Transferring money from one savings account to a new savings account

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Transferring money from one savings account to a new savings account

Postby rohnin » Tue Jan 13, 2015 11:23 am

Just wondering, is it bad to take a large lump sum of money and move it at once from one account to another? Would it trigger some sort of alert? Or is there some sort of threshold amount?

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Postby dickey1331 » Tue Jan 13, 2015 5:01 pm

Anything under $10k should be fine.
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Postby whit » Tue Jan 13, 2015 8:14 pm

Maybe you can clarify what you mean and why you're concerned

10k reference (cash not checks drawn off banks, achs, etc) may be in the patriot act, anything over 10k, as in 10,000.01 generally gets reported but not for the reasons you think

They're after any possibilities of money laundering etc

People move large funds all the time, sometimes from one account to another because of better rates, better service or just in general have moved out of that banks' footprint and they like having it with a local branch.

Sometime people move large amount of funds to do typical things like buying a house, investing in the market or, helping family out

I wouldn't worry unless you're doing something that needs worrying eg shady

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