Personal Finance

Depositing Large Amount of Money

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  • Feb 21st, 2018 10:16 am
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[OP]
Newbie
Feb 17, 2018
9 posts

Depositing Large Amount of Money

Sorta like depositing-large-amounts-cash-bank-614889/

I've got around 30k in cash and I'm under 18.

If I deposit all 30k to one bank, it'll be really suspicious and I'll have to do the CRA forms and such (if its above 10k you have to do a form)

What I'm thinking is that I can deposit ~5k to each bank (CIBC/Scotia/TD/RBC/BMO) and then keep it there.

This should work in theory right? Any suggestions?

Note: This money is not illegal money. However, I just do not want to state how I got it.
33 replies
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May 8, 2009
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Your lazy option is to deposit $5k every day. Probably the best option, too.

Another option is to open an account with each bank you would like to entertain. Certainly open chq & savings accounts with Simplii and Tangerine. Then, feel free to open savings accounts with others. Tangerine will allow you to link up to three external accounts. After that setup is complete (a few days, a little patience and a few clicks), you can push and pull money between Tangerine and external accounts. With Simplii, the process is more tedious, but you can link an unlimited number of external accounts.

One last option. If you have a credit card with one of the big five, go to their branch and overpay your CC with cash by $30k. Then, call them to have the $30k transferred to your bank account. This will take up to five business days normally to transfer the funds (and you might get paranoid about the bank account digits if it's being transferred to a bank account of a different institution than the CC), but it'll all be done it one shot. There should be no fees for doing this.
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Feb 9, 2009
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titaniumtux wrote: Your lazy option is to deposit $5k every day. Probably the best option, too.

Another option is to open an account with each bank you would like to entertain. Certainly open chq & savings accounts with Simplii and Tangerine. Then, feel free to open savings accounts with others. Tangerine will allow you to link up to three external accounts. After that setup is complete (a few days, a little patience and a few clicks), you can push and pull money between Tangerine and external accounts. With Simplii, the process is more tedious, but you can link an unlimited number of external accounts.

One last option. If you have a credit card with one of the big five, go to their branch and overpay your CC with cash by $30k. Then, call them to have the $30k transferred to your bank account. This will take up to five business days normally to transfer the funds (and you might get paranoid about the bank account digits if it's being transferred to a bank account of a different institution than the CC), but it'll all be done it one shot. There should be no fees for doing this.
He’s under 18 so no credit card option.
Member
Jan 5, 2018
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titaniumtux wrote: Your lazy option is to deposit $5k every day. Probably the best option, too.
Would this really not trigger any flags? It seems too easy...
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Feb 20, 2004
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Any bank employees here, wouldn't paying off 30K in person at the bank draw attention to oneself even though it's to pay off a credit card? One time I just deposited 3000 US in my account and I was asked where that money came from.
[OP]
Newbie
Feb 17, 2018
9 posts
titaniumtux wrote: Your lazy option is to deposit $5k every day. Probably the best option, too.

Another option is to open an account with each bank you would like to entertain. Certainly open chq & savings accounts with Simplii and Tangerine. Then, feel free to open savings accounts with others. Tangerine will allow you to link up to three external accounts. After that setup is complete (a few days, a little patience and a few clicks), you can push and pull money between Tangerine and external accounts. With Simplii, the process is more tedious, but you can link an unlimited number of external accounts.

One last option. If you have a credit card with one of the big five, go to their branch and overpay your CC with cash by $30k. Then, call them to have the $30k transferred to your bank account. This will take up to five business days normally to transfer the funds (and you might get paranoid about the bank account digits if it's being transferred to a bank account of a different institution than the CC), but it'll all be done it one shot. There should be no fees for doing this.
So it would be fine for each bank right? Since they do not communicate to each other and so there will be no suspicion.
Member
Feb 26, 2017
215 posts
91 upvotes
Keep the money under your bed :)

A slow relax way would be opening a saving account with a safety box (some banks give you one free or cost just around $60-80/year). At the beginning just deposit enough money to open the account. Then every month just walk in there, take a few thousands from your safety box and deposit into your bank account. Within a year you are all set with all the cash and can close the safety box if it is costing you.

The fine prints say that you are not supposed to keep cash in the safety box, but would they know and steal if you do?
[OP]
Newbie
Feb 17, 2018
9 posts
Figman2 wrote: Keep the money under your bed :)

A slow relax way would be opening a saving account with a safety box (some banks give you one free or cost just around $60-80/year). At the beginning just deposit enough money to open the account. Then every month just walk in there, take a few thousands from your safety box and deposit into your bank account. Within a year you are all set with all the cash and can close the safety box if it is costing you.

