I have ATMs that I own. I have enough money that I use my own cash for them. I am finding it difficult to obtain cash, even though I have the money in the accounts. I put the money in the ATMs, and as it is withdrawn from the machine by people, the processor electronically transfers it back to my account. How can I set something up so that I do not have a problem getting the cash that I need for my machines from the account of mine into which it was deposited? I know there are concerns when ten thousand dollars in cash is withdrawn, but this is a legitimate business registered with the state and the IRS. It is also on my tax returns.
Untitled
Based on your narrative, a need for substantial amounts of cash seems to be reasonable for the business you operate. Your bank will have to complete a Currency Transaction Report for transactions in excess of $10,000 in cash, but that should not be a matter for concern for anyone as long as the transactions are legitimate for the business.
If your bank understands your need for the cash and knows approximately when to expect your withdrawals, there should be no problem. Try to talk with your bank branch manager to find out whether the bank needs advance notice of cash needs above a particular amount, so that the bank can avoid cash supply problems.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Based on your narrative, a need for substantial amounts of cash seems to be reasonable for the business you operate. Your bank will have to complete a Currency Transaction Report for transactions in excess of $10,000 in cash, but that should not be a matter for concern for anyone as long as the transactions are legitimate for the business.