Jewelers and the Patriot Act

Fahcryinoutloud!!!!!! When will the madness stop???

Actually, it's real easy to comply. Put a coffee can, small basket, whatever, by the door to your laundry room. Always empty your pockets before entering the room to do the wash.

I'm still trying to figure out what goes in the "Patriot Act Log Book" I see on the back counter at the Wal-Mart Customer Service desk.

Val

vj found this in rec.crafts.beads, from "VManes" :

]I'm still trying to figure out what goes in the "Patriot Act Log Book" I see ]on the back counter at the Wal-Mart Customer Service desk.

all personal information for anyone purchasing over $3000 worth of merchandise. i already asked.

vj found this in rec.crafts.beads, from "starlia" :

]Geez. One of DH's weapons cost at least that much money. Do I have to fill ]out more paperwork now when he does those types of purchases? ]Forcryingoutloud was a good remark.

probably, yes. although in most states, the firearm purchase forms would have all the necessary data.

it used to be a $10,000 limit that would ring alarm bells. it's been steadily going down.

vj found this in rec.crafts.beads, from vj :

]it used to be a $10,000 limit that would ring alarm bells. ]it's been steadily going down.

and in many places, it's only $1000 when they start getting nosey.

On Tue, 19 Oct 2004 1:02:29 -0400, vj wrote (in message ):

Oh. My. God.

I'm trying to imagine the kind of person who would wear $3,000 worth of jewelry from Wal-Mart. I suspect that they are more likely than most people to appear on the Jerry Springer Show.

It's not the "$3,000 on Jewelry" part that has me slack jawed, it's the "$3,000 on WAL-MART Jewelry" that is almost beyond belief.

Wow.

Kathy N-V

I'm having a hard time imagining spending $3000 in Wal-Mart, on anything! Val ~~~~~~~~~~~~~~~~~~~~~~~~~~~

The best little engineering school you may not have heard of, but should have! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Oh. My. God.

I'm trying to imagine the kind of person who would wear $3,000 worth of jewelry from Wal-Mart. I suspect that they are more likely than most people to appear on the Jerry Springer Show.

It's not the "$3,000 on Jewelry" part that has me slack jawed, it's the "$3,000 on WAL-MART Jewelry" that is almost beyond belief.

Wow.

Kathy N-V

Well so do I but dangitalltoheckandback. Why $3,000? Heck I dropped that on a weekend in San Antonio once for the hotel bill. And then I had a great week off the Georgia Islands where I rented a plane and pilot for hours at a time. With those kinds of limitations my name will be all over the place if I ever get money again.

vj found this in rec.crafts.beads, from Kathy N-V :

]Oh. My. God. ] ]I'm trying to imagine the kind of person who would wear $3,000 worth ]of jewelry from Wal-Mart. I suspect that they are more likely than ]most people to appear on the Jerry Springer Show. ] ]It's not the "$3,000 on Jewelry" part that has me slack jawed, it's ]the "$3,000 on WAL-MART Jewelry" that is almost beyond belief.

no, no -- it's purchasing a total of $3000 worth of anything at one time at Wal-Mart - even groceries. if the total on the bill comes to $3000, it has to be reported to the government.

the amount for jewelers is $50,000/year.

vj found this in rec.crafts.beads, from "VManes" :

]I'm having a hard time imagining spending $3000 in Wal-Mart, on anything!

agreed. but it's the total of the bill - not $3000 on one item. even car repairs or tires or ammunition or all of the above. and it evidently does happen.

vj found this in rec.crafts.beads, from "starlia" :

]With those kinds of limitations my name will be all over the place if ]I ever get money again.

exactly. and it may be. just one more reason to sh*tcan this administration and the mentality that goes with it.

I understand, $3000 total. I still can't see spending that much in a whack at Wally World. Maybe if I only got into town once every 6 months....

Now 3K at Sam's Club I could do - a 42" plasma TV, higher end PC, a couple leather couches. Oh, and a load of the Pumpkin Cheesecakes they just got back in for the holidays.

Val

***************************

]I'm having a hard time imagining spending $3000 in Wal-Mart, on anything!

agreed. but it's the total of the bill - not $3000 on one item. even car repairs or tires or ammunition or all of the above. and it evidently does happen.

vj found this in rec.crafts.beads, from "VManes" :

]Now 3K at Sam's Club I could do - a 42" plasma TV, higher end PC, a couple ]leather couches. Oh, and a load of the Pumpkin Cheesecakes they just got ]back in for the holidays.

the rule is the same there, too.

LOL. I'm guessing you could get a LOT of jewelry at Walmart for $3000. I'll have to look, next time. I don't think I've ever looked at their jewelry, although I have gotten a watch battery there.

All the implications of the Patriot Act aside, I am just having such a hard time picturing someone wearing £3000 of Wally jewels.

Would their knuckles be dragging the ground before or after they dress up?

-Su

vj found this in rec.crafts.beads, from "Su/Cutworks" :

]All the implications of the Patriot Act aside, I am just having such a hard ]time picturing someone wearing £3000 of Wally jewels.

**SIGH** they aren't. that's a $3000 total for ANYTHING/EVERYTHING bought in one trip to Wal-Mart. Many other stores have the same rules.

INDEPENDENT JEWELERS have a $50,000/year limit.

I know, I understand that, but I'm trying to imagine someone being carefully written down in the Patriot Act Log after they've been in buying for their sweetie!

It's just an image that won't leave my mind's eye no matter how hard I poke it!

-Su

The Patriot Act is sticking it's fingers into the Treasury's pot now? Why am I not surprised?

Of course. Once it's established the jewelers will be able to maintain an exemption list I would think. Similar to the BSA (Bank Secrecy Act). That and kiting used to be my meat and potatoes when I worked for a financial institution.

AND taking measures to avoid the reporting or not educating oneself and employees, can get the jeweler in deep doo-doo too.

This is very good. Banks, car dealers and certain other types of business have been doing this for years now, doesn't surprise me that jewelers would no longer be exempt from the treasury/IRS notice and the PITA Patriot Act.

So glad I spend my $50K before this came into effect. muwhhwhwhahhaaaaaa! ;=)

Yes and no, Vicki. $10K cash would mean the filing of a large currency transaction report (CTR), $3k to $9,999. meant that certain information about the transaction and personal information of the person doing the transaction had to be logged. That log was kept in house and had to be reviewed in office and made available to the Treasury whenever they asked for it.

Does this mean that regulatory personnel will be visiting all jewelers to ensure compliance? !!!

I've heard nothing about the Patriot Act going away even if this administration gets dumped. :=(