“Large Deposits” are generally considered as any single deposit that exceeds 25% of your monthly income. For example, if you make $5,000 per month, any deposit over $1,250 would be considered a "large deposit" and would need to be sourced (i.e. you would need to provide a paper trail documenting where the funds came from).
Why do large deposits need to be sourced?
Large deposits need to be sourced for a few reasons.
Large deposits can be accepted with proper sourcing and documentation, however they can be a potential obstacle if you’re unable to clearly identify the source of the deposit. Be sure to call us if you’ve received any large deposits or anticipate receiving any in the near future. Planning ahead can make all the difference.
-The Kavanewsky TeamShare on Twitter Share on Facebook