Know Your Banker
December, 1996
When Rose Miller entered a nursing home at the age of 82, she gave her savings to her nephews to pay for her health care. One of the nephews, James Stey, checked with a lawyer, who advised that he deposit the money into several banks in amounts less than $10,000 to avoid having to fill out a cash transaction report. It seemed like a simple way to preserve the family's fiscal privacy and respect his aunt's reservations about banks.The cash was completely legal--the result of years of thrift. Ther...
