Largest cash deposits before raising eyebrows?

[Thaco]

I have a bunch of money i have been squirreling away from selling stuff on kijiji and W/Ding money here and there so we wouldn't miss it, i was saving for a large purchase or vacation, well the time has come that i need to put it in the bank, what's the eyebrow raising numbers for personal deposits? Per deposit? monthly? any ideas? i don't want it to look like drug money or illegal operations money or anything like that.

[Twin_Cam_Turbo]

A friend who works at RBC tells me $10k cash automatically flags you onto a anti money laundering watch list.

[realazy]

I deposited $12k cash mostly $100s after my wedding, the branch didnt bat an eye. It probably got flagged or something, but it’s easy to explain.

[ExtraSlow]

10k is the line, but it's no big deal. They ask where the money comes from, and you tell them.
Technically multiple sub 10k deposits can also get you asked the same questions, and in some ways, will raise more flags.

If the source of the money is legit and legal, there's no benefit to trying to hide it. Deposit it when you get it, and that's that.

[BokCh0y]

Yep $10k is where it's at before they ask you questions.

When I sold my MR2 like 15 year ago, the vietnamese guy that bought it paid me $15k cash for the car, that plus some sock money i had saved it, it raised questions from the bank. Luckily for me I had the bill of sale with me to justify the larger portion.

[RX_EVOLV]

Just to go a branch closest to Chinatown and pick an asian teller.

Like others have mentioned, once you hit $10K they have to ask you where the money came from. Wedding, gift from your parents, selling your car, etc.. They are usually pretty understanding unless you do it frequently.

If you are really concern, just deposit via ATM ~$2-3K at a time. I've done that before to deposit ~$20-25K just to save the hassle of talking to the teller.

[killramos]

10k is the finra limit where they are obligated to “investigate” to ensure it isn’t proceeds of crime or terrorism funding, money laundry etc.

Kindof up to them what form that investigation takes, it’s just covering their own ass.

In or out.

Overall it’s a pain in the ass.

[Thaco]

cool thanks all, that's what i'd heard in the past but wasn't sure it was still accurate, mines a little less than 10k so i assume it'll be ok in one go.

[killramos]

If you have nothing to hide nothing will come of it even if they “investigate”.

It’s just a box that needs to be checked. I remember having to do a stupid online course and quiz about it for work once.

[Thaco]

If you have nothing to hide nothing will come of it even if they “investigate”.

i don't have anything to hide but i do have a couple sole props and don't want to trigger a costly audit due to something innocent

[killramos]

Last time they did it to me it was just a matter of the teller going to talk with her boss in the back for 5 minutes. It was mostly annoying because I was on my lunch break and hungry.

[Twin_Cam_Turbo]

I deposited $13k for my truck I sold and they asked me what it was for and I just told them I sold my truck to two people on a work visa and they paid me in cash.

[sexualbanana]

For the record, the bank teller can ask you at any amount. It's just a matter of whether your past deposit history is indicative of something else going on.

[JRSC00LUDE]

Excuse me government, may I please deposit my money? What a stupid system. I got fucking harassed for taking $6,000 cash out once, they didn't want to let me and were insisting on a bank draft and when I said no they were insistent on wanting to know why. Well sir it's because I want fucking cash. That made me so mad at the time I transferred all my business from that bank.

[Buster]

I saw a stripper in line at the bank in front of me the other day convert $7000k CDN to USD. She was VERY specific that the money was not to transition through her account. Just straight cash for cash conversion.

That's all.

[ExtraSlow]

It shouldn't be a hassle unless that location is running low on cash, which can happen. I buy my trucks every year for cash, and they always tell me I should have called ahead butnits never been a problem. Worst case you need to visit a different branch.

[Super_Geo]

Or just do a currency trade with eblend, like when I bought 8k USD off of him and he rolls up with wad of $100 USD bills and a Russian withdraw slip... the tellers flat out said no :rofl:

[revelations]

If you are really concern, just deposit via ATM ~$2-3K at a time. I've done that before to deposit ~$20-25K just to save the hassle of talking to the teller.

How many dozen 3k deposits can you make before things get flagged? More than 10k in a month? FINTRAC pwns all data

[ExtraSlow]

If you are really concern, just deposit via ATM ~$2-3K at a time. I've done that before to deposit ~$20-25K just to save the hassle of talking to the teller.

