Large Sum Deposit/Withdrawal Question

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This topic contains 9 replies, has 7 voices, and was last updated by Avatar of cheakrisna cheakrisna 6 years, 7 months ago.

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  • #109334
    Avatar of MissMichelle
    MissMichelle
    Participant

    does anyone know if there are any repercussions if let’s say…

    1) you deposit a large sum of cash into your checking account. (i.e. more than $5k but less than $10k)

    2) you withdraw the money in the form of a cashier’s check 3 days later.

    I’d like to know if a person is required to fill out any additional paperwork or any red flags will rise due to the deposit & withdrawal being made in a short time period. Also, that the initial deposit was made in cash.

    #109353
    Avatar of XxgirlfriendxX
    XxgirlfriendxX
    Participant

    cash deposit exceed 10k… even with just a penny will be reported by all financial institutions.

    you can withdraw any amount below 10k in case and or cashier check(s) and will not be reported. and as long as the check has cleared into your account with out any holds (meaning your account is in good standings, no overdrafts, and sufficient to offset the withdrawal amount)unless this is done every week, then the bank will monitor to see if this fund is for a business or personal use.

    #109368
    Avatar of Point_Dexter
    Point_Dexter
    Participant

    Laundering money eh? As long as its not more then 10k cash deposited at a time you are o.k.

    I once had to split 200k cash into 5k portions, loaning it out friends and family so they can send it back to me as a certified check labeled as “house downpayment gift,” with a signed letter. The check amount back to you does not matter, just dont let your friends and family deposite more the 10k cash at a time, spread it out. Once you get the checks back, deposite it, whatever amount no questions asked with the signed letter. But dont put more then 50k in one bank. Open another bank account if you have to.

    The tax man will dock you if you have a pile of cash and the double deductions is a *!#@^, …but it can be done. Its best to mix it up with different banks.

    ..The things you have to do, to put down a down payment on a home, with your own hard earned cash, with out the tax man gettin a cut.

    [Message last modified 03-10-2008 12:13am by Point_Dexter]

    #109383
    Avatar of MissMichelle
    MissMichelle
    Participant

    thank you guys for the advice, very helpful and informative! :)

    #109399
    Avatar of MissMichelle
    MissMichelle
    Participant

    damn the tax man ;)

    #109413
    Avatar of Oun_Chanthou
    Oun_Chanthou
    Participant

    Yeah she said it lol

    [i]Originally posted by XxgirlfriendxX[/i]
    cash deposit exceed 10k… even with just a penny will be reported by all financial institutions.

    you can withdraw any amount below 10k in case and or cashier check(s) and will not be reported. and as long as the check has cleared into your account with out any holds (meaning your account is in good standings, no overdrafts, and sufficient to offset the withdrawal amount)unless this is done every week, then the bank will monitor to see if this fund is for a business or personal use.

    #109423
    Avatar of KomLostBong
    KomLostBong
    Participant

    Wow!!! You’re a MasterMind in this Planet Earth…I should do same as you!!!

    [i]Originally posted by Point_Dexter[/i]
    Laundering money eh? As long as its not more then 10k cash deposited at a time you are o.k.

    I once had to split 200k cash into 5k portions, loaning it out friends and family so they can send it back to me as a certified check labeled as “house downpayment gift,” with a signed letter. The check amount back to you does not matter, just dont let your friends and family deposite more the 10k cash at a time, spread it out. Once you get the checks back, deposite it, whatever amount no questions asked with the signed letter. But dont put more then 50k in one bank. Open another bank account if you have to.

    The tax man will dock you if you have a pile of cash and the double deductions is a *!#@^, …but it can be done. Its best to mix it up with different banks.

    ..The things you have to do, to put down a down payment on a home, with your own hard earned cash, with out the tax man gettin a cut.

    [Message last modified 03-10-2008 12:13am by Point_Dexter]

    #109440
    Avatar of Panh04
    Panh04
    Participant

    suppose you got someone deposite into your account from oversea bank.

    [i]Originally posted by Point_Dexter[/i]
    Laundering money eh? As long as its not more then 10k cash deposited at a time you are o.k.

    I once had to split 200k cash into 5k portions, loaning it out friends and family so they can send it back to me as a certified check labeled as “house downpayment gift,” with a signed letter. The check amount back to you does not matter, just dont let your friends and family deposite more the 10k cash at a time, spread it out. Once you get the checks back, deposite it, whatever amount no questions asked with the signed letter. But dont put more then 50k in one bank. Open another bank account if you have to.

    The tax man will dock you if you have a pile of cash and the double deductions is a *!#@^, …but it can be done. Its best to mix it up with different banks.

    ..The things you have to do, to put down a down payment on a home, with your own hard earned cash, with out the tax man gettin a cut.

    [Message last modified 03-10-2008 12:13am by Point_Dexter]

    #109456
    Avatar of Point_Dexter
    Point_Dexter
    Participant

    ^time to incorporate.

    #109473
    Avatar of cheakrisna
    cheakrisna
    Participant

    I used to do the transaction with that amount of money. It was ok as it’s below $10K. I think above that would raise a red flag.

    [i]Originally posted by MissMichelle[/i]
    does anyone know if there are any repercussions if let’s say…

    1) you deposit a large sum of cash into your checking account. (i.e. more than $5k but less than $10k)

    2) you withdraw the money in the form of a cashier’s check 3 days later.

    I’d like to know if a person is required to fill out any additional paperwork or any red flags will rise due to the deposit & withdrawal being made in a short time period. Also, that the initial deposit was made in cash.

Viewing 10 posts - 1 through 10 (of 10 total)