I have a large amount of cash (over $10,000) that I need to deposit into my bank. I use Capital One, but no branches are near me, so my only option is an ATM. I know deposits over $10,000 must be reported, and the ATM has a 50-bill limit, so I’ll need to break it into smaller transactions. I am worried it might look like I am trying to avoid reporting. Does anyone have advice or experience with this? The cash is legal and saved over 20 years, so I don’t mind reporting it, but I don’t want to raise any red flags with the IRS unintentionally. Thank you!
You can deposit as much as you want, and most machines don’t require envelopes, gone are the days! However, it’s longer at atm most of them allow a 50 to insert at a time, and count slowly. New ones are faster and up to 99 bills if you’re lucky. If you have proof of funds then why bother about the government.? Be it 8K, 10K, or 16K it shouldn’t be a problem unless you’re doing some shady stuff.
They won’t hold a cash deposit. Worst case they will complete an “Unusual Cash Transaction” form in the background. You won’t know if they do or not and they legally can’t tell you if they do.
They’ll probably ask the source of the cash but they wouldn’t put a hold on the deposit with it being cash.
hallo our beloved customer
there is no universal limit on the dollar amount you can deposit at an ATM. However, each bank establishes its own rules, so your bank may impose a limit on either the dollar amount or the number of bills you can deposit.