money deposit question

[glann]

Dumb post.

 

[budsmoker87]

lol what's the purpose of having a bank account? to earn 0.2%?

 

[puffdatchronic]

Banks do share info with other banks.. I have a bank account that hasn't been active for pretty long time and is in the overdraft, I make payments to it every month to cover the small interest fee from my gf's account at a different bank,well when MY bank wanted to contact ME they got my GF's phone number from HER bank and started ringing HER phone asking for me...

 

[glann]

you could do it to earn .2%. If that sounded appealing to you.

 

[glann]

Banks do share info with other banks.. I have a bank account that hasn't been active for pretty long time and is in the overdraft, I make payments to it every month to cover the small interest fee from my gf's account at a different bank,well when MY bank wanted to contact ME they got my GF's phone number from HER bank and started ringing HER phone asking for me...

good info to know

 

[BarnBuster]

...red flags on accounts...suspect deposits

If any criminal intent suspected then Bank Secrecy Act and Anti-Money Laundering may come into play:

http://www.ffiec.gov/bsa_aml_infobase/pages_manual/manual_online.htm

 

[FilthyFletch]

Yeah using the bank to hold the money is a bad idea especially having so many accounts as you have to link your SS# to them and will be required to pay taxes on those since there is a statement showing more then $3500 in the year period. One account putting 3 or 4 grand a month in while you have a job is fine multiple accounts with similar monthly deposits will be something that might get a look.

 

[glann]

Yeah using the bank to hold the money is a bad idea especially having so many accounts as you have to link your SS# to them and will be required to pay taxes on those since there is a statement showing more then $3500 in the year period. One account putting 3 or 4 grand a month in while you have a job is fine multiple accounts with similar monthly deposits will be something that might get a look.

You nailed it.

 

[droopy107]

^^^^^I'll second that motion too.

 

[ParkourMarkus]

Depends if you have a legitimate source of income to claim that money is coming from somewhere...the IRS notices the kind of stuff you have/buy if you get audited too..it's nice to turn your money legitimate through a bank+business.

 

[droopy107]

Depends if you have a legitimate source of income to claim that money is coming from somewhere...the IRS notices the kind of stuff you have/buy if you get audited too..it's nice to turn your money legitimate through a bank+business.

That's definitely a way to end up with your money above board, but keep in mind it's also a serious charge if the worst should happen. The kind of charge that could end up resulting in a sentence worse than the MJ charge.

 

[mr.rollup]

Are prepaid wal mart cards safe to deposit money into??

 

[ClaytonBigsby]

Do you mean the Walmart cards for the store? If you only want to spend your money there, sure, I guess. The prepaid credit cards they sell require you to give your name, address, social security number, phone number, etc, AND they charge you a monthly fee on top of the activation fee. If you meant the credit cards, then no, I do not believe they are a good way to go. If you're stacking cash, start a small business with heavy write offs. Cars are a great write off, especially for mileage.