Hoping someone can help-regarding making a large deposit at the bank

My brother has been saving for about a year to put a down payment on a truck.


His truck is in, and they went to the bank to desposit all the cash.--over $10.000 I Think.

Now, they did not have to fill out anything or anythning like that to deposit it. Is the bank going to report them to the IRS or anything? They both ahve jobs, and pay taxes, etc. This is just cash savings.


Would appreciate any info anyone may have. My SiL is freaking out!!

Thanks!

Re: Hoping someone can help-regarding making a large deposit at the bank

Thanks to the Patriot Act a deposit or withdrawl over $10K is "flagged" so to speak and checked to make sure the money is from legitimate and legal sources. It is an attempt to stop terrorist groups (and others) from money-laundering. So it might be... not sure.

When we desposited my wedding money, we did so in several deposits of odd amounts. Same when I paid for extensive home improvements (mostly paid in cash) all withdrawls were under 10K and in weird amounts.

ETA: Hasn't he been despositing amounts in the bank all along or did he save 10K in cash at home and then deposit it? I really hope he did the former

Message edited 4/22/2008 7:24:29 PM.

Re: Hoping someone can help-regarding making a large deposit at the bank

alright, I just found out it was less than 10K.

Whew!

Re: Hoping someone can help-regarding making a large deposit at the bank

I'm not POSITIVE but I believe it was like $3,000- b/c we put all of our wedding $ in the bank in small increments as well b/c the first time they made me fill out a form, which I think was for taxes...

Re: Hoping someone can help-regarding making a large deposit at the bank

They are only concerned about cash as far as I know. you don't have to worry about the checks.

Re: Hoping someone can help-regarding making a large deposit at the bank

$10k in cash within a 24 hr period sets off the red Patriot Act flags - so he's safe!