What's the largest amount you can deposit in a bank account at one time..

[Accipiter22]

I asked my banker this today and she's like "I'm not allowed to tell you, that's confidential". I blurted out "But ATOT told me it was like 10,000 last year but it was going to be lowered". The banker replied "We don't have anyone named Ey-Tot.".

So seriously, what's the largest amount that one can deposit in an account at one time now without drawing an inspection from the government?

 

[mwtgg]

Yes, it is still $10k.

 

[GuitarDaddy]

$9999 not reported

$10000+ reported

 

[akshatp]

Up to $5000 after 9/11

It used to be $10000, not anymore...

 

[2Xtreme21]

It's pronounced "Ey-tot"?

 

[MrChad]

What exactly does "drawing the attention of the federal government" imply?

 

[alfa147x]

Originally posted by: akshatp
Up to $5000 after 9/11

It used to be $10000, not anymore...

I think u ment down too?

 

[ponyo]

Originally posted by: akshatp
Up to $5000 after 9/11

It used to be $10000, not anymore...

Nonsense. It's still under 10k.

You can still get flagged if you deposit less than 10k but do it multiple days in a row.

 

[Minjin]

Originally posted by: MrChad
What exactly does "drawing the attention of the federal government" imply?

Nothing. People worry about this way too much. Its not like you deposit 10k and secret service shows up on your door step the next day. Do a whole bunch of these transactions and someone might make a note.

Also, keep in mind that trying to structure transactions so that they avoid "scrutiny" (such as a whole bunch of $9999s) is actually illegal.

 

[Vic]

Originally posted by: MrChad
What exactly does "drawing the attention of the federal government" imply?

The transaction will be reported and you could (but probably won't) be required to "paper trail" or document the source of funds, or face prosecution.

 

[giantpinkbunnyhead]

I thought they only flagged cash transactions in excess of $10K? Shouldn't matter if it's a check or something else, but I don't know. My dad makes deposits larger than that every day and no one ever seems to care, but they're not in cash. For what it's worth.

 

[ponyo]

Originally posted by: Minjin

Originally posted by: MrChad
What exactly does "drawing the attention of the federal government" imply?

Nothing. People worry about this way too much. Its not like you deposit 10k and secret service shows up on your door step the next day. Do a whole bunch of these transactions and someone might make a note.

Also, keep in mind that trying to structure transactions so that they avoid "scrutiny" (such as a whole bunch of $9999s) is actually illegal.

Yes, you'll get a nice letter from your bank if they catch you. Basically telling you not to do it again.

 

[ponyo]

Originally posted by: giantpinkbunnyhead
I thought they only flagged cash transactions in excess of $10K? Shouldn't matter if it's a check or something else, but I don't know. My dad makes deposits larger than that every day and no one ever seems to care, but they're not in cash. For what it's worth.

Checks don't matter. Only cash.

 

[Darthvoy]

it is 5k after 911. There was a whole thread on this on how some dude got his account locked by the bank.

 

[ponyo]

Originally posted by: Darthvoy
it is 5k after 911. There was a whole thread on this on how some dude got his account locked by the bank.

I've made plenty of over 5k cash deposits after 9/11. It's still under 10k.

Banks have tightened the review process though after 9/11. Like I said, you will get a nice letter from the bank compliance department if they think you're making structured deposits to avoid scrutiny.

 

[vi edit]

If you routinely make deposits/withdrawls around, but not over, the 10k limit they can (and will) file an SAR (suspiscious activity report) on you.

 

[Vic]

Title III of the Patriot Act kept the cash deposit reporting limit at $10k.

Check and wire deposits are exempt because the source of funds is included in the transaction.

 

[mugs]

Are you talking about cash? The $10k "limit" is for cash deposits. I've deposited much more than $10k in the form of a check and didn't have to fill out any forms or anything.

 

[CTrain]

God people are paranoid.
If the funds are from legal sources, who cares what it flags.
I have lend a friend of mine large sums of money and he returns them to me.
I have also deposited large BT checks and I don't see anyone knocking down my doors.
Unless, you're selling drugs or doing something illegal, why would this worry you ??

Edit...yeah mine have all been in form of checks.

 

[Jeeebus]

it's not like they blow up your house and close your account if you deposit more than 10k. All that happens is that it takes a couple extra days for the money to clear. If your last name isn't Escobar and you haven't been running a successful cocaine cartel the past few years, you shouldn't be worried. Yeesh.

 

[yukichigai]

The withdrawl amount is down to $5k, but the deposit amount is still at $10k. Even if you withdrawl more $5k all you have to do is give them a little notification first.

 

[gsethi]

the $10k limit is ONLY for CASH Deposit.
I constantly do deposits for ~20-25k every other day for my business without any questions being asked. They will only ask questions when the CASH deposit is over $10k for that day.

EX: 5k cash in morning + 6k cash in morning by same person (even if accounts are different) will make them ask for ID.

I dont know what they ask when the cash is over $10k though. Most of our deposits is under $10k for cash. (one day, the cash was ~9k - two separate deposits - and the cashier pulled out her calculator to verify it was under 10k). Also knowing most of the people in your local branch my first name (this includes the bank manager) helps a lot

Banks do not want high volume small business customers to take their business somewhere else. Right now, we bank exclusively with Wells Fargo (for all our business accounts and most personal and loan accounts). We switched from BoA few years ago when they started asking tooo many questions for simple deposits and started placing holds on deposits.

 

[Pantoot]

They ask for the same thing when you deposit over 10k as they do when two same day deposits are over 10k (in cash). They fill out a Currency Transaction Report and that is all.
If you are consistently structuring your deposits to avoid reporting you are violating the law.
This isn't a bank not valuing your business, it's a matter of Federal law. (Which trumps knowing the bank managers name.)

 

[JS80]

Originally posted by: GuitarDaddy
$9999 not reported

$10000+ reported

I can guarantee you if you deposit $9999 cash in a bank they WILL report it.

 

[Accipiter22]

k thanks guys, I hope they're not suspicious of me now, I asked the most they'd accept from my account in the cayman's too