Bank of America's Supervision of Cash Deposits

1. Large deposits in the United States need to be declared. There is no problem for users to deposit their own money in the bank, but according to federal law, financial institutions such as Bank of America must declare the accumulated cash deposits from the same person 1 10,000 USD or more within 24 hours.

2. Residents without green cards also need declare in advance deposits. The IRS stipulates that American residents (including citizens, green card holders, work visa holders and those who meet the actual detention standards) need to fill out Form 3520 if they receive gifts or money worth more than $6,543,800.

3. declare in advance is also required for year-end tax returns of overseas accounts.

Bank of America (new york Stock Exchange code: BAC；; TYO:8648), whose establishment can be traced back to the Bank of Massachusetts in 1784, is the second oldest bank in the United States. In August 2002, Bank of America Limited, the largest bank in the United States (full name: National Trust and Savings Bank of America) officially changed its Chinese name registered in Chinese mainland to Bank of America.

At the same time, the legal status of banks and their English names remain unchanged. When Bank of America opened its first representative office in Beijing on 198 1, it used the Chinese name of Bank of America because it was worried that the public might mistake it for the central bank of the United States.

Bank of America is a single bank holding company controlled by the California consortium, which was established on June 7 1968 and headquartered in San Francisco. 1 969 April1day, Bank of America became a subsidiary of Bank of America, and all shares were controlled by the company.

The predecessor of Bank of America is an Italian bank founded by Italian immigrants in 1904. At the beginning, I mainly engaged in the deposit business of Italian immigrants in Pacific coast States. Later, it gradually absorbed deposits from the middle and lower classes and provided mortgage loans and consumer credit to small and medium-sized enterprises. Business is developing rapidly.

In the 1920s, the Bank of Italy became the largest bank in the western United States. On March 1927, 1, the bank obtained the license of National Bank in the name of Italian National Trust and Savings Bank. 1929 merged with Bank of America in California and changed its name to National Trust and Savings Bank.

After the merger, the strength of the two banks further expanded. During World War II, California was an important arms production center in the United States, and the war brought huge profits to American banks. After the war, California became the main production base of aircraft, missiles, rockets and aerospace arms industry, which provided extremely favorable conditions for the financial activities of American banks and accelerated their expansion.

In order to strengthen competition, Bank of America actively develops its business from the aspects of service fields and market diversification, absorbs domestic and foreign deposits, and vigorously expands abroad to further expand its assets. The bank's assets and deposits have been the first among American commercial banks for a long time, and it was not until 1980 that Citibank overtook and relegated to the second place.