BoA accounts closed due to TOS violation regarding desposits

[iceman420]

Originally Posted by nickopedia

You weren't careless or doing something wrong in your mind. Really, who the hell knows of all these arcane Federal banking rules?

Banks have a hard enough time dealing with the FED and OCC red tape, and their compliance offices are full of lawyers that need to be on top of their game to keep the bank out of trouble. To add to this, there is also the usual KYC/AML (Know Your Customer/Anti-Money Laundring) rules they must follow. There is no room for error in this area.

if you only knew what goes on behind the scenes in a bank, you would understand how high stress a bank manager's life must be. When the hammer comes down, it can whack HARD.

U dah man nicko! Thanks, this is great information! The name Nickopedia suits you well!

[natdeprophet]

well one thing that might have contributed to this (If i understood you well) is opening 4 accounts under one parent account,thats considered suspicious activity to many banks,that might not be the main reason why your account got closed but it was definitely one of the few things they considered while pulling the plugs

[nickopedia]

One thing I would also like to point out, is the account TYPE you are using is very important.

Checking, Savings, Money Market, Debit.
For Personal, Business, or Commercial.

All this is considered. In general, banks are more edgy about you doing regular transactions on a Savings account. In fact, they don't like it due to regulatory restrictions. Particularly concerning to a bank is to have large 3rd party (mismatching) deposit come into Personal Savings or Money Market account.

Let's face it, a Savings Account was really intended for, well, SAVING money.

A bank will give you a lot more "leeway" if yo use a business account because it's less restrictive/flexible on how it can be used by the customer. 3rd party deposists would be more tolerated and easier to explain (i.e. clients making deposits on your behalf)

Accounts opened online are subject to more scrutiny by the Fraud Dept. than those opened in person for obvious reasons.

When you visit your bank, meet face-to-face with the agent/officer and tell them what you need and ask for suggestions. They usually want your business.

Does anyone remember the good old days when Wells Fargo used to literally BEG you to open an account with them? It's not hard to open an account, banks want your business.

[thespitefulchant]

if anyone wants some AMAZING advice, make BOA accs,

go to wells fargo create a separate checking and savings acc,

sign up with zelle,

send money to other bank,

gg

thank me later

much love <3

[nickopedia]

Zelle is cool. Transfers are near instant between institutions, and there are more and more banks participating.

In fact, ALL the "big 5" banks are Zelle Pay capable:
Wells Fargo
Bank of America
Chase
Citibank
US Bank

There are quite a few others as well.

Sure beats the slow-ass ACH transfers which can take days in some cases...

[thespitefulchant]

zelle is the best TRY IT OUT!!

[phaz0rz]

Originally Posted by thespitefulchant

if anyone wants some AMAZING advice, make BOA accs,
go to wells fargo create a separate checking and savings acc,
sign up with zelle,
send money to other bank,
gg
thank me later
much love <3

Why would you do this though?

I like Zelle and I pay suppliers with it occasionally. But why are you moving money from BoA to Wells Fargo? Both have terrible interest rates. I could understand transferring $ to a credit union with decent rates.

Seems like you could just withdraw the money straight to your WF accounts.

Avoid transferring all of your money away from BoA. They'll close your accounts.

[rsot]

Originally Posted by phaz0rz

Avoid transferring all of your money away from BoA. They'll close your accounts.

Precisely.

[GreenBean]

Originally Posted by phaz0rz

Avoid transferring all of your money away from BoA. They'll close your accounts.

My thoughts exactly.

[nickopedia]

Like PP, you should never drain a bank acct of all funds. A reserve should always be left in the account, as this is good practice. You also risk overdrafts in the event you have an unexpected reversal or transaction occur you wern't anticipating.

Banks don't like NSF's and usually result in steep fees. BofA charges $35 for each occurance.

[demitrick]

Odd is Ive had over 50 boa savings closed over past 2-3 years all due to different stealth paypal and just transfer them into my boa checking they could care less. I currently have over 10 savings open with the 300 min balance to avoid fee.

[newjerseymax]

My better half works for Bank Fraud Protection and it is not unusual for people to set up many accounts.

Some people set them up for each bill:

1. Electric
2. Phone Bill
3. Cable Bill
4. Little Johnny bike savings
5. Little Emily Easybakeoven savings
6. Rent
7. etc
8. etc

You get the point. Its not the actual number of accounts that draw flags, however its how you use them.

Most accounts don't get flagged unless more then 10k is moved within 24hr period.

[GreenBean]

Originally Posted by newjerseymax

My better half works for Bank Fraud Protection

Most accounts don't get flagged unless more then 10k is moved within 24hr period.

Tellers are obliged to file reports for deposits of different types.. Such reports may have no further action. Transfers up to $10,000 can go through but again bank software flags them.

In the next post I included comments on US money laundering.
Be aware some of the major banks have been fined billions of dollars for their poor conduct complying with Federal law.

[GreenBean]

As promised... details of what is happening in the background of your bank.

