7 Things You Should Know If You Withdraw More Than $5,000 From Your Checking Account

If you find yourself in a position where you need to withdraw a significant amount of money from your bank account, like $5,000 in one shot, it’s important you know what that entails.

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“First and foremost, you should always be aware of the daily withdrawal limits that your bank or specific checking account has,” said Carter Seuthe, CEO, Credit Summit Debt Consolidation. “Most will allow more than $5,000 to be withdrawn at once, but not all will, so it’s important to learn the limits of your account before attempting a transaction this large.

“You should also understand that large transactions have the potential to be reported. In most cases, a $5,000 withdrawal won’t be instantly reported, however it may be analyzed for suspicious activity,” he said.

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This article originally appeared on GOBankingRates.com: 7 Things You Should Know If You Withdraw More Than $5,000 From Your Checking Account