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Making a Large Cash Deposit

What is the policy for depositing a very large sum of cash into my account?

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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