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Goodbye to discreet withdrawals— banks to flag transactions over $1,000 in 2026eladelantado.com/en/withdrawl-transaction-2026/
253 sats \ 1 comment \ @winteryeti 3h news
The current limit was $10,000, deposits or withdrawals, which US banks would flag to the IRS. Due to patterns of people evading that reporting with multiple smaller amounts, the rule is now changing to capture money movement at smaller levels. For example, if you open a CD with $1,000 it gets reported under the new rule. If you give someone $1,200 for their graduation gift, it gets reported.
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83 sats \ 0 replies \ @Scoresby 2h
The order mandates that these MSBs must file a Currency Transaction Report (CTR) for cash transactions that fall within the $1,000 to $10,000 range, at least until March 6, 2026, which is the current expiration date for this GTO.
If I withdraw $1,500 at my local bank, will it trigger a report to the IRS? No, the $1,000 rule is temporary and applies only to Money Services Businesses (MSBs) in specific counties along the Southwest border, not to commercial banks nationwide. You are good. The federal mandatory reporting limit (CTR) remains $10,000 for all cash transactions (deposits or withdrawals) conducted in a single day. If you go to your bank with high amounts of cash, be prepared to answer some questions and show some documents.
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