Largest personal cash bank deposit ever?

Foot Stomper · #1 03-21-2016, 07:17 PM

Hey guys, not wanting to hijack another thread about selling vehicles, I want to know what challenges (if any) you've had depositing large amounts of cash. Drafts are suspect to fraud so more pressure on cash transactions when selling assets.

I'm told the bank has a small room, bright table lamp and tons of paperwork if the sum is "too" large... they want to know where you got the cash!

I've been asked about it when depositing $4K but no paperwork was requested... what's the largest "CASH" deposit you've ever made and what BS did you have doing it if any?

gevarm guy · #2 03-21-2016, 07:24 PM

http://www.fintrac-canafe.gc.ca/repo...ptlctr-eng.asp

gmcmax05 · #3 03-21-2016, 07:26 PM

( Quote)I sold my 5th wheel this last weekend....$100's and $20's... it took awhile to count $11,000 too.

Did you deposit this cash without any questions asked??

Blastoff · #4 03-21-2016, 07:29 PM

Mine wasn't a deposit it was a with drawl of $14,000.00, and told them $100.00 bills . I handed the girl a sticky note that's what I wanted, didn't need anyone else know what I was doing. first tells me they don't have that cash on hand. I asked her to bring it into a room with her and another girl so we could count it. Well she goofed she miscounted, then I counted it came up with the same amount. I gave her sh/t as to why she didn't use the counter machine. They asked me what I needed it for, plain and simple " it's is not your business" I have not been back yet, that was April last year. They don't need to know.

gmcmax05 · #5 03-21-2016, 07:33 PM

Quote:

Originally Posted by Blastoff

Mine wasn't a deposit it was a with drawl of $14,000.00, and told them $100.00 bills . I handed the girl a sticky note that's what I wanted, didn't need anyone else know what I was doing. first tells me they don't have that cash on hand. I asked her to bring it into a room with her and another girl so we could count it. Well she goofed she miscounted, then I counted it came up with the same amount. I gave her sh/t as to why she didn't use the counter machine. They asked me what I needed it for, plain and simple " it's is not your business" I have not been back yet, that was April last year. They don't need to know.

Yes they do. Just like you have to declare more than 10G's when you travel internationally

buckbrush · #6 03-21-2016, 07:38 PM

Never had a problem depositing cash. Have been questioned multiple times about the reason for withdrawing amounts from 5k-17k in cash. Don't know why it matters to them.

I also had a fellow with CIBC call me one time he said "I see here you have a large amount of money in your chequeing account. What do you plan to do with it?"

At the time I was saving for a down payment on a second house but I hate being questioned about things like that.

Foot Stomper · #7 03-21-2016, 07:38 PM

Quote:

Originally Posted by gmcmax05

( Quote)I sold my 5th wheel this last weekend....$100's and $20's... it took awhile to count $11,000 too.

Did you deposit this cash without any questions asked??

Good one GMCMAX! I haven't gone in yet.... it's still stacked!

nelsonob1 · #8 03-21-2016, 07:40 PM

Quote:

Originally Posted by gmcmax05

Yes they do. Just like you have to declare more than 10G's when you travel internationally

That's not correct. You can withdraw any amount of cash - its not their business nor is it controlled. Any amount of $10,000 and over needs to be reported to Fintrac if deposited into the account but only if the deposit is not in the normal range of activity. If it is normal, then the bank only has to record the transaction.

^v^Tinda wolf^v^ · #9 03-21-2016, 07:46 PM

Anyone who deposits more than 10k gets reported to a group of people. People who make large deposits frequently know who these people are. That's all I know

gmcmax05 · #10 03-21-2016, 08:01 PM

Quote:

Originally Posted by nelsonob1

That's not correct. You can withdraw any amount of cash - its not their business nor is it controlled. Any amount of $10,000 and over needs to be reported to Fintrac if deposited into the account but only if the deposit is not in the normal range of activity. If it is normal, then the bank only has to record the transaction.

And you don't think that's not reported to someone who want's to know,lol

Hat in the Cat · #11 03-21-2016, 08:31 PM

Quote:

Originally Posted by gmcmax05

And you don't think that's not reported to someone who want's to know,lol

Reported sure, but the purpose is not required.

