Chase Bank asking for Occupation after Deposit? (credit, wedding)
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Is it normal for Banks to inquire about your occupation after you make a large deposit (in cash)? My wife and I got married and had a ton of gifts in cash. We opened a new savings account at chase and deposited it all at one time. About a month later (today), the bank called and asked what my occupation was. I asked why but she wouldn't give me a straight answer.
I should also mention that one of the bills was counterfeit when we made the deposit originally. (Different story all together - I we are still trying to pinpoint who the guest was!)
They are supposed to fill out paperwork for deposits over $10K. Did they do that while you were there (if it was that much)? If not, it may be a CYA move now.
All part of the Patriot Act and KYC (know your customer). This should have been done when you first opened the account. They also should be upfront why they are asking you for this info.
Yes it was 19,900 in cash ($100 being confiscated). I don't believe I filled out any paperwork aside from signing the $100 counterfeit note for SS.
Thanks for the information couldn't find anything on the net. I don't mind giving the information out considering I also hold a business account with them however they just seemed very odd about the entire thing. After giving the information she pretty much just hung up the phone on me saying OK THANKS BYE.
Is it normal for Banks to inquire about your occupation after you make a large deposit (in cash)? My wife and I got married and had a ton of gifts in cash. We opened a new savings account at chase and deposited it all at one time. About a month later (today), the bank called and asked what my occupation was. I asked why but she wouldn't give me a straight answer.
Any ideas?
I'm a banker so I will tell you, yes, they ask for the occupation of all those affected by the cash deposit that is over $10,000.01. It's called a Currency Transaction Report. It also applies to cash withdrawals that are over $10,000.01. If you deposited all the cash at one time then they should have asked you right then and there, especially since it was at account opening--not a month later. Just an fyi-if you ever have large cash deposits or withdrawals in the future, don't break up the transaction to avoid the filing. You can search Currency Transaction Reports on the Internet. It's public information.
Your first mistake was opening an accout with Chase....$19,000 in cash, leave it there for 5 yrs and you'll have 17k left after account/bank fees. They ask what you do because the banks control everything. They wanna make sure they didnt lose out on a piece of that 20k you have....they wanna know where when and how you got it because they want to keep it all for themselves!
I should also mention that one of the bills was counterfeit when we made the deposit originally. (Different story all together - I we are still trying to pinpoint who the guest was!)
I'm a banker so I will tell you, yes, they ask for the occupation of all those affected by the cash deposit that is over $10,000.01. It's called a Currency Transaction Report. It also applies to cash withdrawals that are over $10,000.01. If you deposited all the cash at one time then they should have asked you right then and there, especially since it was at account opening--not a month later. Just an fyi-if you ever have large cash deposits or withdrawals in the future, don't break up the transaction to avoid the filing. You can search Currency Transaction Reports on the Internet. It's public information.
Your first mistake was opening an accout with Chase....$19,000 in cash, leave it there for 5 yrs and you'll have 17k left after account/bank fees. They ask what you do because the banks control everything. They wanna make sure they didnt lose out on a piece of that 20k you have....they wanna know where when and how you got it because they want to keep it all for themselves!
What other options did I have? Or do you mean should have gone with a credit union or something?
Need to start showing Savings Balance for the purchase of a home.
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