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?
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (77)
sorted by:
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
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.