Transfer over $10kBank of the Sierra: Are they legit? How can the checking interest APY be so high?Should I...
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Transfer over $10k
Bank of the Sierra: Are they legit? How can the checking interest APY be so high?Should I switch to this high rate checking account for my emergency fund?Where should I store some cash that I need to be somewhat liquid?What should I be wary of when opening a savings account?Personal Online Money SavingAre there tax liabilities (in the US) for having a US bank account while I am abroad?How safe is my money with BankComparing bank to bond ETFContractor wants client to open checking accountWhat are the financial implications of merging my wife's bank and investment accounts with mine?
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I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (which has high APY) and move most of my money there but gradually. However, I heard that the government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one? Is there any legal requirements I need to meet before moving money?
united-states banking savings-account legal
edited 2 hours ago
yoozer8
2,29841123
asked 3 hours ago
PeprikusPeprikus
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Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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add a comment |
I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (which has high APY) and move most of my money there but gradually. However, I heard that the government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one? Is there any legal requirements I need to meet before moving money?
united-states banking savings-account legal
edited 2 hours ago
yoozer8
2,29841123
asked 3 hours ago
PeprikusPeprikus
261
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
56 mins ago
add a comment |
I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (which has high APY) and move most of my money there but gradually. However, I heard that the government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one? Is there any legal requirements I need to meet before moving money?
united-states banking savings-account legal
edited 2 hours ago
yoozer8
2,29841123
asked 3 hours ago
PeprikusPeprikus
261
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (which has high APY) and move most of my money there but gradually. However, I heard that the government monitors transfers of over $10K. Is this something I need to worry about as I move money from my current account to new one? Is there any legal requirements I need to meet before moving money?
united-states banking savings-account legal
united-states banking savings-account legal
edited 2 hours ago
yoozer8
2,29841123
asked 3 hours ago
PeprikusPeprikus
261
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 2 hours ago
yoozer8
2,29841123
asked 3 hours ago
PeprikusPeprikus
261
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 2 hours ago
yoozer8
2,29841123
edited 2 hours ago
yoozer8
2,29841123
edited 2 hours ago
yoozer8
2,29841123
2,29841123
asked 3 hours ago
PeprikusPeprikus
261
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 3 hours ago
PeprikusPeprikus
261
asked 3 hours ago
PeprikusPeprikus
261
261
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Peprikus is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
56 mins ago
add a comment |
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
56 mins ago
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
56 mins ago
Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
56 mins ago
add a comment |
1 Answer
1
active
oldest
votes
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
1
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
add a comment |
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However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
1
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
add a comment |
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
1
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
add a comment |
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
However, I heard that government monitors transfers of over $10K
No this is wrong. They want to know about cash or cash equivalent transactions over 10K, or small cash or cash equivalent transactions that are structured to look like they are under 10K.
So if you write a check to move the money, or you move the money electronically, the government doesn't care.
But if you ask for 10K or more in 100 dollar bills, they want to know. In fact two reports would be filed one for the withdraw and the second for the deposit.
They are trying to stop the underground economy. Where income can be hidden. They aren't trying to stop people from moving their own money between accounts.
Depending on the rules for the bank and how the money is transferred the new bank may restrict your access to the funds until they know the check was good. Talk to both banks if the amount of money is large, to see if they have any internal rules you may need to know.
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
answered 3 hours ago
mhoran_psprepmhoran_psprep
70.5k898176
70.5k898176
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
1
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
add a comment |
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
1
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
One of those rules could be a limit to how much you can use with online banking in one day. I had to request that limit to be raised once, previously it was (and is now again) 2000€. It's probably similar for other banks, so that you can't get forced into a large payout by a robber.
– Fabian Röling
1 hour ago
1
1
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
Under a different BSA section, US also requires reporting of 'monetary instruments' over $10k imported to or exported from the country, which is broader than just cash but still doesn't include a check on your US account or electronic transfer.
– dave_thompson_085
1 hour ago
add a comment |
Peprikus is a new contributor. Be nice, and check out our Code of Conduct.
Peprikus is a new contributor. Be nice, and check out our Code of Conduct.
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Did you ask your bank if they can meet (or maybe even beat) the competition? If so, and you don't exceed the FDIC per-bank (per-status) coverage limit of $250k, that's usually more convenient.
– dave_thompson_085
56 mins ago