Instructions for deposits containing currency and/or coin exceeding $10,000.00
Federal law requires banks report personal information on individuals and businesses performing cash transactions of $10,000.00 or more. The law exempts State governments from the reporting requirements. Agencies are encouraged to contact the Cash Flow Desk before taking large cash deposits to the bank allowing us to prepare the branch for your deposit. Be ready to provide the location of the branch, total deposit amount, total amount of cash/coin, number of $100.00 bills included in the deposit and the name of the person(s) delivering the deposit to the branch.
If you are asked for personal information when making a deposit, politely decline and return to your agency with the deposit. Contact OST and provide the information referenced above. We will contact the state’s account representatives and seek a resolution.
Agency staff may attempt to resolve the issue themselves while at the branch if the wish. Speak to the Branch Manager and ask them to contact Seattle Commercial Customer Service (CCS) for guidance on the State’s exemption from the Currency Transaction Reporting (CTR) requirements.