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Transferring Cash from Under Mattress to Bank
I have saved up a great deal of cash and hidden it under my mattress. If I were to go to a bank with this large amount of cash, would they question were it came from? Are they going to think I'm a thief or something?
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 When you open an account a bank has to reasonably determine who you are. When you deposit large sums of cash, say more than $10,000, they have to ask certain questions of you so that they are comfortable with you as a customer, and to know that the business you are doing seems in line with what you agreed with them. As an example, if you opened a personal account but operated a business from it, it wouldn't be priced correctly and another product would actually meet your transaction needs better.
The bank does have forms that need to be completed. They will not think you are a thief. Be honest. Your cash will be safer, and so will you, if a thief knows you may have this money in your home.
If you go in every week and deposit $10,000 and tell them you are unemployed, then yes, questions would be raised. If you were the bank, wouldn't you have to wonder what was happening here?
Published on BankingQuestions.com 4/09/10
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