Author Topic: Cash Deposit Limit  (Read 2647 times)

Offline mek

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2012
  • Posts: 326
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: Brooklyn
Cash Deposit Limit
« on: July 09, 2012, 01:20:10 PM »
Hey anyone know how much cash I can deposit in a 24 hr period w/o a letter going to the IRS? I know its 10k but is that only at one time or is that in a 24 hr period?

Offline yosele

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2011
  • Posts: 122
  • DansDeals.com Main Site Deals 0
    • View Profile
Re: Cash Deposit Limit
« Reply #1 on: July 09, 2012, 02:16:09 PM »
its in one day, but if you do transactions to avoid the 10K limit it raises a brighter flag....

For example if you deposit 8500 and 2000 in two transactions, it raises a flag.

BTW, it goes to the DEA not the IRS

Offline mek

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2012
  • Posts: 326
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: Brooklyn
Re: Cash Deposit Limit
« Reply #2 on: July 09, 2012, 02:19:30 PM »
its in one day, but if you do transactions to avoid the 10K limit it raises a brighter flag....

For example if you deposit 8500 and 2000 in two transactions, it raises a flag.

What do you mean it raises a flag? If its not reported then what kind of flag can it raise?

Offline smurf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2010
  • Posts: 4087
  • DansDeals.com Main Site Deals 8
    • View Profile
  • Location: NJ
Re: Cash Deposit Limit
« Reply #3 on: July 09, 2012, 02:24:01 PM »
I assume you're referring to the SAR (suspicious activity report) and like yosele said, anything you do to try to get around it would only be more suspicious
Edit:
The report isn't limited to only deposits of more than 10k anything "suspicious" is supposed to be reported

Offline outinstyle

  • Dansdeals Gold Elite
  • ***
  • Join Date: Apr 2012
  • Posts: 191
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: NYC
Re: Cash Deposit Limit
« Reply #4 on: July 09, 2012, 02:24:47 PM »
Interesting... Does the customer's normal deposit activity play a factor or is it "automatic"? Is this only for CASH or any large deposits?

Offline HelpMe

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 3592
  • DansDeals.com Main Site Deals 1
    • View Profile
Re: Cash Deposit Limit
« Reply #5 on: July 09, 2012, 02:39:00 PM »
If you are doing nothing illegal then CTRís and SARís are no big thing and nothing to worry about. If you are doing something illegal then you should not be asking the question here in the first place.
"Elvis Has Left The Building"

Offline outinstyle

  • Dansdeals Gold Elite
  • ***
  • Join Date: Apr 2012
  • Posts: 191
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: NYC
Re: Cash Deposit Limit
« Reply #6 on: July 09, 2012, 02:43:02 PM »
Yes & No... Nobody wants FLAGS. Even if its all legal. Did you ever sit through an audit. Not fun & very expensive.

Offline Yeki89

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 3791
  • DansDeals.com Main Site Deals 5
    • View Profile
    • Israeli Phone Rental
  • Programs: Pell Grants
Re: Cash Deposit Limit
« Reply #7 on: July 09, 2012, 02:43:09 PM »
say if you deposit every week for a year $5k a week, an extra 10k wont raise a flag. But it you never deposit cash, and now every 48 hours your depositing $8k it looks suspicious.

Offline HelpMe

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 3592
  • DansDeals.com Main Site Deals 1
    • View Profile
Re: Cash Deposit Limit
« Reply #8 on: July 09, 2012, 02:47:35 PM »
Yes & No... Nobody wants FLAGS. Even if its all legal. Did you ever sit through an audit. Not fun & very expensive.
In the past I made sure all my cash deposits were over 10k to avoid the appearance of structuring. Many have done it this way and never had a problem.
"Elvis Has Left The Building"

Offline DrDanny

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2012
  • Posts: 1123
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: Detroit/NewYork/PalmBeach
Re: Cash Deposit Limit
« Reply #9 on: July 09, 2012, 02:50:11 PM »
I think 10K there's a law or something that they have to report 10K or more even if you've been doing $9,999 your whole life
and i don't think depositing a couple extra dollars will cause a audit

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5052
  • DansDeals.com Main Site Deals 2
    • View Profile

Offline outinstyle

  • Dansdeals Gold Elite
  • ***
  • Join Date: Apr 2012
  • Posts: 191
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: NYC
Re: Cash Deposit Limit
« Reply #11 on: July 09, 2012, 03:29:01 PM »
Thanks

Offline DrDanny

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2012
  • Posts: 1123
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: Detroit/NewYork/PalmBeach

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6635
  • DansDeals.com Main Site Deals 1
    • View Profile
Re: Cash Deposit Limit
« Reply #13 on: July 10, 2012, 12:37:52 AM »
I skimmed through the 1st link that elikay provided. One thing to keep in mind from there:
Quote
Does the 24-hour period mean one day such as all day Tuesday or does it mean literally 24 hours such as from 11 am on Tuesday to 11 am on Wednesday?
A 24-hour period is 24 hours, not necessarily a calendar day or banking day.
If You See Something, Say Something!!

Offline scwam

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Mar 2011
  • Posts: 336
  • DansDeals.com Main Site Deals 0
    • View Profile
  • Location: FL
Re: Cash Deposit Limit
« Reply #14 on: July 10, 2012, 02:40:18 AM »
I had sold my car. I wanted to immediately cash out the check in the bank right on issuance. I've seen too much fraud behind the scenes to trust anything. I wanted to deposit about 7k and move the rest to my other bank. Of course the bank teller told me since I was cashing out the check they were required to do a CTR which he said went to the IRS. The did ask me my job when he was completing the form on the computer.