Moving over $10k from one bank to another

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anthonypals
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Moving over $10k from one bank to another

Post by anthonypals »

What’s the deal with transferring $10k+ from one bank to another bank (cap 1 to ally) why does the bank have to report it? And do I have to do anything?
tj
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Re: Moving over $10k from one bank to another

Post by tj »

anthonypals wrote: Thu Aug 04, 2022 9:14 pm What’s the deal with transferring $10k+ from one bank to another bank (cap 1 to ally) why does the bank have to report it? And do I have to do anything?
There is no "deal"? The government requires reportings so the banks report. You don't have to do anything.
BogleMelon
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Re: Moving over $10k from one bank to another

Post by BogleMelon »

anthonypals wrote: Thu Aug 04, 2022 9:14 pm What’s the deal with transferring $10k+ from one bank to another bank (cap 1 to ally) why does the bank have to report it? And do I have to do anything?
Never heard of such requirement. I move more than that to chase rates and never had an issue. Are you sure you are not confusing cash deposits with EFT transfer?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
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celia
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Re: Moving over $10k from one bank to another

Post by celia »

BogleMelon wrote: Thu Aug 04, 2022 9:21 pm
anthonypals wrote: Thu Aug 04, 2022 9:14 pm What’s the deal with transferring $10k+ from one bank to another bank (cap 1 to ally) why does the bank have to report it? And do I have to do anything?
Never heard of such requirement. I move more than that to chase rates and never had an issue. Are you sure you are not confusing cash deposits with EFT transfer?
The banks are likely referring to “Know Your Customer” regulations to prevent money laundering.
https://en.m.wikipedia.org/wiki/Know_your_customer
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cchrissyy
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Re: Moving over $10k from one bank to another

Post by cchrissyy »

you might be thinking about cash deposits. electronic is different.
but no you don't personally do any extra steps, it is the bank's responsibility not yours.
comfortable being all stock until age 40, now working towards 60-20-20 us-intl-bond
randybobandy
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Re: Moving over $10k from one bank to another

Post by randybobandy »

jerry seinfeld's account detected.

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