Page 1 of 2 12 LastLast
Results 1 to 25 of 36

Thread: Bank "Audits"/Freezes....DON"T make this mistake!!!

  1. #1
    Veteran Member SweetPinkCupcake's Avatar
    Joined
    Aug 2011
    Posts
    605
    Thanks
    1,240
    Thanked 1,441 Times in 386 Posts

    Default Bank "Audits"/Freezes....DON"T make this mistake!!!

    So, I've heard that you can't deposit more than 2k a week in cash in a personal bank account, or 10k total a month, I have a Bank of America checking account, fyi. I've been in different cities lately, and it seems like whenever I'd try to use my debit card in a different city, I'd have to call them and let them know that it was ME, and nobody was stealing my card or anything, whatever, cool that is security. It's really annoying sometimes, but whatever.
    Welll....I've been travelling for a little while now, and was getting nervous about all the cash I was carrying around. I also need to give a landlord the rest of my deposit tomorrow to move into the apartment I'm..supposed..to start renting, so I decided to just deposit the rest of my cash on hand into my bank account so I could stop worrying about losing it and get a cashier's check or something.

    Long story short...I basically could NOT access my account today. I got the run-around for hours before finally figuring out that they closed my account for "suspicious activity". Went through the run-around again, and finally got it all settled to the point that my account will be re-opened and I'll have access by...by Thursday or Friday. Not like that helps me now, but whatever. Anyway, just let this be a really important lesson...to NEVER!!! have most of your money in one place...OPEN A BUSINESS ACCOUNT..and take it easy on cash deposits.

  2. The Following 6 Users Say Thank You to SweetPinkCupcake For This Useful Post:


  3. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    ^^^ indeed, one of the recent regulatory changes on banks is a mandate that bank personnel monitor customer accounts for 'suspicious activity'. Criteria to be looked for indeed includes sizeable cash deposits, as well as a repeating pattern of small cash deposits. Bank personnel who observe that a particular customer's account activity appears to meet the criteria for 'suspicious activity' are required to generate a report to the IRS / DHS ... which in turn can potentially result in frozen funds, IRS audits etc.

    You are correct that opening a separate business account reduces ( but doesn't totally eliminate ) the risk of cash deposits generating a suspicious activity report to the IRS / DHS. However, on the flip side, the existence of a business account de-facto informs the IRS that a profit earning business activity is taking place ... which the IRS computers are then likely to attempt to match up with a tax return reporting and paying taxes on said business profits.

    Indeed where US banks are concerned, money deposited in bank accounts is essentially no longer exclusively the depositor's money ... since de-facto gov't / bank 'permission' is now arguably required to withdraw said money.

  4. #3
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    These regulations have always been in place. The difference is how aggressive it has become and the technology to track them.

    Another option is safe boxes. For them to access a safe box they would need a court order. Which is much more difficult then you would think.


    Aside from that, congrats on making bank!!!! I wish I had this problem LOL
    Nature knows no indecencies; man invents them. ~ Mark Twain


  5. The Following 4 Users Say Thank You to Vamp For This Useful Post:


  6. #4
    God/dess simone87's Avatar
    Joined
    Feb 2012
    Location
    New England
    Posts
    5,171
    Thanks
    7,361
    Thanked 9,469 Times in 3,228 Posts
    My Mood
    Cheeky

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    not that i have this problem..but this is why i don't like banks, or trusting my money to a bunch of bankers ( people i don't trust, not going to get into politics here of course lol) . esp. after hearing what went down in cyprus

  7. The Following User Says Thank You to simone87 For This Useful Post:


  8. #5
    Veteran Member
    Joined
    Sep 2009
    Posts
    246
    Thanks
    310
    Thanked 275 Times in 112 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    I have never heard that, and I have the same bank, so that is good to know. What I don't pay cash for I end up depositing and have been doing that for years. I pay taxes. I also don't travel and work, my deposits are made at the same ATMs. I shouldn't be worried, should I?

  9. #6
    God/dess lynn2009's Avatar
    Joined
    Dec 2012
    Location
    USA
    Posts
    3,147
    Thanks
    8,922
    Thanked 7,163 Times in 2,493 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    if you pay taxes there is no reason to worry.

