How much cash can you deposit without an audit? - Corvette Forum

Go Back   Corvette Forum > Off Topic > Off Topic
Log In 
Register FAQ Search Today's Posts Mark Forums Read Vendor Directory
Search

Off Topic
Off Topic | Non-Corvette

How much cash can you deposit without an audit?

Reply
 
 
 
Thread Tools Search this Thread
Old 06-29-2011, 05:09 PM   #1
mdaniel
CF Senior Member
 
mdaniel's Avatar
 
Member Since: Oct 2010
Posts: 4,346
Location: West Bloomfield MI
Thanks: 0
Thanked 1 Time in 1 Post
TT_FRC
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
mdaniel is offline   Reply With Quote
Old 06-29-2011, 05:11 PM   #2
max'svette
CF Senior Member
St. Jude Donor '11
 
max'svette's Avatar
 
Member Since: Mar 2007
Posts: 16,160
Thanks: 0
Thanked 0 Times in 0 Posts
Default

You don't need to fill anything out for deposit. I believe its withdrawal only.
max'svette is offline   Reply With Quote
Old 06-29-2011, 05:13 PM   #3
JJ Deuce
CF Senior Member
 
JJ Deuce's Avatar
 
Member Since: Jul 2002
Posts: 10,101
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
JJ Deuce is offline   Reply With Quote
Old 06-29-2011, 05:18 PM   #4
nate99
CF Senior Member
 
nate99's Avatar
 
Member Since: Mar 2008
Posts: 15,155
Location: coffee
Thanked 0 Times in 0 Posts
Default

I can forward you an email I got from a guy in Nigeria that could probably help you out.
nate99 is offline   Reply With Quote
Old 06-29-2011, 05:18 PM   #5
Bat Man
What Up
Support Corvetteforum!
 
Bat Man's Avatar
 
Member Since: Aug 2000
Posts: 27,839
Thanked 2 Times in 1 Post
Default

Its ridiculous that carrying currency is treated like being a criminal.
Bat Man is offline   Reply With Quote
Old 06-29-2011, 05:24 PM   #6
VetBoyZR1
CF Senior Member
 
VetBoyZR1's Avatar
 
Member Since: Dec 1999
Posts: 9,481
Location: Marco Island FL
Thanks: 0
Thanked 1 Time in 1 Post
Send a message via AIM to VetBoyZR1
Default

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.
VetBoyZR1 is offline   Reply With Quote
Old 06-29-2011, 05:28 PM   #7
JJ Deuce
CF Senior Member
 
JJ Deuce's Avatar
 
Member Since: Jul 2002
Posts: 10,101
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
JJ Deuce is offline   Reply With Quote
Old 06-29-2011, 05:33 PM   #8
Bluefire
CF Senior Member
 
Bluefire's Avatar
 
Member Since: May 2006
Posts: 5,521
Location: Hillsboro OR
Thanks: 0
Thanked 3 Times in 1 Post
Default

OP - Your answer = $9,999
Bluefire is offline   Reply With Quote
Old 06-29-2011, 05:38 PM   #9
wcsinx
CF Senior Member
 
wcsinx's Avatar
 
Member Since: Mar 2002
Posts: 21,187
Location: Your deity's waiting room FL
Thanked 11 Times in 10 Posts
Default

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.
wcsinx is offline   Reply With Quote
Old 06-29-2011, 06:16 PM   #10
AU N EGL
CF Senior Member
 
AU N EGL's Avatar
 
Member Since: Sep 2003
Posts: 43,086
Location: Raleigh / Rolesville NC
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
AU N EGL is offline   Reply With Quote
Old 06-29-2011, 06:16 PM   #11
C2Driver
CF Senior Member
 
