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Ask Lane Your Own Question
Category: Finance
Satisfied Customers: 12481
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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How much cash could you deposit at once?

Customer Question

how much cash could you deposit at once?
Submitted: 2 years ago.
Category: Finance
Expert:  Lane replied 2 years ago.
Hi,.As much as you'd like..Cash deposits of over 10,000 will be reported to treasury for money tracking purposes (money laundering, etc), but this is NOT a tax issue..Different banks will have differing policies about how much personal information they need and documenting the source of the money..The Currency and Foreign Transactions Reporting Act of 1970 -- usually just called the Bank Secrecy Act -- sets the guidelines for banks to report large currency transactions. The goal of the act is to prevent tax evasion and money laundering by criminals using cash deposits to disguise the illegal source of their funds..The Bank Secrecy Act affects any business that deal with a transaction or series of transactions for more than $10,000. If a customer buys an item such as a $12,000 boat or a $15,000 antique with cash, the dealer has to report the sale. Businesses do not have to report the transaction if the customer uses a negotiable instrument -- a cashier's check or traveler's check for example -- with a face value greater than $10,000..Hope this helps..Let me know if you have questions..Lane.If this HAS helped, I'd appreciate a positive rating, by clicking or touching, the smiley faces or stars on your screen ... that's the ONLY WAY I'm credited for the work here.