How Much Can You Deposit in a Checking Account?

Checking accounts are the backbone of many people's finances. They're often where you get your paycheck deposited, what you use to pay your rent or mortgage, and how you manage hundreds of other transactions. As such, it's useful to have a decent chunk of cash in them.

Generally speaking, you can deposit as much as you want into a checking account. You can also keep as much money as you want in your account. However, it's worth being aware of FDIC insurance limits and the potential to earn interest elsewhere. And if you want to deposit large sums of cash, the government may want to know about it.

Plus, some banks have limits on how much you can deposit within certain timeframes. Some do not allow cash deposits at all, and others may have restrictions on how much you can deposit at the ATM.

Checking account deposits and the law

For cash deposits, the magic number is $10,000. If you make a deposit, or series of deposits, of $10,000 or over, your bank has to report it under the Bank Secrecy Act and the USA PATRIOT Act. The reason? Authorities want to make it hard for criminals to launder money that comes from illegal activities.

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As a result, you'll be asked to provide additional information or documentation if you make a cash deposit of more than $10,000. This might include your personal ID and Social Security number. You may also need to explain where you got the money and provide supporting documents.

You might think you could avoid hassle by breaking up your deposits to stay under the limit. Or splitting payments and putting part of the money into savings accounts or investment accounts. Don't do this. It is called structuring and it is a criminal offense. You won't get into trouble for making a large deposit, as long as you have a legitimate reason for it. But you will find yourself in hot water if you try to get around the rules and hide your activities.

Business owners need to report large transactions, too. Let's say you're a used car dealer and someone pays you in cash for a vehicle. You need to fill out Form 8300 within 15 days to inform the IRS about the payment.

What it means for your banking

Given how many times you use your checking account each day, it's useful to understand deposit limits. Here's what to consider when deciding how much to deposit -- and how much to leave -- in your checking account.

Bank-specific rules

In addition to the rules around reporting cash deposits of over $10,000, every bank has different rules for deposits, cash or otherwise. Check with your bank to see what rules might apply. If you're thinking of opening a new account, look for a bank that matches your banking habits.

For example:

• Ally Bank does not accept cash deposits at all. It only allows check deposits of up to $50,000 in a day and $250,000 every 30 calendar days with Ally eCheck Deposit℠.
• Axos Bank limits mobile deposits to $10,000 per business day and sets a $50,000 30-day rolling limit.
• SoFi® Money only allows two cash deposits per day. It has a maximum of $500 per cash deposit transaction. It also limits total cash deposits to $1,000 per day, $3,000 per week, and $5,000 per month.

FDIC limits

FDIC insurance is what protects your money if your bank fails. All major banks are members of the FDIC. If you're thinking about making significant deposits into your checking account, make sure you understand FDIC insurance limits.

For each bank you use, the FDIC will protect up to $250,000 per depositor, per ownership category. Ownership categories are things like an individual account or a joint account. So, if you had both a single account and a joint account with the same bank, each would qualify for FDIC protection. The joint account would be covered for up to $500,000 because there are two depositors.

Interest-earning possibilities

Many checking accounts do not pay a lot of interest, particularly when compared with some of the high-yield savings accounts on the market today. It's important to deposit enough money in your checking account to meet any minimum balance requirements and avoid any accidental overdraft fees.

At the same time, if your checking account does not pay interest, you could be losing out. For example, $5,000 deposited in a savings account with an APY of 5.00% could earn $250 in interest in a year. Be conscious about whether your money is working as hard as it could be for you.

Think about where you want to keep your money

If you have legitimate reasons for cash deposits of over $10,000, nobody will stop you from making them. The only real limits on how much you can deposit to your checking account are those your bank enforces.

All the same, just because you can deposit lots of money into your checking account, it doesn't mean you should keep it there. Actively manage where you keep your cash, so you can earn the most possible interest and benefit from full FDIC protection.