Ugly Hedgehog - Photography Forum
Home Active Topics Newest Pictures Search Login Register
General Chit-Chat (non-photography talk)
Bank of America - Changes
Page 1 of 2 next>
Oct 12, 2021 08:56:45   #
jerryc41 Loc: Catskill Mts of NY
 
BofA changed it's terms. The limit I can transfer from one account to another has increased to $9,999,999.99. Finally, I can manage my money better!

Reply
Oct 12, 2021 08:58:47   #
Longshadow Loc: Audubon, PA, United States
 

Reply
Oct 12, 2021 08:59:25   #
burkphoto Loc: High Point, NC
 
jerryc41 wrote:
BofA changed it's terms. The limit I can transfer from one account to another has increased to $9,999,999.99. Finally, I can manage my money better!


But GovCo still gets a Suspicious Activity Report starting at $10,000…

Reply
 
 
Oct 12, 2021 09:08:17   #
Jimmy T Loc: Virginia
 
burkphoto wrote:
But GovCo still gets a Suspicious Activity Report starting at $10,000…


Pretty soon that amount may be $600.00

Reply
Oct 12, 2021 09:12:28   #
Longshadow Loc: Audubon, PA, United States
 
Jimmy T wrote:
Pretty soon that amount may be $600.00


Reply
Oct 12, 2021 09:14:14   #
burkphoto Loc: High Point, NC
 
Jimmy T wrote:
Pretty soon that amount may be $600.00


A clerk in a financial institution may file a SAR for any amount that is suspicious. But they have to for $10K and up.

We had regular SAR training for all CU employees when I was on a credit union supervisory committee. We reviewed all suspicious transactions as a committee, monthly.

Keep ya noses clean, y'all.

Reply
Oct 12, 2021 09:17:25   #
BassmanBruce Loc: Middle of the Mitten
 
burkphoto wrote:


Keep ya noses clean, y'all.


If I do that I’ll never get $9,999,999.99!

Reply
 
 
Oct 12, 2021 09:25:28   #
jerryc41 Loc: Catskill Mts of NY
 
burkphoto wrote:
But GovCo still gets a Suspicious Activity Report starting at $10,000…


Not my problem.

Reply
Oct 12, 2021 09:28:50   #
Jimmy T Loc: Virginia
 
burkphoto wrote:
A clerk in a financial institution may file a SAR for any amount that is suspicious. But they have to for $10K and up.

We had regular SAR training for all CU employees when I was on a credit union supervisory committee. We reviewed all suspicious transactions as a committee, monthly.

Keep ya noses clean, y'all.


I was referencing pending legislation that will allow investigation.
I'm not starting a "Poop-Storm" here.
Here is two of MANY references.: https://www.yahoo.com/now/irs-track-bank-transactions-over-140000522.html
https://www.google.com/search?q=investigating+%24600+transactions&oq=investigating+%24600+transactions&aqs=chrome..69i57.28648j1j7&sourceid=chrome&ie=UTF-8

Reply
Oct 12, 2021 10:20:11   #
DirtFarmer Loc: Way too close to New York City
 
I transfer money regularly from my checking or savings account to my credit card account. The amount frequently exceeds $1000 but I can count on the fingers of one hand* transfers exceeding $10,000. Dropping the $10K limit to $600 would significantly increase the paperwork load on banks. The banks will not eat that expense, but will increase fees to cover it. We will be the ones paying for the change.

The $10K level has been in place for many years. Shouldn't there be an adjustment for inflation?


* Using binary notation, it is possible to count up to 31 using the fingers of one hand (including the thumb). Maybe I should have said "two of the fingers of one hand"? (Large transfers in my case have been associated with buying a house, an infrequent occurrence).

Reply
Oct 13, 2021 07:58:20   #
JRiepe Loc: Southern Illinois
 
One of my IRA's is an annuity and when I take my yearly RMD they will not transfer it to my checking account but a check is sent directly to me. My bank's maximum mobile deposit allowance is less than the check I receive but fortunately I have online savings accounts that allow the deposit. I bank with Chase and there are no branches in my area so all transactions are mobil.

Reply
 
 
Oct 13, 2021 09:11:48   #
traderjohn Loc: New York City
 
[

Reply
Oct 13, 2021 09:12:22   #
sb Loc: Florida's East Coast
 
jerryc41 wrote:
BofA changed it's terms. The limit I can transfer from one account to another has increased to $9,999,999.99. Finally, I can manage my money better!


Thank goodness, it has been such a pain to just have to keep transferring a million at a time.

Reply
Oct 13, 2021 10:18:24   #
jerryc41 Loc: Catskill Mts of NY
 
sb wrote:
Thank goodness, it has been such a pain to just have to keep transferring a million at a time.


Right! You can transfer up to just under $10 million now. It's about time.

Reply
Oct 13, 2021 11:00:03   #
alberio Loc: Colorado
 
burkphoto wrote:
But GovCo still gets a Suspicious Activity Report starting at $10,000…


Define suspicious.

Reply
Page 1 of 2 next>
If you want to reply, then register here. Registration is free and your account is created instantly, so you can post right away.
General Chit-Chat (non-photography talk)
UglyHedgehog.com - Forum
Copyright 2011-2021 Ugly Hedgehog, Inc.