Large deposits to my account

Look, it’s "free" because you aren't paying at the toll booth—you're paying once you reach the destination. It’s just a different pricing strategy.
If you actually dig into how banking works over in Canada, you’ll probably find plenty of situations where one bank is pricier than the rest, or maybe they offer better service, or they just nail one specific thing better. In the end, it might actually be cheaper to pay a monthly maintenance fee at another bank than to stick with one that claims to have none.

Nothing is ever truly free. I guess that much is obvious.

ruggedfox28 said:Off the top of my head, it basically boils down to things like server maintenance—you know, paying to rent space on cloud servers to keep the whole Bank of America system and all its software running. Then there’s the massive payroll for an entire army of IT pros constantly updating banking apps or buying third-party software just so we don't lose our minds when using an ATM. Plus, there's the legal headache of sending out statements, whether that's printing them at a Chase branch, mailing them to your house, or hitting up your email or one of those hundreds of digital channels...

..those are just three examples, and there are plenty more depending on what the customer actually cares about... honestly, I feel like anyone with a high school diploma could figure out what "managing an account" entails in the 21st century... 😉

So, if I’ve got seven different accounts open at JPMorgan Chase, I guess that means I’m stuck paying for seven different servers and seven different software licenses too... what a joke.

ruggedfox28 said:Off the top of my head, it basically boils down to things like server maintenance—you know, paying to rent space on cloud servers to keep the whole Bank of America system and all its software running. Then there’s the massive payroll for an entire army of IT pros constantly updating banking apps or buying third-party software just so we don't lose our minds when using an ATM. Plus, there's the legal headache of sending out statements, whether that's printing them at a Chase branch, mailing them to your house, or hitting up your email or one of those hundreds of digital channels...

..those are just three examples, and there are plenty more depending on what the customer actually cares about... honestly, I feel like anyone with a high school diploma could figure out what "managing an account" entails in the 21st century... 😉

Man, they’re just bleeding money paying some massive army of tech geeks to build these overly complicated interfaces.

ruggedfox28 said:Off the top of my head, it basically boils down to things like server maintenance—you know, paying to rent space on cloud servers to keep the whole Bank of America system and all its software running. Then there’s the massive payroll for an entire army of IT pros constantly updating banking apps or buying third-party software just so we don't lose our minds when using an ATM. Plus, there's the legal headache of sending out statements, whether that's printing them at a Chase branch, mailing them to your house, or hitting up your email or one of those hundreds of digital channels...

..those are just three examples, and there are plenty more depending on what the customer actually cares about... honestly, I feel like anyone with a high school diploma could figure out what "managing an account" entails in the 21st century... 😉

Yeah, I mean, if you haven't even finished a three-year high school program, it’s honestly pretty hard to wrap your head around why anyone would trust someone to run a bank or handle interest rates when they can barely manage a shovel. Yours. Does money even need to be out here charging some massive fee just for providing some absolute nonsense services?

Should we be celebrating because they finally graced us with this? Does this mean we can actually hit up an ATM without getting hit with some ridiculous fee?

The best move is simply to stick with a bank where you’re actually satisfied and everything runs smoothly.
As for this one? It feels more like they're just playing games with client funds. Half the people I know are drowning in debt and struggling to make ends meet, so this experience is quite the opposite of what a decent institution should provide.

I guess I should probably start by saying that I'm just sharing my two cents here! But honestly, looking at what was said... I mean, wow. It’s kind of wild when you think about it, right? Maybe I'm overthinking things, but it feels like we're really getting into the meat of the issue now! Anyway, I'll try to break this down as best as I can, though I might be totally off base!

Timothy Davis3 said:So, if I’ve got seven different accounts open at JPMorgan Chase, I guess that means I’m stuck paying for seven different servers and seven different software licenses too... what a joke.

Man, they’re just bleeding money paying some massive army of tech geeks to build these overly complicated interfaces.

Yeah, I mean, if you haven't even finished a three-year high school program, it’s honestly pretty hard to wrap your head around why anyone would trust someone to run a bank or handle interest rates when they can barely manage a shovel. Yours. Does money even need to be out here charging some massive fee just for providing some absolute nonsense services?

Should we be celebrating because they finally graced us with this? Does this mean we can actually hit up an ATM without getting hit with some ridiculous fee?

I mean, that’s really just one of those key points about how banks actually function within the whole flow of the economy, I guess!

So, basically, it’s all about moving funds from those units that have a surplus of cash over to the ones running a bit of a deficit—like entrepreneurs or small business owners, I guess. They essentially take that extra liquidity and put it right back into the economy!

briskjackal5

So, what would you guys actually do if someone handed you a gift of $100 $0.00 (like, say, at a wedding)? Would you go the cash-in-an-envelope route, or just have them wire it directly to your account? And how does that work—does the wife get $50,000 and the husband gets $50,000 separately? From what I’ve been reading online, maybe it’s $50,000 total and then you gotta deal with some 4% tax hit or something?

