Nosy banks

Thomas Long10 said:Don't have the bandwidth to dig through this entire thread. Does anyone know if the IRS is going to come sniffing around if I deposit 10 $0.00 into my checking account?

Now, I believe this might be a bit of an exaggeration.
$3.25It amounts to roughly $1,450, which is a relatively minor sum even by American standards.
If you include $33 then honestly, nobody is going to bother you.
Should you arrive with $167 you'll simply be asked to sign a disclosure regarding the source of funds, and that's the extent of it.
However, if you perform such transactions repeatedly, they might eventually request a formal meeting...

As I recall, all transfers made via $35 undergo a standard review, but it isn't anything particularly alarming and there is no reason to be apprehensive about it.

Jessica Nelson4 said:It shouldn't be an issue at all; just this past month, I moved about 20k through my and my wife's joint checking account, even though we typically cycle our entire salary through there two or three times a month, and since they haven't reached out to us in over a year, I assume we're in the clear.😁

Thanks for the response.👍

Arthur Long5 said:Now, I believe this might be a bit of an exaggeration.
$3.25It amounts to roughly $1,450, which is a relatively minor sum even by American standards.
If you include $33 then honestly, nobody is going to bother you.
Should you arrive with $167 you'll simply be asked to sign a disclosure regarding the source of funds, and that's the extent of it.
However, if you perform such transactions repeatedly, they might eventually request a formal meeting...

As I recall, all transfers made via $35 undergo a standard review, but it isn't anything particularly alarming and there is no reason to be apprehensive about it.

Look, I don't know anything about finance or what the specific limits are.🙂
Thanks for clarifying, anyway.

The IRS only sees the total amount paid, so they can call a client regarding any specific transaction—there aren't really any rules left to stop them.

Before lightning even strikes, the IRS will have already come knocking on your door $3.25.

So you're telling me your mother just handed you the cash and called it a day
...

Anyone here ever pulled a decent chunk of change—say, $5,000—from PayPal into a US bank account? I’m wondering if anyone ran into questions from their bank or the IRS. I just sold some items and want to know if anyone actually got flagged by the tax man for stuff like this.
Also, does the IRS actually reach out about individual account transactions, or is that all just rumors and speculation?

Banks have justified this massive data collection by pointing to anti-money laundering and counter-terrorism regulations—specifically the U.S. FATCA requirements. It is telling that, much like the FTC’s own recommendations suggest, the specific data being requested varies wildly from one bank to another. The actual regulations used to trigger these procedures clearly define the necessary dataset: full name, residential address, date of birth, place of birth, Social Security number, and the type, number, and issuing authority of the ID provided.

As for FATCA (the Foreign Account Tax Compliance Act), it is a regulation designed to prevent tax evasion by American taxpayers—something that has virtually nothing to do with the vast majority of Americans. According to the IRS website, under this mandate, American banks are required to report the financial activities of U.S. taxpayers. In reality, the only thing a bank actually needs to determine under FATCA is whether a client qualifies as a U.S. taxpayer or not.

http://www.nytimes.com/news/examples/fines/6588804/

Who can I turn to for some help here? JPMorgan Chase has blocked all my withdrawals because I refused to play along with this whole FATCA nonsense and their "deep dive" client profiling. Naturally, I dug my heels in, and now I’m definitely not budging. I decided to just close the account, BUT JPMorgan Chase won't let me close it or release MY money until I cave and answer their questions. I am absolutely not giving them anything; I've decided to fight this to the bitter end. I also wonder if they're going to try and skim more money from me for monthly maintenance fees and annual card fees on an account I can't even use right now. Btw, the questions are just impossible—before I cut the interrogation short when the teller caught me off guard at the branch, she managed to ask if I was politically active, if I was married, and then she started digging into details about my kids... I just lost it and ended the conversation. Anyway, I'm looking for addresses or any advice on how to push back and put an end to this farce. Thanks.

Just give them the data they’re fishing for—basically, just tell them whatever version of the truth you don't feel like hiding—then shut down all your accounts and call it a day. That's it. It's the shortest, least painful way to handle this. Anything else is just an exercise in futility.