The fine prints say that you are not supposed to keep cash in the safety box, but would they know and steal if you do?
I don't want a savings account tho. I'm looking to put all this money into PayPal.
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Jan 5, 2018
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MoneyBig5 wrote: I don't want a savings account tho. I'm looking to put all this money into PayPal.
Damn things just got sketchier...or you're trying to buy something very expensive on eBay!
[OP]
Newbie
Feb 17, 2018
9 posts
fred125 wrote: Damn things just got sketchier...or you're trying to buy something very expensive on eBay!
Nah, I have a guy who is willing to sell me phones @800 CAD. I can easily resell them for 820-850, so I'm putting it into PayPal :p
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May 8, 2009
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Sanyo wrote:
He’s under 18 so no credit card option.
Touché! Nice catch. My bad.
MoneyBig5 wrote:
So it would be fine for each bank right? Since they do not communicate to each other and so there will be no suspicion.
YMMV. I never tried it. I suppose if I were in a rush to bankroll $30k, I'd probably do it.
MoneyBig5 wrote:
I don't want a savings account tho. I'm looking to put all this money into PayPal.
Savings account can be a no/low-cost placeholder.
MoneyBig5 wrote:
Nah, I have a guy who is willing to sell me phones @800 CAD. I can easily resell them for 820-850, so I'm putting it into PayPal :p
OMG, such horrible ROI. Are you referring to flagship phones? These things lose value quickly. You'll likely lose money doing this. Gonna do the math here. Darn age of majority...cashback on a $30k spend would be nice.
  1. Drop $30k
  2. at $800 per phone, that's 37.5 phones. Let's say 37 phones.
  3. Sell at $820-850 a piece, then you're looking at average $835, then it's a $35 difference
  4. We need to quantify time here. Let's say you invest 37 hours into this, then break it down to 1 hour per phone. That works out to $35 per hour (not even guaranteed) on a $30k "investment"

This is absolutely horrible. I get that below age of majority, one cannot churn cellphones on post-paid via big three at 3rd party dealers. You'd be better off collaborating with a family member who's 18/19+ who will let you churn cellphones under their name.

I don't churn flagships usually because of the high inventory cost. I'll churn budget and mid-range phones, sell 'em for 75% of MSRP. I'll pocket $150-300 per phone. I'll invest on average one hour of my time per phone. $35 profit on 37 phones is $1,295. That's the equivalent of 4.3% interest on $30k. If you can afford to lock up the money for some time, consider mutual funds. You'll likely leverage more than 4.3% interest on mutual funds.

Buddy, if you park that $30k in an EQ savings account for one year at 2.3% interest, you'd earn $690 for less than one hour of your time. $690 for less than one hour of work is much better than hoping to get $1295 profit off $30k for gambling on electronic inventory.

My word of advice is don't do it. Invest the money instead.
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Oct 6, 2005
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MoneyBig5 wrote: If I deposit all 30k to one bank, it'll be really suspicious and I'll have to do the CRA forms and such (if its above 10k you have to do a form)

What I'm thinking is that I can deposit ~5k to each bank (CIBC/Scotia/TD/RBC/BMO) and then keep it there.
Technically that's money laundering ... but I doubt you'll be caught. I would just fill in the CRA paperwork and be done with it.
micronta wrote: Any bank employees here, wouldn't paying off 30K in person at the bank draw attention to oneself even though it's to pay off a credit card? One time I just deposited 3000 US in my account and I was asked where that money came from.
Depends, I never had a problem with large cash deposits. All you have to do is tell them where the money came from.
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Oct 13, 2008
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What a joke thread. It looks more and more scammier!
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[OP]
Newbie
Feb 17, 2018
9 posts
titaniumtux wrote: Touché! Nice catch. My bad.



YMMV. I never tried it. I suppose if I were in a rush to bankroll $30k, I'd probably do it.



Savings account can be a no/low-cost placeholder.



OMG, such horrible ROI. Are you referring to flagship phones? These things lose value quickly. You'll likely lose money doing this. Gonna do the math here. Darn age of majority...cashback on a $30k spend would be nice.
  1. Drop $30k
  2. at $800 per phone, that's 37.5 phones. Let's say 37 phones.
  3. Sell at $820-850 a piece, then you're looking at average $835, then it's a $35 difference
  4. We need to quantify time here. Let's say you invest 37 hours into this, then break it down to 1 hour per phone. That works out to $35 per hour (not even guaranteed) on a $30k "investment"

This is absolutely horrible. I get that below age of majority, one cannot churn cellphones on post-paid via big three at 3rd party dealers. You'd be better off collaborating with a family member who's 18/19+ who will let you churn cellphones under their name.

