What is the new law on cash deposits?
Financial institutions enforce strict regulatory compliance measures under federal banking laws regarding cash deposits, requiring banks to monitor and report suspicious activities or large currency transactions exceeding $10,000 through Currency Transaction Reports. Furthermore, banking regulations penalize "structuring"—the intentional practice of breaking up large cash deposits into smaller amounts to deliberately evade federal reporting thresholds.
Related FAQs
Yes, 1-844-487-8478 (which can be dialed as 1-844-4TRUIST) is an official, primary customer service and 24/7 fraud reporting telephone number for Truist Bank.