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Old 12-15-2015
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Default Any trouble with bank when withdraw large amount?

hi guys,
I'm withdrawing around $11,000 from Paypal to bank account (JP Morgan Chase), mismatch name. I did several times before but smaller amount (1-2000)
Do you have any idea will the bank ask or hold the fund or some kinds of trouble?

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Old 12-15-2015
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Default Re: Any trouble with bank when withdraw large amount?

I recommend spreading the withdrawal over 2 weeks or so. I withdraw right under $1k/daily on my main account to avoid scrutiny from paypal, and have been doing so for quite a while with no issues. Paypal even gave me the "settlement withdraw" option after a while of doing this. It's worth noting though that I did not start doing this immediately after starting the account. It took about 3 months for my daily withdrawals to reach where they are now. So, if it's an account you've been using for a while, I recommend a "staggered" withdrawal.

I think if you were to withdrawal $11k all at once, that would raise red flags for paypal and your bank (and possibly the feds, especially with mismatched names, lol).
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by himaster View Post
but smaller amount (1-2000)
Will they even let you withdrawal $1? I know they have some minimum amount..
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Old 12-15-2015
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Default Re: Any trouble with bank when withdraw large amount?

Just withdraw usual amounts and make several withdrawals.
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Old 12-15-2015
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Default Re: Any trouble with bank when withdraw large amount?

I agree with phaz0rz on this one. @OP, if you have made withdrawals up to 2k without problems....then slowly withdraw those same amounts and spread it out.

Banks have been noted to do reports of incoming money over 9999....
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Old 12-16-2015
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Default Re: Any trouble with bank when withdraw large amount?

I withdrew 7500$ in one day but spreded it into 3 transactions.
The last one was pending for 22 hours but the first 2 one were instant
750 + 3000 + 3750
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Old 12-16-2015
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by phaz0rz View Post
Will they even let you withdrawal $1? I know they have some minimum amount..
I meant 1000-2000.

Thank guys

Here is my update: I withdrew the whole amount at once. I submit the withdrawal request at around 4PM, and at around 11pm the SAME DAY, I receive the fund in my bank.
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Old 12-16-2015
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Default Re: Any trouble with bank when withdraw large amount?

You withdrew 11k to your bank at once with no problem? Isn't the bank required to report to IRS when you make a deposit of 10k or more?
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Old 12-17-2015
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by empirestate View Post
You withdrew 11k to your bank at once with no problem? Isn't the bank required to report to IRS when you make a deposit of 10k or more?
Who cares if they do?
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by yankee View Post
Who cares if they do?
Trust me, the last thing you want is the government asking you where you're getting a ton of money in different names from.
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Old 12-17-2015
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by empirestate View Post
You withdrew 11k to your bank at once with no problem? Isn't the bank required to report to IRS when you make a deposit of 10k or more?
Actually, actually the banks have two different amounts where reporting happens.
For your own interest check put the Bank Secrecy Act.

https://www.fincen.gov/statutes_regs/bsa/

It is serious.

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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by rsot View Post

Banks have been noted to do reports of incoming money over 9999....
It's the law for them to report any movement above $10,000.

I don't see why a bank wouldn't comply with that law either....
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by yankee View Post
Who cares if they do?
Who cares if they report 11K to the IRS?

They if they want can look into it. Not saying they will but why in world would you purposely risk it when you can just as easily wait 2-3 days and get the other half?

I wouldn't even do above $1,500 myself, but I don't make millions of money.

By doing 10K you automatically increasing security on your paypal account, bank account, and getting a report filled to the irs. Regardless of what happens and most likely nothing its just simply not worth it.

Really just creating complications that are unnecessary.
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Default Re: Any trouble with bank when withdraw large amount?

I must live in a different world than all of you guys.

My businesses would be crippled if I was paranoid about withdrawal amounts, payment sizes, etc...

It is like saying I would not take out more than 5k at the bank because it is reported. So, what if I needed, say 50K? Should I pass a deal from paranoia?

Quite simply, business would be impossible to run. Imagine if Kraft or Walmart was worried about the size of a deposit, especially such an insignificant amount of money in the whole scheme of things.
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Old 12-17-2015
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by BiN4RY View Post
Trust me, the last thing you want is the government asking you where you're getting a ton of money in different names from.
Trust you why?
What is your experience?

What I can say is, Trust me, IF I handled money like you are all suggesting, I would be out of business within the year. This mentality would cripple cashflow, vendors would not get paid, etc...
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Old 12-17-2015
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Default Re: Any trouble with bank when withdraw large amount?

I like this thread

My point is just because one persons actions may be deemed risky, does not mean it is risky for everyone.

By all means be cautious and SMART but don't let simple, everyday things hold you back either.
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Old 12-17-2015
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Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by yankee View Post
I must live in a different world than all of you guys.

My businesses would be crippled if I was paranoid about withdrawal amounts, payment sizes, etc...

It is like saying I would not take out more than 5k at the bank because it is reported. So, what if I needed, say 50K? Should I pass a deal from paranoia?

Quite simply, business would be impossible to run. Imagine if Kraft or Walmart was worried about the size of a deposit, especially such an insignificant amount of money in the whole scheme of things.


I think the issue here is not just the amount of money , which is fine , but making a 11K withdrawal from PayPal to your bank in a mismatched name may cause an issue with the bank.

There may be a manual review with that amount and than once they see the name is mismatched they could freeze the account until they verify that the paypal account is your account.

I dont know if this happens for sure, there are many ways to avoid mismatched names, for accounts that i have large deposits i either open a business bank account or i will make my paypal business name my real name and than add the bank account, so any withdrawal to that account will always be in my real name.
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Old 12-17-2015
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Default Re: Any trouble with bank when withdraw large amount?

I'm with you Mr. Shark, everything runs through a business for me and I have many paypal accounts in the same names. Same exact business names as well. A name is just a name.

But this kind of stuff goes far beyond what most of this forum handles. As for IRS reporting, they happen for every single normal person yearly. Anyone who gets a bonus check, sells an asset and cashes a check, writes a big check or withdraws peti cash.
It is nothing unusual and for small businesses, can easily be a daily occurrence.

Now, my original advice was to make a couple normal withdrawals. All can be done within minutes of each other. I still recommend that because of paypal. Not from hiding from bank reporting or whatnot.
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