How Much Cash Can You Deposit at a Bank?

You can generally deposit as much as you want at a bank or other financial institution, but some banks may have extra rules and restrictions due to federal law and bank policy. For example, ATMs can limit the amount of bills you can deposit. 

You also may not want to deposit more than the FDIC-insured limit of $250,000 per account. Learn more about the various bank policies you may face regarding how much you can deposit.

Bank Deposit Limits

Some financial institutions do have amount limits on cash deposits at ATMs or other outlets. These may be limits per transaction, per card, per day, or per month. Here is a sampling. Check with your bank or credit union to find out if any limits apply to your account.

Why Are Banks Required to Report Cash Deposits of More Than $10,000?

Banks must report your deposit to the federal government if it’s more than $10,000 to alert the federal government to monitor for potential financial crime. 

Under the federal Bank Secrecy Act (BSA) and USA PATRIOT Act, banks and other financial institutions must report cash deposits of more than $10,000 with a Currency Transaction Report (CTR) filing. 

The $10,000 threshold could come from either a single cash deposit or multiple deposits in one day that add up to more than $10,000. This rule applies no matter what the purpose of the deposit is.

The Bank Secrecy Act and USA PATRIOT Act are aimed at fighting money laundering and terrorist activity.

How Can I Deposit More Than $10,000 in Cash?

To safely deposit a large amount of cash, visit a brick-and-mortar branch operated by your financial institution. Contact your financial institution if you plan to make a sizable deposit, said Christopher Naghibi, executive vice president and chief operating officer at First Foundation Bank. “This allows the bank to prepare and ensures a smoother process,” Naghibi said.

He suggested speaking to your bank about arranging for an armored transport if a significant volume of money is involved. “While it may sound straight out of a movie, it is something that some people do,” he said. 

For particularly large deposits, it’s important to supply documentation that explains the source of the cash, such as business records or inheritance paperwork.

“And if you are depositing a large amount of money, you can absolutely anticipate being asked questions about it,” Naghibi said. “It is required under banking regulation[s].”

What Is IRS Form 8300?

Suppose your business receives more than $10,000 in cash in one transaction or a related transaction. In that case, you normally must file a Form 8300 with the IRS and the federal government’s Financial Crimes Enforcement Network (FinCEN). 

These two government agencies want this information to help them combat money laundering or to detect criminals who launder money to hide illegal activity, such as drug trafficking or financing of terrorist activities.

A person or organization must file a Form 8300 if they receive more than $10,000 in cash from a source:

• In one lump sum
• In two or more related payments within 24 hours
• As part of a single transaction, or two or more related transactions within a 12-month period

What Is Structuring?

Authorities advise against employing a method called “structuring” to avoid reporting requirements for deposits. Structuring involves dividing transactions into smaller sums to skirt these requirements and prevent a CTR filing.

Federal banking law prohibits dividing a transaction into smaller sums to avoid CTR reporting. Structuring a transaction to keep a CTR from being submitted can lead to a prison term of up to five years and a fine of up to $250,000. In cases when structuring involves more than $100,000 spread across 12 months or breaks another federal law, the penalties are doubled.

Structuring is a common red flag for financial institutions and anti-crime officials, Naghibi said. “And believe it or not, this happens much more often than you might think. It doesn't always mean the customer is doing something wrong, but it does need to be looked into,” he said.

What Happens When Large Deposits Are Reported?

Financial institutions inform the federal government about deposits greater than $10,000 through CTR reports that go to FinCEN.

Banks and other financial institutions must electronically file a CTR for each currency transaction that exceeds $10,0000. This includes bank deposits, withdrawals, currency exchanges, payments, or transfers.

By federal law, a financial institution must obtain personal information about the person depositing $10,000—whether they are making the deposit for themselves or someone else. This information might be a Social Security number, driver’s license, or government-issued ID. This requirement kicks in regardless of whether the depositor has an account at the financial institution.

Business Owners Must Also Report Large Deposits

Business owners generally must report deposits exceeding $10,000. Among the types of businesses that must file an IRS Form 8300 for these deposits are jewelers, pawnbrokers, attorneys, real estate brokers, and car dealers. Even tax-exempt organizations might need to submit a Form 8300.

What might prompt a business to report a deposit over $10,000? The deposit of U.S. or foreign currency or coins of more than $10,000, as well the deposit of a cashier’s check, bank draft, traveler’s check, or money order with a face value of more than $10,000.

You can't deposit foreign currency into your account at most U.S. bank ATMs. Check with your bank or ATM to find out if you can exchange foreign currency in person. 

FDIC Insurance Limits

While a bank may allow you to deposit as much as you’d like in your account, you may want to factor in how your deposits will be protected. Bank account deposits are FDIC-insured for up to $250,000 per account. So deposits over that amount won't be protected if the bank fails.

If you have deposits at a credit union, your funds will be protected for up to the same amount by the National Credit Union Association (NCUA).

The Bottom Line

Most banks have flexible policies on how much you can deposit. If you plan to deposit more than $10,000 at a bank, remember that the transaction will be reported to the federal government. This enables authorities to track potentially suspicious activity that may indicate money laundering or the financing of terrorist activity.

You also may want to consider how your funds will be protected when you decide how much to deposit. You can generally deposit as much as you’d like in most bank accounts.