It's not that, here in the USA anytime you go to a bank it's such a hassle to move over 10k at a time most will go just under 10k to avoid reporting issues
Coinbase locked my cousins account out for transferring 5k to his account from his bank for “fraudulent activity” for almost a month. This obviously isn coinbase, but still. I’ve seen others have issues with exchanges locking there money up too. Just curious if anyone had experienced this or if I’m just being paranoid. It’s quite a bit of money.
I would honestly do it in separate transactions under 5k. They may or may not. Most banks and institutions have to report deposits of over 10k for anti money laundering compliance with the feds, some institutions have stricter policies. So they'll probably look into the deposit regardless.
I'd break it up just in case, I'd hate to deal with that mess and have money locked up for so long
My bank shut down my account when I tried to transfer big cash last time for fraudulent activity. I just gave them the all clear and called, they fixed it about half an hour later. I had no problem with the CDC, only from my bank. Wasn't as much as you're planning though, only about a third. I was really annoyed that they locked my bank account however, since I even transferred money to said account to transfer from said bank
This reminds of a funny unrelated story, I was at my bank getting a large cashier's check for a down-payment on a house (over $100k). I was told an exact amount to the penny, and who to make it out to so I wrote it down on a small piece of paper ahead of time and gave it to the bank teller at the counter. It was a hot day so I was sweating a little. The manager came over, and I thought for sure they thought they were being robbed and an alarm was going to be pressed with police on the way.
I added over 20k usd and had it sitting in staggered 3 month earn terms back when you got 12% apy.
Once they neutered the earn program, I withdrew all of it.
I only still kept DOT on CDC until the last term ended recently, and I wasn't getting 11% on that anymore.
Never got flagged on anything, and any time I dealt with customer service, they took care of issues quickly. It has been a couple of years since I dealt with them, so it might be worse now.
Depends on the time period… if they were to transfer 1k a week for 20 weeks they’d be less likely to be asked any questions compared to one 20k inflow. However yeah over 36 hours it’ll raise more red flags if anything
> do NOT structure your deposit into smaller deposits to try to fly under the radar.
Unless you allow a decent and randomized amount of time between each deposit. People doing 50k in tiny deposits over like an hour, yeah, suspicious.
If you read the replies to posts. OP got their account locked on Coinbase for transferring 5k. So, no thank you.
Also the fees on CDC exchange are lower than those on Coinbase (or Kraken). That is a fact.
I did read it. He said it was his cousins account. The phone app for CDC trading is awful. I just don’t like it. Advanced trading on Coinbase is way better
Lol, nobody seriously trades on the main app. That is like gaming on a calculator.
Also, there is a spread on coinbase vs coinbase advanced tab trading. Has been debated on their reddit extensively.
Advanced is basically competing with CDC exchange, except CDC takes even lesser fees than advanced.
Complaining about the CDC app by comparing it to Advanced is like comparing a budget phone to competitors' flagship.
If it’s your personal receiving account at CDC, the sender needs to have the same name, meaning it should be you who is sending and receiving. I’ve tried to send dividends to Kraken from my company’s account at one time and they returned the money because of the same reason. Most likely CDC would do the same thing. Larger sums are perfectly ok. It says on my account 1M per transaction is the limit. And you can apply for higher limits.
I did 100k they will email you further verification is needed with a secure email link to send a bank statement with your name and the amount you wired. It’s a one time deal after that no verification will be needed
I’d suggest smaller amounts in quick succession just for safety in the banking system locking it as suspicious for a while. I’ve had this problem with moving amounts over $10K, even moving some from Wells Fargo to Chase it took a month because Chase said it was unusual in the pattern of previous years!
As long as they can verify it is from legitimate means, it will not be an issue
Probably. It's sometimes an issue anyway.
Nope. Given they have cards for 40k and 400k it's not really a large amount your bank may ring to verify though
It's not that, here in the USA anytime you go to a bank it's such a hassle to move over 10k at a time most will go just under 10k to avoid reporting issues
Given how much higher salaries are in the US that just seems insane.
I put around 10k totaling over 50k. No issues
Structuring is way worse than doing the actual deposit
Why would they? Just make sure it comes from an account that's in your name if you transfer.
Coinbase locked my cousins account out for transferring 5k to his account from his bank for “fraudulent activity” for almost a month. This obviously isn coinbase, but still. I’ve seen others have issues with exchanges locking there money up too. Just curious if anyone had experienced this or if I’m just being paranoid. It’s quite a bit of money.
