Do banking customers get notified if a transaction gets reported as a SAR?
I opened a new savings account at a Wells Fargo in California and I deposited $5000 in cash at the branch after opening the account. The banker asked me many questions about the source of the money. I'm concerned my deposit was reported as a Suspicious Activity Report (SAR).
The money is legally mine and I paid taxes on it.
How would I know if my deposit got reported as a SAR? Would I get notified by mail?
Also, what happens next if my deposit was reported as a SAR?
- NeverLv 76 months ago
Nothing. Unless you have a ton of them over a period of time. Im sure its happened to me a handful of times. Have not heard from the IRS. Depositing your money is not a crime. Tax fraud is. One does not equal the other.
Customers are not owed notification.
I have deposited more than $5k but never been questioned. I would say "none of your damn business" if I was.
Now, if you start depositing $20k a week for months on end, expect the IRS to start sniffing around.
In extreme cases, they can freeze your money and you would have to prove its legal. That's very rare.
- STEVEN FLv 76 months ago
NO. In fact, the bank gets FINED if they inform anyone other than the government that a SAR has been filed.Source(s): Annual compliance training for bank employees.
- Anonymous6 months ago
Actually that amount of money is not a concern. People deposit WAY more then that.
- StooLv 76 months ago
Do you have access to that money right now? If you can spend even $10 of it, it's fine. If you can't it's being held to see if your story checks out.
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- American AtheistLv 66 months ago
no, I worked in a bank for a while, we didn't mention this to the customers at all, if your deposit was that large it was reported as a SAR however, all deposits of that size are automatically, there is no discretion to it, don't worry
we had a guy who owned a large club come in every other day with $5,000 in cash and we had to write up a SAR every time