Speaking from experience Rockstar does not ban you. They suspend you for 2-3 weeks.
I have gotten the banned screen when I had a friend RP and $ mod my dummy PSN account.
Rockstar banned my console from online for 2-3 weeks. (I got a notification on single player when my ban time is up).
Secondly, I money glitched since 2013. I have not been banned for doing in game glitches. I glitched $100 million from the car sell glitch and never got banned.
But the moment I had someone mod my account from a CFW PS3, rockstar banned my account within 24 hours and to top it off, they reset my account and whiped my money clean.
So unless you're a modder or have your friend mod you account, that's the only time they ban your account.
People need to stop posting this bullsh*t saying you'll get banned from doing ingame glitches, because that's not the case.
You are wrong. R* IS currently banning for money glitching large amounts. I glitched to 707mill and got banned tuesday. My crew mate glitched to 663mill. We were competing with eachother. He also got banned on tuesday. Both of us are banned until august 8th. Social club and gta stats both show our money and rp remain, but word is, once we sign back in to gta online on the 8th, we will be reset.
huckmonkey is correct, I think if you've glitched a ridiculous amount (say $100million+) expect a ban a 2 week console ban.
Whether or not Rockstar will remove the money is another matter, I messaged Rockstar Support to see what's up, and I asked if accounts will occur any resets, the message I got back was 'I don't think you will occur any additional punishment'. So it seems as though it's just a ban, although Rockstar Support isn't very informative. The thing is, when Rockstar do these ban sweeps, more often than not they'll wipe your account completely Cash & RP.