Question

Question or advice: if I have savings of $5000 in cash, and uses that to pay off my debt, should I deposit it into my bank and pay my debt through online banking or paid it all off in cash only? Would my bank flag and question of where I get the money from if deposited? And if its cash gift from friends and family, how would that go about? Just planning my future ahead. sigh.  

Answer 1

We are buying a house right now. and they asked me about all my cash deposits and withdrawals of $1k and up

Comments

@loadstone I find that when you’re trying to get a mortgage, banks get really nosy. Lol.  

---

@nth yeah! Every little thingggggg. They where like "but where is that money comming from? " And I had to explain about the cash envelope system and still was an issue because there was "no paper trail"‍♀️

---

@loadstone I mean get lol. I work at a bank but sometimes it's super frustrating.  

Answer 2

I’d just get money orders with it.  

Answer 3

Only after 10, 000 they start questioning

Answer 4

I do not see depositing being an issue for only $5k.  

Answer 5

Like said above, only after 10, 000 is when they are required to fill out a form.  

Answer 6

I would just deposit it and then pay the debts. Unless the debts are at other places then I would just take the cash and pay them. (Store credit cards etc)

Answer 7

No, you're good. Deposit away!  

Answer 8

They question house payment if they see a big deposit in case it's been gifted to you. They have a limit on gifted amounts for buying a house.  

Answer 9

We deposited $7000 in the bank with no questions.  

Answer 10

I deposited 7, 000 one day no questions

Answer 11

I have BofA and I’m constantly depositing cash typically over $2000 and have never been flagged didn’t know it was such a thing actually.  

Answer 12

I just took $7, 000 of my savings and paid off a credit card with it on the app. Took 3 days to post thought