Cash Deposits to bank account over 10,000$
We’ve been retired for twenty-two years and started saving 100$ bills. We accumulated $50,000 in a safety deposit box and would like to deposit this cash in a bank. Our concern is about making a deposit of over 10,000$. Could you please advise us how to handle.
Thank you very much.
Terry Says
Aha — an investigation into large cash deposits is what got Sen. Majority Leader Dennis Hastert into trouble. The investigation was for the cash; the trouble was for its source — a payoff for terrible acts.
Congratulations on saving all that money in cash — a nice collection. It’s only losing value at around 8.5% a year, since you are not earning any interest on it.
All cash deposits over $10,000 (and cash withdrawals, as well) must be reported to the Federal Government. I’d suggest either spending it or depositing it in smaller amounts.
