Arthur Long5, I see you're from somewhere out West. I can't speak to how things work in other parts of the country, but here in the States, the IRS keeps a very close eye on every single citizen's checking account. They have the authority to flag any transaction and demand you justify the source of those funds—even if it's just a single dollar. It sounds absurd, but legally, they can do it. And making multiple smaller deposits won't help your case because they look at the total volume of incoming funds per account. As long as you can prove where the money came from, you shouldn't run into trouble, though whether it gets taxed depends entirely on its origin.
The bank amount, even if it’s just $0.00, isn't something they're going to just hand over. If someone refuses to return money that clearly isn't theirs, you hand the case over to the legal department—and from there, you know how that goes. At any rate, the person who received the accidental deposit should have noticed it immediately.
feraljackal2 said:A friend of mine ran into a mess with her bank—they botched a transfer, and apparently, because the IRS flagged it as income, she lost her child tax credit benefits. It sounds wild, but that’s what she’s telling me. Fast forward about three or four months, and the bank calls her out of the blue demanding she pay the money back. Here’s the deal: it was supposed to be a simple refund from an online vendor. She bought something, it didn't show up, so they agreed on a refund. But instead of one transaction, two identical payments hit her account from the same seller. When she called him, he was actually pretty honest—he told her he only sent the money once. It looks like he tried to run a credit card reversal that failed, so he just sent a direct wire instead. The bank missed the error, processed both as valid deposits, and now they're coming after her for it. They aren't asking the vendor for the extra funds—just her. She already paid them back, but now she’s wondering: what if she hadn't? Would the bank have just sued her or frozen her accounts? And honestly, since this was clearly a massive banking blunder, shouldn't they be apologizing and covering the costs she incurred—like those lost benefits?
In cases like this, a thorough investigation is conducted involving intermediary banks and all parties involved in the transaction. Because of the high volume of fraudulent claims, regulatory agencies often get involved. Until a full audit is complete, everything remains hearsay, and every digital footprint leaves a trail. If the bank truly dropped the ball, she needs to file a formal complaint so a deep dive can be performed. If the bank's error is confirmed, there shouldn't be an issue resolving it.
Zachary Smith44 said:Alright, I’m not gonna write this all out again, but after my trip to the bank, I fired off this email to Bank of America (and it keeps bouncing back, so maybe their system is just glitching out):
"To whom it may concern,
I stopped by your branch located in Microsoft with a specific goal in mind—trying to "activate" my ability to pay in installments. Since I've had steady income for a full year now, I figured I should be eligible based on this: With your Visa Goldman Sachs card, you can make one-time payments or opt for interest-free installments, with a one-month grace period before the first payment kicks in. The benefits of using your Visa Goldman Sachs card for installment plans of up to 36 months are available at any POS terminal equipped with Bank of America hardware at over 20,000 retail locations across the US.*
The teller told me straight up that I have to bring in an official employment verification from my boss first, along with some paperwork she handed me. So, here's what I'm wondering:
1. Is that actually how it works? 2. If it is, I don't get it. Why isn't my official employment record from the government or the data from NOAA enough to prove where I work, how long I've been there, and my contract type? Why does my employer need to be involved just because I want to use an installment plan?
Anyone want to weigh in on this mess?
In order to use the installment option, you have to be approved for it first. Installment plans for checking account cards are granted to clients with regular deposits who also have an approved overdraft protection limit. Essentially, once you submit that certified verification, the bank will review your file to either approve or deny both the overdraft and the installment plan. The process takes about 2 to 5 business days once the request is submitted.
Laura Chavez93 said:They asked me which transactions I make most frequently 🙄—as if they couldn't see it all more clearly than I can with just two clicks of a mouse. Of course, they don't actually need my input; the only logical reason for them to ask is to provide some semblance of consent for their data mining (given that you have to sign off on them doing whatever they please with it) is so they can leverage that data later to extract maximum value from you. Whether it's passing your info along to insurance companies—who find it incredibly useful to know your exact salary and bank balance—or offering you credit based on your perceived solvency, it's all about tailoring service packages to your needs... or perhaps ensuring Walmart can send you personalized coupons for the exact items you buy most often...
Regarding the Walmart situation, yeah, they partner up with Chase. As for the other banks, you can opt-in by checking a box if you want them to use your data for marketing and stuff within the bank or its parent group. Think JPMorgan Chase or Wells Fargo.
If you have a dedicated personal banker, reach out to them directly. If not, just call the branch line and they'll walk you through the next steps, like filing a formal request or whatever else you need.
Nathan Morris3 said:The Bank definitely makes a killing off you. Like, if you park your savings there (looks like maybe 0.65% on the Euro) and they lend that cash out as credit (probably at 4%+), they end up making about 125 Euro a month after paying for reserves, insurance, etc. It ends up being a super expensive account fee for them to cover, and I haven't even factored in the multiplier yet (I'm sure you know how these banks operate). They make even more through asset management because they charge insane fees for custody and advisory services, since there's basically zero risk for them. That's probably why they ask all those specific questions. Based on their calculator, it looks like you just need monthly income over $3.00 (likely net) to get your own premium banker. I have to admit, I don't really get their math—if you just take your paycheck and immediately move it to an outside investment, I don't see how they profit. But then again, what would you even need a private banker for in that case? A manager?
I think we drifted a bit off-topic here, but I guess as long as everyone stays polite, it shouldn't matter.
