Federal Banking Rules on Withdrawing Large Sums of Cash

I was wondering WHAT THE RULES ARE so I thought I'd share them.


"Federal law allows you to withdraw as much cash as you want from your bank accounts. It's your money, after all. Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why you need all that cash."

"In general, banks must report any transaction involving at least $10,000 in cash. ..."

"... if you went to your bank in the morning and withdrew $5,000, then went to a different branch in the afternoon and took out another $5,000, the combined transactions would trigger a report to the IRS. ..."

"... If you come into the bank every day for a week and withdraw $8,000, you could expect the bank to file a report. ..."

LINK with more info: [link to finance.zacks.com]