  10. #7
    God/dess LAChloe's Avatar
    Joined
    Sep 2007
    Location
    los angeles
    Posts
    2,107
    Thanks
    5,428
    Thanked 2,927 Times in 999 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    if you have a safety deposit box and you are depositing cash into it, does it appear suspicious if you are at the box once a week?

  11. The Following 3 Users Say Thank You to LAChloe For This Useful Post:


  12. #8
    Featured Member ava$'s Avatar
    Joined
    Mar 2013
    Posts
    1,535
    Thanks
    1,566
    Thanked 1,906 Times in 868 Posts
    My Mood
    Blah

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    ^ I am wondering this as well, and if they get a court order to search your safe deposit box do they have to let you know plenty of time in advance or do they just go on in with no warning?:/

  13. #9
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    ^^^ typically a search warrant for a safe deposit box will be the result of a tax investigation, a divorce settlement, a bankruptcy filing etc. where the person may be hiding income, assets, etc. Like a search warrant for a residence, no advance warning is likely to be given.

    I would add that under lots of possible circumstances, the contents of a safe deposit box found during such a search may also be seized or frozen.

  14. #10
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    Quote Originally Posted by LAChloe View Post
    if you have a safety deposit box and you are depositing cash into it, does it appear suspicious if you are at the box once a week?
    That is the other reason I suggested safe boxes. You would be surprised how many people have safe boxes and visit them every week. If you do this do not volunteer information and dont open your box until you are in private room. Some folks get paranoid or like to brag. One woman used to love to tell me about how she was hiding cash from her husband because she was going to leave him. Like I cared.
    Last edited by Vamp; 08-08-2013 at 01:17 PM.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  15. The Following 4 Users Say Thank You to Vamp For This Useful Post:


  16. #11
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    Quote Originally Posted by Melonie View Post
    ^^^ typically a search warrant for a safe deposit box will be the result of a tax investigation, a divorce settlement, a bankruptcy filing etc. where the person may be hiding income, assets, etc. Like a search warrant for a residence, no advance warning is likely to be given.

    I would add that under lots of possible circumstances, the contents of a safe deposit box found during such a search may also be seized or frozen.
    Yes but it is extremely rare. For a court order to be given they have to know the existence of said box. The laws surrounding safe boxes are so complex and tight that if they are not listed by name and ID number the banks wont comply with such orders.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  17. The Following 2 Users Say Thank You to Vamp For This Useful Post:


  18. #12
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    ^^^ actually, IRS computers can pick up on the existence of a safe deposit box from the fees included on bank statements. An IRS judge can issue the search order, and the bank will NOT say no to the IRS on a technicality !!!

  19. #13
    God/dess
    Joined
    Sep 2006
    Posts
    7,964
    Thanks
    6,155
    Thanked 10,183 Times in 4,602 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    An IRS judge? Do you mean federal judge? The IRS doesn't have their own judges.

  20. #14
    God/dess LAChloe's Avatar
    Joined
    Sep 2007
    Location
    los angeles
    Posts
    2,107
    Thanks
    5,428
    Thanked 2,927 Times in 999 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    Quote Originally Posted by Vamp View Post
    Yes but it is extremely rare. For a court order to be given they have to know the existence of said box. The laws surrounding safe boxes are so complex and tight that if they are not listed by name and ID number the banks wont comply with such orders.
    But isn't your ss # tied to your box? So if the IRS or whoever was interested in what you were worth, couldn't they search a database and see that you have a box?

  21. The Following 3 Users Say Thank You to LAChloe For This Useful Post:


  22. #15
    Featured Member strippername's Avatar
    Joined
    Aug 2010
    Posts
    1,459
    Thanks
    668
    Thanked 1,079 Times in 492 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    You didn't say how much you deposited. If you have had your account for the past 8 years and rarely ever travelled then there is a trail of state to state for the past three days of course they are going to freeze your account. You wouldn't be complaining if it wasn't you. You are crazy to have deposited money you were about to give to someone anyways. You should have gotten money orders or wired it to your rental office. I get money orders for $1999 and do not need to fill out paperwork.

