Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

Will Banks get suspicious if i deposit 4,000 in cash every month?

So besides my day job (software engineer) which i have direct deposit linked to my bank.. I also like to perform private service on my off days , more specifically i fix people's software issues on their computers a lot of times it's complex stuff. Usually my clients pay me in cash for my service.  So i have opened a new bank account where I specifically have been depositing 4,000 in cash and so far had no issues.  But I am worried if my new bank decides to close my account because i constantly deposit it every single month and its all in cash. 

Should I instead deposit the cash to my main bank where i also have my direct deposit set up?   What should i do?

6 Answers

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  • Anonymous
    1 month ago
    Favorite Answer

    I doubt it. Now 8000 one day and $3000 the next day, YES.

    And you have nothing to worry about unless you are a tax cheat.  They don't call the police. They file a form. And the treasury is looking for big money drug dealers and money launderers. You are too small.   I have deposited over 10k in cash several times and I never heard from anyone. Its MY money and I am not a tax cheat. My bank probably filed a report. So what?

    https://www.occ.treas.gov/topics/supervision-and-e...

  • 1 month ago

    No, the bank is not required to notify the IRS unless your deposit is $10,000 or above. 

  • Maxi
    Lv 7
    1 month ago

    Report your additional  income and pay tax on it............ or continue to commit tax fraud and be taken to court

  • Judy
    Lv 7
    1 month ago

    You are reporting this income on your tax return, right?  No problem then.

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  • not
    Lv 7
    1 month ago

    Doesn't matter as long as you pay taxes on it. If they get suspicious they call the law.

  • 1 month ago

    If your bank gets suspicious, just tell them you're a prostitute 

    Source(s): I used to work for a sheriff's department
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