Banking
Certificates of Deposit

Must it be disclosed why only cash is deposited?

Answer

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Wiki User
01/23/2011

A Bank cannot ask why you are depositing cash but they can always ask, how you got the money. The bank has the right to know the source of the funds that are being deposited into an account with them. This is done to catch potential money launderers and terrorism financers. So, as long as you have a legal source of income for the cash you are depositing, you have nothing to worry about