Here's What Happens if You Deposit More Than $10,000 in Cash Into Your Bank Account

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• If you plan to deposit a large amount of cash, it may need to be reported to the government.
• Banks must report cash deposits totaling more than $10,000.
• Business owners are also responsible for reporting large cash payments of more than $10,000 to the IRS.

Cash-reporting rules can impact you.

Depositing cash in your bank account is a regular activity for many people. Whether you make cash tips at your job or receive birthday money from your grandma, putting your cash in a bank account is a great way to keep it safe. However, your bank must report cash deposits over a certain dollar amount. Find out what you need to know about this federal reporting rule.

Banks must report cash deposits totaling $10,000 or more

If you're headed to the bank to deposit $50, $800, or even $1,000 in cash, you can go about your affairs as usual. But the deposit will be reported if you're depositing a large chunk of cash totaling over $10,000.