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MallyMal · Sep 5, 2007, 06:36 AM

OK, one of my clients has given me $4,000 in cash for a project. I have not deposited the money yet. He will give me another $2,000 in a few days. Would my bank flag me for a cash deposit of this size? I can either deposit the cash in my business or personal account.

Kevin · Sep 5, 2007, 06:38 AM

1. Get a new bank

MallyMal · Sep 5, 2007, 06:46 AM

Not understanding your response.

Big Mac · Sep 5, 2007, 06:51 AM

I looked around Google, and it seems banks only see cash deposit sizes as unusual when they're of $9000 or more. I think you should be fine.

Doofy · Sep 5, 2007, 06:53 AM

To keep things straight, stick it in your business account Mal. If your bank flags you for it, ask them on what date cash stopped being legal tender.

Or, just stick it under your mattress and live off it for a while if you don't actually need it in your bank.

MallyMal · Sep 5, 2007, 07:05 AM

Originally Posted by Big Mac

I looked around Google, and it seems banks only see cash deposit sizes as unusual when they're of $9000 or more. I think you should be fine.

Hmmm, I hope that makes everything cool. I'll see if there is any more input.

Originally Posted by Doofy

Or, just stick it under your mattress and live off it for a while if you don't actually need it in your bank.

Yeah, I did consider that.

talisker · Sep 5, 2007, 07:25 AM

What do you mean by "flag me"? As far as I know there's nothing comparable in the UK, although as part of both the money laundering and terrorist regulations banks have to verify the identity of their customers more carefully now. I'm sure banks may take more precautions when it comes to large deposits, but nothing that would be bad for the customer.

MacinTommy · Sep 5, 2007, 07:36 AM

I work for a bank. If this is a one time deposit then no, but if you were to start doing these large cash deposit on a regular basis and its not into a commerical account then you probably would get "flagged" or just have some notes written on your account that only the people at the bank would see... you would NEVER if you had any notes on your account about suspiscous activity.

MallyMal · Sep 5, 2007, 07:47 AM

Originally Posted by MacinTommy

I work for a bank. If this is a one time deposit then no, but if you were to start doing these large cash deposit on a regular basis and its not into a commerical account then you probably would get "flagged" or just have some notes written on your account that only the people at the bank would see... you would NEVER if you had any notes on your account about suspiscous activity.

Oh, that is good to read. You are in Georgia as well so that makes it even better.

Dakarʒ · Sep 5, 2007, 08:10 AM

Originally Posted by Big Mac

I looked around Google, and it seems banks only see cash deposit sizes as unusual when they're of $9000 or more. I think you should be fine.

Ditto.

SpaceMonkey · Sep 5, 2007, 10:02 AM

If anything, your bank would probably flag you as "looks like they have a lot of money to throw around," and put you on more of their spam/junk mail lists.

reader50 · Sep 5, 2007, 10:39 AM

Originally Posted by talisker

What do you mean by "flag me"? ...

Flag him as a possible drug dealer, with huge sums of cash to deposit on a regular basis. If I recall correctly, a bank has to report deposits of $10,000 or more, so the point where they notice you would be somewhere around there.

There is nothing illegal with depositing lots of cash. Retail stores do it all the time. Things would only get dicey if you couldn't explain how you kept coming by huge amounts over time.

Dakarʒ · Sep 5, 2007, 10:42 AM

Originally Posted by reader50

Flag him as a possible drug dealer, with huge sums of cash to deposit on a regular basis. If I recall correctly, a bank has to report deposits of $10,000 or more, so the point where they notice you would be somewhere around there.

That's exactly it. This almost happened to my father once, but the bank actually told him they were going to flag him, so he only deposited $9000.

IceEnclosure · Sep 5, 2007, 03:35 PM

afro, timbos, probably an LRG hoodie..

yo they're gonna dog-sniff your cheddar. hope your client doesn't have dirty money!

heh, kidding, you should be fine

IceEnclosure · Sep 5, 2007, 03:38 PM

oh, and just wondering- what kind of project is it? saul goode if you don't feel like sharing.

turtle777 · Sep 5, 2007, 03:40 PM

If you are still worried, jsut get some money orders and use them to pay credit card bills.

-t

MallyMal · Sep 5, 2007, 05:19 PM

Originally Posted by IceEnclosure

afro, timbos, probably an LRG hoodie..

yo they're gonna dog-sniff your cheddar. hope your client doesn't have dirty money!

heh, kidding, you should be fine

I know, right? I deposited it a few hours ago. It was kinda funny because there was this awkward silence as the teller sllloooowwwwlllyyy counted and bundled the bills.

Originally Posted by IceEnclosure

oh, and just wondering- what kind of project is it? saul goode if you don't feel like sharing.

It was from a web design/programming project.

OT: I may be down your way soon. I really need a vacation and my brother owns a vacant condo down there off of Ocean BLVD.

hookem2oo7 · Sep 6, 2007, 12:56 AM

When i worked as a teller at a bank I know there was a limit on cash transactions before we had to have the customer fill out a tax form to submit to the government. I want to say that the limit was $3000 a day, but it's been awhile. I seem to remember having someone withdraw $2999 so they wouldn't have to fill out paperwork...but then again, I could very easily be wrong about the limit. I do know for a fact that a limit exists after which you must submit a form to the IRS...

turtle777 · Sep 6, 2007, 02:27 AM

Originally Posted by Kevin

1. Get a new bank

And how exactly would that change anything, aside from picking a bank outside of the US ?

-t

Railroader · Sep 6, 2007, 10:20 AM

What I want to know is what exactly is the negative consequences for being "flagged" anyway?

I deposit large amounts and move money quite readily from account to account with a yearly income less than $7.5k. So I am "flagged". Big whoop.

Doofy · Sep 6, 2007, 10:23 AM

Originally Posted by Railroader

What I want to know is what exactly is the negative consequences for being "flagged" anyway?

Move closer to the top of the list for a tax audit?

Railroader · Sep 6, 2007, 10:27 AM

Originally Posted by Doofy

Move closer to the top of the list for a tax audit?

A very brief cursory glance at my tax filings would clearly indicate that everything is kosher. But for someone who is not keeping things completely legal, that would be a bad thing for them (and a good thing™ for me).