How many dozen 3k deposits can you make before things get flagged? More than 10k in a month? FINTRAC pwns all data Yeah, I don't see the point in this. Is doing a bunch of smaller transactions actually less hassle than talking to the teller once? Doesn't make sense to me unless it's actually dirty money you are trying to hide the source of. I've never had that issue.

[01RedDX]

.

[RX_EVOLV]

Yeah, I don't see the point in this. Is doing a bunch of smaller transactions actually less hassle than talking to the teller once? Doesn't make sense to me unless it's actually dirty money you are trying to hide the source of. I've never had that issue.


lol it does sound sketchy reading it back. It wasn't like I went everyday to deposit the same amount. Probably over the course of 2-3 months. I was depositing cash from different sources (e.g other accounts, gifts, etc) into our wedding funds account.

[ThePenIsMightier]

Excuse me government, may I please deposit my money? What a stupid system. I got fucking harassed for taking $6,000 cash out once, they didn't want to let me and were insisting on a bank draft and when I said no they were insistent on wanting to know why. Well sir it's because I want fucking cash. That made me so mad at the time I transferred all my business from that bank.

I've had some kind of this shit too. They acted like I needed to book an appointment a week in advance as if I was about to deplete their fractional reserve for taking out something like $6k. I told them "I'm coming in and I'm getting this money so fuck directly off". Teller offered zero resistance and lol'd when I told her the Special Ed Phone Lady said it was "unpossible."
Like as if there isn't more than $400k sitting in any given bank. Hell, I've gotten $5k $USD without any appointments or hassle before.
There's a good reason everyone hates banks.

[speedog]

I saw a stripper in line at the bank in front of me the other day convert $7000k CDN to USD. She was VERY specific that the money was not to transition through her account. Just straight cash for cash conversion.

That's all.

And exactly how did you know that that person was a stripper?

[Super_Geo]

Excuse me government, may I please deposit my money? What a stupid system. I got fucking harassed for taking $6,000 cash out once, they didn't want to let me and were insisting on a bank draft and when I said no they were insistent on wanting to know why. Well sir it's because I want fucking cash. That made me so mad at the time I transferred all my business from that bank.

On the other hand, I was looking to take out like $500 USD once because I was going on vacation and wanted some backup money in case my cards didn't work... they (I guess rightfully, per the rules of the account) wanted to charge me $5USD for the pleasure of getting my own money out. It was the first time I ran into the fee, which wasn't much but still rubbed me the wrong way. I told them 'ok well if it costs $5 per transaction, can I withdraw $10k then, to lower the relative cost,' and I was pretty insistent on it. They told me they couldn't give me that much in cash because of what they had on hand, but quickly offered to waive the $5 fee on my $500 withdraw :rolleyes:

[Buster]

And exactly how did you know that that person was a stripper?

vast experience.

[colinxx235]

I saw a stripper in line at the bank in front of me the other day convert $7000k CDN to USD. She was VERY specific that the money was not to transition through her account. Just straight cash for cash conversion.

That's all.

I wonder why she wouldn't go to CalEx or whatever... they give a better rate too?

[ExtraSlow]

I wonder why she wouldn't go to CalEx or whatever... they give a better rate too?
Not sure the strippers have the best financial literacy.

[Disoblige]

I wonder why she wouldn't go to CalEx or whatever... they give a better rate too?
This. She could have saved a couple hundred bucks. But maybe not worth the hassle for her.

[mr2mike]

The kid from Ozark can figure this out but you guys can't?!


Not sure the strippers have the best financial literacy.
I beg to differ.

[ExtraSlow]

You must know different strippers than I do. But maybe that's for the best.

[JfuckinC]

I pulled 5k outta the ATM the other day to buy and engine, does selmthing like that get flagged? There’s no other way to get money when the bank is closed haha

[ExtraSlow]

People overreact to this "flagged" thing. It's not like you are on some exclusive terrorist no-fly list. There's thousands of these "flagged" transactions every day and there is zero consequence. It starts to matter if you are under investigation for financial crimes or organized crime ties or something.

[lasimmon]

I deposited just over $20K into my account without being asked where it came from :dunno:

They might ask you some questions. Mine was from Casino winnings and I had the sheets from the Casino to prove it but no one asked.

[RX_EVOLV]

People overreact to this "flagged" thing. It's not like you are on some exclusive terrorist no-fly list. There's thousands of these "flagged" transactions every day and there is zero consequence. It starts to matter if you are under investigation for financial crimes or organized crime ties or something.

