.

The PCMLTFA requires that a report be filed with FINTRAC when there are reasonable grounds to suspect that a transaction is related to a money laundering or a terrorist financing offence. In addition, anyone can voluntarily provide information about suspicions of money laundering or terrorist financing to FINTRAC.

FACT: The International Monetary Fund estimates the value of money laundering worldwide to be about 500 billion (U.S.).
Who must report suspicious transactions?

The following persons and entities and their employees must report suspicious transactions to FINTRAC:
financial entities (includes banks, credit unions, caisses populaires, trust and loan companies and agents of the Crown that accept deposit liabilities);
life insurance companies, brokers or agents;
securities dealers, portfolio managers and investment counsellors who are provincially authorized;
persons engaged in the business of foreign exchange dealing;
money services businesses (including alternative remittance systems, such as Hawala, Hundi, Chitti, etc.);
agents of the Crown when they sell money orders;
accountants and accounting firms (when carrying out certain activities on behalf of their clients);
real estate brokers or sales representatives (when carrying out certain activities on behalf of their clients);
casinos (including those authorized to do business in Canada, with slot machines or roulettes or card games, but excluding certain temporary charity casinos).

There are other obligations created by the PCMLTFA such as Client ID, record keeping and the implementation of a compliance regime.

 

[nautilus]

Sorry to say I have worked in a field involving a lot of cash. The $2500 that baci2004 refers to is the amount at which a casino begins to track you. They do not have the right to ID you for $2500. THIS IS A FACT. If you accumulate 4 wins of $2500, then they are required to ID you.

Gypsy: I'm actually totally right about this. You may have a nosy bank, however. They may be suspicious, but if you have done nothing illegal then you do not have to put up with their BS.

 

[Jade4u]

Just posting out of curiousity about one aspect of the escort industry. There's no question that ladies can earn substantial amounts of cash in the run of any given week. The question is, where do they put it?? In a locked metal suitcase under their bed??

Not telling

 

[Quest4Less]

What would happen I wonder if we ever went to a "cashless" society....

 

[Chivas Regal]

That is what the Government wants.

You are already being tracked everyday. Ideally, you should try and be a member of both societies in order to function above and below ground. Perhaps I am paranoid, but TRUST no one! Why do I have to give Block Buster my licence? I am not going to drive my car into their store!
If anyone asked for your SIN number turn around and run out of that place of business. The less Big Brother knows about you the better!

Chivas *hiding in the corner counting my cash* Regal

 

[drlove]

If anyone asked for your SIN number turn around and run out of that place of business. The less Big Brother knows about you the better!...

I agree with you. I don't even like giving out that information to my financial advisor when investing with new mutal fund companies. Whenever giving out any type of info is optional, I will decline to do so.

 

[drlove]

The tough question is how do you make a major purchase without drawing unwanted attention.

I've wondered about that myself. I suppose a credit card could be used, but then you still have to pay the bill at the bank.

 

[The Doctor]

While I don't doubt that there are some ladies making large sums of cash, in all seriousness I can't imagine there are too many who would run into any problems. Reasonable sized deposits (upto $1000) that are done on a regular basis made to a selection of banks and other financial institutions via machine and in person would not attract much attention from bank employees. If the ladies are saving their deposits until they are sizable enough to attract attention then they are not really being that smart. Much of their day to day lives can be covered by cash and if the remainder is deposited through machines to several institutions weekly, I can't imagine them racking up netdeposits that anyone would think twice about.

Having cash is not illegal. Once in the system, if questioned a valid source can be a gift from a "rich uncle".

 

[prelations]

lending

Most girls look into investing their money with people that will give them more than the traditional bank, and won't ask too many questions....

The bank pays 2.5%, lending money privately in real estate (1st and 2nd mortgages) is paying between 9% and 16%. Although there is risk in the Real Estate market, you can't complain when you can drive by your investment on a daily basis, or meet the people that you are lending money to.

Where would you put your money?