If you plan to deposit $10,000 or more into your checking account, there are a few things you should consider first. By law, banks have to report deposits that exceed a certain amount.
Banks report individuals who deposit $10,000 or more in cash. The IRS typically shares suspicious deposit or withdrawal activity with local and state authorities, Castaneda says.
Some financial institutions limit how much cash you can deposit monthly into a bank account. For instance, SoFi caps cash deposits into a SoFi Money account at $5,000 per month.
When will the funds be available for withdrawal? If deposited by check, the bank generally must make the first $5,525 available consistent with the bank's normal availability schedule. The bank may place a hold on the amount deposited over $5,525.
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