There are no limits to the amount of money you can deposit into your checking or savings account. Except for a few formalities, the process of depositing a large amount of money is similar to that of smaller amounts. These formalities help financial institutions comply with the Bank Secrecy Act, created to detect possible money laundering activities. Your money will be available to you in a few business days, depending on the amount.
Depositing Your Money
Complete a deposit slip at your bank, like you would for smaller amounts. Note the amount for cash and for checks, if any, and the overall amount in the appropriate boxes. Show the teller a legal form of picture identification, such as your driver's license or state ID card. Also present your Social Security card. By law, the teller must ask you some questions about the money, such as the source of it, and record the information in a currency transaction report. This report is for the Internal Revenue Service and it is necessary when a customer deposits or withdraws $10,000 or more. You will receive a receipt at the end of the transaction.
Suspicious Activity Report
Your bank must file a Suspicious Activity Report, or SAR, when it notices behavior that may be illegal. For instance, it is illegal to try and prevent the bank from filing a CTR by depositing the money in small amounts over a period of time, whether at the same branch or different branches of the same bank. This is called structuring and could result in the IRS confiscating the money. Asking a teller not to file a CTR could cause the representative to file a SAR as well.
Cash Deposit Fees
Some banks charge a cash deposit fee for transactions over an amount specified by internal bank policy and the type of account. This is due to the amount of time necessary to complete the transaction. The fee is more common for business customers, but some banks also charge individuals. Chase charges 25 cents for every $100 in cash deposits in excess of the cash limits associated with the account, while CapitalOne charges $1 for every $1,000 over the $10,000 limit.
Holds on Checks
The FDIC's Regulation CC addresses bank deposits. Banks must place a hold on check deposits of $5,000 and up. When you deposit an amount up to $5,000, the bank can place a hold on it for two business days. Any amount over $5,000 will be released after seven business days. The hold is longer for accounts less than 30 days old. For those new accounts, the money will be available after nine days.
- Federal Financial Institutions Examination Council Bank Secrecy Act/Anti-Money Laundering Infobase: Suspicious Activity Reporting - Overview
- Bankrate: 5 Sneaky Bank Fees and How to Catch Them -- Cash Deposit Fees
- Occupy Corporatism: Exclusive -- Chase to Charge Fees for Handling Cash Deposits
- CapitalOne: Spark Interest Business Checking -- Cash Deposit
- The Federal Reserve Board: A Guide to Regulation CC Compliance