Selling an RV/payment

ktmrfs wrote:

valhalla360 wrote:

ktmrfs wrote:
show up at a bank with more than 10K cash to deposit into an account and you will need to provide plenty of identity to deposit the cash. and the deposit will be reported to at the very least the feds. Part of the money laundering problem. doing multiple small transactions won't get around it unless they are well spaced out.

Last time I sold a motorcycle it was for cash, about 5K and even though the bank tellers knew me, and it was under the 10K limit I still had to answer a bunch of questions, have my ID photocopied and sign some documentation to deposit the money into my account.

From the fed's

When a cash deposit of $10,000 or more is made, the bank or financial institution is required to file a form reporting this. This form reports any transaction or series of related transactions in which the total sum is $10,000 or more. So, two related cash deposits of $5,000 or more also have to be reported.

And whomever provides you with the cash will need to go through the same process since withdrawls above 10K also must be reported to the feds. Again it's cumulative withdrawls over a period of time, so breaking them up likely won't get around it.

Not just cash transactions, any deposit of $10k or more or per the terminology...structured deposits (ie: putting in 2 - $5k deposits gets reported.

So long as you have the paperwork showing the sales transaction and it's all legitimate and presuming you haven't been involved in tax fraud, drug sales or other red flag transactions...not a big deal that they report it to the feds.

My past experience is that a check >10K that I deposited to my account was as easy and the same as smaller checks. It may get reported but didn't require anything on my end, not even verifying my identity.

Now larger cash deposits (<10K but still large)to my account the bank or credit union required that I show a valid picture ID and they wanted me to sign the deposit slip in front of them. Even though the teller(s) knew me.



Now what I did find interesting a few years ago. I sold a motorcycle for a friend of mines wife. He had passed away and she asked me to sell the bike. Which I did, and had cash in hand. Went to the bank for their account to deposit the money into their account. I'd done that with checks for them and my folks account. NOPE bank would NOT accept ANY cash deposit for an account I was not on. No amount no matter how small. So I went to my bank, put it in my account then wrote a check and went back to the other bank and made the deposit with a check. no problem. My bank also said they cannot accept any cash deposits to accounts that one is not on. checks yes, cash no.

Both get reported. A check creates a paper trail. With cash, they probably wanted extra confirmation that their was no conflict regarding the amount.

As far as depositing cash for someone else, that's something the feds likely want to track. Of course 45yr ago my dad had a side business with video games at laundromat, restaurants, etc... the result was hundreds in quarters. So my dad sends me with a 30lb bag of quarters to deposit and bank didn't want to accept them because I wasn't on the account.