How to appropriately deposit money in the bank?
So my job gives physical cash instead of paper checks every week we get paid. I've worked there for over a year and I've only deposited $300, so I have quite a large sum of cash I really need to deposit. How do I go about doing it? I've counted it all already. Do separate them and put them in separate envelopes to decrease the bulk? Wrap one of those sticky paper things around them to show the amount? I feel like it's kinda rude to give them so much money to go though, what's the most appropriate way about going through this?
- Christin KLv 73 weeks ago
The bank will always count whatever cash you bring in, even if you count it first. So just bundle it up in denominations--and take it in. You don't have to wrap the bundles, and it's preferable you don't--because they'll remove them before counting anyway.
- 3 weeks ago
If all else fails, ask the bank. Just give them a call before you head up there.
And consider having more than one bank or credit union account
- JennyLv 73 weeks ago
Fill out a deposit slip. That's all you have to do. Just be aware that if you deposit $10,000 or more the bank is required to send a notice to the IRS (Form 8300).
I don't understand why everybody is freaking out about the bank filling out Form 8300. If you got the money from legit sources, you have nothing to worry about. In your case that means that as long as you reported your cash payments on your income tax return, it's all good.
- STEVEN FLv 73 weeks ago
Just take it to the bank with a deposit slip.
Straps are not necessary because they WILL verify the amount. At least if the teller likes their job they will.
Note: They have a counter to handle the cash.Source(s): 22 year bank employee.
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- JudyLv 73 weeks ago
They have machines that will count it. Sort it by denomination though.
- ScottLv 73 weeks ago
This is one of the dumbest things I've ever read. You're sitting on a pile of cash because you don't know how to deposit it? When I worked for Kmart 40+ years ago they paid us in cash every Friday. The reason was they wanted you to spend all your money in the store. Do as other have said, don't deposit more than $10,000 at a time because large cash transactions will catch the attention of federal agencies.
- Anonymous3 weeks ago
Wow first of all that’s really stupid.they have to give you a check or direct deposit to keep track of how much they give you for tax purposes,also are they taking taxes out the money?.Do you get a statement or a form to see how much you made?if they do still keep track on your side just in case it’s a mistake because if you go to the bank and you only have $300 they can’t keep track.i honestly rather get paid by check or deposit it’s easier to keep track for taxes,irs and other stuff.they call that under the table and your employer can get in trouble for it
- Dan the manLv 63 weeks ago
Ask the bank for some business deposit pouches.
Just put the deposit slip inside the pouch.
Keep deposits under 9000 dollars or they will have to alert the government.
- Anonymous3 weeks ago
1) Do not deposit more than about $3k of cash at a time, and less than $10k in any month or you may attract the DEA, FBI, ATF or one of the other agencies looking for money laundering and other illegal activity. The banks are required to report large cash transactions.
2) Organize bills by denomination, all face up and "head" up. That makes the teller's job a lot easier. Rubber-banded inside envelopes is a good practice, no more than 40 or 50 bills in a stack.
- 3 weeks ago
Just take it to the bank with your deposit slip. They are gonna count it when you give it to them and they don’t care how you bring it. They are just gonna stack it all together in a pile and count it anyway.