Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-30-2015, 10:54 AM   #21
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Quote:
Originally Posted by audreyh1 View Post
That sounds like the solution to me. So what if you appear to be "structuring" the deposits? If you have the paper trail showing where that they come from rentals and a rental income and deposit history, you are good.
This is why you don't want to appear to be structuring deposits-

http://www.nytimes.com/2014/10/26/us...-required.html
__________________

__________________
ArkTinkerer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-30-2015, 11:05 AM   #22
Recycles dryer sheets
 
Join Date: Sep 2012
Posts: 91
Worked for a Megabank for more years than I care to count. Spent 7 years in Small Business unit.

The bank is calculating the cost of deposits, checks paid, statements rendered, etc. It then computes the interest it is earning on the deposits in the account. If the income is less than the cost, it will charge you a fee. Note that if you are getting interest on the account, that will be considered a cost. All of this is typical for business accounts, regardless of the bank.

My suggestion is to visit with the small business specialist in the branch and see if that person can suggest a better strategy for your situation. If you do look at other banks, check the fee schedule carefully. Look for things like not receiving interest on the first X dollars of deposits!!
__________________

__________________
Likes_to_Lurk is offline   Reply With Quote
Old 03-30-2015, 11:05 AM   #23
Recycles dryer sheets
fidler4's Avatar
 
Join Date: Mar 2013
Posts: 207
Quote:
Originally Posted by ArkTinkerer View Post
This is why you don't want to appear to be structuring deposits-

http://www.nytimes.com/2014/10/26/us...-required.html

I agree it doesn't matter that the source of the funds is legit if you structure your cash deposits to evade the CTR reporting requirements ($10,000 and over in cash) you are technically structuring.

https://www.law.cornell.edu/uscode/text/31/5324

Not a big fan of B of A but maybe a person who deposits a lot of cash transactions takes more of the tellers or banks employees time since they have to run the cash through the counting machine?


Sent from my TRS-80
__________________
fidler4 is offline   Reply With Quote
Old 03-30-2015, 11:10 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,317
Dump them.

Find a good local bank, the one's that like to do business with local business people such as yourself.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 03-30-2015, 12:17 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,252
Quote:
Originally Posted by Lakewood90712 View Post
I have small business accounts with 2 banks, including b of a. even with a tiny size account. B of A kisses my butt as a "business account" Neither pay any interest , and b of a charges only a check image fee $2.00 mo. No min. balance requirement. IMO, B of A treats non-business customers with indifference.

The other bank offers "analyzed business checking " that pays interest. Light bulb just came on, they pay interest then analyze how to take it back.
Ding, ding, ding, ding....

Yep, you would get a deposit credit for the amount of cash you had in the account for the month... back when interest rates were higher that usually covered the analysis fee... you really had to do a lot of transactions in order to get charges...

The last firm I worked at had an account with Wells Fargo... we paid about $100 to $120 per month in fees... we did about 50 or so checks a month... we did 20 to 30 deposits... had online access and a deposit machine at our office... so yes, it is now easy to get charges....

The fee that got me riled up was when our balance was too large!!! The company received a lot of cash at the beginning of the year... We went over $1 million in the bank and they charged us over $1,000 to have it on deposit... not sure, but I think the FED was requiring some kind of reserve on large balances and they were passing it on to their customers... never let it get that large again....
__________________
Texas Proud is offline   Reply With Quote
Old 03-30-2015, 12:32 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,453
Quote:
Originally Posted by ArkTinkerer View Post
This is why you don't want to appear to be structuring deposits-

http://www.nytimes.com/2014/10/26/us...-required.html
Wow - nasty! Well at least the IRS has suspended the practice. But a lot of other law enforcement agencies are trolling for the opportunity to seize.

Anyone who receives large amounts of cash needs to be aware of this.

Sounds like you need a new bank.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 03-30-2015, 01:03 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by ArkTinkerer View Post
This is why you don't want to appear to be structuring deposits-

http://www.nytimes.com/2014/10/26/us...-required.html


You don't have a shoe box or mason jar handy?
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 03-30-2015, 01:08 PM   #28
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 1,708
Bank of America <= Bank of Italy (read the history here folks)

Ask them if they will reverse the fee in that you were unaware of that particular fee. Advise them that you will be sure to conduct your banking business such that you will not trigger that fee again and that this will be a one time request.

Then either find a new bank, or otherwise stay with them but with the knowledge of that nasty fee waiting to get you.

-gauss
__________________
gauss is offline   Reply With Quote
Old 03-30-2015, 01:14 PM   #29
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
Oh hell no!

Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is online now   Reply With Quote
Old 03-30-2015, 01:49 PM   #30
Thinks s/he gets paid by the post
 
Join Date: May 2014
Location: Utrecht
Posts: 2,204
Anecdote: I used to have an account with a bank that charged for closing an account.

Lucky for me I knew about it upfront. So when the interest came in, I cleared the account first (before internet banking).

Then went there to next day to close it. Lady looked at me and said: there is a fee for closing the account. I said: good luck with that (in a nice way).

Fee was waived ..
__________________
Totoro is offline   Reply With Quote
Old 03-30-2015, 01:58 PM   #31
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,494
DW had (note past tense) an account with BofA before we were married. Closed it and took her business elsewhere because of high fees.