  23. #16
    Veteran Member SweetPinkCupcake's Avatar
    Joined
    Aug 2011
    Posts
    605
    Thanks
    1,240
    Thanked 1,441 Times in 386 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    You wouldn't be complaining if it wasn't you?!! Um, yeah, actually I would. No, I haven't had my account for 8 years....and I don't think I was "crazy" for depositing money that I was going to give somebody. The whole reason I did that was because I am not IN my place yet...I just moved from another state so I'm running around with virtually ALL of my belongings and assets and I'm sick of double checking that I have my money 24/7 so I decided to deposit it to stop worrying a little. I learned a lesson from it, and wanted to warn other girls not to make the same mistake I did. Thanks!!!!!!

  24. The Following 4 Users Say Thank You to SweetPinkCupcake For This Useful Post:


  25. #17
    Featured Member strippername's Avatar
    Joined
    Aug 2010
    Posts
    1,459
    Thanks
    668
    Thanked 1,079 Times in 492 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    You wouldn't be complaining if your account was compromised. You would have appreciated the freezes and phone calls. I don't think Bank of America screwed up too much. They were protecting you. I don't understand why you would deposit money you were about to send somewhere anyways. That is ALLLLL I was saying. Calm down and stay stupid, please.

  26. #18
    Featured Member strippername's Avatar
    Joined
    Aug 2010
    Posts
    1,459
    Thanks
    668
    Thanked 1,079 Times in 492 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    and I have deposited plenty of money into my account with no problems and freezes. Maybe it was shocked.

  27. #19
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    ^^^ yes technically speaking a federal judge is involved. However, the involvement takes place in a 'special' court dedicated to IRS matters. So is it improper to refer to a federal judge who exclusively ejudicates IRS matters as an IRS judge ?

    (snip)"The United States Tax Court is a federal trial court of record established by Congress under Article I of the U.S. Constitution, section 8 of which provides (in part) that the Congress has the power to "constitute Tribunals inferior to the supreme Court".[1] The Tax Court specializes in adjudicating disputes over federal income tax, generally prior to the time at which formal tax assessments are made by the Internal Revenue Service"(snip)

  28. #20
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    Quote Originally Posted by LAChloe View Post
    But isn't your ss # tied to your box? So if the IRS or whoever was interested in what you were worth, couldn't they search a database and see that you have a box?
    Let me first say that im not advocating hiding funds from the IRS. For alot of reasons it is better to pay taxes and not have to worry about the IRS.
    This is a generality. I am not a lawyer. But in the grand scheme of things if i was moving around that kind of money and I paid taxes; I would be using a safe box to avoid the issues you are talking about. Even if it is just to decrease the larger deposits.

    Legally safe boxes are viewed more as property and not accounts. Lawsuits against banks from customers involving safe boxes went thru the roof in the past ten years. Those lawsuits involve divorce, deaths, etc. I have seen court orders denied because they didnt have a box number listed. It might sound insane but this is the issue it raises..... without a box number they could get into the wrong box (lawsuit from customer), if the volunteer the box number (lawsuit from customer); to name of a few that have happened. No one can search a safe box without a proper court order.

    There isnt a secret database that would include your safe box information. Your credit report does not say anything about safe boxes. The only place it is listed is with the bank and on a statement. If they dont know the bank or box number it would take a long time to find it. This is why some people have safe boxes at a different bank then where they normally bank.

    My bottom line is this, the chances of a safe box being searched are lower then your account being frozen or hitting reporting limits on accounts.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  29. The Following 4 Users Say Thank You to Vamp For This Useful Post:


  30. #21
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    the chances of a safe box being searched are lower then your account being frozen or hitting reporting limits on accounts.
    Total agreement here. However, to maintain perspective, the chances of a safe deposit box being searched are not zero ... and particularly so where the IRS is concerned ( versus a family court, divorce court etc. )

  31. #22
    Banned
    Joined
    Aug 2011
    Location
    Aboard The Spaceship
    Posts
    4,787
    Thanks
    3,183
    Thanked 10,142 Times in 3,290 Posts
    My Mood
    Breezy

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    Lol you guys do not know the situation. It has to do with location. Anywhere surrounding the border into another country (especially Mexico with the drug cartels!), meaning Arizona, Texas, California bordering Mexico- your account is likely to be frozen. Why? Because where is the first location an identity thief is going to take money out of someone else's card.

