If you withdraw a large amount of cash from a bank,do they notify the irs or anyone else?

Question

If you withdraw a large amount of cash from a bank,do they notify the irs or anyone else?

Answer 1

Well are you withdrawing the cash from your personal account? Is it money that you put in, and now you're taking it out? If you are withdrawing from your account is your name the only one on it? I was a member service representative at a bank, I took a ton of classes and I know my stuff. I could help you if you could provide the answers and I dont mean to pry it's just to get you the most accurate answer possible.

Answer 2

any transaction over 10,000 gets reported to the irs

Answer 3

yes, if you take out 10,000.01 or more, the bank will generate what is called a CTR. With that, they need your information such as name, dob, address, and occupation.  This information then is given to the government so they can determine if the anyone is laundering money.  It's not tax related if the money is legitimately sums up.  They might give u a call to ask you why you need such a large amount or where you got that much money. If you're not doing any illegal, you shouldn't be afraid of it.