How to make large cash deposits

Written by chris miksen
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How to make large cash deposits
Making a deposit over £6,500 requires your bank to fill out an IRS form. (Cash image by Greg Carpenter from Fotolia.com)

If you've received a large sum of money for a service provided or item sold, you may be wondering how to go about depositing the money into your bank account. Federal law says any cash deposit over £6,500 must be reported to the Internal Revenue Service. The financial institution will fill out all the needed paperwork; you only have to provide the information.

Skill level:
Easy

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Instructions

  1. 1

    Tally up the total amount of money you are going to deposit. You only need to provide the financial institution with your driver's license or state-issued identification if the total amount is £6,500 or greater.

  2. 2

    Visit your financial institution. You cannot make a cash deposit above £6,500 anywhere except inside the bank itself. The teller will either call his supervisor over or give you IRS Form 8300. Provide the teller with your driver's license or state-issued ID, Social Security number, date of birth and street address.

  3. 3

    Answer any questions the teller or his supervisor asks you, such as how you received the money and why you're depositing such a large sum of money at one time. Since the deposit is so large, the financial institution is allowed to ask you these questions.

Tips and warnings

  • Review your receipt for any errors.

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