I heard that if you put a lot of money in at once they'll ask you a lot of questions so if your doing something illegal youll get screwed. True???
2007-05-14 11:04:42 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
What your referring to is a form 8300 Report of Cash Payments Over $10,000.00 Received in a Trade or Business.
This is a form that everyone that receives $10,000.00 or more in one transaction must fill out and file with the I.R.S. It will have you name, address, S.S.I. number, D.O.B., the same information for the business you did the transaction with and a description of the transaction and exact amount of money involved.
The bank really will not question you, they have all of this information. If anyone questions you it will be the I.R.S..
2007-05-14 11:23:58 · answer #1 · answered by ? 7 · 2⤊ 0⤋
Transactions over $10,000 are reported the the US Treasury Department as a means of detecting money laundering and similar crimes. To whoever recommended making 2 deposits at different branches: Forget it. You will only trigger a 'Suspicious Activity Report'. Multiple transactions designed to avoid the Currency Transaction Report will draw much more attention than a Currency Transaction Report. The cover-up is worse than the 'crime'.
2007-05-14 21:06:42 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
Depositing a dollar amount of $10,000.01 and above entails that whoever takes that deposit must fill out a CTR--currency transaction report--which goes to the IRS. It's to help deter and prevent money laundering. You're "interrogated" as a means to get your information for the CTR, but it's not like they take you to a back room or something; it must be filled out while you are there. If you try to get out of having one filled out, they can refuse to take your deposit.
If you go to one branch of a financial institution and deposit $5,000, then go to another branch and deposit $5,000.01, a CTR will still have to be filled out. Most likely, too, if these deposits are checks, there will be a hold put on some of the funds to ensure the checks are not returned.
2007-05-14 18:29:13 · answer #3 · answered by Krista B 6 · 1⤊ 1⤋
For a large cash deposit there's a good chance you will be interrogated, but if it's a personal/corporate check, wire transfer, or something like that, they will just check the source and possibly the background on their own without harassing you, unless they find something illegal of course.
2007-05-14 18:12:28 · answer #4 · answered by Anonymous · 1⤊ 0⤋
No. There is a federal statute in the US. Banks have to report to the IRS any deposits over $5,000.00. The IRS keeps tabs and investigates if someone deposits large amounts of money, frequently. The bankers don't ask questions.
2007-05-14 18:10:52 · answer #5 · answered by regerugged 7 · 1⤊ 1⤋
Well, they do have to report any deposits of $50,000 or more over a period of 3 days.
2007-05-15 09:11:41 · answer #6 · answered by Stefanie B 4 · 0⤊ 0⤋
yes that is true. Anything after 10,000.00 must be reported to the IRS.
2007-05-14 20:17:08 · answer #7 · answered by fab m 1 · 0⤊ 0⤋
No.
2007-05-14 20:51:05 · answer #8 · answered by Anonymous · 0⤊ 1⤋
duh!
2007-05-14 18:07:05 · answer #9 · answered by Anonymous · 1⤊ 1⤋