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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, 01:32 PM
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Re: Depositing Large Sums of Cash
I'm not a lawyer, but it is my understanding that breaking up a large deposit in order to evade reporting requirements is illegal (It's so wonderful to live in the land of the free). Of course, if you spread it out over a long enough period of time, and multiple bank accounts, it's not likely that you'll get caught. If your not trying to evade taxes, and you've one the money in legal poker games, it's probably best to just deposit it and file the proper paperwork and if anybody asks why you're depositing so much cash, be honest.
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#7
03-04-2005, 01:45 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
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... [/ QUOTE ] This is known as structuring. Banks will commonly file a Suspicious Activity Report (SAR) if you do that.
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#8
03-04-2005, 06:58 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
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... [/ QUOTE ] If you do this, you will be inviting scrutiny. With the new Homeland Security rules, banks track deposits of this time to limit the funding abilities of terrorist groups or so the theory goes. If you spend a couple of weeks making $1-3k deposits and then take a few cash withdraws within a month or so, you are almost guaranteed to have your account frozen and an investigative team with FBI and IRS agents at your door. Deposit it all at once, fill out the proper forms and accept the IRS Audit that will be coming. Next time, set up a line of credit at the Casino and don’t carry so much cash around.
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#9
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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#10
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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