Yeah flagged doesn't mean you get put on a list for whatever. It's just the bank making a separate record of your deposit and reasoning and filing it somewhere else in addition to your normal banking records. My wife used to work for Scotia for many years, and she said all they do it ask the question ( they are obligated too, especially >$10K), fill out a paper form and 99% of the time they would just file the form somewhere. Those forms do not get submitted to anywhere, unless things changed recently as she hasn't worked there in years.

Only time the form gets submitted is when someone is actually suspicious (e.g. making frequent large sum deposits just to have it withdraw within days) or when the govn't asks for them (usually CRA). She also said $10K+ cash deposits are extremely common (especially with Asian clients), and they usually don't care at all but they are obligated to ask the question and fill out the form.

[Mitsu3000gt]

I've deposited more than $10K before and they just ask you where it came from, they write it down and could not care less. If you have nothing to hide and the reason is legit you can deposit $100K and it doesn't matter.

It's far more suspicious if people deposit $9999 or something as it is a clear attempt to fly under the radar.

[Buster]

I didn't think to ask the stripper why she was paying a few bps extra exchanging at the bank instead of a specialist forex joint.

I was staring at her too-small yoga pants.

[Kobe]

Thought it was $9,999 not $10,000?

|

[revelations]

You guys are thinking about STRUCTURING:

https://en.wikipedia.org/wiki/Structuring

[max_boost]

$8888.88 has always been safe for me

[speedog]

You must know different strippers than I do. But maybe that's for the best.

Another secret facet of ExtraSlow's life is revealed, stay at home Dad has another side business?

[ExtraSlow]

Strictly recreational.

[mr2mike]

I was staring at her too-small yoga pants.
No such clothing exists.

[killramos]

No such clothing exists.

Wrong. :barf:

[roopi]

No such clothing exists.

Go hangout at Walmart for an hour and you might start thinking otherwise.

[Swank]

Only the wrong women exist.

[dj_rice]

Going back on this topic, I need to transfer $20K from my Simplii account into my RBC account. This is not a cash deposit. Just transfer. Will this raise any red flags? Money is all legit as its been in my bank account forever. Need to transfer before next weekend as a sibling is buying a house.

Otherwise, I was thinking of doing $3k e-transfer everyday

[killramos]

As has been mentioned here, the flag really isn’t a big deal. It’s just bank covering their ass. It’s not like they inform the rcmp every time someone moves a few bills.

Just do the transfer.

[ExtraSlow]

If you need to move money, of any amount, just move the money. These transactions are crazy common for even ordinary people. There is no downside and no risk.

[dj_rice]

Thanks all. I think the easiest and cheapest way is to write myself a $20K cheque and deposit.

[killramos]

Yup that works.

[ExtraSlow]

Thanks all. I think the easiest and cheapest way is to write myself a $20K cheque and deposit.

There's probably a hold on amounts that large, but should work no problem.

[revelations]

^ yes, probably 1-2 weeks. I see this all the time even as a client with a good credit rating with at CIBC.

[rx7boi]

They will make a portion of that $20k available to you right away and you'll see it under available balance if you do online banking.

The remainder is put on a hold as previously mentioned.

[heavyfuel]

CSIS are already monitoring this thread. Anything over $9999 and the CRA is up your ass with a microscope.

[Tik-Tok]

$10g? What are guys, students or something?

[killramos]

$10g? What are guys, students or something?

Even students have to move more than that around to pay tuition.

[heavyfuel]

Even students have to move more than that around to pay tuition.

Lol you mean students’ parents?

[killramos]

Lol you mean students’ parents?

No, that is not what I mean.

[sabad66]

subtle brag re: 20k in chequing account? :poosie:

[heavyfuel]

subtle brag re: 20k in chequing account? :poosie:
That’s exactly what this is, bank teller could easily answer that question.

[max_boost]

subtle brag re: 20k in chequing account? :poosie:

lol at least have an extra 0 to make it more interesting.

[dj_rice]

lol at least have an extra 0 to make it more interesting.

LOL wasn't even bragging. $20K on Beyond is poverty level....no where near baller status but deposit was easy. As others mentioned, teller had to go get a manager to come authorize it. Asked a couple questions about what for. Easy. And RBC holds the cheque for 4 business days. Def no dai lo

[heavyfuel]

LOL wasn't even bragging. $20K on Beyond is poverty level....no where near baller status but deposit was easy. As others mentioned, teller had to go get a manager to come authorize it. Asked a couple questions about what for. Easy. And RBC holds the cheque for 4 business days. Def no dai lo

I guess I'm f'n bottlepicker then LOL

[dj_rice]

I guess I'm f'n bottlepicker then LOL

Funny that you speak of that. I collect bottles at work to supplement my income. Gotta make those monthly car payments

[sabad66]

lol at least have an extra 0 to make it more interesting.

if you have 20k in chequing account, that means you should have 10x that in your savings, and 100x that in your investment accounts ;)

[killramos]

It’s not like savings accounts pay you anything anyways.