Business account or no, that's outlandish. I'd close the account(s) and take my business elsewhere.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is online now   Reply With Quote
Old 03-30-2015, 02:47 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,871
Quote:
Originally Posted by Totoro View Post
Anecdote: I used to have an account with a bank that charged for closing an account.

Lucky for me I knew about it upfront. So when the interest came in, I cleared the account first (before internet banking).

Then went there to next day to close it. Lady looked at me and said: there is a fee for closing the account. I said: good luck with that (in a nice way).

Fee was waived ..
I did the same with a joint account where the second party had died. They told me I couldn't close the account, so I emptied it.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 03-30-2015, 03:07 PM   #33
Thinks s/he gets paid by the post
Ally's Avatar
 
Join Date: Feb 2011
Posts: 1,189
At our workplace, where we do not use BoA, the national bank we previously used tried to do this. Since we take in lots of cash payments daily, our board complained immediately and threatened to pull out, so they stopped and refunded what they had charged. This was several years ago and that bank was bought out by BBVA Compass. They haven't tried it.
__________________
Ally is offline   Reply With Quote
Old 03-30-2015, 03:31 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,453
Quote:
Originally Posted by gauss View Post
Bank of America <= Bank of Italy (read the history here folks)

Ask them if they will reverse the fee in that you were unaware of that particular fee. Advise them that you will be sure to conduct your banking business such that you will not trigger that fee again and that this will be a one time request.

Then either find a new bank, or otherwise stay with them but with the knowledge of that nasty fee waiting to get you.

-gauss
Sounds like you are better off not trying to avoid the fee. Just switch banks.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 03-30-2015, 08:18 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,418
Quote:
Originally Posted by audreyh1 View Post
That sounds like the solution to me. So what if you appear to be "structuring" the deposits? If you have the paper trail showing where that they come from rentals and a rental income and deposit history, you are good.
Hopefully you are right, and this statement from the IRS seems to support that. However, there are still ridiculous cases that are being brought against innocent people, that even if they are dropped eventually cost a ton of time and money. Not saying don't do it, just don't count on the government to do the right thing.

Edit: I see ArtTinkerer already pointed to one of these cases, but there are others. I hope the IRS really does stop targeting people as they say they will. But I'll believe it when I don't see it.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 03-30-2015, 09:07 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,453
Quote:
Originally Posted by harley View Post
Hopefully you are right, and this statement from the IRS seems to support that. However, there are still ridiculous cases that are being brought against innocent people, that even if they are dropped eventually cost a ton of time and money. Not saying don't do it, just don't count on the government to do the right thing.

Edit: I see ArtTinkerer already pointed to one of these cases, but there are others. I hope the IRS really does stop targeting people as they say they will. But I'll believe it when I don't see it.
I saw that. It's just horrifying. Even if the IRS has stopped, it looks like too many other law enforcement agencies are looking for a piece of forfeiture and pursuing non-criminals. Extortion, really. Horrible!
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 03-31-2015, 04:01 AM   #37
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
Structuring deposits is itself technically illegal, and although you might feel okay because the sources of the funds is all legitimate, remember you are going to have to argue that with the IRS, any bank regulator who objects to your structuring, misc law enforcement agencies and the same bank that wants to charge you a fee for depositing cash. Not a pretty prospect.

If this happened to me, I'd try to talk the branch manager out of this crazy fee, then if unsuccessful would be moving to another bank. There are lots of banks and credit unions.
__________________
growing_older is offline   Reply With Quote
Old 03-31-2015, 04:14 AM   #38
Dryer sheet wannabe
 
Join Date: Mar 2015
Posts: 20
Quote:
Originally Posted by Chuckanut View Post
Dump them.

Find a good local bank, the one's that like to do business with local business people such as yourself.
here here! One thing in the UK we don't have is local banks so we don't have this option otherwise i would be doing it.
__________________
MikeP is offline   Reply With Quote
Old 03-31-2015, 07:42 AM   #39
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Changing banks this afternoon. No its not going to BofA! Nearby and has a safe deposit box. You can bet I'll go over the fine print about fees! I expect that paperwork to open an account will soon approach that of purchasing a house!

A little more on structuring--though this is about withdrawls. Seems they now want to monitor
withdrawals of $5K even though the law is $10K....Government Orders Banks to Call the Cops When Customers Withdraw $5,000 or More | The Free Thought Project
__________________
ArkTinkerer is offline   Reply With Quote
Old 03-31-2015, 07:49 AM   #40
Recycles dryer sheets
 
Join Date: Oct 2011
Posts: 122
We used BoA a long time ago but closed the account when we moved. We had to pay a fee to close our account. We will never even consider them again.
__________________

__________________
KiraC is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
safety deposit box is being moved redduck Other topics 10 02-04-2013 07:30 AM
Teen in U.S. charged in death of family hamster MasterBlaster Other topics 73 03-25-2011 11:13 PM
Man Reads Wife's Email, Discovers Affair, Charged With Felony Computer Misuse haha Other topics 24 12-29-2010 07:15 AM
All charged up? Charger question Rich_by_the_Bay Other topics 3 05-20-2010 11:20 PM
1 Of 2 93-Year-Olds Charged In Manatee County Sex Sting Wags Other topics 18 03-28-2008 07:23 PM

 

 
All times are GMT -6. The time now is 01:11 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.