From: Duncan Frissell <frissell@panix.com>
Date: Sat, 27 Jul 1996 23:40:46 +0800
To: cypherpunks@toad.com
Subject: Re: Why the world needs privay protecting Ecash
Message-ID: <2.2.32.19960727132151.008b7140@panix.com>
MIME-Version: 1.0
Content-Type: text/plain


At 02:20 PM 7/27/96 -0700, Timothy C. May wrote:
>Who said it had to be in one day? I didn't. Most vacations to Europe last a
>couple of weeks, e.g., "If this is Tuesday, I need to make a withdrawal in
>Milano."

The original definition of multiple transactions (structuring) said the
transactions had to occur within one day.  There is now a separate rule that
says that the bank has to report *any* suspicious transactions even if they
don't fall under specific regulations.  Keep the population guessing as to
what's reportable.

>I think a lot of ATMs will now dispense big chunks of cash--I've never
>checked on limits, but I notice that some CRT screens now have chunks up to
>$600 or so listed.

New York money center banks allow $1000 a day or so.  Credit cards (which
are also bank accounts although most don't think of them as such) let more
get out and one can always over pay one's credit card to get a credit
balance of any amount.  They take the money.  Usually in those cases, you
can withdraw the credit limit each day and then when the account settles
overnight it draws down the credit balance you've built up and your
available credit is back.  Some may do this "live" one would have to
experiment.  

ATM and credit cards may also have different limits for point-of-sale
transactions than for cash withdrawals.

>Thanks. Still not sure if it applies, but I'd forgotten that it's up to the
>banks to do the reports; good to know it's not up to me.

You have to report taking cash (currency or monetary instruments) into or
out of the country but you don't have to rat on yourself for cash
transactions with a bank here.

DCF