[msommers]

It would be very surprising to have a cheque on hold for 1-2 weeks, unless it was from the US. Most I've ever had to wait is maybe 5 business days, and they always say "up to."

Of course if you're a repeat client, the cheque is from the same person and can have the bank manager authorize it, they will allow large deposits like that to be available immediately. All the B/M does is put a note on your account - I had to remind the tellers often as they were not typically aware these kind of deposits were possible without holds.

[HiTempguy1]

It’s not like savings accounts pay you anything anyways.

The only reason I can see to use a "savings account" is if it not accessible by your debit card, and the debit card is for chequing only. Would help in bank fraud situations to limit access to your money.

[ThePenIsMightier]

Not really related but not worth a new thread and I didn't see an existing one.
I used a bank draft to make an offer on something and my offer was not accepted. The bank draft has been returned to me. It is not lost or stolen, it's back with me.
Can I do something as simple as stick it in an ATM, or, do I need to take it to a human teller and somehow get it put back in my account?
It is not made out to me (I am not the payee).

[ercchry]

fun fact... if i deposit up to a $25k cheque from a trust account via teller at BMO there is a partial hold till they can call and verify funds, but if i put it in a machine or use the mobile app there is zero hold

[Sugarphreak]

...

[ercchry]

I’m moving to a manulife one account myself... can play with different terms for sub accounts, then also leave some on the LOC portion of you want to essentially extend your amortization for better cash flow. Use it as your main bank account to reduce interest charges on the LOC as they calculate it daily. The ultimate for managing fluctuations in income as the P+I sub accounts pay themselves from the main LOC as long as there is room. Can also have the sub accounts readvancing so you never have to refinance again to add room to the LOC. Once it’s free and clear they also pay a decent interest rate if you use it as your savings account

[Sugarphreak]

...

[ercchry]

For the sub accounts (P+I mortgage component) it ranges from 3.24-3.79, main account (LOC) is P+0.5, 1.5% credit if you have a positive balance

So a little out of market for sure, but for the flexibility I’m fine with the premium, especially since it’s a better rate than my current mortgage of P-0.5 on the fixed terms.

[heavyfuel]

Funny that you speak of that. I collect bottles at work to supplement my income. Gotta make those monthly car payments

Nothing wrong with hustling, not all of us can be Jordan Belforts! I sometimes sell some loot from work lol that's the fun money.

[ThePenIsMightier]

Not really related but not worth a new thread and I didn't see an existing one.
I used a bank draft to make an offer on something and my offer was not accepted. The bank draft has been returned to me. It is not lost or stolen, it's back with me.
Can I do something as simple as stick it in an ATM, or, do I need to take it to a human teller and somehow get it put back in my account?
It is not made out to me (I am not the payee).

So, answering my own question...
The process is very simple as long as you are in possession of the Bank Draft. Hand it to the teller and it will be deposited back into your account.
She also told me I could've used an ATM, but the money would've been held a few days.
Easy.
I actually got in an argument with my co-worker (a financial controller) who insisted that the payee would need to cash it and give me money. It would be impossible for the bank to take it back from me, even though I'm the one that had it written. Idiot.

[ExtraSlow]

Only kinda related, and I can't find a better thread for this. But have a current offer for 17k for my truck, and the guy seems to not have a bank account, so he's requested to pay all in cash.
I'd kinda prefer not to take that many paper bills from a stranger. I'm asking additional questions to see how comfortable I feel with this fine gentleman.

Walking into a bank branch and watching him order a bank draft would feel better.

[spikerS]

Only kinda related, and I can't find a better thread for this. But have a current offer for 17k for my truck, and the guy seems to not have a bank account, so he's requested to pay all in cash.
I'd kinda prefer not to take that many paper bills from a stranger. I'm asking additional questions to see how comfortable I feel with this fine gentleman.

Walking into a bank branch and watching him order a bank draft would feel better.

or walk into your branch with him, and have him give the cash to the teller to deposit to your account. They can check to see if it is counterfeit or not too. once it is in your account....Profit???

