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Home >> Checks/Money Orders
Cashing Checks, Money Orders and other Transactions
In cashing a check, is there anything relating to the transaction of your account? If I have a money order for $10,000, and I want to cash it out, will the bank report or have anything to do with the transaction of my account?
If I have $170,000 in cash, I want to buy an official check for this amount to make a down payment for my house. Will this amount report to goverment?
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 If you cash a check not drawn on your account, your bank may place a temporary hold against your account to allow for the risk that the cashed check might be returned unpaid. However, it would not result in an actual transaction in your account unless the cashed check, in fact, bounces.
As for the cash purchase of an official check in the amount of $170,000, that transaction would require the filing of a Currency Transaction Report. Read a brochure about Currency Transaction Reports prepared by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).
Published on BankingQuestions.com 4/02/09
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