Answer to your question: > There is no restriction to how much money you can have in your bank account. You can have as much money in it as you want. Many colleges have tuitions that cost $20,000 per year. Technically you're supposed to have all that money with you to pay your tuitions and living expenses. So nobody should be alarmed that you have more than 10K in your account. Trust me, I've known international students who've had a lot more than 10K in their account throuout their college years, more than 4 yrs and never got any notice from anyone.

Do you have to pay taxes for having more than 10K in your bank > Nope, as long as you pay taxes for your  income, through w2, you dont have to pay extra taxes for your money in bank, unless you make ridiculous amount of interest from your savings / checkings account which is not very often.

My suggestion for people who have more than 10K in their accounts sitting in their savings account; invest on some mutual funds, they give you a lot more return on your money than letting it sit in the bank. Open an account on Etrade or ing financial, they give more interest on your money than most local physical banks.