inheritance check

[kitesurfer2]

i've got this check that needs to go in gthe bank. once upon a time, rumor was not to deposit more than $10k at one time or the IRS flag would go up and trigger a 'watch'. any one know for sure? i've got over 50k and was thinking a stack of cashiers checks to be deposited every other day.

 

[audreyh1]

i've got this check that needs to go in gthe bank. once upon a time, rumor was not to deposit more than $10k at one time or the IRS flag would go up and trigger a 'watch'. any one know for sure? i've got over 50k and was thinking a stack of cashiers checks to be deposited every other day.

That’s for cash which, unlike checks, has no history or source information (can’t be traced). And actually the warning is not to make multiple deposits of close to but less than $10,000 in cash that makes it look like you are trying to “structure” cash deposits to avoid the bank reporting to the Feds.

We deposited a $50K check once from an inheritance. No problem. Did the bank have to fill out extra work? Don’t know. Supervisor was called over to OK the deposit, no inconvenience for me.

Deposited gift checks for siblings exceeding $10K - nothing different in deposit process.

No, don’t structure your check deposits.

 

[VanWinkle]

I don't know for sure, but I deposit checks over that amount(10,000) several times each year and have not had any IRS problems.

 

[foxfirev5]

Over the years I've deposited many checks over 10k. Real estate sales, car and boat sales, and a couple of inheritances. The banks did not appear to do anything out of the ordinary. Also, I have had no correspondence from the government.

 

[audreyh1]

I just went through this process but with cash. I had cash stocked up a safe and I finally wanted to have less and decided to put the money in a bank. I went and talked to bank president and told him the situation.
He said I have two choices >> put the total amount in at once or deposit amounts under 10000. If total amount is deposited then they would have to fill out the paper work for the feds. If I did amounts under 10000 then no paper work has to be filled and they don't add up amounts so there would be no issues.
He said even if I put total in and they filled out paper work if you have nothing to hide it is a non issue. He advised me to deposit the total amount because he knew there was no unlawful doings with us.
I opted for amounts under 10000 till I had what I wanted to deposit.

Wow, the bank president actually told you that it was OK to structure your cash deposits to avoid the bank reporting requirements? I don’t think that was good legal financial advice. https://www.money-education.com/res...ng-cash-transactions-under-10-000-is-criminal

And the bank does have to report smaller amounts of cash deposits from an individual customer if they total over $10,000 over a short amount of time.

Exploring Reporting Requirements
Banks and businesses must file a form 8300 within 15 days after receiving the $10,000-plus payment. If the customer makes multiple smaller payments, the 15 days countdown starts as soon as the total paid exceeds $10,000. The bank or its parent must notify the person who made the transaction that he's been identified in the report, provide a contact number for follow-up questions and state the total amount of cash involved. Notification doesn't have to go out until Jan. 31 of the year after the company filed the 8300.

https://budgeting.thenest.com/bank-reporting-guidelines-cash-deposits-23318.html

 

[bingybear]

IIRC a bank check or cashier's check may get some looks. But if you are legit it should not be a real issue.

 

[kitesurfer2]

thanks all!

 

[Montecfo]

i've got this check that needs to go in gthe bank. once upon a time, rumor was not to deposit more than $10k at one time or the IRS flag would go up and trigger a 'watch'. any one know for sure? i've got over 50k and was thinking a stack of cashiers checks to be deposited every other day.

Not an issue. People deposit large checks every day from home sales, work bonuses, loan proceeds, car sales and, well, inheritances! Large sums of cash are a different matter.

Whatever you do, do not invite suspicion by carving up your payments. You are not a drug dealer, just a good law abiding citizen.

 

[rayinpenn]

Not an issue. People deposit large checks every day from home sales, work bonuses, loan proceeds, car sales and, well, inheritances! Large sums of cash are a different matter.

Whatever you do, do not invite suspicion by carving up your payments. You are not a drug dealer, just a good law abiding citizen.

+1

 

[Revlefty]

OK, it's not 10k, but I just took a wad of bills to the bank to get them exchanged for $20s. I told the cashier they were tips from my work as an exotic dancer. the cashier said, "You must be pretty good!" Sure, I've gt the body for it!

 

[kitesurfer2]

OK, it's not 10k, but I just took a wad of bills to the bank to get them exchanged for $20s. I told the cashier they were tips from my work as an exotic dancer. the cashier said, "You must be pretty good!" Sure, I've gt the body for it!

got pics? haha
I deposited and they put a hold on it for 10days. no issues, so far.

 

[rayinpenn]

Having worked in banking - Banks are required to report cash transactions of $10,000 and above. They also are to be “on the lookout” for many deposits just under $10,000 - known as “smurfing” (Yes like the cartoon). Why - it is an attempt to identify money laundering . You know Bad Guy wants to deposit the spoils from drug dealing or some other illegal activity. Banks are required to have robust AML (Anti Money Laundering) programs and training. Good guys, (like us) have noting to fear.

What most people don’t know if the banks believe they’ve identified fraudulent activity they file (all very secret) SARS reports (Suspicious Activity Reports) the government uses the information to track and identify Fraudsters.

What we do have to be vigilant about is the amount of Fraudsters out there. For example:

Just took down my pool and the filter was only a few years old. Put it up on craigslist. Within a few hours someone called (English not perfect) said ill text you a code just send it back to me. I said “No this is a cash deal you come you look, if you like you hand me $50 and we are done- No opportunity for a fraud here” he said he had been scammed I said no deal. It was a very clever attempt to get into my Phone.. Scary.

Sold it a day later for a nice gent who handed me $50.. Guess what I gave him all the leftover chemicals .. pool nets etc. He got a great deal and I got rid of unneeded clutter.

 

[GalaxyBoy]

As executor of DF's estate I wrote myself a large check from the estate's account and immediately deposited it by snapping a picture of it on my phone. Easy peasy, no problemo.

 

[JPatrick]

OK, it's not 10k, but I just took a wad of bills to the bank to get them exchanged for $20s. I told the cashier they were tips from my work as an exotic dancer. the cashier said, "You must be pretty good!" Sure, I've gt the body for it!

This post is worthless without pictures..

 

[Sunset]

got pics? haha
I deposited and they put a hold on it for 10days. no issues, so far.

Wow, that is a long hold.
I was just with a guy the other day and he deposited a personal check for $175K.
The teller said they would put a hold on the funds for 2 days.

 

[Lakewood90712]

One time large check doesn't trigger anything .

Depositing a string of just under 10 k checks over days is something that might.

Just deposit the large check.