Re: Td bank
Big CJ your way of thinking is a product of post 911 government taking away your banking freedoms. Don't take offense as it's worked on many millions besides you.
Every government would want you to believe you are a guilty money launderer until proven innocent.
Now..if you think outside the box.... if you go to one bank branch you could in fact open actually more than 5 accounts.
For example:
Personal checking
(some banks such as Key Bank allow you to open and unlimited amount as long has they have more than a zero balance, you can do this online)
Personal savings
DBA checking
LLC checking
(how many LLC's do you want to create?)
Getting the picture?
A business account such as an LLC is almost never questioned about transfers in and out and/or cash deposits. The reason being is that it is assumed that a 'business" will and needs to make these transactions, so attention is not paid to them.
On the other hand a PERSONAL account with many ACH transfers other than W-2 or 1099 income (for the US, apply whatever wage income is in your country) will eventually be looked at as this is considered "unusual activity".
With that being said to clarify your statement you would be more correct if you stated that "opening more that 5 PERSONAL accounts" in any one bank would be considered "unusual activity" the term Money Laundering is not used initially.
So, the safer yet more time consuming thing to is open bank accounts in the name of an LLC. You can still create your stealth accounts in a personal name and have your LLC account attached to PP. There are many times when a person will make an ACH transfer to a company's bank account to pay for goods or services, for example your monthly bills. This is considered by the banks as normal business and will not be questioned, and you still get the benifit of mismatched names without the scrutiny. Quote:
Originally Posted by BigCJ because it looks like serious money laundering when tom, dick, harry, moe, and TJ have hundreds of dollars flowing into crystals accounts | |