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.
Published on BankingQuestions.com 6/16/09