Depositing $20,000 + in a bank?

I was wondering if a bank would question me if I opened a bank and deposited $20K in? Earned it from selling GP over the course of 2 years and just held onto it. Any help/tips would be appreciated. I don't think they would question how I earned it? and I would be kind of embarassed to say I sold game currency?

 

Yes, They're going to ask you where the money came from, and want verification.

 

I've deposited and withdrawn all sorts of large sums between $10,000-$18,000 when buying/selling vehicles/equipment. Banks never ask me questions. YMMV.

 

Are you trolling? Cause it's really none of their business.

@Loyal 2 da game thank you

looking for other opinions !

 

No, I'm not trolling. They're going to ask you where the money came from. Go find out for yourself.

 

This is not true whatsoever, it is their business. Banks aren’t YOURS, they’re trusted establishments that hold your money but are also bound by federal regulations that prevent money laundering, tax fraud, and theft.

Whether they ask you or not is a matter of policy for the bank in question, but they’re well within their right to ask. I suspect you already know this, since you’re asking the question if they will or not.

 

If it's cash and you are in the US then they will do a currency transaction report for anything $10,000+. It's related to the tracking of money laundering. They may not ask too many questions if you already have an account with them because they'll likely already have all the info they need such as occupation, SSN, birthday, etc.

Currency transaction report - Wikipedia

 

This, one deposit now and one next month would save you a lot of potential headache. At the end of the day its the bank's discretion and results vary greatly.

I have had bank workers straight interrogate me over large deposits and some are cool with a simple explanation. Not worth the hassle.

 

Anything above $10,000 in cash and they are legally required to complete a CTR (currency transaction report) unless you’re exempt. They are SUPPOSED to question you in order to properly complete the form however many don’t and just fill out the form with their own explanation of the source of the funds.

1 CTR isn’t going to trigger much of anything so don’t be too worried.

Do not try to do what many idiots do and structure the deposit. (Make multiple deposits below the CTR threshold) This is more suspicious and would/could trigger a suspicious activity report which may cause an investigation.

 

This depends heavily on where you're located. The fact nobody has pointed that out is strange to me.
Nobody can answer this for you. Call the bank and ask.

 

In the US any deposit of $10K+ is tracked and sent to the IRS I believe? I’m not sure to the extent I just know it’s 10K

 

bear in mind I am in Canada, may be different here. Maybe my local bank branch sucks. The teller I always seems to get is a moron. Still, they literally never ask

 

They're supposed to question you. The amount depends on country, but 20k would be screened at pretty much every bank unless you're exempt or they're just neglecting the system.

Regardless, there shouldn't be an issue unless you've constant low inflow/outflow with low net worth, and you suddenly pop up with 20k cash.

 

Nobody will care. This is not the kind of money a bank will pay much attention to.

Pay your taxes and you will fine.

Also, this is a pretty silly way to manage 20k. I'd put this in a vanguard s&s ISA in a global index tracker.

Open a high interest savings account and put aside 5-10k as a emergency fund to be safe.

 

Banks are required to question you if you do 10K + deposit for regulations. If you do lower amounts to avoid that, its called structuring.

 

I dropped in 13k earlier this year because I wanted to pay off my car with it. (I sold my btc for straight cash to someone). They simply asked where the money came from (I said from my house) and then verified if I still worked at the same job etc. Been fine but I guess my high salary from my job made it so they didn't care. I'm too scared to go and deposit more atm, waitting for next year and trying my best to pay all my expenses with cash atm.

If you wanna avoid taxes on it, best bet is probly to stop touching your paychecks and pay everything with that cash. (groceries, gas, night outs, I can even pay my houses taxes with cash every 3 months lol)

If your money is in Paypal, you should sell it to some traders for 95% for cash in hands, few big guys on here do it.

Keep me updated this always interests me

 

Lots of good information thank you everyone.

 

yes bro for sure they gonna ask you , 20,000$ not a small amout... gl

 

Hey,

If you dont mind me asking... cash in hand as in bitcoin or meet face to face? Thanks for the information.

 

Meet the person yeh, for these big amounts its worth it, even if they keep 5%, alot better then giving 40% to the government during taxes