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I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank(which has high APY) and move most of my money there but gradually. However, I heard that government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one ? Is there any legal requirements I need to meet before moving money ? Thanks for your help.
united-states banking savings-account legal
asked 1 hour ago
PeprikusPeprikus
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I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank(which has high APY) and move most of my money there but gradually. However, I heard that government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one ? Is there any legal requirements I need to meet before moving money ? Thanks for your help.
united-states banking savings-account legal
asked 1 hour ago
PeprikusPeprikus
61
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank(which has high APY) and move most of my money there but gradually. However, I heard that government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one ? Is there any legal requirements I need to meet before moving money ? Thanks for your help.
united-states banking savings-account legal
asked 1 hour ago
PeprikusPeprikus
61
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank(which has high APY) and move most of my money there but gradually. However, I heard that government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one ? Is there any legal requirements I need to meet before moving money ? Thanks for your help.
united-states banking savings-account legal
united-states banking savings-account legal
asked 1 hour ago
PeprikusPeprikus
61
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 1 hour ago
PeprikusPeprikus
61
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 1 hour ago
PeprikusPeprikus
61
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 1 hour ago
PeprikusPeprikus
61
asked 1 hour ago
PeprikusPeprikus
61
61
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
add a comment |
1 Answer
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However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
add a comment |
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1 Answer
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1 Answer
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However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
add a comment |
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
add a comment |
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
answered 53 mins ago
mhoran_psprepmhoran_psprep
70.5k898176
70.5k898176
add a comment |
add a comment |
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