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Offline mystery-ak

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7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« on: April 05, 2024, 05:00:24 pm »
7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
March 31, 2024

Angela Mae Written by

Levi Leidy Edited by

If you plan to deposit $10,000 or more into your checking account, there are a few things you should consider first. By law, banks have to report deposits that exceed a certain amount.

Not only that, but many bank accounts come with maximum deposit restrictions. You may also be subject to certain fees when making such a large deposit. If you frequently make large deposits, you should also watch out for any potential scams or fraudulent activity. But even if this is a one-time thing, it’s still important to know about these factors and how they might affect you.


Banks Must Report Large Deposits

“According to the Bank Secrecy Act, banks are required to file Currency Transaction Reports (CTR) for any cash deposits over $10,000,” said Lyle Solomon, principal attorney at Oak View Law Group. CTRs typically include the name of the individual, their account number, Social Security number and taxpayer identification number — all of which are verified and recorded by the bank.

Banks must file CTRs to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of the Treasury. Some banks will do this manually, while others will automate the process.

“The creation of a CTR does not mean that your account will be frozen, nor that the Men in Black will be visiting your home,” said Herman (Tommy) Thompson Jr., CFP, ChSNC, ChFC certified financial planner at Innovative Financial Group. For banks, it’s considered standard procedure and isn’t a cause for concern if the deposit is legitimate.

These procedures exist to help prevent money laundering, counterfeit deposits and similar financial crimes from occurring. By requiring banks to report deposits of $10,000 or more, the government can more easily keep track of monetary transactions. As long as your deposits are legitimate, you won’t have anything to worry about.

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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #1 on: April 05, 2024, 05:08:24 pm »
As long as your deposits are legitimate, you won’t have anything to worry about.

That line made me laugh! This is the exact mantra of every dictator in history. If you are innocent, then what's the problem?
If you are not doing anything illegal, then you shouldn't mind if we search your bank account and put you on trial.
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Offline Drago

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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #2 on: April 05, 2024, 11:27:11 pm »
$10K reporting rule only applies to cash (& certain checks like cashiers checks, money orders & travelers checks)..."ACH" transfers and regular check deposits not affected/covered.

https://www.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-the-government

(Started in 1970)
« Last Edit: April 05, 2024, 11:31:24 pm by Drago »
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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #3 on: April 05, 2024, 11:31:24 pm »
Quote from: Drago on April 05, 2024, 11:27:11 pm
$10K reporting rule only applies to cash (& certain checks like cashiers checks, money orders & travelers checks)..."ACH" transfers and regular check deposits not affected/covered.

https://www.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-the-government
@Drago

Set up a shell company and then write yourself an electronically transferred paycheck of $50K monthly and all is well with the world.
If for some reason you actually need a legit bank account.
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You cannot "COEXIST" with people who want to kill you.
If they kill their own with no conscience, there is nothing to stop them from killing you.
Rational fear and anger at vicious murderous Islamic terrorists is the same as irrational antisemitism, according to the Leftists.

Offline Timber Rattler

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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #4 on: April 05, 2024, 11:52:39 pm »
And then there are the *secret* laws and regulations in place in which banks are forced to spy on their customers but can't tell them about.

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Offline Hoodat

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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #5 on: April 05, 2024, 11:53:22 pm »
DEA takes $43k from traveler


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Offline Hoodat

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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #6 on: April 06, 2024, 12:12:11 am »
TSA - Armed Robbery


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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Offline Drago

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Re: 7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
« Reply #7 on: April 06, 2024, 01:14:43 am »
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