Pixel Shooter · #12 03-21-2016, 08:46 PM

$10k cash in lump sum or multiple deposits adding up to. or any suspicious transaction. That is federally regulated and u will never know if the bank did or didn't lol.

JRuel · #13 03-21-2016, 08:52 PM

8 k deposit once. Not at my home branch either. I brought the bill of sale and showed it to the teller. She seemed happy to see it but she didn't ask me for it.

Buddy's uncle bought his mobile home around 2001 (60k) in cash.

Honestly nowadays I think it only raises questions because it's fairly rare.

Twisted Canuck · #14 03-21-2016, 09:06 PM

I dropped $22K in cash once, they asked about it, I showed them the bill of sale on the vehicle I had sold, and everyone was happy. Shouldn't be a problem at all. Unless you do it a few times a week.....

ResidentSpokesman · #15 03-21-2016, 09:10 PM

Asking me anything about what I plan to do with my money is a good way to lose a customer in a big hurry.

Banks & Insurance companies are too big for their britches these days.

purgatory.sv · #16 03-21-2016, 09:14 PM

I can only dream

CMichaud · #17 03-21-2016, 10:23 PM

Was mad at RBC for something so told them I wanted to close my account and pull out 40k in cash as I'd be damned to pay for a bank draft.

Two days later they had the money. I picked it up with a withdrawal slip and walked across the street with my brick to another bank where I had a joint account with my wife.

Told them I wanted to make a deposit and gave it to them. No question, no problems....at first.

About a 7-10 days later my wife gets a call form these ****heads at the receiving bank. They want to know who she works for and ask her some pers questions. She (being trained to be suspicious handing out per details) tells them she is not comfortable telling them this information (She has been with this bank for over 30 years). They told her they would freeze the account if she did not give them the information.

I came home and when she told me this I called the bank. Asked them why they wanted info and they said they just needed to update their information. If they didn't get it they would freeze accounts. I lit up at them as I told them this was a joint account and they had no right to freeze my assets as they had all the info on me that they apparently needed. Only when I pushed it to the district manager level did they admit that this was due to the large deposit.

After explain how ****ed off I was that they threatened to freeze my money, I told them that had they simply asked for the information at the time of deposit I could have called my wife to verify whatever info they wanted. I also told them that the RBC withdrawal slip from across the road was date/time stamped no more than 5 minutes earlier and accompanied the deposit.

After them threatening my wife and having the bank's "fintrack" monkey get out right rude on the phone with me, I took 90% of the money I had at that bank and the other 40K and moved to a third bank. This time I had them transfer it.

To this day I despise that bank but still deal with it due to the direct deposits set-up.

Hat in the Cat · #18 03-21-2016, 10:39 PM

Quote:

Originally Posted by CMichaud

To this day I despise that bank but still deal with it due to the direct deposits set-up.

Talk to the bank you like. These days they will transfer all your direct deposit set-ups (in and out) to their bank for you. It is super simple.

CMichaud · #19 03-21-2016, 10:58 PM

Quote:

Originally Posted by Hat in the Cat

Talk to the bank you like. These days they will transfer all your direct deposit set-ups (in and out) to their bank for you. It is super simple.

Yeah I should but it is getting HR at employment to update it without messing it up, timing cheques clearing, and updating the auto withdrawals for life insurance through the provider that make it a task.

I just keep my balances low at this bank and use it for operating accounts vs savings and investments

does it ALL outdoors · #20 03-21-2016, 11:12 PM

Quote:

Originally Posted by Blastoff

They asked me what I needed it for, plain and simple " it's is not your business"

Exactly. Done a lot of large cash transactions in the past, only deal in cash (sold a mobile home, 5'th wheel, truck and withdrew 25,20 &15) and every time they asked either where is it from or what it was for, told them it was from and for nunya. Nunya buisness! They poked and asked and I told them my buisness is my buisness, you can investigate me all you want your job is to keep my money safe, that's it.

brslk · #21 03-21-2016, 11:23 PM

$175000 cash and I wont tell you where I got it from. I did however have to tell my bank where I got it from.
I had a lot of contact with the CRA after that deposit.

