Large cash deposit into bank
We are cleaning/emptying neighbors house. Wife passed away, husband still living in Alzheimer’s facility. Found $17,000 cash in basement in a brown paper bag. 100’s, 50’s,20’s and 10’s. MANY dated from 1980’s and above. Can we just deposit this in husbands bank account? Please advise. Thank you.
Terry Says
Eek. No don’t do that — for two reasons. But first, let me applaud your honesty. It would have been all too easy to just take the cash and use it yourself.
First reason: The Alzheimer’s patient may be getting Medicaid services that would be disallowed if he suddenly had a lot of money in his account.
Second reason: Banks must report large cash deposits of over $10,000. And even a smaller amount suddenly put into the account of an elderly person might trigger an investigation.
Does the husband have an adult son or daughter looking out for him? If you have access to the home, someone must have given you permission. Of course, you don’t know if they would use it for his care if you turned the cash over to them. So, scope out the landscape. If you don’t trust the family, you could offer at the care facility to pay extras for his care, and keep this money for that purpose.
You’ve demonstrated your honesty. Now use your instincts to do what you can for him, without compromising his care or “wasting” his money on a greedy relative. This is such an interesting situation. Would you write back and let me know how it works out?
