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Thread: Largest cash deposits before raising eyebrows?

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    Default Largest cash deposits before raising eyebrows?

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

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    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.

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    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.

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    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.
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    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.

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    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.
    Last edited by killramos; 03-19-2019 at 07:29 PM.
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    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.
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    Quote Originally Posted by rage2 View Post
    It's not the size that matters, it's the taste it leaves in your mouth.

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    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.
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    Quote Originally Posted by killramos View Post
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    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
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    Quote Originally Posted by rage2 View Post
    It's not the size that matters, it's the taste it leaves in your mouth.

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    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.
    Originally posted by Thales of Miletus

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    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.

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    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.
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    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.
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    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.

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    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.

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    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

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    Quote Originally Posted by RX_EVOLV View Post
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    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

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    Quote Originally Posted by RX_EVOLV View Post
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    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.
    Quote Originally Posted by revelations View Post
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    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.

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    Making multiple small deposits is called structuring/smurfing which in itself is illegal.

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