Moving over $10k from one bank to another

[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]

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]

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?

[celia]

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

[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.

[randybobandy]

jerry seinfeld's account detected.

-RbB