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Author Topic: I've also done between 5k-10k several times so not new to me but here are 7  (Read 41 times)

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Offline theking

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7 Things You Should Know If You Withdraw More Than $5,000 From Your Checking Account
If you find yourself in a position where you need to withdraw a significant amount of money from your bank account, like $5,000 in one shot, it’s important you know what that entails.

“First and foremost, you should always be aware of the daily withdrawal limits that your bank or specific checking account has,” said Carter Seuthe, CEO, Credit Summit Debt Consolidation. “Most will allow more than $5,000 to be withdrawn at once, but not all will, so it’s important to learn the limits of your account before attempting a transaction this large.

“You should also understand that large transactions have the potential to be reported. In most cases, a $5,000 withdrawal won’t be instantly reported, however it may be analyzed for suspicious activity,” he said.

It May Raise Red Flags With the Bank
“Withdrawing more than $5,000 may raise flags but it depends on your history with the bank and your activity,” said Erwin Vico, CEO of Slick Cash Loans.

“In my case, they don’t give it a second thought but they don’t like people walking out of a branch with $5,000,” he explained. “They will ask if you would like an official cheque instead as cash is untraceable and cannot be recovered, nor canceled, whereas a cheque can be traced, recovered, and canceled.”

You’ll Be Walking Around With a Lot of Cash
Although it might sound obvious, according to David Bakke, finance expert at DollarSanity, if you withdraw more than $5,000 from your checking account, you’ll be walking around with a lot of cash.

“You can never be too careful these days so if you need to do that, don’t tell anyone. It’s also advisable that you use that money as quickly as possible.”

You Might Not Be Able To Do It From an ATM
“Most banks have caps on what you can withdraw from an ATM each day, and typically $5,000 is more than those limits,” Bakke said. If you need to take out that kind of money, it will be a lot easier if you do it in person.”

The Limit You Need To Worry About Is $10,000
“$5,000 is okay, but if you withdraw more than $10,000, the transaction will be reported to the IRS and at least one other government agency,” Bakke said. “You will also normally be required to fill out Form 8300.

I took this photo during one of my $5k or more withdraws:




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