Things have taken an interesting turn 🍿 fortunately, I closed all my accounts at JPMorgan Chase just as they started threatening to freeze my funds
edit:
Try hitting them back with this:
Are you married? That’s hardly any business of a bank's...
Annual income? You should know that better than I do—just click your mouse and see for yourselves.
Phone number? Stop bothering me with these ridiculous questions.
Zodiac sign? Give it a rest with the nonsense.
Favorite sports team? Enough with the stupid questions.
---
Then, sign off with "I'm coming for you all, Laura Chavez93," grab your cash, and slam the door on your way out 👋

Gary Reed9 said:Just give them the data they’re fishing for—basically, just tell them whatever version of the truth you don't feel like hiding—then shut down all your accounts and call it a day. That's it. It's the shortest, least painful way to handle this. Anything else is just an exercise in futility.

I don't think they're really looking for a fight either, though.

The only thing I'd actually get out of all this arguing is some terrible PR.

-Steve

Reach out to a consumer protection group for guidance, and make sure to contact the privacy commission as well.
Here is the link again to that article detailing how banks have gone to every possible length
http://www.nytimes.com/news/articles/bank-fines-regulations/6588804/

Those people advising you to just give up... they are the type who simply accept whatever fate throws at them, possessing a submissive mindset that leads them to bow down to anyone with more power...

Why not fight back just a little? Open an account at a different bank, and if necessary, go to court with everything you've got...

There is absolutely no point in wasting your breath at the FTC—I was just speaking with someone who handles those matters, and they confirmed it’s a total dead end... the real move is to head straight to your local bank branch, demand to see the manager, and tell them you're closing every single account and withdrawing everything you have immediately. If you have to make a bit of a scene to get things moving, then do it.

Laura Chavez93 said:There is absolutely no point in wasting your breath at the FTC—I was just speaking with someone who handles those matters, and they confirmed it’s a total dead end... the real move is to head straight to your local bank branch, demand to see the manager, and tell them you're closing every single account and withdrawing everything you have immediately. If you have to make a bit of a scene to get things moving, then do it.

Making a scene won't help. Only the most unrefined customers resort to theatrics, and half of them can't even speak English properly to begin with.👍
The issue isn't that the staff or the manager are being difficult—that doesn't make any sense. It's simply that the system won't allow it if the data required by the Freedom of Information Act hasn't been entered.
If she thinks she's right, her best bet is to find a solid lawyer and file a private lawsuit. But realistically, they'll close those accounts regardless once the data is updated. Besides, she'll need that exact same information just to open a checking account at any other bank down the road.👍

Speaking from my own experience, Chase doesn't ask for anything beyond what’s listed on your ID and a contact number—though you aren't obligated to provide a cell or work line—and they pull your SSN directly through irs.gov... I handled my own account openings there once
so quit spreading such nonsense ☕

wiredlynx28 said:Making a scene won't help. Only the most unrefined customers resort to theatrics, and half of them can't even speak English properly to begin with.👍
The issue isn't that the staff or the manager are being difficult—that doesn't make any sense. It's simply that the system won't allow it if the data required by the Freedom of Information Act hasn't been entered.
If she thinks she's right, her best bet is to find a solid lawyer and file a private lawsuit. But realistically, they'll close those accounts regardless once the data is updated. Besides, she'll need that exact same information just to open a checking account at any other bank down the road.👍

So, what exactly are these "exact same details" we're talking about?

Nobody has actually specified that here on the thread yet, and I highly doubt Adele was stressing out over things like her home address or her date of birth.

-briskjackal5

briskjackal5 said:So, what exactly are these "exact same details" we're talking about?

Nobody has actually specified that here on the thread yet, and I highly doubt Adele was stressing out over things like her home address or her date of birth.

-briskjackal5

Political exposure, place of birth, US citizenship, and whether one is a tax resident in the US or some other foreign country.

Adeline mentioned they were asking her a ton of stuff on top of all that data.
I mean, things they don't even have a right to ask about, really.

The stuff you're bringing up... I don't think anyone here actually has an issue with it. I guess most people would be totally fine with those kinds of questions since the purpose behind them seems pretty justified, you know? 👍

-Steve

briskjackal5 said:Adeline mentioned they were asking her a ton of stuff on top of all that data.
I mean, things they don't even have a right to ask about, really.

The stuff you're bringing up... I don't think anyone here actually has an issue with it. I guess most people would be totally fine with those kinds of questions since the purpose behind them seems pretty justified, you know? 👍

-Steve

She said she didn't want to answer questions regarding, as she puts it, "that FATCA crap," but the actual questions I listed weren't even related to kids or anything extra like that.

Yeah.

So, what probably went down was that the clerk just told her that this whole thing is all part of FATCA. And because of that, she "has" to respond.

I mean, maybe Adeline herself doesn't actually know what counts and what doesn't, so she’s just passing along whatever info she heard from the official.

-Steve