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#1
03-04-2005, 04:30 AM
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Depositing Large Sums of Cash
How do you guys go about depositing large sums ($10,000+) into your bank accounts? I have a rather large amount of cash just laying around and figure it would be best to have the money working for me in some fashion, but am worried about depositing such a large amount...
Thanks, jujujaja34 
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#2
03-04-2005, 04:44 AM
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Re: Depositing Large Sums of Cash
?? What exactly are you worried about? I would be more worried having $10,000 cash just lying around.
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#3
03-04-2005, 04:50 AM
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Re: Depositing Large Sums of Cash
Banks are required to report deposits larger than 10k to THE MAN. If you're trying to avoid taxes or you're involved in other shady dealings then you don't want this. As long as you're on the up and up then it's fine to deposit large amounts of cash, just know that you'll be under scrutiny.
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#4
03-04-2005, 05:02 AM
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Re: Depositing Large Sums of Cash
Yes, I pay my taxes so I don't have anything to hide. Thanks, that was the answer I wanted to hear.
jujujaja34
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#5
03-04-2005, 10:21 AM
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Re: Depositing Large Sums of Cash
I certainly don't recommend shady dealings/etc, but if you just want to avoid the hassle if anyone should ever question the deposit - why not deposit it in pieces. $1000 here - $3000 there - shouldn't take long...
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#6
03-04-2005, 11:00 AM
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Re: Depositing Large Sums of Cash
If you deposit 10g or more the bank will ask you to fill out a special form for the IRS. Same if you take that much out. If you want to be on the "down lo" and not raise any flags, mutliple bank accounts among banks has always been my favorite! [img]/images/graemlins/cool.gif[/img]
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#7
03-04-2005, 11:04 AM
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Re: Depositing Large Sums of Cash
I've heard about that form-- how exactly does that work? If you deposit 5K, then get back in line and deposit another 5K does that get around it or do you have to wait a day (week/month/etc.) between deposits?
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#8
03-04-2005, 11:35 AM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
I've heard about that form-- how exactly does that work? If you deposit 5K, then get back in line and deposit another 5K does that get around it or do you have to wait a day (week/month/etc.) between deposits? [/ QUOTE ] I worked in a bank and we had one guy deposit exactly 10k in cash twice every week. Exactly 10k is okay, $10,000.01 requires the form. I think it's over 10k in one business day is the trigger.
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#10
03-04-2005, 11:39 AM
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Re: Depositing Large Sums of Cash
Even if you're paying taxes, don't deposit 10k plus at once. You will be watched and quite likely an audit candidate (which is a huge headache). Banks internally document cash transactions over 3k (to prevent structuring-a federal offense where someone makes a few smaller transactions to avoid the 10k reporting threshold). I would deposit 1000 here and there even if you're on the up and up.
Jeff
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