How to Make Bank Deposits Over $20,000

How to Make Bank Deposits Over $20,000
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When individuals or business employees make large bank deposits, they often find that processing times are longer for large deposits than for transactions involving smaller amounts. Banks must file currency transaction reports when people make large cash deposits. The reports help the government to detect and prevent money laundering activities. A CTR report includes details about the person making the deposit, the nature of the transaction and any other parties involved in the transaction such as a business entity or account owner.

A deposit of $20,000 involving checks, usually necessitates a bank hold that could last for up to nine business days.

Cash Deposits

Buy currency straps from a retailer and organize your cash by denomination. Currency straps have denomination types and dollar amounts printed on them. Use the appropriate straps to wrap you cash in increments of 50 or 100 dollar bills, depending on the total dollar amount printed on the strap. Sort any residual bills into a neat pile with the largest denominations on top.

Complete a deposit ticket at the bank and list the amount of cash as $20,000 and write the same amount in the sub total and total lines. If you have checks to deposit, list the individual check amounts on the back of the deposit slip and the check total on the front. Include the combined total of checks and cash in the sub total and total boxes when you hand your deposit to the teller.

Give the teller your ID and Social Security number. If you are not the account owner, also provide the Social Security number or tax identification number of the account owner. The teller will use this information to complete a currency transaction report. The teller keeps the CTR at the bank and does not provide you with a copy. Get a receipt from the teller.

Check Deposits

Fill out your deposit slip, listing individual checks on the back of the deposit slip. If you have any cash in the deposit, list it in the cash section. Add the combined total of the checks listed individually on the back of the deposit slip and write the total on the front in the checks box. Add the cash and check totals together and list them in the sub total section. If you require cash back, list the amount under cash back, and write the remaining amount that you intend to deposit in the total box. The bank may not allow cash back if you are depositing checks drawn from different institutions. If your deposit consist solely of checks, deposit the whole amount unless you have an average balance that exceeds the cash back amount.

Go to the bank and give the teller your deposit. The teller will look at your account relationship. If you have an account with average daily balances in excess of $20,000 the teller might waive the hold time and give you a receipt showing next day availability. If you do not have a high-average balance, the teller will place a hold on the deposit. The hold only applies to checks drawn from other banks. The teller deducts any in-house checks from the total before applying the hold and $100 of your deposit becomes available the following business day. The banks holds $4,900 of your deposit for two business days and the remaining $15,000 for seven business days. If you opened the account less than 30 days ago, the hold time on the $15,000 lasts for nine business days.

Take the receipt from the teller.


  • Organize cash deposits by denomination before going to the bank because most banks assess a fee for large deposits presented in a disorderly manner.


  • Check hold times are for business days and not calender days. If a hold occurs on a Friday prior to a bank holiday weekend, a seven business day hold amounts to a two week hold in terms of calendar days.