I no longer deal with RBC and TD Private banking is happy to deal with large deposits and withdrawals without asking questions.

bobinthesky · #22 03-22-2016, 10:10 AM

I opened an account at a new bank back in about 1990, I deposited $35K on a check from another bank in town and the snotty young feller wanted to know where I got the money. I told him it was none of his business and that was the end of that.

darren32 · #23 03-22-2016, 10:40 AM

Quote:

Originally Posted by brslk

$175000 cash and I wont tell you where I got it from. I did however have to tell my bank where I got it from.
I had a lot of contact with the CRA after that deposit.

I no longer deal with RBC and TD Private banking is happy to deal with large deposits and withdrawals without asking questions.

Yes, that is what private banking is all about, they know you and don't need to ask any questions.

bubba 96 · #24 03-22-2016, 11:22 AM

Deposited a cheque for 72,000 not one question, teller asked if my lotto came through..

Okotokian · #25 03-22-2016, 01:39 PM

Bank secrecy act in the US used to stipulate banks reporting deposits of over $10,000 to the government. I think the concern at that time was with regard to tax evasion and money laundering. I'm sure Canada has similar legislation, and I wouldn't be surprised if the limit has been lowered post 9-11 and with the concern over funding of terrorism.

J0HN_R1 · #26 03-22-2016, 01:52 PM

$32,580

whiteout · #27 03-22-2016, 02:15 PM

Quote:

Originally Posted by Okotokian

Bank secrecy act in the US used to stipulate banks reporting deposits of over $10,000 to the government. I think the concern at that time was with regard to tax evasion and money laundering. I'm sure Canada has similar legislation, and I wouldn't be surprised if the limit has been lowered post 9-11 and with the concern over funding of terrorism.

Still $10,00 here and you'll get even more attention if you try to structure deposits to avoid it.

rookiemoosehunter · #28 03-22-2016, 02:23 PM

I deposited $20,000 in brown bills once after hitting a jackpot at a casino. They asked where I got it and I said I found it in my mattress. Its really none of their business.

nelsonob1 · #29 03-22-2016, 07:48 PM

There is generally a misconception on the Fintrac requirements and what banks, or any other MSB, are required to report. The $10,000 is a threshold which changes the level of compliance required by the institution, however, any amount of deposit into your account is subject to review.

Banks will consider any unusual cash activity and are required by law to record and report that activity if the compliance officer have reason to believe that the activity is unusual. For some that may be $2000, for others $200,000. In order to determine whether the activity is unusual, they may ask questions at to the source of funds and if they do, telling them to bugger off is a guarantee that your transaction will be reported. It's up to Fintrac to then decide whether they need to take a closer look, which they do, quite often, without you ever knowing it.

Twisted Canuck · #30 03-22-2016, 10:24 PM

Quote:

Originally Posted by bubba 96

Deposited a cheque for 72,000 not one question, teller asked if my lotto came through..

Big difference between cheques and cash. When I've sold properties, I've dropped cheques multiple times in amounts from $100k to $400k, drawn on my lawyer's trust account, and no questions are ever asked and no holds are put on funds. Try that with cash, and you will get a raised eyebrow or ten, depending on how many management types get involved.

Though I would dearly love to show up at my bank with a half million in cash to deposit, just to see them squirm and sweat while they tried to figure out protocol.

As a side note, I took a cheque for around $360K to the bank when I sold my rental property back in December, the cheque was drawn on lawyer's account as mentioned, made out to both my wife and I. When I tried to deposit to my account, the teller was right snooty with me and said that since the cheque was in both our names she could only deposit it in a joint account (we have never had joint accounts, always individual). I smiled, got her to bring the manager over, explained that it was my wife standing beside me with her ID and no signs of abuse of bruising, and she was endorsing the cheque over to me for deposit, and would they like me to close my accounts and move mortgage elsewhere if they were going to be stupid and ignorant to me...

It all worked out very nicely after that, and the young snooty teller was still quite red in the face as we left. I hate when banks employees and management act like they are doing you a favor by letting you bank with them. I never, ever put up with any 5hit of any kind from them. We get along great as soon as they realize that I really don't need them, and there are 20 banks within a 10 minute drive that would be happy to get all my business.