Posts by driftingmoose57

wiredlynx28 said:If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps.
Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.

Man, I’d honestly love it if they froze my measly hundred bucks.😂I'd blast this absolute joke on every news outlet in Europe.😍I’d write them up until they hit the moon.☕That’s all I’ve got left in there anyway, so I’m basically just sitting here waiting to see if they actually follow through on their little threat.

Nathan Morris3 said:I guess that old questionnaire definitely wasn't following what the Federal Reserve "finds" (or the laws). Probably not.
Banks are legally required to update data, but only the specific stuff defined by law. That’s why the FEC ruled the way it did, forcing them to change the questionnaire. I think AT&T had a pretty solid questionnaire from the start. At Chase, for instance, they were asking for total income amounts—no joke, I saw it myself. They even tried to grill clients who weren't even part of that $50k FATCA group with questions they didn't even have to answer under the law (basically ignoring Article 16). It was a mess.

Maybe someone could list the questions from this new version so we can see?

Yeah, that would be awesome 👍

wiredlynx28 said:I can't give you a definitive answer on that, but I'll tell you this: based on what I'm hearing from colleagues over at JPMorgan Chase—since they're the ones being talked about right now—there are certain individuals who acted too bold. I don't know exactly what happened, but apparently, the bank shut down every single product those people used because they failed to follow the general terms of service. Like someone else pointed out, it's a two-way street; you aren't obligated to do business with them, and they aren't obligated to do business with you. I don't know precisely what information these people refused to provide, but I'm certain it wasn't just stuff like marital status or how many kids they have.

As for those claiming this isn't happening, if you don't update or submit the required info, just wait a while and then come back to share your experience.👍

By law, the bank is required to respond to a written complaint within 15 days.

Man, look... I haven't given a damn about them for two years now. I couldn't care less about those idiots at JPMorgan Chase or their endless paperwork.
The ones acting arrogant are those clowns at JPMorgan Chase, not the customers. No wonder they're going downhill.

Steven Rivera76 said:Give me a break. Did your bank actually do that? There hasn't been any mention of such a thing. Provide some

Who cares, anyway? I’ll just move my money elsewhere and be done with it.

Sent from my iPhone using Reddit

Bank of America has been paying out my pension for over 10 years now. They've never bothered me for anything. All they ever do is try to push those retiree loans 😁 or offer me whatever overdraft limit I want.👍

electricorca3 said:Actually, if you ask me, they might actually have some ground to stand on here, unfortunately. They’re claiming they need to request info under the Anti-Money Laundering Act, alongside various administrative cooperation laws and the Internal Revenue Code, plus all their specific regulations. That basically means they can demand stuff like updated ID, employment status, why you’re even using the bank in the first place, tax residency details, and so on. So, yeah, it’s pretty easy for them to legally justify making our banking relationship contingent on providing that kind of data.

But, you know, it’s worth pointing out that they aren't mentioning that whole mess from last year where they were digging for stuff like marital status, how many kids you have, political affiliations, how many people live in your house, etc. It feels like the public outcry back then really forced them to draw a line between what’s actually required by law and that initial shady attempt to harvest data they weren't even entitled to—you know, information that was more about satisfying the bank's own curiosity for questionable reasons than anything legal.

It’s all just smoke and mirrors and fear-mongering. Like I said in my last post, it's a scam. Honestly, I got one of those notices yesterday too; if it were any better quality, I'd use it to wipe my ass.😁

@Regarding those "FATCA obligations," banks are supposed to be collecting data on individuals with accounts seeing more than $50,000 USD in annual turnover, and for legal entities, anything over $250,000 USD (check out the FATCA presentation and its application in America on the Internal Revenue Service website).

Here’s a question for Bank of America, and really for all these banks: who are you actually spying on when you run these "interrogations" on account holders—individuals moving less than $50,000 USD a year or businesses doing less than $250,000 USD?

Arthur Smith2 said:Is communism some kind of Appalachian weed that grows everywhere—a necessary crutch for any political debate? And seriously, do you honestly believe the government only watched its people back in communist regimes? You can't run from the state even in the afterlife—they'll be coming for your heirs until there isn't a single cent left to squeeze.

The underground economy? Sure, you can pretend—do odd jobs and have the boss pay you under the table.😂Imports of socks will go up.😂😂

The black market and tax evaders bleed the federal budget dry (and I won't bore you with the reasons: either they can't pay or they simply refuse). A few of my old classmates each owe half a million in back taxes. That money is supposed to be in the treasury—you know, that massive fund that ensures you have basic healthcare coverage and someone actually patches a pothole before you hit it and break your neck—don't you think?

Having worked closely with finance, I’ve noticed how much people in Appalachia love to cheat and play the victim. Based on their tax filings, you'd think they were scavenging for scraps every day, yet I see them decked out in designer clothes, expensive shoes, and high-end gadgets.

