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Want to withdrawal 10k + out of my bank account question?

Chris288

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Sep 21, 2005
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So I just received my company bonus this year of 13k direct deposit into my bank.

Personally I like to keep some money buried at home and not in my bank account.

I have read that the banks/credit unions are required to send a form to the IRS for any cash withdrawal or deposits of 10k or more.

That it raises a red flag with the IRS. I have zero to hide, but certainly do not want the IRS asking me questions or being on their radar.

Also, I want to be careful about doing 2 cash withdrawals for 7k a piece that it looks like I am trying to avoid the form as that makes it worse I have read and could have an investigation.

Bottom line it's my money and I want it in my possession.

1. Is the form really a big deal even if it's sent?
2. Should I be worried and try to do a couple 7k cash withdrawals in a months time?

Thanks for the help. I have been with this small credit union for like 8 years as well.
 

tripleOT

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No help from me, but I'm interested in answers. Subscribed.
 

gungalunga

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Do 2 withdrawals for less than 9K each and space them 2 months apart. Nothing to worry about that way.
 

sauced99

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So I just received my company bonus this year of 13k direct deposit into my bank.

Personally I like to keep some money buried at home and not in my bank account.

I have read that the banks/credit unions are required to send a form to the IRS for any cash withdrawal or deposits of 10k or more.

That it raises a red flag with the IRS. I have zero to hide, but certainly do not want the IRS asking me questions or being on their radar.

Also, I want to be careful about doing 2 cash withdrawals for 7k a piece that it looks like I am trying to avoid the form as that makes it worse I have read and could have an investigation.

Bottom line it's my money and I want it in my possession.

1. Is the form really a big deal even if it's sent?
2. Should I be worried and try to do a couple 7k cash withdrawals in a months time?

Thanks for the help. I have been with this small credit union for like 8 years as well.
No the IRS could care less about your cash withdrawals. They pay attention to cash DEPOSITS. If you deposit over 10k cash now the question is where did that cash come from and was it taxed? You said you got your bonus via direct deposit and I'm sure it was already taxed or you will receive a 1099 for it to file taxes so the IRS is well aware of the money and you can now withdraw it and do whatever you want with it

Sent from my SAMSUNG-SM-G935A using Professional Muscle mobile app
 

tenny

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yup.....do 9k.....and you can do the max ATM
withdraw too.....just tell the bank you are going on vacation.
and plan to withdraw everyday the limit....

IRS don't like visits to the "CASINO"....;)

specially indian res. CASINOS....;)
 

King-kong

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Some banks require the form on withdraw as well as deposit. It is absolutely stupid in my opinion. It's your money. And 10k isn't what it once was. I'd do as others say - split up your withdrawals. About 6 times a year I have to withdraw 50 to 100 in cash. They act like they don't know what to do. Anything over 5k they act like it is some big issue.
If I were you I'd leave the money in the bank if you have nothing to hide. A pile of cash in the house seems to dwindle fast. I remember multiple times wondering how the heck I spent a hidden stack.
 

Chris288

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I really appreciate the feedback. In my opinion a person should not have to worry about getting their own cash out once it's been taxed and mine has since it's a direct deposit like my paycheck.

To be safe it sounds like a couple withdrawals of 8k, 7k a month apart is suffice.

Thanks again for the responses.
 

Pinit

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So I just received my company bonus this year of 13k direct deposit into my bank.

Personally I like to keep some money buried at home and not in my bank account.

I have read that the banks/credit unions are required to send a form to the IRS for any cash withdrawal or deposits of 10k or more.

That it raises a red flag with the IRS. I have zero to hide, but certainly do not want the IRS asking me questions or being on their radar.

Also, I want to be careful about doing 2 cash withdrawals for 7k a piece that it looks like I am trying to avoid the form as that makes it worse I have read and could have an investigation.

Bottom line it's my money and I want it in my possession.

