eBay Suspended & PayPal Limited Forums - Bank closed personal account

Actually, slapped, it is a little sneakier than that.

The report could be filed at $5000.

OCC: BSA and Related Regulations

Transactions of $10,000 may have to comply with the Bank Secrecy Act
Bank Secrecy Act

There is also a chance of action under the Currency Transaction Report.

Currency transaction report - Wikipedia, the free encyclopedia

Given the figures quoted by the OP, his banking has resulted in the bank covering itself under US Law.

Hope that helps

:juggle:

ricardosway8

01-27-2014 08:45 AM

Re: Bank closed personal account

Wow a lot of people on this forum don,t even go near running that much money in sales on monthly basis but it is Sad to hear that they took action agains you , I hope all goes well with the talking at your branch but as other ,s say the best choice with that much money is to go the Business account route. Good luck

joew8989

01-27-2014 09:34 AM

Re: Bank closed personal account

This also happened to me, much lower volume 5K a week, I just switched over to a business account and all was well. (so far at least, its been 6 months)

user3657

01-27-2014 06:37 PM

Re: Bank closed personal account

Do not quote me on this but checks/or ACH deposits are not required to be reported. Paypal/Amazon are ACH deposits and are traceable and are not required to be reported.
Its only when you have 10k cash that its to be reported.

GreenBean

01-27-2014 07:05 PM

Re: Bank closed personal account

Quote:

Originally Posted by user3657 (Post 523570)

Preferable to avoid such comments.

Any bank may report a transaction.

Always keep that in mind.

:peace:

slapped

01-28-2014 12:25 AM

Re: Bank closed personal account

Quote:

Originally Posted by user3657 (Post 523570)

ABSOLUTLY incorrect,,,,it is for ANY Transaction, click on the Link that Greenie was kind enough to provide Above,,where I was correctly informed that the Law was for Transactions of $5000 and Above as opposed to the $10,000, that I originally thought the threshold was

vogeltron

01-28-2014 04:48 AM

Re: Very Strange and rare problem. Anyone had this?

Quote:

Originally Posted by slapped (Post 523253)

No,,,That is slightly incorrect,,,,,,,,,For Personal accounts banks are REQUIRED by LAW, to file what is known as a SAR report (Suspicious Activity Report) for EVERY transaction (Deposit OR Withdrawal) $10,000 and above. This is more than likely the reason that the OP's Account was shut down,,(Large Daily Paypal Deposits)

You are right about SAR reports. But it does not even have to be for Going over 10k. If a bank detects anything that seems suspicious they have to file this. Depositing $5k every day instead of 10k on one day. Could be considered Structuring which is US law and you can be prosecuted for. I am sure having too many personal accounts falls under the same thing.

rsot	01-28-2014 06:19 AM

Re: Bank closed personal account

Quote:

Originally Posted by joew8989 (Post 523449)

This also happened to me, much lower volume 5K a week, I just switched over to a business account and all was well. (so far at least, its been 6 months)

Wise move - of course, you must report taxes for the business to be nicely setup.

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