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Will Bank Report Transaction over $10,000 to IRS?

I want to transfer $15,000 from my savings account and put it in a CD at the same bank. Is the bank going to report the transaction to the IRS because it is more than $10,000? Will I have any issue with any other government agency?

Untitled

When banks are required to report on an individual transaction, it does not mean that the government is suddenly going to take an interest in someone. A bank has to file a Currency Transaction Report on any transaction or transactions in currency (read: cash) that exceed $10,000 made by or on behalf of the same person on any one business day. Transactions not made in cash do not require the filing of a Currency Transaction Report.

Published on BankingQuestions.com 10/03/07