Look, just ask the sender for a copy of the receipt. That’s the only way you're going to know for sure if the money actually cleared and if they even used the right account number in the first place.
Honestly, I have a bad feeling we’re going to see way more of these situations... 😢
Go read through this thread... basically, banks will approve a check, sure, but while you're stuck waiting for those funds to clear, they’re already charging you interest on the principal balance (and let me tell you, that is no small change)
If there is any way at all for you to boost your income, do it. And then, get yourself down to the bank and tell them straight up that you're drowning. But listen to me—don't waste your breath talking to the tellers behind the glass; go directly to the branch manager
What exactly are they using as a baseline to calculate the cost of living here? I mean, what's the methodology? Are they looking at utility bills—like, what kind of actual statements would you even need to show to prove those costs? Or is it just guesswork regarding gas, car maintenance, groceries...
Steven Reed said:The bank won't just give you a call if they can't make sense of your transfer reason—they’ll demand a signed statement confirming the source of funds. And no, this isn't some arbitrary rule cooked up by the branch; it’s straight out of the federal banking regulations 😉
Now that you all seem to have sorted things out, I'll weigh in 🤣
Well, you're a little late to the party, aren't you? 😁 🤣
Bryan Scott6 said:Look, I'm not arguing about whether the income hitting the bank is legal—I'm talking about whether it's taxable. There aren't any laws preventing the taxation of our citizens living abroad or working on ships... in that regard, they aren't any different from citizens living right here in the States who receive transfers from, say, a roommate or a friend via wire
I honestly think the two of us are talking past each other here... the bank doesn't give a damn whether you actually pay your taxes or how much you owe the IRS => that's a problem for you and the tax authorities to sort out... I'm not even addressing that part... The reality is, the bank has to follow federal law. They are strictly required to file specific reports with the Federal Reserve regarding the nature of incoming transfers—like if it's rental income hitting a foreign currency account, or real estate sales being deposited into a standard domestic checking account, etc. Basically, they need the data. Now, what a client chooses to claim or sign on a declaration regarding the truthfulness of those funds? That’s between the client and the government. If the bank can satisfy its legal obligations based on that signed statement, they'll process it. If they can't, they'll demand more paperwork or simply kick the funds back to the sender...
Who on earth said the bank calls the IRS? Give me a break. A bank reaches out to the client when they can't make sense of a transaction code—that’s literally their job description... They also have to call if there’s anything even remotely suspicious regarding federal anti-money laundering laws. If the customer doesn't respond or if the client specifically asks them to, they just send the money back to the sender. It's not rocket science.
Now, look, sailors get paid based on their Contract Corp, and that's perfectly fine... As for how expats transfer their cash, that's their business. Most of them either hold US citizenship or are officially registered as living abroad, so under US law, they are fully entitled to move funds they earned overseas.
A bank can't just make up some arbitrary reason for a transfer just to keep a customer happy... They have a legal obligation, as I recall, to report the actual basis for these incoming transfers to the Federal Reserve. It’s absolutely not in their interest to skirt the law or dodge their regulatory duties just to play nice with a client... regardless of whether we're talking about $100, $2,000, or significantly more.
Just because "shady business" might be considered standard practice by some people here doesn't mean it's acceptable anywhere else in the world... If I'm sending money to someone to cover a deposit or payment for a summer rental or a ski trip—whatever it is—why on earth would I lie about the purpose of the transfer? And why would I even sit there worrying about whether or not that person ends up paying taxes on it?
It's different for merchant marines; they have specific contracts governing how they receive international wires. But for people working abroad, everyone has their own way of doing things...
Bryan Scott6 said:It looks like JPMorgan Chase doesn't actually offer a foreign currency checking account—at least according to their website. They have standard checking, plus USD and foreign currency accounts. But that third one is just labeled as a foreign currency account, not a checking account. It doesn't make much sense... I guess since you don't really need regular direct deposits for it.
Look, you don't need a steady paycheck just to open a basic USD checking account... you can set one up whenever you want without any strings attached.
Yeah, usually people just refer to it as a foreign currency account, but honestly, it works perfectly fine for everyday transactions too.
I’m honestly not sure which response is going to make the cut here, but you really have to tread carefully with this kind of thing. When someone transfers funds, there is a mandatory payment reference required—it's non-negotiable—and you can actually glean a lot of the transaction's intent just from that detail. That said, if things look even slightly off, the banks will almost certainly give you a call to verify everything.
Let me go over some of this again to make sure we're all on the same page...
When you're dealing with banks, you've got two main setups: - A standard USD checking account and a USD savings account - A foreign currency checking account and a foreign currency savings account
With a standard USD checking account, you can only deposit US dollars... though honestly, anyone can walk in and drop cash into it if they want to. Checking account Now, with a foreign currency checking account, you can either receive foreign funds directly or buy foreign currency, but that’s strictly limited—only the account owner or an authorized representative can pull those strings... Depositing funds into a foreign currency account in the US
There aren't any taxes applied to these specific types of accounts.
However, when it comes to the USD Savings account and the foreign currency savings account, taxes definitely apply, and you are legally obligated to report that income on your tax returns.
Here's the kicker: if someone from abroad sends money to your foreign currency checking account—say, for a short-term rental or an Airbnb booking—there is a massive chance the bank is going to flag it. You'll get a call from someone at JPMorgan Chase asking what the hell the purpose of the transfer is. At that point, you'll be forced to either open a proper foreign currency savings account or they'll just convert the money into dollars and dump it into your USD savings account (assuming you don't already have one set up).
I’m just trying to wrap my head around this... so they determined there was a cash surplus in the drawer that day (is that why you brought up the incident report?) and they had all your info, plus the recipient's details... and yet, absolutely nobody from Bank of America reached out to either of you?
Look, I honestly don't get it. As an employer, you should be able to verify whether the funds you sent actually landed in the account or not... 🤔 ...it makes zero sense to me that they wouldn't just give you that information. Seriously. Just make sure you bring the wire transfer receipt from when you made the payment... if the account details are correct, there is absolutely no reason why the money shouldn't have cleared by now.
From what I've gathered, skimming is when they basically "strip" your card right at the ATM... you know, where they read that magnetic strip on the back containing all your sensitive info... then they just clone it onto a blank plastic card and go on a spree using ATMs abroad... and they don't mess around, either; they hit the machine and try to pull out the absolute maximum limit allowed
Skimming isn't the same thing as someone just buying stuff online via the web