How Much Cash Can I Deposit in the Bank?

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Account holders can deposit as much cash as they wish in the bank. However, additional information is required by the federal government if a deposit of $10,000 or more in cash is made in a single transaction.

The account holder will need to provide identification, including a Social Security number or EIN, if $10,000 or more in cash is deposited at one time, according to the Federal Financial Institutions Examination Council. The bank will then fill out a Currency Transaction Report (CTR) to send to the IRS. The bank is also obligated to fill out this form if it has knowledge of multiple transactions in a single day that add up to this total. This can also include cash used to purchase certificates of deposit or other monetary instruments. The report must be filed within 15 days of the transaction and remains on record for 5 years.