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I'm a banker so I will tell you, yes, they ask for the occupation of all those affected by the cash deposit that is over $10,000.01. It's called a Currency Transaction Report. It also applies to cash withdrawals that are over $10,000.01. If you deposited all the cash at one time then they should have asked you right then and there, especially since it was at account opening--not a month later. Just an fyi-if you ever have large cash deposits or withdrawals in the future, don't break up the transaction to avoid the filing.
Spot on!
CTR's help law enforcement track illegal money, even though that apparently doesn't apply to the OP's transaction.
WOW! I guess the days of getting a toaster or fondue set for a wedding gift are gone.... :-)
I see more bridal showers doing the toaster, microwave, household stuff these days. At my sister's wedding last year, she got mostly cash and some smaller gifts.
Yes it was 19,900 in cash ($100 being confiscated). I don't believe I filled out any paperwork aside from signing the $100 counterfeit note for SS.
Thanks for the information couldn't find anything on the net. I don't mind giving the information out considering I also hold a business account with them however they just seemed very odd about the entire thing. After giving the information she pretty much just hung up the phone on me saying OK THANKS BYE.
Any deposits over 10,000 need to be written up, so they probably are asking for that reason. As for the counterfeit, anyone can give one, or get one, or be tricked by one. So no use trying to figure out who gave it to you, nor should the bank red flag you b/c of one counterfeit bill in 19,000.
fyi-if you ever have large cash deposits or withdrawals in the future, don't break up the transaction to avoid the filing. You can search Currency Transaction Reports on the Internet. It's public information.
Congrats on the wedding!
Don't break it up? Why do you say that?
What if you deposit 10,000 over a period of a few days or weeks? Is it just written up if it's 10,000 in ONE banking day?
What if you deposit 10,000 over a period of a few days or weeks? Is it just written up if it's 10,000 in ONE banking day?
That could generate a Suspicious Activity Report that the bank would send to FinCen (a federal monitor). If the amount over $10k is legit, deposit it at once and don't worry about the CTR.
That could generate a Suspicious Activity Report that the bank would send to FinCen (a federal monitor). If the amount over $10k is legit, deposit it at once and don't worry about the CTR.
But does anyone know what timeframe realistically you deposit over $10,000 in without it being a red flag? You say deposit it all at once, I understand if you have it at once. However, what if you don't have $10,000 all at once but get it periodically, what rules apply then re red flags and reporting?
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