Ronald Cooper3 said:So, what would you guys actually do if someone handed you a gift of $100 $0.00 (like, say, at a wedding)? Would you go the cash-in-an-envelope route, or just have them wire it directly to your account? And how does that work—does the wife get $50,000 and the husband gets $50,000 separately? From what I’ve been reading online, maybe it’s $50,000 total and then you gotta deal with some 4% tax hit or something?

Just put it all on red at 32 and see what happens. Whatever comes, comes.

Ronald Cooper3 said:So, what would you guys actually do if someone handed you a gift of $100 $0.00 (like, say, at a wedding)? Would you go the cash-in-an-envelope route, or just have them wire it directly to your account? And how does that work—does the wife get $50,000 and the husband gets $50,000 separately? From what I’ve been reading online, maybe it’s $50,000 total and then you gotta deal with some 4% tax hit or something?

If you're already feeling anxious about it, just split it into two separate deposits of 50,000... though honestly, you could probably just put the whole $33 into your own account
without any issues.

Quick question—I’m working on some side projects for a client based out of Germany.

The guy’s already sent money to people over in the States for this kind of work, and they never ran into any issues.

We’re talking roughly $200-$300 a month.

Should I just have him mail it, or should he wire it with a label like "gift," "loan," or "unrecognized uncle" or some other nonsense?

🤔

Alternatively, just open an account with a fintech like Chime or Wise and have him wire the funds there. You can then just hit up an ATM using their Mastercard to grab the cash.

quietpilot23 said:Quick question—I’m working on some side projects for a client based out of Germany.

The guy’s already sent money to people over in the States for this kind of work, and they never ran into any issues.

We’re talking roughly $200-$300 a month.

Should I just have him mail it, or should he wire it with a label like "gift," "loan," or "unrecognized uncle" or some other nonsense?

🤔

Sent from my BLA-L29 via Reddit

Doesn't the IRS track transfers through those platforms?

Gotta look into it. I need my first payout to hit an account within two weeks.

Honestly, I don't know about you, but I move a few thousand dollars a month through those services—my own money, mind you—and nobody ever asks a single question.

The amounts just aren't high enough for anyone to bother flagging them to the government under those anti-money laundering laws.

Sent from my BLA-L29 using Reddit

Which service are you leaning towards? What’s the deal with account opening fees, and how long does it actually take to get the account and card set up?

EDIT - wait, does he need to open that exact same account? Or can he just wire the money through a bank into an account like that?

It works because both services provide an IBAN.

I'm new to Wise, but I know Revolut keeps their fees pretty low.

They should be listed somewhere; just check the fine print on their website.

Oh, and opening an account is free with both.

Thanks, I'll get on it in about ten days because that's what I gotta do if I want my money 😁

How far back does one actually have to prove the origin of their assets? 10, 20, 100 years?
After a certain point, there should be a statute of limitations where they can no longer demand proof of origin... I heard it might be 6 years, though I'm not sure if that's accurate.

If there were no statute of limitations, they could essentially investigate how your great-grandfather acquired his wealth.

Honestly, even that wouldn't be such a bad move. 👍

How would this play out if I moved back to the States?

Let's say I head back home—I want to grab an apartment and a car. I'm keeping all my cash in an overseas account.

Can I just pay for the car or the place directly from that foreign account, or am I forced to move the money into a US bank first?

If I drop 100k on a condo and 20k on a car, should I be expecting a call from the IRS?

Thanks

Karen Morales said:How would this play out if I moved back to the States?

Let's say I head back home—I want to grab an apartment and a car. I'm keeping all my cash in an overseas account.

Can I just pay for the car or the place directly from that foreign account, or am I forced to move the money into a US bank first?

If I drop 100k on a condo and 20k on a car, should I be expecting a call from the IRS?

Thanks

There is no reason for the IRS to bother you unless the money originated from somewhere like the Cayman Islands.
If your funds are held in a bank in, say, Germany, the money is already within the established financial system, and if any issues arise, the German authorities would be the ones investigating...

There is no reason why you couldn't pay using funds from a foreign account, and even if you are questioned, you simply provide proof of the source via your foreign bank statements...

Arthur Long5 said:There is no reason for the IRS to bother you unless the money originated from somewhere like the Cayman Islands.
If your funds are held in a bank in, say, Germany, the money is already within the established financial system, and if any issues arise, the German authorities would be the ones investigating...

There is no reason why you couldn't pay using funds from a foreign account, and even if you are questioned, you simply provide proof of the source via your foreign bank statements...

The money would be coming from the US. Not sure if that changes things? The US and America don't have a double taxation treaty. So, I'm kind of worried that might actually be a problem.

Karen Morales said:The money would be coming from the US. Not sure if that changes things? The US and America don't have a double taxation treaty. So, I'm kind of worried that might actually be a problem.

Nah, that's not really the issue here. I've actually got a situation where my sister needs to wire a pretty huge chunk of change to my account, so I swung by the IRS office today to get the lowdown. Turns out, you don't owe taxes if the transfer stays within the first line of kinship—like parent to child, that's tax-free—but siblings, like brothers or sisters, actually do have to pay up on those transfers.

I'm not planning on doing it that way, but hey, it's good to stay informed... 🍿