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!
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…
burkphoto wrote:
But GovCo still gets a Suspicious Activity Report starting at $10,000…
Pretty soon that amount may be $600.00
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.
burkphoto wrote:
Keep ya noses clean, y'all.
If I do that I’ll never get $9,999,999.99!
DirtFarmer
Loc: Escaped from the NYC area, back to MA
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).
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.
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.
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.
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