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Why would TDA report a deposit to the IRS? If it’s cash over 10k sure, but otherwise…

• justin66 5y ago
  They're required to investigate and possibly file a suspicious activity report if they thought a transaction or a series of transactions was (wait for it...) suspicious. They might simply believe "there is no way this guy has $500k." This kind of report doesn't necessarily result in any kind of action that the client will notice, even if the investigators decide to pass it on to the government. This is all governed by laws like the Bank Secrecy Act. There's been a push in recent years to make it personal with bank personnel, who are reminded that they're subject to civil and criminal penalties if they look the other way and knowingly let the wrong kind of transaction through.
  • beervirus 5y ago
    So if I make a large deposit they probably won’t worry about it, but if a black guy does, maybe that’s a different story? Great.
    • justin66 5y ago
      Do you feel like you understand the banking system well enough to make a comment like that? I'm still just describing the basics to you. There's ample information online, so have at it...