are banks allowed to question you when you deposit large sums of cash into an account?

  1. Yes. They're required to report large deposits to the government (FINTRAC) and can ask questions to help determine if money laundering might be happening.

  2. Yes this is part of their obligations to report suspected money laundering and terrorist financing activities. So if someone walks into a bank with a briefcase full of cash for deposit, employees need to determine whether the deposit fits into those categories. Amounts over 10k automatically get reported to Fintrac.

  3. Briefcase? The only time I deposited a large amount of cash...87k....i brought it in in a plastic bag. You don't get large sums of cash 'blowing money' on a briefcase!

  4. What about large cash withdrawals? I took 3k out in cash to buy a used car and the bank lady was grilling me about why I needed the money. I wanted to tell her to mind her own business. Was she just being nosy?

  5. Single random deposit is noted and monitored, multiple random/sudden large deposits (even if months apart), you might get communication from the CRA

  6. Deposits over $10K are reported to FINTRAC. They won't deny you. They may charge you a fee since it's cash rather than an electronic transfer.

  7. Of course they are. It’s the law. It’s part of their anti money laundering (AML) and know your client (KYC) requirements. Otherwise they can get fined big time.

  8. Yoh will, it’s not. Big deal. I deposited quite a few of these cheques after my mom passed. Just answer and go on with your day. They don’t give you a hard time or go any deeper into the questions. It’s literally where’d you get this.

  9. They will not deny. But they need to know. It is a requirement and possibly will be reported. The report is mainly to show due diligence. But you also may get a call with more questions. If that will be just one time, it will be ok. But if you keep showing up with cash, bank will probably fire you.

  10. If it's yours don't worry about it. If you stole or scammed someone your likely not going to get away with it. Any substantial gain you will likely have to prove how you acquired the money. If you can't prove how you made it it's likely not your money

  11. How, might I ask, did you suddenly obtain a 5 figure sum? Why can you not explain how you got it to a bank? What did you do exactly?

  12. (past) bank teller here. Yes it is a fintrac requirement. They can ask you for any amount, but until 9999.99 you don't have to answer.

  13. Yeah over $10k cash there’s a form that needs to be filled out. Just be honest and tell the teller where you got it, they aren’t paid enough to care. And don’t try to be “smart” and deposit $9900 to avoid the form. The teller will just submit an unusual transaction report and you’ll end up investigated by the back office.

  14. I find it comical as what they define a large amount of money to be. When I tried to deposit $4000 from a piece of landscape equipment sale, they asked me what it was from. I told them drugs. Absolutely fucking ridiculous. What business is it of theirs as to where and how I got my money. Doug Ford never gets investigated for all of his laundering and lining the pockets of his cronies. What a fucking time we live in. Makes me want to fill my mattress with bills instead of taking it to these corrupt institutions.

  15. Be smart! See the Auditor Generals and Doug Fords discussion today. Uncle Doug wants you to use casino cheques for this type of thing.

  16. I usually just split my deposits up into multiple smaller submissions (normally under $5K each) over a few days or weeks depending on how much cash I’m putting in.

  17. Just so you are aware, FINTRAC tracks all deposits from all FIs. The multiple small deposits won’t protect you from the radar. They can tally your total cash deposits over 6 months really easily. Chances are your deposits aren’t high enough to justify further investigating.

  18. Why would you do this? If it's legal it doesn't matter one iota. If it's for access to deposited funds, you would have a limit there anyway and the cheques you don't deposit would be sitting idle anyway. If it's cash, then just deposit directly to someone at the bank and not an atm. Funds are released right away.

  19. If it’s legal, just deposit it as you’re paid. Doing regular, small deposits gets your account flagged and could result in an inconvenient suspension.

  20. No, banks don't need to question you - they just fill out the FINTRAC form and Boom! Secondly, it's not only large deposits - any "unusual" activity maybe reported, please sit by your phone (someone is going to be calling you soon and they will give an Offer...You Cannot Refuse!) Muhahaha.

  21. I used to work as a teller; the tellers don't really care where you got the money from, the computer just asks us to enter something into the system due to FINTRAC regulations.

  22. What makes you think that these aren't investigated? Banks are required to do anti-money laundering. It's just very different when you can look at the source of the funds vs. someone walking in with a bag of cash.

  23. I mean sure there are illegal transactions that do not get caught, but the numbers would be drastically higher if precautions like this were not taken

  24. this is called structuring and if you do it you will absolutely be flagged, the only difference is now you'll be scrutinized far more heavily for structuring.

  25. Yes, I used to work in AML before. Its to make sure its not being laundered or goes towards terrorist financing.

  26. Yes. They must investigate any suspicious activity and that includes deposits that are out of the ordinary; at any moment banks can investigate the source of the money, it’s part of their AML responsibility.

  27. They ask questions but honestly it just feels like a boiler plate thing. You could basically tell them anything I get the feeling they don’t really care.

  28. If the bank is well aware of your job they probably won’t, we’re farmers so we put 10+thousand dollar checks in, never been questioned about it but they do know where farmers and that’s probably why, if it’s something that’s not common with your account or type of job they will probably question it.

  29. Someone needs to learn how to manipulate their deposits appropriately to not be questioned lol, but yes a bank has a right to question anything in regards to any money you’re depositing utilizing their services so long as it is not under the realm of discrimination.

  30. Yes, they sure do. I've been asked many times 😉. To get around it find out the amount. In Canada it is 3k, It used to be 5k. Find out the amount and deposit $100 less than. That way they won't ask, that's what I did.

  31. Yes. We got our house down payment as a gift from my MIL and my MIL had to submit a signed letter saying it was a gift and where the money came from (selling her house).

