Large money transfer to yourself - issues?

[lindyanne]

DH is getting a large bonus. We are ear-marking it for a basement remodel and just signed that contract. We will have to give another small deposit once we finalize the designs and finish all of our selections but the project is likely not going to be started for 4-5 months bc of their schedule.

I know there are rules around transfers of $10k or more. Once the money is in our banking account, is there an issue with transfers back and forth to our own savings account with the same bank. I would love to get the extra interest (however small it may be) but don’t want to cause any issues for myself.

[tacokick]

Apr 23, 2021 11:08:04 GMT -5 lindyanne said:

DH is getting a large bonus. We are ear-marking it for a basement remodel and just signed that contract. We will have to give another small deposit once we finalize the designs and finish all of our selections but the project is likely not going to be started for 4-5 months bc of their schedule.

I know there are rules around transfers of $10k or more. Once the money is in our banking account, is there an issue with transfers back and forth to our own savings account with the same bank. I would love to get the extra interest (however small it may be) but don’t want to cause any issues for myself.

Deposits of that amount need to be recorded but you can do whatever you want with your money in your own accounts.

[lindyanne]

Apr 23, 2021 11:37:54 GMT -5 tacokick said:

Apr 23, 2021 11:08:04 GMT -5 lindyanne said:

DH is getting a large bonus. We are ear-marking it for a basement remodel and just signed that contract. We will have to give another small deposit once we finalize the designs and finish all of our selections but the project is likely not going to be started for 4-5 months bc of their schedule.

I know there are rules around transfers of $10k or more. Once the money is in our banking account, is there an issue with transfers back and forth to our own savings account with the same bank. I would love to get the extra interest (however small it may be) but don’t want to cause any issues for myself.

Deposits of that amount need to be recorded but you can do whatever you want with your money in your own accounts.

Thank you. That’s what I was hoping for/assumed but I couldn’t find anything that addressed that specifically.

[ellipses84]

There shouldn’t be any issue with transferring it between your own accounts with the same bank. Even when I’ve cashed a check for $10k + from an outside party, they just ask what it’s for and if I’ve accepted a check from the person before, then it might take a couple days to clear and have the full amount available. I transfer it around between accounts all the time after that.

[Susie]

You're fine to do that.  I move five-figure amounts between accounts with some regularity, particularly around the dates when quarterly estimated taxes are due, when I get quarterly bonuses, etc.