Transfer over $10kCan a person negotiate with banks on CD interest rates?Bank of the Sierra: Are they legit? How can the checking interest APY be so high?Should I switch to this high rate checking account for my emergency fund?Where should I store some cash that I need to be somewhat liquid?What should I be wary of when opening a savings account?Personal Online Money SavingAre there tax liabilities (in the US) for having a US bank account while I am abroad?How safe is my money with BankComparing bank to bond ETFContractor wants client to open checking accountWhat are the financial implications of merging my wife's bank and investment accounts with mine?
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Transfer over $10k
Can a person negotiate with banks on CD interest rates?Bank of the Sierra: Are they legit? How can the checking interest APY be so high?Should I switch to this high rate checking account for my emergency fund?Where should I store some cash that I need to be somewhat liquid?What should I be wary of when opening a savings account?Personal Online Money SavingAre there tax liabilities (in the US) for having a US bank account while I am abroad?How safe is my money with BankComparing bank to bond ETFContractor wants client to open checking accountWhat are the financial implications of merging my wife's bank and investment accounts with mine?
.everyoneloves__top-leaderboard:empty,.everyoneloves__mid-leaderboard:empty,.everyoneloves__bot-mid-leaderboard:empty margin-bottom:0;
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 the 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?
united-states banking savings-account legal
edited 2 days ago
yoozer8
2,29741123
asked 2 days ago
PeprikusPeprikus
15623
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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 the 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?
united-states banking savings-account legal
edited 2 days ago
yoozer8
2,29741123
asked 2 days ago
PeprikusPeprikus
15623
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.
1
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
2 days ago
2
@dave_thompson_085: That's a waste of breath, as discussed at money.stackexchange.com/q/95167/5458
– Ben Voigt
2 days ago
2
@BenVoigt It might not be, if he's transferring from one type of account to a different one. Most banks offer different sorts of accounts to their customers, after all.
– nick012000
2 days ago
3
@nick012000: Asking if they already offer an account with the desired terms, sure. But dave sounded like he was advocating negotiation on the rate, and it's not worth the bank's effort setting up customized terms even if someone with authority found them fair. This isn't the sale price of an item at a supermarket we're talking about, it's a bank account contract dozens of pages in length, carefully vetted by lawyers, and any change would also need to be vetted.
– Ben Voigt
2 days ago
1
Another aspect that I think was not addressed adequately in the answers but isn't necessarily deserving of an answer unto itself, is that both accounts are presumably at US banks, and both are presumably in your name. Transfers between these accounts are less interesting to the IRS or anyone else than if either or both of those conditions were false.
– Doktor J
yesterday
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 the 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?
united-states banking savings-account legal
edited 2 days ago
yoozer8
2,29741123
asked 2 days ago
PeprikusPeprikus
15623
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 the 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?
united-states banking savings-account legal
united-states banking savings-account legal
edited 2 days ago
yoozer8
2,29741123
asked 2 days ago
PeprikusPeprikus
15623
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.
edited 2 days ago
yoozer8
2,29741123
asked 2 days ago
PeprikusPeprikus
15623
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.
edited 2 days ago
yoozer8
2,29741123
edited 2 days ago
yoozer8
2,29741123
edited 2 days ago
yoozer8
2,29741123
2,29741123
asked 2 days ago
PeprikusPeprikus
15623
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 2 days ago
PeprikusPeprikus
15623
asked 2 days ago
PeprikusPeprikus
15623
15623
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.
1
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
2 days ago
2
@dave_thompson_085: That's a waste of breath, as discussed at money.stackexchange.com/q/95167/5458
– Ben Voigt
2 days ago
2
@BenVoigt It might not be, if he's transferring from one type of account to a different one. Most banks offer different sorts of accounts to their customers, after all.
– nick012000
2 days ago
3
@nick012000: Asking if they already offer an account with the desired terms, sure. But dave sounded like he was advocating negotiation on the rate, and it's not worth the bank's effort setting up customized terms even if someone with authority found them fair. This isn't the sale price of an item at a supermarket we're talking about, it's a bank account contract dozens of pages in length, carefully vetted by lawyers, and any change would also need to be vetted.
– Ben Voigt
2 days ago
1
Another aspect that I think was not addressed adequately in the answers but isn't necessarily deserving of an answer unto itself, is that both accounts are presumably at US banks, and both are presumably in your name. Transfers between these accounts are less interesting to the IRS or anyone else than if either or both of those conditions were false.