C2Driver's Avatar
 
Member Since: Feb 2008
Posts: 7,862
Location: Toronto Ontario
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Quote:
Originally Posted by Valleybacker View Post
Its ridiculous that carrying currency is treated like being a criminal.
Yah, the money launderers are pizzed about it too.
C2Driver is offline   Reply With Quote
Old 06-29-2011, 06:20 PM   #12
mdaniel
CF Senior Member
 
mdaniel's Avatar
 
Member Since: Oct 2010
Posts: 4,346
Location: West Bloomfield MI
Thanks: 0
Thanked 1 Time in 1 Post
TT_FRC
Default

Quote:
Originally Posted by AU N EGL View Post
isn't it $3,000 now?
If so that's absolutely ridiculous!
mdaniel is offline   Reply With Quote
Old 06-29-2011, 06:23 PM   #13
toxin440
CF Senior Member
 
Member Since: Sep 2007
Posts: 3,002
Location: Fort Worth TX
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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
toxin440 is offline   Reply With Quote
Old 06-29-2011, 06:25 PM   #14
FASGLAS
CF Senior Member
CI 4-5-6-7-8-9-10-11 Vet
St. Jude Donor '06-'07-'08-'09
 
FASGLAS's Avatar
 
Member Since: Jun 2002
Posts: 19,558
Location: Troll Free Zone
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Click the image to open in full size. + Click the image to open in full size.
FASGLAS is offline   Reply With Quote
Old 06-29-2011, 06:32 PM   #15
c4cruiser
CF Senior Member
NCM Sinkhole Donor
Support Corvetteforum!
 
c4cruiser's Avatar
 
Member Since: Dec 1999
Posts: 32,255
Location: Lacey WA RVN 68-69
Thanked 87 Times in 76 Posts
Default

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.
c4cruiser is offline   Reply With Quote
Old 06-29-2011, 06:38 PM   #16
Matt37
CF Senior Member
 
Matt37's Avatar
 
Member Since: Aug 2005
Posts: 1,579
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
Matt37 is offline   Reply With Quote
Old 06-29-2011, 06:42 PM   #17
EDinPA
CF Senior Member
 
EDinPA's Avatar
 
Member Since: Aug 2009
Posts: 5,438
Location: Bucks Co. / outside Philadelphia PA
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
EDinPA is offline   Reply With Quote
Old 06-29-2011, 06:43 PM   #18
NORTY
CF Senior Member
 
NORTY's Avatar
 
Member Since: Dec 2005
Posts: 8,177
Location: Carlsbad Ca
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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...
NORTY is offline   Reply With Quote
Old 06-29-2011, 07:02 PM   #19
tiojames
CF Senior Member
Support Corvetteforum!
 
tiojames's Avatar
 
Member Since: May 2005
Posts: 13,782
Location: Flagstaff Az.
Thanks: 0
Thanked 1 Time in 1 Post
Send a message via MSN to tiojames
Default

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.
tiojames is offline   Reply With Quote
Old 06-29-2011, 07:04 PM   #20
Larry82
CF Senior Member
 
Member Since: May 1999
Posts: 5,168
Location: Misery City Tx
Thanks: 0
Thanked 3 Times in 2 Posts
Default

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.
Larry82 is online now   Reply With Quote
Go Back   Corvette Forum > Off Topic > Off Topic
Reload this Page How much cash can you deposit without an audit?
 
 
Reply


Similar Threads
Thread Thread Starter Forum Replies Last Post
Wanted: 2015 Z06 Convertible Automatic patrocp Canadian Events 51 03-25-2015 09:47 AM
Audit frogwo C7 General Discussion 0 08-12-2014 07:51 PM
Deposits vs. reservations CONMAX C7 Z06 Discussion 12 05-31-2014 08:35 PM
cost of cash pickup with armored truck 98vert6spd Off Topic 37 08-11-2009 11:39 PM
Is This BG 44K Power Enhancer Really Gewd Stuffs? WOEII Off Topic 24 10-02-2008 11:21 PM


Tags
amount, audit, bank, car, cash, deposit, flag, max, money, raising, red, sold, time, triggering, week, withiut

Thread Tools Search this Thread
Search this Thread:

Click for Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump



All times are GMT -4. The time now is 08:22 PM.