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Old 06-29-2011, 05:09 PM   #1
mdaniel
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Default How much cash can you deposit without an audit?

I have a buyer that is paying cash for a vehicle.

How much cash can I deposit without having to fill out forms / audit / whatever?

If it's a certain amount (say $10K), does that mean you can go back the next day & deposit another $10K and so on?

Thanks
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Old 06-29-2011, 05:11 PM   #2
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You don't need to fill anything out for deposit. I believe its withdrawal only.
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Old 06-29-2011, 05:13 PM   #3
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Anything $10k or over requires a report. IIRC, its called a Cash Transaction Report (CTR) and it is required for deposits or withdrawals. It's been a long time since I worked in a bank, though. I remember that the convenience store near the bank always made multiple deposits during the course of the day, anytime they had accumulated more than 9k in cash, so they wouldn't have to hassle with the CTR.
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Old 06-29-2011, 05:18 PM   #4
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I can forward you an email I got from a guy in Nigeria that could probably help you out.
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Old 06-29-2011, 05:18 PM   #5
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Its ridiculous that carrying currency is treated like being a criminal.
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Old 06-29-2011, 05:24 PM   #6
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You're selling a car- the transaction is documented by state records. Don't worry about it. You are not in the high roller category.
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Old 06-29-2011, 05:28 PM   #7
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Quote:
Originally Posted by Valleybacker View Post
Its ridiculous that carrying currency is treated like being a criminal.
Especially since everyone (criminal or not) knows about the $10K limit.
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Old 06-29-2011, 05:33 PM   #8
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OP - Your answer = $9,999
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Old 06-29-2011, 05:38 PM   #9
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You don't have to fill out anything. You bank might, but you'll never know about it either way.

But the bottom line is the only reason anyone would care about this in the first place is if they're trying to dodge taxes.
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Old 06-29-2011, 06:16 PM   #10
AU N EGL
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Quote:
Originally Posted by JJ Deuce View Post
Anything $10k or over requires a report. IIRC, its called a Cash Transaction Report (CTR) and it is required for deposits or withdrawals. It's been a long time since I worked in a bank, though. I remember that the convenience store near the bank always made multiple deposits during the course of the day, anytime they had accumulated more than 9k in cash, so they wouldn't have to hassle with the CTR.
isn't it $3,000 now?

and has been for 5 some years

Unless this is a normal for your business

Last edited by AU N EGL; 06-29-2011 at 06:18 PM.
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Old 06-29-2011, 06:16 PM   #11
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Quote:
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Its ridiculous that carrying currency is treated like being a criminal.
Yah, the money launderers are pizzed about it too.
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Old 06-29-2011, 06:20 PM   #12
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Quote:
Originally Posted by AU N EGL View Post
isn't it $3,000 now?
If so that's absolutely ridiculous!
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Old 06-29-2011, 06:23 PM   #13
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just more crap from a corrupt and broken government to watch your every move.

There hasn't bee one system or facet of life that the government hasn't taken and royally screwed over given enough time.

I'll never see a dollar of social security... I'm 29
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Old 06-29-2011, 06:25 PM   #14
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Click the image to open in full size. + Click the image to open in full size.
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Old 06-29-2011, 06:32 PM   #15
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Why not have your buyer's bank set up a wire transfer? It can be easily arranged by your bank and the buyer's bank and is usually done in a matter of minutes once the buyer gives the OK. Banks usually charge around $25 for this service.

That way neither of you has to worry about carrying large sums of cash around.
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Old 06-29-2011, 06:38 PM   #16
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Quote:
Originally Posted by wcsinx View Post
You don't have to fill out anything. You bank might, but you'll never know about it either way.

But the bottom line is the only reason anyone would care about this in the first place is if they're trying to dodge taxes.
Exactly.. The bank must do this internally, but they will just use the information they have for you on account.
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Old 06-29-2011, 06:42 PM   #17
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Quote:
Originally Posted by mdaniel View Post
I have a buyer that is paying cash for a vehicle.

How much cash can I deposit without having to fill out forms / audit / whatever?

If it's a certain amount (say $10K), does that mean you can go back the next day & deposit another $10K and so on?

Thanks
no.
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Old 06-29-2011, 06:43 PM   #18
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Yes, the limit is 10K.

You don't suppose the gov't agents with the scanners @ the airports can tell exactly how much cash you have on your person, do you?
It might be pretty easy with the thread built into each and every note...
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Old 06-29-2011, 07:02 PM   #19
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It depends on the bank. Some follow the federal rules of reporting $10,000 or more, some report less. I changed banks in Fla. because I used a state bank and they reported anything at $3,000 or over.
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Old 06-29-2011, 07:04 PM   #20
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Quote:
Originally Posted by max'svette View Post
You don't need to fill anything out for deposit. I believe its withdrawal only.
Not true. We caught an employee "stealing". Won't go into details. He brought $20K back to the office in $100 bills. I took to bank. Had to fill out paperwork as to what was going on.
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Old 06-29-2011, 07:04 PM
 
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