mattgical

i came upon some money and want to deposit it without any hassles.

i want to deposit $9,500 CASH. Will the bank get suspicious?

is the $10,000 and above rule still apply?

NoSoup

Unfortunately, matters such as these are illegal to discuss.

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mattgical

hehe.

thanks, its nothing i did illegally.

using the money to pay off some loans.

User Name

Matters such as what? Depositing money at a bank? Then I suppose my grandfather is a criminal.

subz

I don't see how it would be illegal to discuss either.

No, there wouldn't be any problem for you to deposit any amount of cash to the bank. However (because of the Patroit Act), it is now $3000 on which you would have a report filed. Not that it's a bad thing, just lets the government know you made a large deposit.

shakran

yeah, count me in the ranks of criminals too. Just deposited a paycheck at the bank. Should I be watching over my shoulder for the FBI?

powerclown

None at all, if its legit.

More so in a small city vs. a big city.

NoSoup

Actually, it is illegal to discuss IRS reporting documents (CTRs, SARs, ect) as well as the amounts of cash that warrent one to be filled out. They are supposed to be known by bank personnel only

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shakran

I don't think you're correct about that NoSoup. After all, we do have the first amendment that guarantees our right to free speech. We can discuss anything we want. Even top secret stuff - if someone is stupid enough to leak it to the public, the public doesn't get in trouble for talking about it.

NoSoup

Ah, I did a little research, and I stand corrected.

It is illegal for me to discuss matters such as these, as I was bank personnel at one time and signed many things regarding the Bank Secrecy Act. My apologies everyone.

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NotMinus

I can't stand banks. They started asking questions about where I was working, how long ect. After I had switched jobs. They even asked casually if I could give them my social insurance number. I think I will get a safe and just have my money cashed and kept in their.

ibis

If you have nothing to hide, simply deposit it.

phyzix525

I think the big question is have you made that money and paid taxes on it. otherwise why would you be nervous?

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Journeyman

Get a fireproof safe. If the house goes up in flames, you don't have to debate with yourself as to whether you should shit or go blind when you're fumbling with sweaty fingertips against a combo that you suddenly forget the last number to because there's flames dancing on your shirt. Just tell the firemen to grab it out of there when it's safe to do so.

mrbroker00

social insurance...?? ssn? I work at bank in consumer lending and just to let you know it's usually standard practice to ask ssn info. Banks get a bad rap, people forget they're businesses they gotta eat too!

Blackthorn

Deposit the cash. No one will give a rat's behind about it.

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fernweh

You could just buy a safe deposit box at the bank, and not care what they think about it. Or what Journeyman said.

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Chingal0

I'm pretty sure that if it is under 10k, they don't have to report it. Regardless, I saw it on the Sopranos, so it must be true.

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Key

why not just deposit it at the atm. haha, might have to use a few different envelopes.

iamnormal

Don't forget the tax man is going to want a cut of that.

Jubal

Forget illegal; worry about suspicious. Obviously a $9,500 cash deposit smells like drug money. If your account has $80k and you always make these deposits, no big deal. If it has $500 and your weekly paycheck is $400 then don't put it in all at once. Break it up into small pieces and deposit it over time, convert to cashiers checks, or pay on your debts using a Western Union or other service that accepts cash.

Tax man cares the most, then probably DEA, and Homeland Security. If your state participates in the Matrix program, you're probably at a higher risk than in other states. Out of state bank accounts are perfectly legal.

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Merlocke

I completely agree - if you're worried break it up and deposit it in smaller pieces.

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Warf Rat

NoSoup is correct, he can't discuss it. As to other posts, they make good points, but, they are not quoting the letter of the law. All deposits to bank or brokerage firms over the amount of $10,000.00 must be reported. However, consistent depostits of just under the $10,000.00 limit also require notification.This make's perfect sence, since you could make deposts every day at just under the legal limit. It becomes the responsability of the banker or broker to see a pattern.
So, you have nothing to feer, but fear itself.

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macmanmike6100

This is off-topic but what is the Matrix program? What states are involved in it?