– Doktor J
yesterday
add a comment |
1
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
2 days ago
2
@dave_thompson_085: That's a waste of breath, as discussed at money.stackexchange.com/q/95167/5458
– Ben Voigt
2 days ago
2
@BenVoigt It might not be, if he's transferring from one type of account to a different one. Most banks offer different sorts of accounts to their customers, after all.
– nick012000
2 days ago
3
@nick012000: Asking if they already offer an account with the desired terms, sure. But dave sounded like he was advocating negotiation on the rate, and it's not worth the bank's effort setting up customized terms even if someone with authority found them fair. This isn't the sale price of an item at a supermarket we're talking about, it's a bank account contract dozens of pages in length, carefully vetted by lawyers, and any change would also need to be vetted.
– Ben Voigt
2 days ago
1
Another aspect that I think was not addressed adequately in the answers but isn't necessarily deserving of an answer unto itself, is that both accounts are presumably at US banks, and both are presumably in your name. Transfers between these accounts are less interesting to the IRS or anyone else than if either or both of those conditions were false.
– Doktor J
yesterday
1
1
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
2 days ago
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
2 days ago
2
2
@dave_thompson_085: That's a waste of breath, as discussed at money.stackexchange.com/q/95167/5458
– Ben Voigt
2 days ago
@dave_thompson_085: That's a waste of breath, as discussed at money.stackexchange.com/q/95167/5458
– Ben Voigt
2 days ago
2
2
@BenVoigt It might not be, if he's transferring from one type of account to a different one. Most banks offer different sorts of accounts to their customers, after all.
– nick012000
2 days ago
@BenVoigt It might not be, if he's transferring from one type of account to a different one. Most banks offer different sorts of accounts to their customers, after all.
– nick012000
2 days ago
3
3
@nick012000: Asking if they already offer an account with the desired terms, sure. But dave sounded like he was advocating negotiation on the rate, and it's not worth the bank's effort setting up customized terms even if someone with authority found them fair. This isn't the sale price of an item at a supermarket we're talking about, it's a bank account contract dozens of pages in length, carefully vetted by lawyers, and any change would also need to be vetted.
– Ben Voigt
2 days ago
@nick012000: Asking if they already offer an account with the desired terms, sure. But dave sounded like he was advocating negotiation on the rate, and it's not worth the bank's effort setting up customized terms even if someone with authority found them fair. This isn't the sale price of an item at a supermarket we're talking about, it's a bank account contract dozens of pages in length, carefully vetted by lawyers, and any change would also need to be vetted.
– Ben Voigt
2 days ago
1
1
Another aspect that I think was not addressed adequately in the answers but isn't necessarily deserving of an answer unto itself, is that both accounts are presumably at US banks, and both are presumably in your name. Transfers between these accounts are less interesting to the IRS or anyone else than if either or both of those conditions were false.
– Doktor J
yesterday
Another aspect that I think was not addressed adequately in the answers but isn't necessarily deserving of an answer unto itself, is that both accounts are presumably at US banks, and both are presumably in your name. Transfers between these accounts are less interesting to the IRS or anyone else than if either or both of those conditions were false.
– Doktor J
yesterday
add a comment |
4 Answers
4
active
oldest
votes
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 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
1
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
2
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
8
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
add a comment |
No, there is nothing you have to worry about.
You can move much larger amounts between your accounts, even in different countries, without any issues.
The government is interested in large cash amounts, and in large amounts that appear from thin air (meaning they are illegally earned, or you 'forgot' them in previous year's tax filings).
answered 2 days ago
AganjuAganju
22.7k43680
add a comment |
Will your transaction be monitored? Probably.
Should you worry about it? Probably not.
Banks and governments tend to monitor the system for reasons like fraud prevention, anti money laundering and perhaps even tax evasion. And certainly big flows of money will be scrutinized more carefully than small amounts.
However, assuming you are making a legal transaction, between two (or in this case 1) individuals who are proper citizens, and the income to enable transaction has been taxed... then the worst thing that might happen with any likelyhood is that someone might contact you to ask what the transaction is for.
So in short, you transferring 10k to your own savings account is not likely to raise any suspicion, and will definitely not get you into trouble.
