Can I get checks from the same place, each for $9,999, and deposit them on the same day?
This isn't for anything illegal, don't worry about that. I'm just curious.
Banks only have to report CASH transactions over $10,000. It can even be $10,000, but if you add 1 penny to that, then they have to report it per FinCEN. Its called CTR or Currency Transaction Report. Also don't try making multiple deposits that total over $10,000. That's called structuring, its an activity associated with money laundering, and yes, banks look for it.
The CTR takes maybe 5-10 minutes for the teller to fill out.
You information goes into the report. ID#, SSN, occupation, etc. Of course, your bank will have most of that anyway.
While banks are not required to report check transactions over $10,000 (think of how this would effect and inconvenience businesses), for personal accounts they may place an extended hold on those checks because of the amount. The bank wants to make sure those checks are good before you go and spend them, so they hold the funds until they can be collected from the bank the check is from.
I believe that banks have to report the transaction to a special government office.
I believe that you can write unlimited checks and make unlimited deposits under the 9999.99.
Only if any transaction is over 10 grand does it get reported.
Now, a bank may report if they see you abusing this rule - not sure.
This was set up to catch drug trafficking or money laundering.
If a bank suspects you of illegal activity they may report it.
If you have issues, just open up separate checking accounts at different banks - problem solved.
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The banks know all about people coming in with 5 checks for $9000 instead of one check for $45000--they'll report you too.
The report goes to the government. The government acts on like 1% of the reports--most people never know (or care) that they were reported.
Banks are only required to report on transactions over $10,000 but are also asked to report unusual or suspected illegal transactions so they would likely be reported.
Eliot Spitzer go caught paying for prostitutes on transactions below $10,000.