How Much Cash Can You Deposit at a Bank? (2024)

Sample Bank Deposit Limits
InstitutionLimit
Capital One 360 CheckingOne-time cash deposit maximum at an ATM is $5,000
ChimeThree deposits per day, $1,000 per day, and $10,000 per calendar month when depositing cash at Walgreens
Alliant Credit Union$20,000 daily in cash at an ATM
Navy Federal Credit Union$10,000 per card, per day at a CO-OP ATM

Why Are Banks Required to Report Cash Deposits of More Than $10,000?

Banks must report your deposit to the federal government if it’s more than $10,000 to alert the federal government to monitor for potential financial crime.

Under the federal Bank Secrecy Act and USA PATRIOT Act, banks and other financial institutions must report cash deposits of more than $10,000 with a Currency Transaction Report (CTR) filing.

The $10,000 threshold could come from either a single cash deposit or multiple deposits in one day that add up to more than $10,000. This rule applies no matter what the purpose of the deposit is.

The Bank Secrecy Act and USA PATRIOT Act are aimed at fighting money laundering and terrorist activity.

How Can I Deposit More Than $10,000 in Cash?

To safely deposit a large amount of cash, visit a brick-and-mortar branch operated by your financial institution. Contact your financial institution if you plan to make a sizable deposit, said Christopher Naghibi, executive vice president and chief operating officer at First Foundation Bank. “This allows the bank to prepare and ensures a smoother process,” Naghibi said.

He suggested speaking to your bank about arranging for an armored transport if a significant volume of money is involved. “While it may sound straight out of a movie, it is something that some people do,” he said.

For particularly large deposits, it’s important to supply documentation that explains the source of the cash, such as business records or inheritance paperwork.

“And if you are depositing a large amount of money, you can absolutely anticipate being asked questions about it,” Naghibi said. “It is required under banking regulation[s].”

Note

Banks must keep records of any deposit you make of over $100 for at least five years, but can retain the records for longer if they wish.

What Is IRS Form 8300?

Suppose your business receives more than $10,000 in cash in one transaction or a related transaction. In that case, you normally must file a Form 8300 with the IRS and the federal government’s Financial Crimes Enforcement Network (FinCEN).

These two government agencies want this information to help them combat money laundering or detect criminals who launder money to hide illegal activity, such as drug trafficking or financing of terrorist activities.

You must file a Form 8300 within 15 days of an eligible cash transaction. Among those required to file this form are companies, corporations, partnerships, individuals, associations, trusts, and estates. Typical examples are attorneys; real estate brokers; insurance companies, and dealers in expensive items like jewelry, furniture, or cars.

A person or organization must file a Form 8300 if they receive more than $10,000 in cash from the source:

  • In one lump sum
  • In two or more related payments within 24 hours
  • As part of a single transaction or two or more related transactions within a 12-month period

What Is Structuring?

Authorities advise against employing a method called “structuring” to avoid reporting requirements for deposits. Structuring involves dividing transactions into smaller sums to skirt these requirements and prevent a CTR filing.

Federal banking law prohibits dividing a transaction into smaller sums to avoid CTR reporting. Structuring a transaction to keep a CTR from being submitted can lead to a prison term of up to five years and a fine of up to $250,000. In cases when structuring involves more than $100,000 spread across 12 months or breaks another federal law, the penalties are doubled.

Structuring is a common red flag for financial institutions and anti-crime officials, Naghibi said. “And believe it or not, this happens much more often than you might think. It doesn't always mean the customer is doing something wrong, but it does need to be looked into,” he said.

What Happens When Large Deposits Are Reported?

Financial institutions inform the federal government about deposits over $10,000 through CTR reports that go to FinCEN.

Banks and other financial institutions must electronically file a CTR for each currency transaction that exceeds $10,0000. This includes bank deposits, withdrawals, currency exchanges, payments, or transfers.

By federal law, a financial institution must obtain personal information about the person depositing $10,000—whether they are making the deposit for themselves or someone else. This information might be a Social Security number, driver’s license, or government-issued ID. This requirement kicks in regardless of whether the depositor has an account at the financial institution or not.

Note

Several depositors are exempt from the reporting requirement. They include banks, government agencies, payroll customers, and most companies whose stock is traded on the New York Stock Exchange (NYSE) or NASDAQ Stock Market.

Business Owners Must Also Report Large Deposits

Business owners generally must report deposits exceeding $10,000. Among the types of businesses that must file an IRS Form 8300 for these deposits are jewelers, pawnbrokers, attorneys, real estate brokers, and car dealers. Even tax-exempt organizations might need to submit a Form 8300.

What might prompt a business to report a deposit over $10,000? The deposit of U.S. or foreign currency or coins of more than $10,000, as well the deposit of a cashier’s check, bank draft, traveler’s check, or money order with a face value of more than $10,000.

You cannot deposit foreign currency into your account at most U.S. bank ATMs. Check with your bank or ATM to find out if you can exchange foreign currency in person.

FDIC Insurance Limits


While a bank may allow you to deposit as much as you’d like in your account, you may want to factor in how your deposits will be protected. Bank account deposits are FDIC-insured for up to $250,000 per account. So deposits over that amount will not be protected if the bank fails.

If you have deposits at a credit union, your funds will be protected for up to the same amount only by the National Credit Union Association (NCUA).

How Much Cash Can You Deposit in Your Bank Account in a Month?

Deposit rules vary among financial institutions. 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.

How Much Cash Can You Deposit in an ATM?

