Using Banks and Bank Accounts/Cash Deposit

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Question
Hi Expert George,

If I would go to my bank to deposit $5,000 cash into my savings account, does the teller has the right or authority to question me the origin or source of those cash? Thanks and awaiting your prompt reply.

Answer
Hi Alex,

No the Teller or any bank employee has no right to question where your money is coming from, if they are suspicious about a transaction they can fill out a behind the scenes (SAR) suspicious activity report, confidential from the customer.

If you deposit over $10,000.00 in cash than they have the right to ask you certain questions like home address and where you work and your ID, but never do they need to ask you where the money came from....especially for a $5,000 deposit.

Take care.

Using Banks and Bank Accounts

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George

Expertise

Anything pertaining to Commercial or Retail Banking. Including, Interest rates, Lending, as well as Prime Rate questions. Also can help with online banking questions including all regulations.

Experience

Retail and Commercial banking since 2002. Currently employed as an Assistant Vice President at a Commercial Bank.

Organizations
Chamber Of Commerce, National Notary Association

Education/Credentials
Extensive credit knowledge.

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