I'm not saying everyone does it, but there's this pervasive habit of dodging responsibility—which leads to billions in tax and credit debt—avoiding accountability—which causes an uproar whenever they have to settle a tax bill, report a tenant, or face financial scrutiny—and above all, a staggering amount of economic ignorance that feeds directly into financial irresponsibility. If I were making the laws, I’d crank up the oversight even more just to protect children from their reckless parents (who, frankly, I've had to bail out after they've already mortgaged their grandkids' futures). I might even experiment with requiring parents to justify every cent spent on their kids—that would lead to better-cared-for children and more peace of mind regarding child benefits, ensuring they aren't wasted on booze and cigarettes. The Scots tried something similar once, and of course, there was pushback.

I honestly don't know if you're even reading what you write because you're asking such bizarre questions—about what you can do with your own money? Look, funds deposited as salary have a legitimate source. If one of your accounts shows your full salary while another account suddenly receives a random lump sum, of course it’s logical to ask where it came from—it doesn't necessarily mean it's criminal! I'd much rather people focused on why there aren't more massive fines for all those people dodging the federal budget on a massive scale.

Do you seriously still believe you can operate incognito?

What are you actually afraid of if you're living an honest life? Did you report those Cayman Island funds, or is that just some dramatic figure of speech?

What's actually terrifying is the fact that people still don't realize they're under a microscope every single second—especially since most data isn't even secret anymore, and people hand over info without even being asked. Nowadays, it's not hard to find anyone in voter registration, property records, court filings, financial statements for a specific period, or even photos of family members (which everyone shares constantly on social media).

How exactly is your right to privacy being violated?

I have no idea what kind of data you were giving them, but they only asked me about extra income and real estate holdings (and that's true for every bank I use). If I can give the FBI my fingerprints along with biological traces—which is way more personal and invades my actual physical being—then I can certainly hand over some data about my income. It's not like I'm taking my petty assets to the grave anyway.

How exactly are Germany and the US politically, socially, or economically comparable?

Explain the math to me: if you have a salary of $2.00 and you move it from one account to another, where is the "double salary" coming from? When you transfer an amount labeled "salary" to your own second account, that transaction doesn't carry that label anymore—it's just a transfer between accounts owned by the same person.

If that actually worked, it would be the ultimate insult.

Man, what a load of absolute nonsense you're peddling here.🤦>

So they finally did it. They went and slapped taxes and local surcharges on students after promising them the moon before the elections. Did anyone actually vote for this?😕
The government is taxing any student making more than $5.00 a year.
Twitter says that since January 1st, 2017, students working under those specific student contracts can only pull in up to about $1,100 a month before the government starts dipping into their pockets. Once they hit that magic number, every single paycheck gets hit with a 24 percent tax rate, plus whatever local city surcharge applies depending on where they live. Not that the money stays with the government forever—they supposedly give it back as a tax refund in August 2018, according to College Times. Just typical, right?
http://www.nytimes.com/news/example-article-about-living-normally

Charles Ramos7 said:That doesn't really change the situation for you; any deposits or withdrawals from your broker still hit your bank account. Even if you flipped some stocks a few times a month and pulled the cash out, you'd still have to explain to the IRS how you managed to pull $17 in turnover from a $1667 paycheck on your 😵 account.

I'm playing the long game here. The IRS can wait until they actually see some real money.😁

It honestly pisses me off how this whole shady administration thinks every single citizen with a bank account is some kind of criminal. Having to prove you aren't a thief just to exist? It’s absolute garbage.
Bankers are going to regret this level of service 100%. Why bother putting money in checking or savings when they're watching your every move? I'll stick to some risky stocks instead. :klap:
They finally admitted it—they're coming after the wealthy's assets. Forget those billionaires and local big shots; they don't even keep their cash in the USA anyway. Most of their real estate is tucked away under names like Peter and whatnot.

@Department of the Treasury used to need a direct request to peek at transaction histories for checking and savings accounts, but now they're just getting everything automatically from the banks.

The plan is to tighten the leash on accounts to crack down on tax evasion. Basically, they want to scoop up data on every bit of income and receipt so the IRS can easily cross-reference what people are making against what they actually own..

Alexander Thompson said:And honestly, that whole setup isn't just unconstitutional; I mean, it basically tears up the entire foundation of our legal system...

Since when does the Constitution in America act like some kind of paradise 😕?

wiredlynx28 said:A lot of folks shuffle money between accounts, sure, but that leaves a paper trail that's easy to track. Even they'll notice the red flags. The real issue arises when someone spends what looks like four salaries, pays all their bills, but there's no clear origin for the funds or any proof that taxes were paid on that money.
If you aren't cheating, you've got nothing to fear. 👍

Man, I have no clue what you're getting at. 😕 Someone actually trying to dodge things isn't gonna do it through their main checking account.The shady characters deal in cold, hard cash, not digital transfers,so they don't really have anything to fear

neondriver5 said:I don't think you need to lose any sleep if thirty people chipped in $67 each for a coworker's gift (🤣)

I’m not saying it’s exactly a dream scenario having the IRS peering directly into our personal bank accounts. I'm just thinking out loud here—they don't have nearly enough manpower to audit every single individual who receives a frequent or large transfer. They’re going to be surgical about it.