1. Is the form really a big deal even if it's sent?
2. Should I be worried and try to do a couple 7k cash withdrawals in a months time?

Thanks for the help. I have been with this small credit union for like 8 years as well.


I bank with state employees credit union and first citizens and I regularly move huge amounts of money between them.

So your answer. Legally, officially, policy, etc, you may withdraw any quantity you want and no flag is raised. They raise a flag on cash deposits over $9,999.99 literally one penny more and you may receive attention. What kind of attention? At the time of deposits you fill out one page of paper and it's submitted, that's it. You list where it came from. Now the IRS most likely will not contact you (20% chance) they'll look at your account history to see if its regular if they need to. I typically deposits 6-8k in my personal account in cash at the ATM daily.

Now, if you spend $9,999.99 at a car dealership or other company for them you must wait a year to pay cash again. So example I bought an platinum explorer at Hendricks and then 4 months later bought a platinum escalade and couldn't use cash bc I used the limit at the purchase of the explorer. I could go to a different dealership and buy cash but not the same company.

Also if you withdrew 15k and then deposit it back nothing will happen because they can see it came out and something changed and you put it back.

Literally you're fine. Let me know if you have more questions
 

Test-o-lean

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The form you have to fill out is called a CTR. It's for any transaction of $10,000 or more. Most banks now require them on both withdrawals and deposits. Also, the advice everyone is giving you about multiple smaller transactions to avoid the CTR.......it's called Structuring and is very illegal and monitored a lot more than most people think. Just because they don't call you out on it, don't think they don't see it. All banks, even small town local banks now have a department just for this type of stuff. Someone is there all day looking at transactions to try and spot structuring. Once they spot it, it's up to their discretion to report it and fill out an investigation file. This is just some shit that I know.....
 

lntense

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I recently made a deposit of around 11k. Never filled out a form or anything.



My banker said that they do not notify the IRS, but recommended to me that in the future to make smaller 2k deposits at a time. Maybe it depends on the state? Because he wouldn't lie about that imo.(even though he's a banker lol)

Normally I would do this but I needed the cash in my account that day for a transfer. I'm one of the weirdos that likes to stash cash.
 
Last edited:

Designbuilt

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No that's not a problem at all, I've withdrawn over 100k, I do it when I go to property auctions... Now what did cause me problems was depositing... I received a call from one of the banks I used and he told me that I made deposits in cash of 5000, 10,000, 5000 and that I'm not supposed to do that, now he's obligated to report me!!

See, it's a money laundering type thing, I forgot what it was... But my older brother is an attorney and CPA, he handles all of that for me... He told me that they are right, but I don't have anything to worry about... The thing is that they see me making large withdrawls, substantially larger than the deposits, so I just had the cash laying around... But my brother said that in the future, I should deposit it all at once, not in several deposits... I still thought it was bullshit, had me paranoid for a long time...
 

get it in ya

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I believe that 10 deposit rule is lower now, I wouldn't do anything over 4k to be safe, I am not sure about withdrawal. cash is the worst investment, its nice to have some of course but if guys have tens of thousands in there home it is stupid. with inflation 3 percent a year that 10k cash doing nothing at home will be worth $7,441 in 10 years. don't be a idiot lol
 

caskapike

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my girl used to be a bank teller. never deposit over 9k at a time. never. thats all.
 

dale338

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I used to have several vacation rentals I managed and they were all furnished. A few years ago, I got out of the business and moved truck loads of furniture into a large storage facility and spent a year selling it all on craigslist. Obviously all cash. I opened an account to place all the cash in. I'd go to the bank every few weeks with $2000-$3000 and at the end of the year, I had sold like $42,000 in furniture. All cash deposits over the year. Nice chunk of side change.

Anyhow, yep, the IRS wanted to know where and how I got that money. Even though it was done over time and from selling MY STUFF!!

We do not live in truly free country. Remember that. I had to spend $4000 on a lawyer to defend having sold MY SHIT from our government.
 
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