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She shared that customers shouldnt deposit more than $10,000 in any one transaction.
Theres really no upside to making big cash deposits like that, she said.
Its better for the customer to make smaller, more frequent deposits.
Rachael outlines seven key reasons whyyou should never deposit over $10,000 in cash at one time.
Its a hassle customers can easily avoid by breaking up their deposits into amounts under $10,000.
We have to be hypervigilant about deterring any potential money laundering activity, Rachael said.
Large deposits trigger internal bank reviews that might require investigation.
Its just not worth the questioning and possible legal issues.
Its much safer for us, and our customers, if big cash deposits are avoided.
No one wants to jeopardize their life savings over a cash deposit, Rachael shared.
Keeping deposits smaller makes it easier to avoid complicated legal scenarios.
The IRS combs through these reports hunting for any irregularities in a persons wealth or income, Rachael said.
Dealing in amounts under $10,000 prevents any unwanted inquiries from the IRS.
We need to be certain the money isnt connected to anything nefarious, Rachael shared.
While most customers are honest, we cant take any chances when significant cash is involved.
Its a completely avoidable headache if you make smaller, more frequent deposits under $10,000, she said.
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