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

Discussion in 'Off Topic' started by Accipiter22, Dec 18, 2006.

  1. Accipiter22

    Accipiter22 Banned

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    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?
     
  2. mwtgg

    mwtgg Lifer

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    Yes, it is still $10k.
     
  3. GuitarDaddy

    GuitarDaddy Lifer

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    $9999 not reported

    $10000+ reported
     
  4. akshatp

    akshatp Diamond Member

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    Up to $5000 after 9/11

    It used to be $10000, not anymore...
     
  5. 2Xtreme21

    2Xtreme21 Diamond Member

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    It's pronounced "Ey-tot"?
     
  6. MrChad

    MrChad Lifer

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    What exactly does "drawing the attention of the federal government" imply?
     
  7. alfa147x

    alfa147x Lifer

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    I think u ment down too?
     
  8. ponyo

    ponyo Lifer

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    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.
     
  9. Minjin

    Minjin Platinum Member

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    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.
     
  10. Vic

    Vic Elite Member

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    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.
     
  11. giantpinkbunnyhead

    giantpinkbunnyhead Diamond Member

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    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.
     
  12. ponyo

    ponyo Lifer

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

    ponyo Lifer

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    Checks don't matter. Only cash.
     
  14. Darthvoy

    Darthvoy Golden Member

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

    ponyo Lifer

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    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.
     
  16. vi edit

    vi edit Elite Member <br> Super Moderator
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    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.
     
  17. Vic

    Vic Elite Member

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    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.
     
  18. mugs

    mugs Lifer

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    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.
     
  19. CTrain

    CTrain Diamond Member

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    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.
     
  20. Jeeebus

    Jeeebus Diamond Member

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    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.
     
  21. yukichigai

    yukichigai Diamond Member

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    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.
     
  22. gsethi

    gsethi Diamond Member

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    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.
     
  23. Pantoot

    Pantoot Golden Member

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    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.)
     
  24. JS80

    JS80 Lifer

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    I can guarantee you if you deposit $9999 cash in a bank they WILL report it.
     
  25. Accipiter22

    Accipiter22 Banned

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    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