any weird rules about large deposits?

[Beattie]

I just got married and got a lot of checks and cash as gifts. Does anyone know if there's any weird rules about if you deposit over a certain amount at a time, you have to do paperwork or pay some kind of tax on it or something?

 

[minendo]

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

 

[imported_yetti]

as far as i know, the checks don't matter, but if you have over $9,999 in cash, they have to report it.


edit: congrats

 

[Beattie]

Originally posted by: minendo

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

Thanks!

And through the ATM? Wow... I wonder if they'd even all fit in a deposit envolope...

 

[RossMAN]

If it's $10,000.00 or more in cash you'll need to complete a CTR (Currency Transaction Report) which is not a big deal.

Your bank may complete a money instrument record keeping log for certain transactions between $3,000 - $10,000 involving checks, etc.

No extra "taxes" that I'm aware of.

http://www.fincen.gov/bsa_quickrefguide.pdf

 

[RossMAN]

meant to type monetary instrument not money instrument

 

[imported_yetti]

Originally posted by: Beattie

Originally posted by: minendo

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

Thanks!

And through the ATM? Wow... I wonder if they'd even all fit in a deposit envolope...

you could always do more than one transaction per visit to the atm.

 

[ajpa123]

Originally posted by: yetti
as far as i know, the checks don't matter, but if you have over $9,999 in cash, they have to report it.


edit: congrats

Any withdrawal over 9,999 gets reported to the IRS. Probably the same for deposits too, I'm not sure. So, do it over a few days.

You don't want to raise any unnecessary red flags if u can help it

 

[RossMAN]

Originally posted by: yetti

Originally posted by: Beattie

Originally posted by: minendo

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

Thanks!

And through the ATM? Wow... I wonder if they'd even all fit in a deposit envolope...

you could always do more than one transaction per visit to the atm.

That is technically referred to as "structuring"

 

[tk149]

Originally posted by: RossMAN

Originally posted by: yetti

Originally posted by: Beattie

Originally posted by: minendo

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

Thanks!

And through the ATM? Wow... I wonder if they'd even all fit in a deposit envolope...

you could always do more than one transaction per visit to the atm.

That is technically referred to as "structuring"

and will draw a LOT more attention by the IRS than just filing a CTR. Do it often enough and the bank will close your account and tell you to GTFU.

 

[MommysLittleMonster]

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts. Does anyone know if there's any weird rules about if you deposit over a certain amount at a time, you have to do paperwork or pay some kind of tax on it or something?

If you have over $9999 in cash, it gets reported. Checks generally take 1 business day to clear but dpending on the bank of the check, it may take longer. Also, if the amount of a particular check is large (Im talking thousands) it might take a while to clear.

 

[ponyo]

Originally posted by: tk149

Originally posted by: RossMAN

Originally posted by: yetti

Originally posted by: Beattie

Originally posted by: minendo

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

Thanks!

And through the ATM? Wow... I wonder if they'd even all fit in a deposit envolope...

you could always do more than one transaction per visit to the atm.

That is technically referred to as "structuring"

and will draw a LOT more attention by the IRS than just filing a CTR. Do it often enough and the bank will close your account and tell you to GTFU.

Banks will send you a warning letter in the mail if they catch you structuring.

 

[IronWing]

Originally posted by: yetti

Originally posted by: Beattie

Originally posted by: minendo

Originally posted by: Beattie
I just got married and got a lot of checks and cash as gifts.

So did I. Just deposited all of them through the ATM.

Congrats by the way.

Thanks!

And through the ATM? Wow... I wonder if they'd even all fit in a deposit envolope...

you could always do more than one transaction per visit to the atm.

You'd be Mr. Popular fer sure.

 

[Trygve]

If you deposit more than a certain amount in any form (10,000 or something like that) the bank will hold it for anywhere from a few days to however long they feel like it, even if it's certified funds.

Banks tend to make mistakes and screw things up when dealing with big numbers. For example, a while back I'd transferred funds into my local checking account to cover my tax payments, the bank put a hold on the amount over the threshold several times, and then bounced all my checks, including the ones written to the IRS. (Despite the large positive balance.)

 

[tk149]

Originally posted by: Trygve
If you deposit more than a certain amount in any form (10,000 or something like that) the bank will hold it for anywhere from a few days to however long they feel like it, even if it's certified funds.

Banks tend to make mistakes and screw things up when dealing with big numbers. For example, a while back I'd transferred funds into my local checking account to cover my tax payments, the bank put a hold on the amount over the threshold several times, and then bounced all my checks, including the ones written to the IRS. (Despite the large positive balance.)

That wasn't a mistake. That was deliberate. Your account was probably flagged for unusual activity (much larger than average deposit) which is a classic indicator of impending possible fraud. The bank (as explained in your Disclosure statement) covered it's own A$$ by putting a multi-day hold on your newly deposited funds for a few days.

 

[Trygve]

Originally posted by: tk149

Originally posted by: Trygve
If you deposit more than a certain amount in any form (10,000 or something like that) the bank will hold it for anywhere from a few days to however long they feel like it, even if it's certified funds.

Banks tend to make mistakes and screw things up when dealing with big numbers. For example, a while back I'd transferred funds into my local checking account to cover my tax payments, the bank put a hold on the amount over the threshold several times, and then bounced all my checks, including the ones written to the IRS. (Despite the large positive balance.)

That wasn't a mistake. That was deliberate. Your account was probably flagged for unusual activity (much larger than average deposit) which is a classic indicator of impending possible fraud. The bank (as explained in your Disclosure statement) covered it's own A$$ by putting a multi-day hold on your newly deposited funds for a few days.

If it's not a mistake, it's stupid. Even apart from the fact that it wasn't unusual activity, it doesn't make sense to put a hold on three times the amount deposited, remove a third of that after a week, and keep the hold on the rest for another month until after I'd chewed them out about it several times.

The last time I made a largeish deposit they didn't do any of that, but they made such a mess of it in other ways that it took three or four days to get that straightened out.