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There are apparently exceptions to this. I work at a property management company, and we accept cash for rent. I routinely deposit more than $10k a month in cash in to our account, and several times have been more than that on a single deposit. Never once had to fill any forms out of any kind. I bank at Wells Fargo. Maybe they are filling out the form for me without telling me, I don't know. Maybe because on my end it is many small transactions (rents are between $700 and $2000 each), although it is one big deposit at the bank. But I do know that in 15 years, I've never had to do one.
1. IRS 8300's are filed by the receiver of the cash, not the payer.
"Who must file.
Each person engaged in a trade or business who, in the course of that trade or business, receives more
than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300.
2. Banks are excepted. They have a different form they are required to use.
"Exceptions.
Cash is not required to be reported if it is received:
• By a financial institution required to file FinCEN Report 112, BSA Currency Transaction Report (BCTR);"
I routinely deposit more than $10k a month in cash in to our account, and several times have been more than that on a single deposit.
But I assume that the single deposit is money that comes from several tenants. If you have one single tenant who is paying more than $10,000 at one time in rent, your company may have to file since you received that much. The assumption is that most people renting a warehouse have some means of paying with a check or electronically.
The bank keeps records that covers themselves which can be reviewed by the government. It is my understanding that banks have to keep records for cash transactions as small as $3000 in some states which can be accessed by a court order.
Yes, it was a couple years ago and it was about $12,000 someone had given us on a job. Granted, the fee wasn't much, only if I remember about $5.00 but still... and I had to show my license, give my social security number. And yes, this was a BIG bank, Wells Fargo, where we had our business account. They have much the same policies as BofA. I was only there because small banks got bought out by bigger and bigger banks until finally we were with WF. We went back to a small bank shortly after.
And IRS is indeed tracking deposits. We had to fill out a form and send it in explaining where we got that much cash. Maybe it wasn't the IRS, maybe it was just the US Treasury, but what's the difference? We had to include the social security number of the person who gave us that cash too.
It is just so sad that everyone needs to be tracked. What if that person was a foreigner, then the bank could not accept 100% legal currency because of their so-called policies?
It's just become such a pain in the ass to do simple things like make a "small" $500 deposit. $500 !!!! I ca understand $5,000+. I had a store cashier overlook a $20 bill to see if it is counterfeit.
Do I need to show an ATM receipt, my driving route and where I went immediately after that withdrawal too? And no, I don't look like a gang member, maybe more Wall Street-ish, which I can now understand the increased security measures.
Had someone make a $500 cash deposit as they usually do.
He came back and complained they want see his ID and record it on the transaction even though he doesn't have an account at the bank. He said he told the teller he had no ID at first, so they almost declined the cash deposit until he pulled out his ID. I told him that is ridiculous and not true.
I called the branch he went to, BofA of course, and they told me all the big banks, Chase, Wells are doing the same. The CS rep said it protects the account holder and person making the deposit. Yes, your typical canned response. If it was a check deposit, no ID is needed.
I understand there is fraud and counterfeit bills. So with this policy, they now they have an actual person to go after. However, the cash deposit is immediately put into their cash drawer for customers (right ??) so it never gets verified and just goes back into circulation. And it was only $500, not thousands !!!
To me, it just more and more invasion of privacy for non-account holders who are buying nothing and putting more people at risk with all the internet hacks going on.
Can nothing be done anonymous anymore because of potential threats?
Most people have nothing to hide but also don't want to be over-exposed either.
Do you want more banks and financial institutions to have your sensitive information stored digitally?
Most of us don't have someone else depositing cash into our accounts. I wish someone would do that for my account.
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