Is there a limit on cash deposits?

+1 vote
asked Oct 29, 2020 in Other-Finance by playlist4443 (910 points)
Is there a limit on cash deposits?

1 Answer

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answered Oct 29, 2020 by Salmorejo (41,600 points)
There's no limit on cash deposits or check deposits as long as the money is legal money and the money has been made or gotten legally.

If the money is legit and you obtained the money legitimately then you can deposit as much cash as you want too or need too.

However if you suddenly start depositing large amounts of cash when you didn't before then it may seem suspicious and you may get investigated.

But if the money was obtained legally then you have nothing to worry about.

Yes you can deposit a check in your bank account for over $10,000.00

There's no limit to the amount of cash or checks you can deposit into your bank account as long as the checks or cash was legally obtained.

However when you do deposit checks of $10,000.00 or more then the bank has to legally report that amount of deposit to the IRS.

If someone wrote you a 1 million dollar check per week or month then you could deposit that check into the bank account as long as it's a good legal check.

Many millionaires get huge deposits of money into their bank accounts weekly and monthly.

The banks don't limit the amount of money you can deposit and in fact they encourage more deposits as the more money that is deposited the more interest the bank makes so they make more money by keeping your money into a savings account or other bank account.

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