A friend wants to borrow $5,000 from me, which is fine because I trust him and he will pay me back within a month. But I am worried about depositing the $5,000 back into my account afterward. Will it look suspicious if I deposit that much cash without a clear source? I mean, my friend will be paying me back in cash, and I don’t want it to seem like extra income when it is just my own money returning to me. What do you think will happen?
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I assume you’re referring to the maximum amount of cash you can legally withdraw. No, is the response. If the bank has enough money on hand to cover it, you can take out the entire amount in cash from your account. You should let the bank know ahead of time if you want to withdraw a sizable amount of cash—say, more than $100,000—so they can prepare it for you. You have the right to do it, even though they might wonder why you want to.
The federal government will be notified of any cash transactions over $10,000, although this is merely a reporting requirement and not a cap.
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hi buddy there is no limit on the amount you can deposit at a Bank of America ATM, but certain ATMs may limit the number of bills or checks you can deposit in one transaction.
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Depositing that amount may raise some questions but that is totally manageable.
When your friend pays you back, he can write a note stating that this is money from a loan repayment.
You will then give this note to the bank teller when making the deposit. This will help explain where the money is coming from.