Believe it or not, there are restrictions on certain cash deposits and it is regulated by your bank and the U.S. government. As a consumer and homebuyer, it’s important to be aware of cash transaction reporting guidelines.
The Bank Secrecy Act
The Bank Secrecy Act sets the guidelines for banks and businesses to report large currency transactions. The purpose of the act is to prevent tax evasion and money laundering by individuals using cash deposits to cover up the illegal source of their “earnings.” [Read more…]