News, If You Deposit a Lot of Cash, Does Your Bank Report It to the Government?

Robert59

Robert59

Well-known Member
Location
Now I live in Tennesee. Did live in Michigan.
not our banks over here - the more you put in the more they become your friends …...….lol
and no they dont report the account unless--- there was a big problem !
 
People awash in cash spend a lot of time and money working out how to launder it to avoid government attention.

Can't imagine many legitimate reasons for having deposits of $10K+ in cash on a regular basis.
 
Aunt Bea said:
I don't mind the tracking/reporting of cash transactions but it does bother me when people who hold and use cash are immediately suspected of criminal activity.
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I see the point, but as has been discussed on another thread, cash is not only going away for so many people, some stores won't even accept it. So, large amounts of cash in an 'electronic age' is suspicious. I, for one, use more cash in a year going to a local barber for haircuts than everything else combined.
 
Well, a couple of years go I had the devil of a time depositing $121 in $1 bills at the bank. They wanted me to show my drivers license, which I had unfortunately left at home and the fact that I had my checks, my voters registration, several charge cards, with me. Finally I found my passport in my purse and it was OK.

They explained that they had to make sure it wasn't drug money. Drug money? $1 bills? What did they think I was doing......dealing baby aspirin down at the day care center?
 
retiredtraveler said:
I see the point, but as has been discussed on another thread, cash is not only going away for so many people, some stores won't even accept it. So, large amounts of cash in an 'electronic age' is suspicious. I, for one, use more cash in a year going to a local barber for haircuts than everything else combined.
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I've yet to shop in a store that doesn't accept cash. Not saying they don't exist, just saying they're rare.
 
DH used to travel on business, sometimes for as long as 3 weeks in Asia or Europe. His expense reports occasionally resulted in getting checks for over $10,000. We had to establish a "personal relationship" with our banker. DH just had to explain where the money was coming from and why and after that he didn't have a problem.
 
As this rule has been in effect in the USA for 50 yrs it shouldn't be a surprise to anyone.

Unfortunately the rise in digital currencies, which are unregulated by any country, have become the payment medium of choice for the illegal drug industry and cartels.
 
jujube said:
Well, a couple of years go I had the devil of a time depositing $121 in $1 bills at the bank. They wanted me to show my drivers license, which I had unfortunately left at home and the fact that I had my checks, my voters registration, several charge cards, with me. Finally I found my passport in my purse and it was OK.

They explained that they had to make sure it wasn't drug money. Drug money? $1 bills? What did they think I was doing......dealing baby aspirin down at the day care center?
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I apologize in advance. My mind is quirky today.

The only reason I can think of for having that many one dollar bills to deposit is .................... it's g-string money after a good night at the strip bar..
 
gennie said:
I apologize in advance. My mind is quirky today.

The only reason I can think of for having that many one dollar bills to deposit is .................... it's g-string money after a good night at the strip bar..
[/QUOT
The only way I'd make that kind of money in a strip bar is if I charged everyone a dollar for me to put my clothes back ON again...….. The shape I'm in, they'd be hard put to even find my G-string. I'm not even sure you'd call it a G-string. It would be more like an XXXL-string.
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jujube said:
Well, a couple of years go I had the devil of a time depositing $121 in $1 bills at the bank. They wanted me to show my drivers license, which I had unfortunately left at home and the fact that I had my checks, my voters registration, several charge cards, with me. Finally I found my passport in my purse and it was OK.

They explained that they had to make sure it wasn't drug money. Drug money? $1 bills? What did they think I was doing......dealing baby aspirin down at the day care center?
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Dealing baby aspirin... ROFL..
😂😂
 
Gardenlover said:
Give $9999 as often as possible...






To me! 😇

I have glorious plans.
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Banks report individuals who deposit $10,000 or more in cash. And if an individual makes cash deposits over several days that are less than, but still add up to, $10,000, that person will be reported
 

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