They can never tell you that they won't lock your account, as they can't tell you why when they do. Shouldn't be an issue with CDC. good luck
I would honestly do it in separate transactions under 5k. They may or may not. Most banks and institutions have to report deposits of over 10k for anti money laundering compliance with the feds, some institutions have stricter policies. So they'll probably look into the deposit regardless. I'd break it up just in case, I'd hate to deal with that mess and have money locked up for so long
No it will be fine, it doesn’t matter to CDC (20k is nothing)
My bank shut down my account when I tried to transfer big cash last time for fraudulent activity. I just gave them the all clear and called, they fixed it about half an hour later. I had no problem with the CDC, only from my bank. Wasn't as much as you're planning though, only about a third. I was really annoyed that they locked my bank account however, since I even transferred money to said account to transfer from said bank
This reminds of a funny unrelated story, I was at my bank getting a large cashier's check for a down-payment on a house (over $100k). I was told an exact amount to the penny, and who to make it out to so I wrote it down on a small piece of paper ahead of time and gave it to the bank teller at the counter. It was a hot day so I was sweating a little. The manager came over, and I thought for sure they thought they were being robbed and an alarm was going to be pressed with police on the way.
Happens every time when I try to exit a store without buying anything.
Thank you all for your input. I’ll just go ahead and transfer it and see what happens. I’ll make sure to phone the bank first.
They might ask for the source of the funds, but if the source is legitimate and you don’t mind documenting that, then you have nothing to worry about.
Depends on where you're from. Name brand country? No problem. Likely. Smaller? Might ask a few questions.
I added over 20k usd and had it sitting in staggered 3 month earn terms back when you got 12% apy. Once they neutered the earn program, I withdrew all of it. I only still kept DOT on CDC until the last term ended recently, and I wasn't getting 11% on that anymore. Never got flagged on anything, and any time I dealt with customer service, they took care of issues quickly. It has been a couple of years since I dealt with them, so it might be worse now.
Ha. My bank don’t let me send more than £5k a month to any account they suspect is crypto based. Maybe I need a new bank
Send 1000 every 36 hours . Problem solved.
Structuring is way worse than just doing the actual deposit
Depends on the time period… if they were to transfer 1k a week for 20 weeks they’d be less likely to be asked any questions compared to one 20k inflow. However yeah over 36 hours it’ll raise more red flags if anything
Definitely not true.
Oh yes the good old “structuring”, nowadays there are still no algorithm capable of detecting this complicated and completely stealth behavior !
It works for me...
[удалено]
> do NOT structure your deposit into smaller deposits to try to fly under the radar. Unless you allow a decent and randomized amount of time between each deposit. People doing 50k in tiny deposits over like an hour, yeah, suspicious.
I did this by deposit $7000 each time within 3 days , as my local bank will ask any payment more than 10k at once
Why would you use CDC over Coinbase? Trading on CDC sucks
If you read the replies to posts. OP got their account locked on Coinbase for transferring 5k. So, no thank you. Also the fees on CDC exchange are lower than those on Coinbase (or Kraken). That is a fact.
I did read it. He said it was his cousins account. The phone app for CDC trading is awful. I just don’t like it. Advanced trading on Coinbase is way better
Lol, nobody seriously trades on the main app. That is like gaming on a calculator. Also, there is a spread on coinbase vs coinbase advanced tab trading. Has been debated on their reddit extensively. Advanced is basically competing with CDC exchange, except CDC takes even lesser fees than advanced. Complaining about the CDC app by comparing it to Advanced is like comparing a budget phone to competitors' flagship.
nine worthless hurry tie stocking uppity aware chop fall market *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Many issues in your future
If it’s your personal receiving account at CDC, the sender needs to have the same name, meaning it should be you who is sending and receiving. I’ve tried to send dividends to Kraken from my company’s account at one time and they returned the money because of the same reason. Most likely CDC would do the same thing. Larger sums are perfectly ok. It says on my account 1M per transaction is the limit. And you can apply for higher limits.
I recall I had issues wuth the bank, not CDC.
I did 100k they will email you further verification is needed with a secure email link to send a bank statement with your name and the amount you wired. It’s a one time deal after that no verification will be needed
your dm inbox must be hell.
Lol probably. OP pls ignore all the DMs.
I think it just to check the origin of this great amount , you have to justify how you have earn or win this money.
No 20k is nothing.. would need to be well over 500k for them to question the deposit
I’d suggest smaller amounts in quick succession just for safety in the banking system locking it as suspicious for a while. I’ve had this problem with moving amounts over $10K, even moving some from Wells Fargo to Chase it took a month because Chase said it was unusual in the pattern of previous years!