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
add a comment |
Anyways, saving is right now useless, the interest it's so damn small that it is no worth (it's around $200 per year). Also, saving is taxed.
And yes, the government monitor movements over $10k but it is for money laundering (and taxes). If you could justify this sum then you don't have any problem. Let's say: unemployed guy, he doesn't own a company and he is moving 10k. It raises alarms. Instead, some people move a lot of money and it is impossible to monitor everything.
answered 21 hours ago
magallanesmagallanes
1082
add a comment |
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4 Answers
4
active
oldest
votes
4 Answers
4
active
oldest
votes
active
oldest
votes
active
oldest
votes
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 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
1
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
2
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
8
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
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 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
1
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
2
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
8
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
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 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
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 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
answered 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
answered 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
answered 2 days ago
mhoran_psprepmhoran_psprep
70.9k899177
70.9k899177
1
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
2
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
8
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
add a comment |
1
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
2
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
8
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
1
1
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
2 days ago
2
2
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
2 days ago
8
8
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Structuring a series of transactions each <10k of cash, in order to avoid reporting a >10k cash transaction is separately illegal and can result in the funds being seized. You are better off just doing a normal report of a >=10k cash transaction, assuming you are not engaged in illegal activities. Banks are required to report structured transactions and have done so on occasions when it's just normal activity for a legitimate business. If you might have a series of transactions that could be seen that way, you are best off discussing it with your bank, or doing >10k transactions and reporting.
– Makyen
2 days ago
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
Comments are not for extended discussion; this conversation has been moved to chat.
– Ganesh Sittampalam♦
yesterday
add a comment |
No, there is nothing you have to worry about.
You can move much larger amounts between your accounts, even in different countries, without any issues.
The government is interested in large cash amounts, and in large amounts that appear from thin air (meaning they are illegally earned, or you 'forgot' them in previous year's tax filings).
answered 2 days ago
AganjuAganju
22.7k43680
add a comment |
No, there is nothing you have to worry about.
You can move much larger amounts between your accounts, even in different countries, without any issues.
The government is interested in large cash amounts, and in large amounts that appear from thin air (meaning they are illegally earned, or you 'forgot' them in previous year's tax filings).
answered 2 days ago
AganjuAganju
22.7k43680
add a comment |
No, there is nothing you have to worry about.
You can move much larger amounts between your accounts, even in different countries, without any issues.
The government is interested in large cash amounts, and in large amounts that appear from thin air (meaning they are illegally earned, or you 'forgot' them in previous year's tax filings).
answered 2 days ago
AganjuAganju
22.7k43680
No, there is nothing you have to worry about.
You can move much larger amounts between your accounts, even in different countries, without any issues.
The government is interested in large cash amounts, and in large amounts that appear from thin air (meaning they are illegally earned, or you 'forgot' them in previous year's tax filings).
answered 2 days ago
AganjuAganju
22.7k43680
answered 2 days ago
AganjuAganju
22.7k43680
answered 2 days ago
AganjuAganju
22.7k43680
answered 2 days ago
AganjuAganju
22.7k43680
22.7k43680
add a comment |
add a comment |
Will your transaction be monitored? Probably.
Should you worry about it? Probably not.
Banks and governments tend to monitor the system for reasons like fraud prevention, anti money laundering and perhaps even tax evasion. And certainly big flows of money will be scrutinized more carefully than small amounts.
However, assuming you are making a legal transaction, between two (or in this case 1) individuals who are proper citizens, and the income to enable transaction has been taxed... then the worst thing that might happen with any likelyhood is that someone might contact you to ask what the transaction is for.
So in short, you transferring 10k to your own savings account is not likely to raise any suspicion, and will definitely not get you into trouble.
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
add a comment |
Will your transaction be monitored? Probably.
Should you worry about it? Probably not.
Banks and governments tend to monitor the system for reasons like fraud prevention, anti money laundering and perhaps even tax evasion. And certainly big flows of money will be scrutinized more carefully than small amounts.
However, assuming you are making a legal transaction, between two (or in this case 1) individuals who are proper citizens, and the income to enable transaction has been taxed... then the worst thing that might happen with any likelyhood is that someone might contact you to ask what the transaction is for.
So in short, you transferring 10k to your own savings account is not likely to raise any suspicion, and will definitely not get you into trouble.
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
add a comment |
Will your transaction be monitored? Probably.
