(Closed) Wedding gifts

posted 4 years ago in Money
Post # 2
Member
5648 posts
Bee Keeper

Nope.

Post # 3
Member
600 posts
Busy bee
  • Wedding: October 2017

No? Some people make that a pay cheque. 

Post # 4
Member
1912 posts
Buzzing bee

Not at all…. lots of people deposit large sums of money. 

Post # 5
Member
927 posts
Busy bee

Just bring your license. Sometimes they give me a hard time because my signature on file with the bank doesn’t look like my current signature for some reason. But it shouldn’t be any problem. 

Post # 6
Member
9874 posts
Buzzing Beekeeper
  • Wedding: November 1999

No.  You can deposit what you want.  They may ask where you got the money from if it’s an abnormal amount for you to deposit, but that’s a pretty easy answer of “I just got married.”

Post # 7
Member
3057 posts
Sugar bee
  • Wedding: March 2017

You shouldn’t have an issue banks, have seen much larger deposits. 

Post # 8
Member
3187 posts
Sugar bee
  • Wedding: June 2017

View original reply
misschan :  not if you go in person. But many ATMs have per transaction and per day limits (even for deposits)

Post # 9
Member
172 posts
Blushing bee
  • Wedding: February 2016

You will not have problems with the bank but if you’re in the US, the BSA requires federal reporting for same-day deposits over $10k. You could split it into two accounts – cash into one, checks into another – and move the money later. I would do it over two days, but that’s probably overly cautious.  

ETA: The annual gift tax exclusion amount for 2017 is $14,000 so you will need report your net $16k when you file your taxes. If you don’t plan to report this gift (you should and I am in no way encouraging you not to), you need to be thoughtful when it comes to single-day deposit limits and reporting. 

Post # 10
Member
834 posts
Busy bee
  • Wedding: February 2017 - historical mansion

Congrats! As others have said, definitely go to the bank in person and you won’t have a problem. Bring your marriage license in case some of the checks are made out in your married name.

Post # 11
Member
1912 posts
Buzzing bee

I e-deposited all cheques via my phone. I deposit money via ATM. Can’t remember the last time I went into a bank. 

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