Jerry Taylor explains that U.S. banks must report any single cash deposit over $10,000 to FinCEN. Splitting deposits to avoid reporting, called structuring, is illegal and can result in fines and legal action even if the total amount itself is legal.
If you deposit over $10,000 at one time at your bank, they're going to have to report you to the federal government. Depositing over $10,000 at one time is not illegal. It just means that the bank has to report it. Long as there's no illegal purpose associated with doing that, you're fine. The bank will have to file a report with the Financial Crimes Enforcement Network, and that report will include your account number, your Social Security number, and your taxpayer identification number. But you may not know this. Let's say you've got $50,000 you want to deposit in the bank. And because you don't want the bank to report any of it, you make several deposits of smaller amounts of money. That, my friends, is considered to be illegal. That is what is known as structuring. And if the bank thinks that's what you're doing, they may well report that. And structuring your deposits like that in order to avoid reports to the federal government can result in fines, penalties, and legal consequences.
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