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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You don't have to report the bank does that for you. Anything over 10K gets reported.
No it really doesn't get reported. That is only on suspicious deposits of 10K and over
Or wire transfers. Not withdrawals, usually
False. They look at withdrawals as well. Even the person who worked at a bank who commented here said it. Part of the patriot act or some shit
That’s right, it is part of the Patriot Act. Worked for a bank for many years. Every single cash transaction (deposit or withdrawal) over $10k gets a Currency Transaction Report. Cash being the operative word. Wires or checks don’t fall under that rule.