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$12,000 Deposit Triggers Lots of Questions
I have been saving cash for several years, along with a man with whom I co-owned a home. He recently passed away. We had over $20,000 in cash saved. I decided to deposit some of it in my account, as I'd like to make out a Will, and it would just make things easier. Well, I deposited $6000 a couple months ago, and $12,000 today. I was suprised when they asked if I had sold something, asked for my SS, ID and major credit card in order to copy them! Do they think I stole it? What happens now? Did I do something wrong?
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 Under banking laws, the bank is required to ask certain questions when large amounts of cash, such as this, are deposited. It is a formality. It might raise concerns if you did this every week. Suffice it to say your bank is doing what it has to to comply with the law. That is a good thing because it keeps them and you out of trouble.
Published on BankingQuestions.com 4/16/10
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