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.
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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.
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.
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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