An employee was terminated for depositing cash in a branch and holding some back for a planned purchase. Later decided to deposit the remainder at the ATM same day because it was not used to make the purchase. Combined deposits exceeded the CTR threshold. Though not intentional, it looked like structuring.
DO NOT BANK WITH YOUR EMPLOYER. HORRIBLE IDEA. They literally reviewed what actions someone conducted on a personal bank account and used it for employment purposes.
Exactly why I limit my structuring activities to laundering gambling money with fellow WF team members who are well lubricated and 4 or less down from the top. We like to hang with C.J., when he makes the scene. He’s a party monster and it’s instant immunity.
Prolly cut his teeth and demonstrated talent early on by creating tens of thousands of fake accounts. Looks like C suite talent to me.
Seems several whom claim to have taken the course do not understand structuring at all. Structuring is intent to subvert the system. WF only reports it and the governing body investigates they do not determine "structuring". WF is looking for any excuse to let folks go, I will side with the original OP's version as I have seen how this company operates.
100% true, with an employee bank account, always be mindful of what you deposit or withdraw. You never want to have anything that combines to 10K because the investigator will say it was done on purpose to avoid CTR reporting. Doesn’t matter if you have receipts.
I brought my Fed tax refund to vegas because there was a promo that got me 10% free play. I put 5k in my bank account. With the other 5K, I won about 3k that trip. I kept that 8k in my mattress for 2 months before making a deposit of 6K again.
Something happened to me a few years back where I sold a car for $5,000 cash and deposited it the next day, that same day I went to the casino and won $8,800 dollars stopping and making the deposit at a different store. I was with another WF employee at the casino, I was asked the name of the employee, he was a 4 down from the top. I never heard anything more. He said he was never asked about it. I hadn’t even thought about the deposits being above the 10k.
This person needs a qualified attorney.
Regulators have previously warned banks about blurring the lines when customers are employees.
IRS is no longer allowed to presume guilt in structuring cases, outlawed in 2019.
Also, don’t bank at WF or your employer.
Nah guys the OP is telling the entire story. Why would his best friend at work lie to him about the reason they were fired?
I personally know of two auditors who were interviewed by wells security (not sure what they call themselves now) for structuring their personal bank accounts. One was terminated, this was 10 years ago and the other was warned, this one was about 5 years ago.
Escort ghosted him.
So this person just happened to have $10k to deposit but held some back for some purchase? Yeah right.
OP - maybe the purchase he ended up not making was dr-gs and every thing was justified.
Id--t Troll. If true, good ! Another ethically challenged employee gone. Once we get rid of all of you we can have our quality company back !
@jhx, yep, there’s gotta be more to this story. Potentially suspicious activity, flagged through alerting programs or through reports from the front line, triggers an investigation. The few facts the OP provides don’t make sense. There’s no issue merely because the CTR threshold is exceeded; a CTR is filed. If the combined transactions fall just below the threshold, that might be an attempt to evade the reporting requirement - THAT is potentially structuring.
Post ID: @sbs+1bXCsZfh
I'll bet there's more to the story and I'm sure there was an investigation plus we really can't be seen to be letting this stuff slide - too much reputational risk.
Yes, we are trained on that every year, but it seems like in those circumstances it could be easy to forget. Like you know the speed limit and generally stick to it, but then drive down a steep hill and forget to pump the brakes and you end up with a ticket. You know the law, you didn’t intend to break the law, but you accidentally did break the law. I’m not saying the employee shouldn’t have been fired, but this situation kind of smacks of “guilty until proven innocent”.
That's literally what we get trained on every year
If you work here and are smurfing, you know what's going to happen. You know training stuff we do? It's serious.
Believe whatever you want, it's the truth.
Whatever!