Should you worry about it? Probably not.
Banks and governments tend to monitor the system for reasons like fraud prevention, anti money laundering and perhaps even tax evasion. And certainly big flows of money will be scrutinized more carefully than small amounts.
However, assuming you are making a legal transaction, between two (or in this case 1) individuals who are proper citizens, and the income to enable transaction has been taxed... then the worst thing that might happen with any likelyhood is that someone might contact you to ask what the transaction is for.
So in short, you transferring 10k to your own savings account is not likely to raise any suspicion, and will definitely not get you into trouble.
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
Will your transaction be monitored? Probably.
Should you worry about it? Probably not.
Banks and governments tend to monitor the system for reasons like fraud prevention, anti money laundering and perhaps even tax evasion. And certainly big flows of money will be scrutinized more carefully than small amounts.
However, assuming you are making a legal transaction, between two (or in this case 1) individuals who are proper citizens, and the income to enable transaction has been taxed... then the worst thing that might happen with any likelyhood is that someone might contact you to ask what the transaction is for.
So in short, you transferring 10k to your own savings account is not likely to raise any suspicion, and will definitely not get you into trouble.
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
answered yesterday
Dennis JaheruddinDennis Jaheruddin
39518
39518
add a comment |
add a comment |
Anyways, saving is right now useless, the interest it's so damn small that it is no worth (it's around $200 per year). Also, saving is taxed.
And yes, the government monitor movements over $10k but it is for money laundering (and taxes). If you could justify this sum then you don't have any problem. Let's say: unemployed guy, he doesn't own a company and he is moving 10k. It raises alarms. Instead, some people move a lot of money and it is impossible to monitor everything.
answered 21 hours ago
magallanesmagallanes
1082
add a comment |
Anyways, saving is right now useless, the interest it's so damn small that it is no worth (it's around $200 per year). Also, saving is taxed.
And yes, the government monitor movements over $10k but it is for money laundering (and taxes). If you could justify this sum then you don't have any problem. Let's say: unemployed guy, he doesn't own a company and he is moving 10k. It raises alarms. Instead, some people move a lot of money and it is impossible to monitor everything.
answered 21 hours ago
magallanesmagallanes
1082
add a comment |
Anyways, saving is right now useless, the interest it's so damn small that it is no worth (it's around $200 per year). Also, saving is taxed.
And yes, the government monitor movements over $10k but it is for money laundering (and taxes). If you could justify this sum then you don't have any problem. Let's say: unemployed guy, he doesn't own a company and he is moving 10k. It raises alarms. Instead, some people move a lot of money and it is impossible to monitor everything.
answered 21 hours ago
magallanesmagallanes
1082
Anyways, saving is right now useless, the interest it's so damn small that it is no worth (it's around $200 per year). Also, saving is taxed.
And yes, the government monitor movements over $10k but it is for money laundering (and taxes). If you could justify this sum then you don't have any problem. Let's say: unemployed guy, he doesn't own a company and he is moving 10k. It raises alarms. Instead, some people move a lot of money and it is impossible to monitor everything.
answered 21 hours ago
magallanesmagallanes
1082
answered 21 hours ago
magallanesmagallanes
1082
answered 21 hours ago
magallanesmagallanes
1082
answered 21 hours ago
magallanesmagallanes
1082
1082
add a comment |
add a comment |
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1
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
2 days ago
2
@dave_thompson_085: That's a waste of breath, as discussed at money.stackexchange.com/q/95167/5458
– Ben Voigt
2 days ago
2
@BenVoigt It might not be, if he's transferring from one type of account to a different one. Most banks offer different sorts of accounts to their customers, after all.
– nick012000
2 days ago
3
@nick012000: Asking if they already offer an account with the desired terms, sure. But dave sounded like he was advocating negotiation on the rate, and it's not worth the bank's effort setting up customized terms even if someone with authority found them fair. This isn't the sale price of an item at a supermarket we're talking about, it's a bank account contract dozens of pages in length, carefully vetted by lawyers, and any change would also need to be vetted.
– Ben Voigt
2 days ago
1
Another aspect that I think was not addressed adequately in the answers but isn't necessarily deserving of an answer unto itself, is that both accounts are presumably at US banks, and both are presumably in your name. Transfers between these accounts are less interesting to the IRS or anyone else than if either or both of those conditions were false.
– Doktor J
yesterday