What is the policy for depositing a very large sum of cash into my account?
Untitled
If the cash amount is more than $10,000, your financial institution will ask you for identification information including your date of birth, Social Security number, and street address, and will ask to see a government-issued ID to confirm that information, unless the institution already has that information on file and readily retrievable. The information will be needed for the bank's completion of a Currency Transaction Report, to be filed with the IRS. See the article "What Your Bank REALLY Tells the IRS" for more information.
You may get a question or two about the transaction, since it probably falls outside the normal transaction pattern for your account. Your bank will want to be assured that the transaction has a legitimate business purpose. It might have other procedural concerns, depending on the amount of cash involved. You should contact the bank itself for details.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If the cash amount is more than $10,000, your financial institution will ask you for identification information including your date of birth, Social Security number, and street address, and will ask to see a government-issued ID to confirm that information, unless the institution already has that information on file and readily retrievable. The information will be needed for the bank's completion of a Currency Transaction Report, to be filed with the 