[JRSC00LUDE]

Only kinda related, and I can't find a better thread for this. But have a current offer for 17k for my truck, and the guy seems to not have a bank account, so he's requested to pay all in cash.
I'd kinda prefer not to take that many paper bills from a stranger. I'm asking additional questions to see how comfortable I feel with this fine gentleman.

Walking into a bank branch and watching him order a bank draft would feel better.

Couldn't you just deposit it in person with him, they'll run it through their bill counter and spit out the fakes in real time. I assume you wouldn't have any additional concerns?

[spikerS]

Couldn't you just deposit it in person with him, they'll run it through their bill counter and spit out the fakes in real time. I assume you wouldn't have any additional concerns?

unoriginal prick. :angel:

[JRSC00LUDE]

unoriginal prick. :angel:

:rofl::rofl::rofl: we must have been replying at the same time hahaha

[suntan]

17K? These days that wouldn't even bat an eye.

Ask if he can do an Interac transaction instead. That's what I've been doing for large transactions now. He'll have to get clearance from his bank.

[ExtraSlow]

Shit you guys have all sort of smart ideas. Walking into the branch of my own bank sounds easiest.

[ThePenIsMightier]

Combine Spikers's and JRS's solutions into one.
Profits's.

[tonytiger55]

Only kinda related, and I can't find a better thread for this. But have a current offer for 17k for my truck, and the guy seems to not have a bank account, so he's requested to pay all in cash.
I'd kinda prefer not to take that many paper bills from a stranger. I'm asking additional questions to see how comfortable I feel with this fine gentleman.

Walking into a bank branch and watching him order a bank draft would feel better.

Pretty much what Spiker and JRS have said. It will flag your account as its a large cash deposit. (But thats nothing that you can do. Thats just part of the entire banking process).
When you do that, naturally you will have a bill of sale(keep this somewhere safe) and if you can, get a photocopy of the buyers drivers licence. Its just to cover your arse later down the road.

I am curious if the buyer is using any large $50 bills.

[ExtraSlow]

I'll see if this buyer continues the communication after I mention meeting at the bank during business hours.

[lilmira]

That’s what I did before. The bank was fine with bill of sale. The fun part is when the buyer hands you the money, say “whoa don’t pay me, pay her over there”

[revelations]

Do we have fake plastic money now too? I thought the see through polymer all but eliminated this.

[ExtraSlow]

Do we? Don't we? How woukd an average Joe know? My whole point is that at a certain dollar figure it's worthwhile to be cautious.

[D'z Nutz]

Complete the transaction at Subway. If he orders a double meat sub, you know the money is legit cause he's living the dream.

[Thaco]

dont risk it, just give me the truck.

[ExtraSlow]

I probably should just do that. Think of the reps.

[killramos]

I probably should just do that. Think of the reps.

I’ll give you so many reps in exchange for that truck

[Thaco]

I probably should just do that. Think of the reps.
sorry94247

[mr2mike]

Complete the transaction at Subway. If he orders a double meat sub, you know the money is legit cause he's living the dream.
LMFAO!

I had a guy buy a car off me who for sure couldn't afford the car given he was 16 and lived with 10ppl and he didn't have a licence or a Cdn passport . Wanted to pay cash. I was worried more that I'd get shanked walking out the door.
Went to cash advance place, said I'd pay for the cashier cheque and fees. He handed them the $20k cash and converted it. I sat around waiting for ride to show up, he left with the car.

Cash advance place because it was after the banks all closed.

[Rocket1k78]

Theres fake cash out there now and depending on what denominations he brings he could easily sneak some in there without you knowing. If hes set on cash just have him meet you at the bank and tell him straight up you just want to protect yourself, if hes legit he should have no issue with that and if he hesitates then you just dodged a bullet.



Ask if he can do an Interac transaction instead. That's what I've been doing for large transactions now. He'll have to get clearance from his bank.
ExtraSlow mentioned the guy doesnt have a bank account.

[suntan]

ExtraSlow mentioned the guy doesnt have a bank account.

Jesus. Well at least he's not being tracked by the government and/or aliens like the rest of are.

[revelations]

Jesus. Well at least he's not being tracked by the government and/or aliens like the rest of are.

In order not to be (meta data) tracked by big corp and big government, one needs to live off the grid in the middle of nowhere with almost zero tech.

[mr2mike]

Beyond.ca sale?
ZenOps the buyer?

[suntan]

In order not to be (meta data) tracked by big corp and big government, one needs to live off the grid in the middle of nowhere with almost zero tech.

Pfft, this still means the aliens can anally probe you anytime.