The assumption is that these types of clients won't move their salary out of the bank, because if they did, there would be no point in being a VIP client—it would be smarter to just stick with a basic checking account. Premium packages usually bundle in extra perks; things like a Platinum credit card, overdraft protection, enhanced online banking, and so on. If you aren't using those features, paying a single fee for the whole bundle is just bad math. The Federal Reserve has slightly lower thresholds for what qualifies as a VIP client. At banks like Chase or Bank of America, you might need a $20k net salary, whereas a boutique firm like Goldman Sachs might offer a premium tier regardless of your specific paycheck.
Patrick Sanchez7 said:Of course they are. In fact, there are certain places where—believe it or not—banking services are entirely free. It goes beyond mere cost, too; the bank will actually send a representative directly to your home or your office to help you open an account or handle any necessary paperwork. Once you are inside a branch, they might even offer you coffee or tea while you wait. There are virtually no fees for anything. The only thing they charge for is sending money abroad, and even then, it is a negligible amount relative to the total sum.
I will give you the name of one such bank: JPMorgan Chase. I will leave the specific country unnamed.
I was just looking into JPMorgan Chase, and what you're saying is true, but that's strictly for VIP clients. Banks here offer the exact same level of service. Regular customers can just open an account online.
feraljackal2 said:America really spoils you when it comes to fees. I’ve never once had to pay a fee to withdraw cash from my own bank's ATM—and honestly, there were plenty of times I didn't even pay when using someone else's machine (like hitting up a Chase or Wells Fargo ATM). But now that I'm here in the US, things are different—I'm getting hit with fees just for using my own bank's ATM? And it doesn't stop there; I'm even seeing charges for using my card at certain point-of-sale terminals. If this happened back home, people would be out in the streets protesting.
Exactly. Banking services abroad are incredibly expensive. For instance, in Italy (using Intesa Sanpaolo), if you want to pay a standard bill at the counter, you're looking at a minimum fee of $9 plus the actual cost of the transaction. In other countries, it's even higher, just like almost every other service. They even charge you a fee just to have your paycheck deposited into your account.
Nathan Morris3 said:So, a buddy of mine was venting to me today. He wants to move 20,000 United States Dollars from JPMorgan Chase to an account at another American bank, and the bank tells him: "Sure, but it'll cost you 100 United States Dollars ($250)." Yeah, you read that right. The bank wants 100 United States Dollars just for a computer transaction. My friend lives abroad, so he's used to that being free, and he was livid... after about 30 minutes, he calmed down and said, fine, I'm not giving them that out of spite, I'll just withdraw the cash and hand-deliver it to the other bank. Then he calls them back, and they tell him: "Oh, hey, if you want to withdraw more than 5,000 United States Dollars, you have to give us two days' notice by noon." I don't even know who's crazier here—my friend, who thinks walking around town with all that cash is a good idea (maybe he'll get reported or robbed?), or the bank, charging that much for a digital transfer and making it such a headache just to access your own money. In the end, we'll have people in the 21st century counting bills at a teller window like it's a Western movie, hoping they don't get jumped. And the guy just wants his money: either pay 100 United States Dollars or stuff his pockets. It's gross.
Once cash disappears and everything is digital, we'll be totally at the mercy of bank fees. Actually, I guess we already are. Anyway, is a 0.5% fee for a transaction within the US (in United States Dollars) actually normal?
Where does he live? Because in other parts of the world, fees for those kinds of services are way higher (Europe). Every bank has a daily limit for cash withdrawals. But generally speaking, anything under a certain threshold doesn't require prior notice. This is strictly for security reasons and tax compliance. Depending on the specific branch, its location, and other variables, a bank might not have enough liquid cash on hand to cover large withdrawals at any given moment. It’s all laid out in the terms and conditions.
Hypovereinsbank (which is basically JPMorgan Chase) is demanding that their clients fill out the exact same questionnaire as Zayo Bank does, and you don't hear anyone complaining about it over in Italy either.
@ rama6
I have no idea why American banks aren't trusted enough to hold large deposits, but generally speaking, there are tons of Americans who just keep their money in Swiss accounts—and the IRS absolutely loves that kind of thing.
George Lewis9 said:Look, here’s a bit of perspective from my time abroad: the data this bank is digging for—all those photo uploads—is basically identical to what I had to provide when I opened an account back in Sweden. Citizenship, residency status, dual citizenship questions, whether you're an American citizen, income levels, employer details, how often you wire money internationally and in what amounts, phone number, email—it’s all the exact same stuff. It makes me think the regulations are pretty much standardized across the entire European Union.
Precisely.
@ Nathan Morris3
Bank of America (JPMorgan Chase) uses the exact same questionnaire as Chase.👍
It might sound harsh, but let's be real: an individual standing up against a giant like Bank of America is an uphill battle. Especially when dealing with matters like this. Honestly, you're better off just paying for a vacation or something similar rather than sinking money into legal fees and wasting precious time on a fight where the person suing the bank usually ends up losing everything.
Let’s be more precise here. This isn't a case of discretionary account closure by the bank, because in this instance, the client was actually notified of the reason. True discretionary closure happens when a bank shuts down an account based on their own internal criteria—perhaps they simply decide they no longer wish to do business with a specific individual—and they aren't legally obligated to provide an explanation.
As for the Zelle form, you should check with someone at Zelle directly. From what I can gather, everything seems pretty straightforward, but if you run into trouble, you can always ask a bank representative for assistance. 👍
Like I said. To those of you arguing otherwise: just wait until they freeze your accounts and cut off access to every single service you use at JPMorgan Chase. Once they terminate your entire relationship with the bank, then feel free to come back and talk. 👍