The Role of Finiancial Institutions
While banks operating in the same country generally have to follow the same anti-money laundering laws and regulations, financial institutions all structure their anti-money laundering efforts slightly differently. Today, most financial institutions globally, and many non-financial institutions, are required to identify and report transactions of a suspicious nature to the financial intelligence unit in the respective country. For example, a bank must verify a customer's identity and, if necessary, monitor transactions for suspicious activity. This is often termed as "know your customer". This means knowing the identity of the customer and understanding the kinds of transactions in which the customer is likely to engage. By knowing one's customers, financial institutions can often identify unusual or suspicious behaviour, termed anomalies, which may be an indication of money laundering.



Bank employees, such as tellers and customer account representatives, are trained in anti-money laundering and are instructed to report activities that they deem suspicious. Additionally, anti-money laundering software filters customer data, classifies it according to level of suspicion, and inspects it for anomalies. Such anomalies include any sudden and substantial increase in funds, a large withdrawal, or moving money to a bank secrecy jurisdiction. Smaller transactions that meet certain criteria may also be flagged as suspicious. For example, structuring can lead to flagged transactions. The software also flags names on government "blacklists" and transactions that involve countries hostile to the host nation. Once the software has mined data and flagged suspect transactions, it alerts bank management, who must then determine whether to file a report with the government.

Hope this helps.

[ebaystealth1974]

Originally Posted by GreenBean

The amount is inaccurate. Tellers are obliged to file reports for cash deposits of $6000. Such reports may have no further action. Transfers up to $10,000 can go through but again bank software flags them.

Not in America. $10,000.01 CASH deposits/withdrawals and above gets reported to the IRS.

What you DON'T want to do, is get caught trying to avoid the reporting! Such as depositing $8000 one day, and $3000 the next. This is "Structuring" and is illegal as hell! The IRS will confiscate your money if they feel like it, because of this. And they don't even have to prove that you're guilty... YOU have to prove that you're innocent!

An SAR(suspicious activity report) gets filed when a bank employee thinks you're structuring payments to get around reporting to the IRS, or any other thing they deem as suspicious.

[ebaystealth1974]

But all the above is for cash, since that's how laundering happens. I'm not aware of the limitations on electronic deals.

[shellyanne]

Originally Posted by nickopedia

You weren't careless or doing something wrong in your mind. Really, who the hell knows of all these arcane Federal banking rules?

Banks have a hard enough time dealing with the FED and OCC red tape, and their compliance offices are full of lawyers that need to be on top of their game to keep the bank out of trouble. To add to this, there is also the usual KYC/AML (Know Your Customer/Anti-Money Laundring) rules they must follow. There is no room for error in this area.

if you only knew what goes on behind the scenes in a bank, you would understand how high stress a bank manager's life must be. When the hammer comes down, it can whack HARD.

Thank you for the explanation of the acronyms....I seem to spend half my time looking them up on google

[GreenBean]

Banks must file SARs where necessary. It is not cash specific.

https://www.law.cornell.edu/cfr/text/12/21.11 Explains SARs.

[ebaystealth1974]

Originally Posted by phaz0rz

For whatever reason it doesn't appear to apply to wire's/ACH's...

Because money launderers deal in cash. It's to catch drug dealers, and others involved in illegal activities, that don't want to report that income.

It isn't meant to catch crooked politicians. They're the ones who came up with it lol

[phaz0rz]

Originally Posted by GreenBean

Banks must file SARs where necessary. It is not cash specific.

https://www.law.cornell.edu/cfr/text/12/21.11 Explains SARs.

Your page appears to explain that banks must file SAR's when they suspect something criminal. I don't see any hard-set reporting thresholds on that Cornell page.

Here's the FinCEN article, saying the same thing. Banks are only required to report if they suspect something suspicious. Seems like a loophole.

https://www.fincen.gov/sites/default...lone%20doc.pdf

Previous post pulled after realizing form 8300 is the business equivalent of a self-reported SAR.

[iceman420]

Originally Posted by demitrick

Odd is Ive had over 50 boa savings closed over past 2-3 years all due to different stealth paypal and just transfer them into my boa checking they could care less. I currently have over 10 savings open with the 300 min balance to avoid fee.

I dont think it was the amount of accounts opened, but rather how they were used. Lots of good info in this thread, read up !

[ebaystealth1974]

Originally Posted by phaz0rz

Your page appears to explain that banks must file SAR's when they suspect something criminal. I don't see any hard-set reporting thresholds on that Cornell page.

Here's the FinCEN article, saying the same thing. Banks are only required to report if they suspect something suspicious. Seems like a loophole.

https://www.fincen.gov/sites/default...lone%20doc.pdf

Previous post pulled after realizing form 8300 is the business equivalent of a self-reported SAR.

Exactly, which puts your fate in the hands of inept employees. Just like PP and eB.

It's astounding the amount of ignorance that typical bank employees possess regarding SARs and such. I've witnessed the most asinine questions before, when they were curious "if they should file an SAR or not". It made me feel uneasy, and afraid to have a cash business.

They took $107k from this man because of sh*tty bank employees...(he finally got it back)

http://www.foxnews.com/politics/2015...07gs-back.html