    I know this because #1: it happened to me growing up. A guy from Mexico was using my SSN even though I was a child, and he was from Mexico (illegally) living in Texas. If someone is from Mexico, obviously they are going to use the card in the U.S., and right before they get into Mexico or right after they leave Mexico. So banks have some weird security freeze on these areas since I guess it happens a lot.

    But still, this isn't OUR problem. We should be able to use the card where ever we go. Mine got frozen too by the way, in the same area, and this is why.

    And #2: I have been with SPC almost everyday for like 3 months so I saw what happened to her firsthand. Depositing money was never an issue til she started using her card near the border. Then suddenly they froze her account without notice and justified it by saying she is "high risk" with these cash deposits. Why wasn't she "high risk" when she wasn't bordering Mexico? That's why.

  32. #23
    Banned
    Joined
    Aug 2011
    Location
    Aboard The Spaceship
    Posts
    4,787
    Thanks
    3,183
    Thanked 10,142 Times in 3,290 Posts
    My Mood
    Breezy

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    Quote Originally Posted by Vamp View Post
    Let me first say that im not advocating hiding funds from the IRS.
    Its not really about hiding funds. Its about being able to deposit them & withdraw as we please. A lot of the girls in this thread are making crazy cash amounts (I'm not included in this, I'm direct deposit), but it always always always sets off triggers so the funds cannot be accessed. Mine got frozen with withdrawing tons of cash, and hers got frozen for depositing tons. But we had to, since we were paying several months worth of money upfront for an apartment.


    Quote Originally Posted by strippername View Post
    You wouldn't be complaining if your account was compromised. You would have appreciated the freezes and phone calls. I don't think Bank of America screwed up too much. They were protecting you. I don't understand why you would deposit money you were about to send somewhere anyways. That is ALLLLL I was saying. Calm down and stay stupid, please.
    This isn't a good thing. She STILL cannot access the money. They froze it and are eventually going to send it all as a check to an address she is not even at right now. How is that a good thing? No she doesn't have a bank account with them anyone because she's too ~*high risk*~ since she was ~*depositing money at the border*~. That isn't her fault.

  33. #24
    Featured Member
    Joined
    Nov 2012
    Posts
    980
    Thanks
    14
    Thanked 1,287 Times in 510 Posts
    My Mood
    Aggressive

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    my bank asked what I do for a living and if I wanted to do direct deposit when I opened my account. I told them I get paid in cash and would be depositing on average $10000k/month. I make cash deposits all the time and have never had this issue. maybe you just need to let them know that cash is your primary income and you will be making regular deposits. its not just strippers who do this, many independent contractors do this too so its not an obvious red flag.

  34. #25
    Featured Member strippername's Avatar
    Joined
    Aug 2010
    Posts
    1,459
    Thanks
    668
    Thanked 1,079 Times in 492 Posts

    Default Re: Bank "Audits"/Freezes....DON"T make this mistake!!!

    ^that is what I meant by her bank account being "shocked". When I didn't travel my bank flagged my account if I was traveling. When I was broke and made big purchases my bank would call and make sure it is me too. Thanks, bank!

Page 1 of 2 12 LastLast

Similar Threads

  1. Replies: 27
    Last Post: 01-02-2015, 02:02 PM
  2. "Hun," "Baby," "Darlin'" and other endearing terms
    By Chicagoeditor in forum Customer Conversation
    Replies: 74
    Last Post: 10-29-2013, 04:02 PM
  3. Replies: 64
    Last Post: 08-01-2011, 07:19 PM
  4. Stupid Mistake - now "blacklisted"
    By Prisoner201181 in forum Life Support
    Replies: 7
    Last Post: 12-08-2009, 06:48 PM
  5. I don't feel "pretty", "desired" anymore
    By greenidlady1 in forum Stripping (was Stripping General)
    Replies: 10
    Last Post: 01-23-2007, 10:07 PM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •