Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 1 month ago

Is this a federal law with banks?

If I wanted to put say 60,000 CASH into a bank account would the IRS have to be notified? Is it true you can only deposit a certain amount of cash into an account? Is this a federal law?

14 Answers

Relevance
  • 1 month ago
    Favorite Answer

    There is not an d never has been a limit on cash transactions.

    A CTR (currency transaction report) must be filed for cash transactions over $10,000. 9.99% of such reports are filed and NEVER even looked at. If, and ONLY IF the account comes up in an investigation of financial crimes, someone will actually notice the CTR.

    Source(s): 20 bank employee. This is part of the annual compliance training.
    • Login to reply the answers
  • B
    Lv 7
    1 month ago

    no limit to your cash deposits but any amounts at $10K are subject to reporting

    • Login to reply the answers
  • 1 month ago

    No, it is not true.  There is no limit on what you can deposit.  The IRS will be notified.  You will get a tax statement from the bank, no matter how much you have in your accounts.  One copy goes to you and another copy to the IRS, even if you only have $10 in your account.

    • A Hunch
      Lv 7
      1 month agoReport

      Your information is very wrong.  Research the The Currency and Foreign Transaction Reporting Act of 1970. 

    • Login to reply the answers
  • Judy
    Lv 7
    1 month ago

    Yes they'd have to be notified by law. If you had a reasonable explanation, you'd be ok.

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 month ago

    Anything over 10k and the IRS gets notified. Its to try to catch people doing illegal activities.

    • Login to reply the answers
  • 1 month ago

    You can deposit as much as you want.  If it's more than $10,000 the bank needs to tell Uncle Sam about it.  

    • Login to reply the answers
  • Scott
    Lv 6
    1 month ago

    Yes, large ($10,000 +) transactions are reported to the IRS. You can thank the war on drugs.

    • Nuff Sed
      Lv 7
      1 month agoReport

      large CASH transactions are reported

    • Login to reply the answers
  • Amy
    Lv 7
    1 month ago

    There's no limit to how much you can deposit. 

    They report large cash transactions to the IRS in order to catch people who are not paying tax on their cash income, and/or are getting the cash from something illegal. If you have a legitimate business and you report the income on your tax returns, it doesn't matter that it was cash.

    • STEVEN F
      Lv 7
      1 month agoReport

      That IS NOT the reason.

    • Login to reply the answers
  • Pearl
    Lv 7
    1 month ago

    i would ask your bank about it

    • STEVEN F
      Lv 7
      1 month agoReport

      You wouldn't ask your MOM about it, and she is the only human you have seen in the last 5 years.

    • Login to reply the answers
  • 1 month ago

    The government would have to be notified. It is a federal law. However, there is no limit to how much you CAN deposit; it's just that there's more paperwork when you do.

    • Login to reply the answers
Still have questions? Get your answers by asking now.