Legal Question in Banking Law in New York
My son recently married and is on his honeymoon. I just deposited over $10,000 in personal checks from some of the guests but they also have over $10,000 in cash received from the other guests. I told them about the Bank Secrecy Laws and that the bank will have to file a form and notify the IRS of any deposits over $10,000. They dont care because they received all this as wedding presents. People in NY give money not things for wedding gifts. I know he could deposit anything under $10,000 without a problem. How could they deposit the rest? Help!
1 Answer from Attorneys
As a general rule a Bank will take your deposit regardless of the amount over $10,000. What the Bank needs to do is to have positive identification of the depositor and a declaration of the source of the money (money from gambling, cash payment of a debt, money collected from a wedding etc. etc.).
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