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Depositing cash over $3000, would the bank hold it, or ask questions?

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  • Oct 12th, 2012 1:16 pm
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May 18, 2008
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Depositing cash over $3000, would the bank hold it, or ask questions?

Just wondering what would happen if i deposit over $3000 into a bank?

reason im asking is because im about to buy a car, and a family member lent me over $3000 in cash. If i just walked into the bank, and put a deposit of that much, would the bank hold it, or would it go through just like any other transaction? OR would they ask where it came from, or think its dirty money?

I'm not sure if the safest solution is to deposit a certain amount each week to avoid any problems? I want to deposit all the cash into one account so i can get a certified check.
45 replies
Deal Addict
Dec 28, 2008
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Toronto
No, $3000 is a small amount for banks.
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Oct 13, 2008
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Calgary
Call your bank and find out what the hold is. My acct was 15k. Wife's, oddly enough, was 25k
Deal Addict
Dec 28, 2008
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There is no hold on cash over the counter at a bank.
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Mar 2, 2009
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They'll probably ask questions simply as a matter of procedure.

Early on, when I had less a bit less experience with banking, I deposited a cheque for ...probably half that figure...at the teller. It was a cheque written to me by a family member to help pay for my tuition. They asked where the money came from/what it was for, and I just said that it was a cheque from x family member and it was for paying off my tuition.

I mean, it helps that I had my statement of sorts from my school. But they'll ask.

'Sides, I've heard/read (anecdotally) that people walking in with (relatively) lots of cash isn't exactly a new thing for banks. Just be ready to answer simply if they ask.

...otherwise, you could always just say "I've been saving up for a new car. I figured I would just deposit what I have saved up 'til now since I'm planning to make the deposit soon and I don't want anything to happen to it (the money)."
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Oct 13, 2008
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45ED wrote:
Feb 6th, 2011 8:06 pm
They'll probably ask questions simply as a matter of procedure.

Early on, when I had less a bit less experience with banking, I deposited a cheque for ...probably half that figure. It was a cheque written to me by a family member to help pay for my tuition. They asked where the money came from/what it was for, and I just said that it was a cheque from x family member and it was for paying off my tuition.

I mean, it helps that I had my statement of sorts from my school. But they'll ask.

'Sides, I've heard/read (anecdotally) that people walking in with (relatively) lots of cash isn't exactly a new thing for banks. Just be ready to answer simply if they ask.

...otherwise, you could always just say "I've been saving up for a new car. I figured I would just deposit what I have saved up 'til now since I'm planning to make the deposit soon and I don't want anything to happen to it (the money)."
They have to by law report any amount exceeding $9999 to the CRA. You however are under no obligation at all to tell them anything. My usual answer is "Why do you need to know?" I'm not sure why anyone would volunteer their details to some lowly bank teller. If the CRA is interested in where you got your money, they'll come ask you. Not use some bank teller to gather the information.
[OP]
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haha awesome, thanks for the replies!

What about if its $5000? If they ask, i could say ive been saving up, but $5000 seems to be a lot to have saved up right?

As for holding it, i don't know what reason they would have to hold it because its not a cheque.

the bank i want to deposit at is CIBC. The money is coming from my grampa, who isn't working, but saved up the money over a LONG period of time..
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codetrap wrote:
Feb 6th, 2011 8:08 pm
They have to by law report any amount exceeding $9999 to the CRA. You however are under no obligation at all to tell them anything. My usual answer is "Why do you need to know?"

So based on what's been said thus far:

Hold on cash? No.

Will they ask questions? Yes

Do you have to answer?
No obligation to do so. If you want to answer, (IMO) answer with something short, sweet, and (though this is probably IMO) honest. But, really, you can go either way.
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Feb 17, 2007
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Last time i had 20,000 to depost, i just separate them into 4 x 5,000 and deposited into 4 different banks. No questions asked..
[OP]
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ACC-Major wrote:
Feb 6th, 2011 8:14 pm
Last time i had 20,000 to depost, i just separate them into 4 x 5,000 and deposited into 4 different banks. No questions asked..

by last time, i assume a while ago, and you haven't been approached or asked any questions regarding your deposit?
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Sep 4, 2010
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I wouldn't worry about it. Anything you deposit at an ABM is subject to your account's hold policy, but at the teller, it's at the discretion of the person depositing the money.

What this means, which I've learned from experience, if it's a cheque- they can hold part of the amount, all of it, or make it available immediately. It doesn't matter what your account's hold policy is. The teller makes a judgment call.

However, cash is cash. They have no reason to hold it. So whether its $3000, $5000, or anything else, it will be made available right away. And as the saying goes, if you have nothing to hide, you have nothing to worry about if they ask.
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Feb 17, 2007
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Trust me, 5,000 may seem like something to certain people, but to the banks is like pocket change. Smaller than pocket change lol. I wasnt asked any questions from all four banks.

I called my banks and asked about the hold policy, most of them said that i have access to my money right on the spot if they are deposited in brach at a teller, including cheques. If i depost at the bank machine, i will have access to 2.000, until by the end of the day someone count my money. Then i would have full access to my momey. Big banks are much flexible than online banks.
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Questionz wrote:
Feb 6th, 2011 8:11 pm
haha awesome, thanks for the replies!

What about if its $5000? If they ask, i could say ive been saving up, but $5000 seems to be a lot to have saved up right?

As for holding it, i don't know what reason they would have to hold it because its not a cheque.

the bank i want to deposit at is CIBC. The money is coming from my grampa, who isn't working, but saved up the money over a LONG period of time..

I just did 15k cash. No issues. Did a cheque for 130k last year, no issues. I got grilled when I withdrew it, but that was just to make sure I was who I said I was. Never did get a call from the CRA either. :)
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Nov 8, 2010
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codetrap wrote:
Feb 6th, 2011 8:08 pm
They have to by law report any amount exceeding $9999 to the CRA.
Actually they need to report to FINTRAC, not CRA.

And they need to report amounts under $10k, if they feel it's suspicious. So if you're rude to the teller, maybe they'll decide to report you just for revenge. But even if the teller does this, nothing much is likely to come of it.
Newbie
Jul 8, 2010
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ACC-Major wrote:
Feb 6th, 2011 8:18 pm
Trust me, 5,000 may seem like something to certain people, but to the banks is like pocket change. Smaller than pocket change lol. I wasnt asked any questions from all four banks.
That's what I thought, but Scotia doesn't allow me to deposit cash into my USD account anymore. I worked in the US for years and I still have accounts there. A couple of times I went to the US for business and made some withdrawals, never exceeding 5,000 USD, and both times I was asked lots of questions at my Scotia branch when trying to deposit. I tried to do a third deposit and they didn't allow it, saying it was a lot of money in a short time frame (around 13,000 USD in 13 months!). Not even the withdrawal receipts from my US bank were enough for them. I cannot believe that such ridiculous amounts raise flags.
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