True.By law they have to report 10k or more to the IRS, but many banks will also report any amount they deem suspicious, repeated deposits in a short time for less than 10k, or any number of situations that draw their attention. It all boils down to the people working there and how bad they wanna report something.
Nothing new and nothing to worry about here.
I had a friend in college who would write random, outlandish crap on the memo line of checks when he wrote them, like "homosexual services" or "anal experimentation" or "retard porn." He never had one returned over that, people and businesses want their money.Yes they have too over 10K
Not required under that amount but it depends on the direction of the wind that day I suppose.
There is even a form to fill out if you are withdrawing cash from YOUR account as well.
Worked out a cash deal when buying my wife's new camera body, went to the bank for the cash and Chase bank employee pulled a form off the shelf and asked me exactly what this cash was being used for because she had to report it.
My answer was none of your business which did not compute in her brain.
So I was asked again to which I told her it was for Cocaine and hookers.
The form was put back because she said she could not put that on the paperwork.
I get the reason for certain things though its no ones business how much money I am taking out of my personal account Nor what I am doing with said cash.