Seems like a good idea before there is a bank run due to various reasons. Do I have to report a withdrawal of like 5k?
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Every cash transaction over $10k gets reported, suspicious or not. It’s called a Currency Transaction Report and the bank could get fined or have legal penalties if they don’t file for every cash transaction over that amount.
They may file but the powers that be don't investigate unless it's suspicious. I've done MANY transactions over 10K and never had a knock on my door. And banks never questioned me about the transactions.
Sorry, just reread your comment and you are correct that even though a CTR is filed, it’s basically meaningless if you’re not doing anything fishy like financing terrorists. I had many regular customers that dealt in cash for various reasons and I never bothered them about it, there was nothing concerning about how they would operate so I’d just do the paperwork and not bug them with questions so we could all move on with our day.
Were they cash transactions? If they were and it’s a bank where you have an account, the teller likely did the CTR without even telling you since they already have all of your information for your bank account. If they were not cash transactions, a CTR was not required. It’s the bank that gets fines for not filing a CTR when required, not you as a customer. So if they didn’t do one when they should have, you wouldn’t be made aware of that.
Many times it was cash transactions. I always knew they were filing but never worried about it. Recently pulled a lot of cash and they bitched because they didn't have that much cash on hand so I had to go back for more. And they probably reported it but I didn't care, it was my money........
Yeah the cash on hand surprises a lot of people. The max we could have at my old branch was $400k and that included the atm, we were the biggest branch in the area so everyone else had less. We had one guy who would withdraw $50k at a time to go to Vegas. We asked him to give us a heads up so we could order extra from the main vault in advance. They do that to lower their losses in the event of a robbery.