Q:

What are some important things to look out for when making large cash deposits?

A:

Quick Answer

Some important things to look out for when making large cash deposits at a bank are the fees it may charge, its cash deposit policy and its funds availability policy. A bank may charge a fee for making cash deposits at a teller as PNC Bank does for its Virtual Wallet account holders. Business account holders may have to pay a fee for cash deposits over a specified monthly limit notes the My Bank Tracker website.

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Full Answer

A customer has to be careful when making large cash deposits at an ATM. As of 2015, banks do not charge any fees for ATM deposits. However, there can be errors in counting, and a customer must file a dispute with the bank to correct any discrepancies reports My Bank Tracker.

For any large cash deposits over $10,000 a bank must file a Bank Secrecy Act Currency Transaction Report. An account holder has to keep in mind that it is illegal to divide a large deposit into smaller ones for the purpose of avoiding this report, states the My Bank Tracker website. To ensure that any large cash deposits do not raise any red flags, it is important to keep accurate records of the sources and deposits of any cash income.

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