I don't churn flagships usually because of the high inventory cost. I'll churn budget and mid-range phones, sell 'em for 75% of MSRP. I'll pocket $150-300 per phone. I'll invest on average one hour of my time per phone. $35 profit on 37 phones is $1,295. That's the equivalent of 4.3% interest on $30k. If you can afford to lock up the money for some time, consider mutual funds. You'll likely leverage more than 4.3% interest on mutual funds.

Buddy, if you park that $30k in an EQ savings account for one year at 2.3% interest, you'd earn $690 for less than one hour of your time. $690 for less than one hour of work is much better than hoping to get $1295 profit off $30k for gambling on electronic inventory.

My word of advice is don't do it. Invest the money instead.
"This is absolutely horrible. I get that below age of majority, one cannot churn cellphones on post-paid via big three at 3rd party dealers. You'd be better off collaborating with a family member who's 18/19+ who will let you churn cellphones under their name."

What does that exactly mean? How does being 18 allow you to churn cellphones on post-paid via big three at 3rd party dealers? What even are they?

And, the reason why I'm talking about this is because I already got the phones from the seller. I now have to pay him, which is why I need to use PayPal. I've already SOLD the phones. I'm already in the profit (I just need to pay my seller now).
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MoneyBig5 wrote: "This is absolutely horrible. I get that below age of majority, one cannot churn cellphones on post-paid via big three at 3rd party dealers. You'd be better off collaborating with a family member who's 18/19+ who will let you churn cellphones under their name."

What does that exactly mean? How does being 18 allow you to churn cellphones on post-paid via big three at 3rd party dealers? What even are they?

And, the reason why I'm talking about this is because I already got the phones from the seller. I now have to pay him, which is why I need to use PayPal. I've already SOLD the phones. I'm already in the profit (I just need to pay my seller now).
Well, since you already sold the phones, then well done.

If you would like to churn carrier phones, keep an eye on device specific threads in hot deals. All the info you need is there.
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MoneyBig5 wrote: I don't want a savings account tho. I'm looking to put all this money into PayPal.
I see. You just want to quickly push 30K -> bank account -> paypal.

At first I thought you were a young guy 18 years old with cash given by parents and relatives and ready to go college that you would just need to deposit the money into the bank.

Maybe do like titaniumtux suggested in the first reply: opening a few bank accounts and use Tangerine to link them or just connect them to paypal to transfer.

If the person you bought the phones from is in China (for example), just go to a Chinese money transfer agency and give them the cash to do the transfer for you. They can deal with large amount of cash and just charge you a small fee/percentage. The paypal way you choose has no fee on your end.
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Legal money, but don't want to report how the money was made.

Are you a stripper? ;)
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micronta wrote: Any bank employees here, wouldn't paying off 30K in person at the bank draw attention to oneself even though it's to pay off a credit card? One time I just deposited 3000 US in my account and I was asked where that money came from.
No it won't. Unless you have something to hide.
There is absolutely no reason to hide it. We don't have a corrupted system in Canada that steals bank money or imposes draconian taxes, audits, and seizures.


There are only 2 reasons why OP would want to hide it... To evade some sort of taxes, or to hide something to gain some sort of benefits like welfare or ODSP.

OR a paranoid anti-government or anti-establishment type.

Besides... There are secret things that go on to detect this type of circumvention.
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Jan 24, 2018
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Toronto/Scarborough
afiglee wrote: It is a $10k and above transaction that will be reported. Making under $10k deposits every 2 days seems not to be an issue. It would good to hear from a bank employee since banks may have their own policies which are stricter than the FINTRAC requirements.
Based on my past banking experience, if someone deposit money in total of 10k or more within 24 hours regardless amount of transactions, will be automatically reported. However, within the banking system, if someone (particular under 18) opens up a new account and constantly putting cash deposit (ex: 1k-5k), the tellers might ask you for the source of income and depend on your answer, they may document for suspicious behavior and the anti-money laundry team might step in to investigate later on. They might report to CRA, and they might ask you to provide proof of your income or they might force you to close account and take all the cash out if you fail to provide proofs. For the non-system reports, it really depends who you are dealing with.
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