How to Deposit Mattress Money
Why Deposit Mattress Money?
If you have been holding on to a stash of cash at home, also known as "mattress money," and are now looking to deposit it into a bank account, there are a few things you should consider. Depositing your money into a bank not only keeps it safe and secure, but it also allows you to access modern banking services such as online transactions, mobile banking, and more.
Checking for Tax Implications
Before depositing your mattress money, it is important to check for any tax implications. In most cases, if the money has already been taxed when it was earned, you should not have to worry about paying taxes on it again. However, if the money dates back to the early 90s or earlier, it is always a good idea to consult with a tax professional to ensure compliance with any tax laws.
Steps to Deposit Mattress Money
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Gather all the Cash: Collect all the cash you have been storing at home and make sure it is in good condition. Banks typically only accept clean and unmarked bills.
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Find a Bank: Choose a bank where you would like to deposit your money. Consider factors such as location, fees, interest rates, and customer service when making your decision.
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Visit the Bank: Head to the bank with your cash and a valid form of identification. Let the bank teller know that you would like to deposit your mattress money into your account.
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Fill Out a Deposit Slip: The bank teller will provide you with a deposit slip that you will need to fill out. Make sure to accurately record the amount of cash you are depositing.
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Count the Cash: The teller may count the cash in front of you to verify the amount. Always make sure to double-check the count to ensure accuracy.
- Receive a Receipt: Once the deposit is complete, the teller will provide you with a receipt as proof of the transaction. Keep this receipt for your records.
Conclusion
Depositing your mattress money into a bank account is a simple and straightforward process. By following the steps outlined above, you can safely and securely transfer your cash from your home to the bank. Remember to always consult with a tax professional if you have any concerns about the tax implications of your deposit. Enjoy the convenience and security of having your money in a bank account! 💰🏦
“Hi bank teller, I’d like to deposit this cash into my account.”
Then you give them the cash.
Collect cash. Walk into bank. Open account if you don’t already have one. Deposit cash.
If you asked why you have all this cash, say that you’ve been getting cash gifts and keeping them under a mattress but now you’re ready to use a bank.
I have walked into a bank with a literal cardboard box of money lol. If you’re worried about looking funny… I’m sure they’ve seen weirder! Maybe try to organize it so it’s in neat stacks to make it easier for them to count haha.
Since nobody has asked yet- what concerns or reservations do you have? Other comments have it down, IMO. Go to bank you have an account with, deposit cash, and call it a day.
You aren’t saying how much cash, but going back to the 90’s.
You need to divide it up so you don’t exceed the amounts the FDIC insures for if the bank goes poof. I think it’s 200-250K. After that if the bank crashes the rest you can file a claim for and hope someone decides you should get the rest.
Some folks with SVB got very lucky. I wouldn’t count on that being “the new way”.
The alternate is finding a “rich person bank” that has accounts FDIC insured accounts for higher amounts. Then independently verify that info. I can’t lead you in that direction cause well sadly that’s not me lol.
Find a financial planner, make solid investments with some – let some earn interest in high yield CD’s/ savings, and think solid dividend paying stocks as well.
Don’t talk about money you have beyond your spouse, planner folks etc. Everyone is your friend when they think you have $$. Except they aren’t.
After 9/11 the IRS started flagging deposits over 10K. I don’t know if that’s still true. You may want to take that into consideration if it’s still a thing.
Cash deposits over I think $5k are flagged
Depends on the amount. I deposited $20k into personal 2 weeks ago, no issues, no blink of an eye, just a “thank you for your business xxx”
You just deposit the money. Don’t worry about the 10k rule. It’s to detect money laundering. I put in and out over 10k in my accounts several times a week every single week for years. Never heard a peep.
The bank doesn’t care if you owe taxes or not. Even if you did owe taxes on it they wouldn’t stop you from depositing it or anything.
Depending on how much it is your parents may need to file an extra form at tax time but nothing will be owed.
Some people are being smartasses. Yes a form will be filed out and they will ask. Just being honest and say you have been saving for years and want to open an official account. They will put a hold on some of the amount in case some fraud happens but if you want it there for more then 1 month it won’t be an issue. You get in trouble for trying to do amounts below limits to try and not be suspicious. The more straight up you are the less they care
Do not try to outsmart something that you don’t need to outsmart and make a mountain out of a molehill. They will see it as suspicious if you deposit five $9,999 dollar deposits over 5 weeks. Just put it all in at once and do what the other responses advised.
Side note: open an account that actually pays interest. Most brick and mortar crappy banks are going to pay you .01% and you should be getting 4-5% on your large deposit. If there are no local options then open anything and transfer to an online bank after you’ve deposited.
How much $ are we talking about?
If it’s more than $18k ($36k if it’s coming from both parents), then your parents need to report it for gift taxes. They won’t actually pay any taxes unless it’s over $13 million, but the amount over $18k will count against their lifetime $13 million limit.
Each of your parents can gift you up to $18k, so $36k per year without having to fill out an IRS form.
depends a great deal on how much money you’re talking about. If it’s not an obscene sum, I’d probably just keep it in cash and pay for groceries, gas, etc in cash.
Do under $10k increments so it’s not reported . Check your state / bank and see at what amount they report it at . Even if you do 3 accounts . Then lump it to one eventually .
A lot of self checkout machines take cash. Slowly spend it at the grocery store.
Real talk, be very careful in transit to the bank. Police in the US can literally steal this, charge YOUR MONEY with a crime, then it’s up to you to prove that you acquired it legally. It’s called Civil Asset Forfeiture and they make billions doing this every year. Absolutely insane
Banker here. Follow these steps.
1. Walk into your bank.
2. Tell them “I would like to deposit some cash.”
3. If they ask where it came from, tell them.
4. That’s it.
I don’t have any experience with this, but if it’s over $10K:
$10K is a legally significant threshold, but it’s not illegal to deposit more than $10K at a time. If you have more than $10K, you *should not* break it up into several pieces so each is under $10K — that *is* illegal (structuring) even if the money was acquired legally. More at https://www.bitsaboutmoney.com/archive/money-laundering-and-aml-compliance/#documenting-placement-as-well-as-totally-innocuous-transactions and https://www.investopedia.com/terms/c/ctr.asp
(I do not know what happens if, say, you’re not comfortable for your safety carrying more than $5K at a time, so you make 3 $4K deposits. Can you tell the bank teller “hey I’m depositing $12K total, please file a CTR” so it’s clearly not about avoiding the reporting requirements? Would the average teller understand that request? If it comes to prosecution, is “I didn’t feel comfortable carrying that much” enough to get you off? Presumably it’s a lot more likely to work if you deposited *much* less than $10K at a time, so that “I wasn’t comfortable carrying that much” is more plausible.)
Pay highest interest loans. Start paying paying bills in cash if you can. I know it’s a a drop in the bucket but it’s a start. Also get a high yield account example SOFI, Betterment etc.