  32. They are legally required to for any cash sum over $10,000. I work for a financial security company and we create a case for most cash transactions of $10k or more. The answers to these questions (and some additional information) is used by the bank to report the activity and investigate the individual and/or the transaction for potential fraud.

  33. I am shocked this was a real question, I thought it was a parody. Are the police allowed to ask if I have been drinking if I drive on the sidewalk?

  34. Yes. Any cash deposit over $10,000 is considered suspicious. Even worse if there's multiple cash deposits. It also depends on the branch. You walk into BMO Manulife Centre, or First Canadian Place, you can withdraw 20k-30k without placing a cash order or calling ahead. They don't blink if you bring that sum in either. If you're BMO Arnprior, then you may get some questioning. It's also dependent on the teller, and how hard the ABM (assistant branch manager) is. BMO has the suspicious activity forms tellers have to fill out if they don't feel right about it. Also, how far from your primary residence makes a difference. Why are you making a 60k cash deposit in Halifax, when you're from Toronto? It can be irritating for clients, but it's the best way to prevent fraud for your own protection and the bank.

  35. Don't put it in all at once and it will be less suspicious. Pay yourself a weekly salary, something close to an average salary for the area.

  36. Yes, when I was a bank teller (17 years ago) we had to report deposits over $3,000 I think? Might have been $5,000. It was the law though, to curb money laundering.

  37. The bank teller has to fill out a large cash deposit form, and you won't be told that, at least the teller shouldn't disclose that to you. Your answer to the source/purpose of the finds will be reflected on that form.

  38. Save us all the aggravation .... where did you get the five figure amount, and why is it important to you that it not be tracked?

  39. Actually it is over 3000. Not 10 k. Over 10 k it is when you bring money thru customs. Sometimes the bank will refuse large deposits like 50k in cash altogether. Cash is definitely not a king like it used to.

  40. This is the law throughout the western world too, it requires a paper trail it’s called proving clean money isn’t dirty money, simple

  41. yeah I did this once and my account got temporarily frozen at RBC, probably doesn't help that in my personal life I wear old tshirts. ripped jeans and torn up sneakers. TD was cool with it as long as you use their business related service desk - they're more used to stuff like that and realize that you're not just moving around tons of cash for personal use

  42. Only amounts over 1x deposits of 10k or more. But if many smaller amounts are being deposited consistently to often exceed $10k they have a legal requirement to ask and record/report any refusal to provide information.

  43. As I recall, they're not only allowed to, but required to ask over a certain threshold and time range (something like $10K in 30 days).

  44. Yes that is how they protect the banks money and investments. I never had a bank ask before and if it's not a weekly or monthly thing it shouldn't be an issue.

  45. Mostly because many branches don't carry large sums of cash anymore. Taking out 10 or 20k wipes out their petty cash.

  46. Yes they are. Why would they keep shit ton of cash not knowing where the money came from? Watch some movies on Netflix relating crime/heist/robberies/drugs maybe?

  47. I had a friend deposit his one time lucky streak casino winnings, it was over five figures and he was not questioned. So ymmv depending on the bank.

  48. Yes, they're allowed to. Partially to protect you from being exploited, and partially because of risk of money laundering/terrorist financing. They're not just being nosy; the employees of all financial institutions are required to go through some simple Anti Money Laundering training on a regular basis, which teaches them to look out for certain triggers.

  49. Yes. When I relocated from overseas, they not only questioned me but also froze my bank account until they could confirm the money came from a legitimate source

  50. Does this apply to making mortgage pre-payments? I did the max last year (10% of my mortgage value) and plan to do the max again this year.

  51. Banks are allowed to ask about any deposit tbh, not just over 10k. And yes they can always deny as well. Remember that banking is a service, not necessarily a right. I think there is a basic right to be provided with a bank account, but if the bank suspects any fraud activity they can make a decision to reject the service.

  52. Every time I withdraw over ten thousand in cash the bank always asks what I’m doing with it and I always tell them there’s a sale on crack and I need to buy as much as possible as the children at the school near me are fiends. They just stare at me. I never tell them the reason. I flip houses on the side and have been doing this for 15 years with no issue. Both in and out. You do not have to give them a reason. They may report it but u do not have to give them a reason they still have to put the funds where u want them. I have been audited only once 2 years ago

  53. They are, and annoying tellers like to pretend they're detectives and will ask all kinds of stupid questions, which you are under no obligation to answer, 'just cause'.

  54. Not only are they allowed to they are required to by law. It's antimoney laundering laws that became more strict after 9-11. I worked in IT at a bank and even I had to get training because they take it so seriously.

  55. Yes. The bank has every right to question every single transaction / activity you carry out if they suspect fraud / unusual activity. Banking is not a right. You are a customer. They have every right to make sure you're not the victim of a scam / commiting fraud / exposing their business to reputation risk.

  56. AML anything over 10k unless it’s a usual transaction….. guess what depositing large amounts of cash is never a usual transaction people that have that money send it electronically. So do it once no big deal red flag averted do it a couple times You will have feds I’m watching you within weeks.

  57. Banks pretty much have their own rules that are basically law. On top of that, once you reach certain levels of deposit, there are both tax implications and legal implications of a massive deposit.

  58. Yes. And if you backtrack, you're deemed suspicious so they might use a higher level of "due diligence" next time around.

  59. Certain amounts will automatically trigger being reported but then you can just explain the legal way on how you obtain this cash. You could deposit it in smaller amounts over time and then it's a gray area. Have a list of reasons for the bank teller like you sold a car, were saving for vacation that is cancelled

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