By surgical, I mean if a shell company with zero employees starts receiving $8,000 loans every single day, and then a week later that cash gets moved into Paul's account labeled as "consulting fees," well, let's just say Paul is going to have some explaining to do.

Honestly, they could have caught that kind of thing long ago, though I assume they would have needed to coordinate with the Department of Justice or some other federal agency first.

They won't start with the small-time scammers, but once they get the hang of it? They'll be looking at every extra five bucks you've got outside your paycheck or Social Security. You don't need a massive army for oversight; software does most of the heavy lifting, and then—bam—where'd that money come from?

@Look, there’s zero debate left: we’ve officially landed the absolute worst Government in the history of this country, at least if you look at their first economic moves and that total train wreck of a tax reform.

They hit us with a tax on first-time homebuyers that basically screwed over every young family in America trying to get a foot in the door, then they slapped those extra "contributions" on freelance contracts—so now every artist, translator, journalist, editor, and gig worker is getting robbed of an extra 20% of their paycheck just for existing. Not to mention setting up mandatory monitoring on every single transaction in our checking accounts, acting like some kind of Big Brother surveillance state, plus hiking the sales tax on restaurants, which is a direct gut punch to the entire hospitality industry... all of this is just a tiny taste of what this new Government is up to. It’s pretty obvious their one and only goal is squeezing every last cent out of Americans until we’re all broke.

ruggedfox28 said:Is this on the banks, or is it the government passing laws like this?

Quentin:

savings interest is non-existent

Interest rates are what they are, and honestly, they’re just gonna keep dropping (look at Scandinavia or Switzerland—they’re already dealing with zero or even negative rates)... but that’s all dictated by the Federal Reserve and the general money market across the EU

Quentin:

loan interest is insane

Loan rates are actually at their lowest levels since the old Soviet Union days...

Man, you're just talking nonsense just to hear yourself talk...😬

Quentin:

everything is being taxed

,

We're looping again... Is it the banks' fault, or the government passing the laws the banks have to follow? Even in Switzerland, which everyone acts like is some secret paradise, banking secrecy isn't really a thing anymore

Quentin:

I don't see any reason to keep money in a bank.

I don't think you can even see what's right in front of you, judging by these comments...😬

Wow, you're just a real genius, aren't you?😍

wiredlynx28 said:The IRS has the authority to audit any transaction account belonging to an individual or a corporation.
As long as your money is earned legally, there’s really nothing to worry about.

So, according to you, we’re all just public servants waiting to be screwed over by the IRS? Like everyone's a suspect? Honestly, it’s insulting. I’ve spent my entire life working hard and playing by the rules here in America, while the self-proclaimed "patriots," the high-ranking officials, and those "pillars of society" are busy stashing their cash in Monaco.

placidmaker6 said:If that’s the case, then why are we even bothering with separate checking and savings accounts?

There's a point. Banks aren't charities, you know. They need to make their cut through credit card fees and those annoying monthly maintenance charges on empty accounts.

Arthur Smith2 said:As if the government isn't already watching our every move? It’s just one more way for them to stick their noses where they don't belong!

Man, I guess I was just being naive thinking they only kept tabs on people back in the old days. What even is this? First, they put cameras on every single street corner, and now we get this.
The "shadow economy"? Please. You can still do odd jobs and have the boss pay you straight into your checking account.😂I bet sock imports are gonna skyrocket.😂😂

@SHADOW ECONOMY
WHY BANKS HAVE TO START SENDING ALL CITIZEN TRANSACTION DATA TO THE IRS BY NEW YEAR'S—The government gets a shiny new tool to hunt down anyone looking suspicious.

So, now the government’s officially sticking its nose into our wallets.👎 Since the start of 2017, they've basically been stuffing cash straight into their own pockets 👍

@Under the new laws, banks are being forced to hand over everything. They'll have to cough up all the transaction data for business accounts, small business owners, freelancers and even regular citizens—covering every single move made in checking and savings accounts.

neondriver5 said:Everyone on this forum acts like they have nothing to hide, but at least this guy was honest enough to admit he signed it.

If he had jumped ship to another bank, they would’ve grilled him on all of this plus a whole mountain of other stuff.

The Federal Reserve findings are right there. That's the bottom line.

He signed off on a business account, not his personal checking. They tried pulling the same crap with me, threatening to shut down my checking if I didn't just fall in line, but they totally miscalculated. So I just moved everything over to Wells Fargo. They only ask for the bare essentials because most of this nonsense only kicks in once you're moving more than $50,000.

@It turns out all the banks in America are abusing the whole FATCA status check process meant for the US tax authorities. They’re basically running "deep dives" on regular citizens' accounts that the US government wouldn't even care about because there's barely any money moving through them.

Under the "FATCA obligations," banks are supposed to be collecting data on individuals whose accounts see annual turnover exceeding $50,000, and legal entities seeing more than $250,000 per year (check the FATCA presentation and its application on the IRS website).

So, how’d the game turn out?😕