How do providers deal with the cash?

[Guest061814]

An additional note. Trying to circumvent reporting requirements by running around depositing cash in various accounts IS suspicious.

[RALPHEY BOY]

Originally Posted by GracePreston

The single best practice to avoid issues is to simply pay your taxes. Do that, and the rest is irrelevant.

By the way, money laundering implies illegal activity. Being an ESCORT is not illegal.

I agree 100%, however under reporting or NOT reporting your cash income is a crime.

[pyramider]

Originally Posted by RALPHEY BOY

all tied to your social or drivers license.. no way around it they will find you..

the public really has no clue what info Banks keep and how long they keep it..up to 5 years in many cases, you write a hot check. that stays on your record for 3 years minimum, Banks share info

The FDIC can run a report of every transaction you made. Every apartment you lived in. Every bank card transaction. And that was 20 plus years ago, nowadays they can go much deeper.

[Guest110516]

Conversion to shoes.

[samantha thom]

I've been doing everything the safest way I know how in financial reporting. So I think I am good. Never missed filing taxes yearly all my adult life. Hope everything will be as smooth as it has been.

[VIPRaniLane]

None of your beeswax.

[Zoey Zacquery]

I just buy really luxurious camping equipment from stores with lifetime return policies. I enjoy it a lot more than measly bank account interest!

[robust44]

Originally Posted by VIPRaniLane

None of your beeswax.

This should be the majority of responses.

[James1588]

Originally Posted by spicyzoey

I just buy really luxurious camping equipment from stores with lifetime return policies. I enjoy it a lot more than measly bank account interest!

Hey, Zoey, I don't want to commit the ECCIE crime of thread drift -- although this seems like a thread that would benefit from some drifting. But I do some camping myself and am curious -- what's your idea of luxurious camping gear?

[Danielle Reid]

Originally Posted by majorjohn

I suddenly start to wonder, how to providers deal with the large amount of cash they receive?

It's obviously a bad idea to keep them with you or leave them at home. Not to mention some providers tour a lot.


It is also a bad idea to deposit large amount of cash to the bank regulary.


I am pretty sure if you spend large amount of cash, such as buying an air ticket or booking weeks of hotels, you will be watched. If there are large amounts of transaction in the bank for instance more than 20k, you will be watched too.


People with finance background and experiences know what "l" is, but I doubt many providers have such knowledge.

I go to my bank weekly and make large deposits. The teller knows me by face and name and greets me with friendly conversation. She never once asked me what I do. Why? because for all she knows I could be the daughter of a Russian mob boss that owns the bank

Seriously, unless you're walking about with millions of dollars no one is going to question you

[Unique_Carpenter]

Originally Posted by MaryBeth

I go to my bank weekly and make large deposits. The teller knows me by face and name and greets me with friendly conversation. She never once asked me what I do.

Exactly, You've been accepted by the local bank tellers as a known local businesswoman. They may not know where the revenue comes from, but that's not an issue. They just know you as a regular customer (ie, regular visits, regular deposits, etc.). Thus, not suspicious. And you go to same teller, thus the teller easily remembers you.

Others take a serious hint here, no sneaking around, no games, etc. Just be a straight up business customer that happens to take in mostly cash. And yes, expect conversation (a teller job is pretty boring) so be prepared (and it is part of their screen the customer thing). And if one of the Tellers is pushing cookies for her kids school band, buy some. After all, you are a local business person. This is all presentation mechanics, and I would hope the folks on this board can handle an innocuous question from a teller about weather, or local neighborhood goings on.

[FoulRon]

I go to barber who only accepts cash. Probably takes in several thousand dollars a week.
Never occurred to me ask what he does with all that cash.....

[Mary Ann]

My husband's pay check covers the bills. I'm low volume, only playing maybe two dates per day for 1-3 days per week. That really doesn't add up to much....but you wonder where it goes?
Everyone is different....for me, I would have to say to pay for my incall, paying for groceries, gas for my car, eating out, wine....what's left, I put some aside in a lock box. This is my mad money for any future events or activities I may want to do. Has also been used a lot to get my friends out of trouble when they end up with an unexpected expense. I have paid for plumbers, electricians, mechanics, ect. to work on stuff that isn't mine! But for me, that's why I keep the mad money. Whatever wad of cash I may have after that gets spent on bedroom toys and clothes.

None of it goes into the bank, and none of it is spent on bills. No paper trails.

[ICU 812]

Ultimatly, moving cash into the banking system without drawing official attention is money laundering. This is the old quandary surrounding the "what-if" of discovering say, DB Cooper's bag of cash (OK I know some was found) or the bag of cash that fell out of a Brinks truck (that happened too).

What about a regular trip to Vegas: Declare it to be gambeling winnings and pay the tax. What is left is now legitimate money that can be banked and transferred. This cannot be the best solution.

[Unique_Carpenter]

Originally Posted by ICU 812

What about a regular trip to Vegas: Declare it to be gambeling winnings and pay the tax. What is left is now legitimate money that can be banked and transferred. This cannot be the best solution.

Casino's issue W2Gs.
Sorry ICU, this is an example of being suspiciously creative. No one declares gambling winnings unless they have to (W2G).
Seriously, a cash based business, with regular business deposits to local bank, is the way to go, unless cash is simply spent for stuff.
The bank account is simply needed for credit card payments, rent/mortgages, other stuff of life that can't be handled with cash. And it supports a business cover story.