While financial institutions typically don’t restrict how much cash you can deposit at an ATM, you will generally face a limit on how many bills you can insert into the machine at one time. For example, an ATM might accept only 40 bills at a time, regardless of the denominations.

What Is the Bank Secrecy Act?

Congress passed the Bank Secrecy Act in 1970 to crack down on money laundering. This law requires financial institutions to keep diligent records for criminal, tax and regulatory matters. Unusual patterns or other suspicious activity such as bulk cash deposits may lead to a Suspicious Activity Report. Due to BSA, banks are also required to report deposits over $10,000 to the federal government.

The Bottom Line

Most banks have flexible policies on how much you can deposit. If you plan to deposit more than $10,000 at a bank, remember that the transaction will be reported to the federal government. This enables authorities to track potentially suspicious activity that may indicate money laundering or terrorist activity.

You may also want to consider how your funds will be protected when you decide how much to deposit. You can generally deposit as much as you’d like in most bank accounts.

How Much Cash Can You Deposit at a Bank? (2024)

FAQs

How Much Cash Can You Deposit at a Bank? ›

Cash deposit limits can be different for each bank or financial institution, but banks must report any deposits over $10,000 to the IRS. So, while you may be able to deposit more than $10,000 into your bank account, know that the bank will investigate, track and report that payment as a result to ensure it's legal.

Can I deposit $5000 cash in bank? ›

Depending on the situation, deposits smaller than $10,000 can also get the attention of the IRS. For example, if you usually have less than $1,000 in a checking account or savings account, and all of a sudden, you make bank deposits worth $5,000, the bank will likely file a suspicious activity report on your deposit.

Is depositing $2000 in cash suspicious? ›

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. The federal law extends to businesses that receive funds to purchase more expensive items, such as cars, homes or other big amenities.

How often can I deposit cash without being flagged? ›

If you receive a cash payment of over $10,000 in one transaction or two or more transactions within 12 months, you'll need to report it to the IRS.

Can I deposit $3000 cash every month? ›

Depositing $3,000 in cash into your bank account every month will not necessarily trigger an audit by the Internal Revenue Service (IRS). However, the IRS may be required to report large cash transactions to the Financial Crimes Enforcement Network (FinCEN) under the Bank Secrecy Act (BSA).

What is the $3000 rule? ›

The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000.

How often can I deposit $10000 cash without being flagged? ›

The IRS requires Form 8300 to be filed if more than $10,000 in cash is received from the same payer or agent in any of the following ways: In one lump sum. In two or more related payments within 24 hours. As part of a single transaction or two or more related transactions within 12 months.

What happens if I deposit 15000 cash? ›

Banks are required to report when customers deposit more than $10,000 in cash at once. A Currency Transaction Report must be filled out and sent to the IRS and FinCEN. The Bank Secrecy Act of 1970 dictates that banks keep records of deposits over $10,000 to help prevent financial crime.

Can I deposit 8000 cash? ›

Structuring Is Illegal

Sean K. August, CEO of The August Wealth Management Group, added to this by saying that “depositing $8,000 in an attempt to avoid the $10,000 AML (Anti-Money Laundering) limit is a form of structuring, which is also illegal.

How much cash can I deposit in a month without being flagged? ›

Depositing money does not grab the attention of the IRS. If you deposit more than $10,000 in cash the bank has to complete a Currency Transaction Report. If the bank believes you are structuring deposits to avoid a report, the bank files a Suspicious Transaction Report.

How much cash can you keep at home legally in US? ›

There is no restriction to how much of that you can possess or carry. There is however, a legal limit as $10,000 in cash when flying internationally.

What is the new rule for depositing cash? ›

Banks must report cash deposits of more than $10,000 to the federal government. The deposit-reporting requirement is designed to combat money laundering and terrorism. Companies and other businesses generally must file an IRS Form 8300 for bank deposits exceeding $10,000.

How much cash can I deposit in a year? ›

These limits are in place to help prevent money laundering and other illegal activities and create important reporting requirements for financial institutions and business owners. Although some banks may enforce their own cash deposit limits, for the tax year of 2023, the IRS required Cash Deposit Limit is $10,000.

Can a bank ask where you got money? ›

Banks may ask where the money in your account comes from or how you plan to use it. Bank tellers are instructed to document actions that are out of place with an unusual transaction report (UTR) or Suspicious Activity Report (SAR).

Can I deposit 5000 cash every month? ›

In the U.S. legitimate deposits of 5000 dollar every month will not “alert the bank”, unless you are suspected of violating the law. The Bank Secrecy Act of 1970 and the Money Laundering Control Act of 1986 determines what is reportable.

Do banks ask where you got cash from? ›

The main reason banks ask where your money has come from, is because they are required to verify this as part of the law that has been put in place to try to stop money laundering. By asking you the details of where the money has come from, they can verify that it has been generated through legitimate means.

How do I deposit large cash without getting flagged? ›

To safely deposit a large amount of cash, visit a brick-and-mortar branch operated by your financial institution. Contact your financial institution if you plan to make a sizable deposit, said Christopher Naghibi, executive vice president and chief operating officer at First Foundation Bank.

How much cash can I deposit in bank without proof? ›

On depositing more than Rs.50,000 you are required to provide your PAN card details but you can make a declaration about the particulars of the deposit in Form 60 in case you don't have a PAN card. These measures are put in action by the Income Tax department to keep a check on the cash deposits being made.

Can you deposit 5000 cash every month? ›

In the U.S. legitimate deposits of 5000 dollar every month will not “alert the bank”, unless you are suspected of violating the law. The Bank Secrecy Act of 1970 and the Money Laundering Control Act of 1986 determines what is reportable.

References

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