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Started By
Message
re: My Bank Called Inquiring RE Venmo Transactions
Posted on 9/30/24 at 12:40 pm to Ghost of Colby
Posted on 9/30/24 at 12:40 pm to Ghost of Colby
Pretty sure that is just for Venmo accounts that have flagged themselves as business accounts.
ETA:
ETA:
quote:
For the 2023 tax year, due to changes to tax laws, the federal tax reporting threshold was $600 for payments received for goods and services.
This post was edited on 9/30/24 at 2:26 pm
0
Posted on 9/30/24 at 12:40 pm to WinnaSez
quote:
I told her her that I thought they could inquire about one single deposit over $5000 but not multiple transactions (debits and credits).
So you made multiple deposits to get around the $5000 limit and you don’t think that sets off red flags?
This post was edited on 9/30/24 at 12:41 pm
Posted on 9/30/24 at 12:40 pm to WinnaSez
This is why you always use cash for stuff like this
I keep 100k cash in a safe
I keep 100k cash in a safe
Posted on 9/30/24 at 12:42 pm to WinnaSez
Tell your friends with class to use Zelle or cash. The rest of them can use Venmo.
You don’t seem to realize that Venmo gets a lot of fraud. $9,000 is a lot of money for them to assume it’s all 100% on the up and up.
You don’t seem to realize that Venmo gets a lot of fraud. $9,000 is a lot of money for them to assume it’s all 100% on the up and up.
Posted on 9/30/24 at 12:43 pm to WinnaSez
It's a money laundering thing. If you just tell them where it's from it's not a big deal.
Posted on 9/30/24 at 12:43 pm to WinnaSez
quote:
I told her her that I thought they could inquire about one single deposit over $5000 but not multiple transactions (debits and credits).
If they have concerns about structuring, they can ask about multiple transactions.
Banks are under a TON of pressure from regulators on issues like this.
Posted on 9/30/24 at 12:45 pm to Ghost of Colby
quote:
$600 through Venmo can require a 1099 form, unless the IRS has delayed that requirement.
That's on Venmo, not on the bank.
The bank is concerned about the deposits.
Posted on 9/30/24 at 12:47 pm to WinnaSez
Just tell her Hunter Biden attended and all will be forgiven.
Posted on 9/30/24 at 1:09 pm to WinnaSez
quote:
I collected money, around $9000, through Venmo for tailgate tent expenses. A lady from my bank called and said they need to know the source of this money. I asked why and she responded that the bank is required to ask the source of transactions over $5000. I told her her that I thought they could inquire about one single deposit over $5000 but not multiple transactions (debits and credits).
Shouldn't they have access to where the money came from? After all there is a record of each transaction on Venmo. I.e. Billcousinf**ker paid WinnaSez $345 for Cheez Puffs for Bama vs UGA tailgate.
Posted on 9/30/24 at 1:25 pm to WinnaSez
I'm not sure 5k is the actual cut off, but banks don't exactly give a shite about your personal information, and transactions from similar/same source of 10k is reportable to the government if I'm remembering correctly.
Posted on 9/30/24 at 1:27 pm to WeeWee
quote:
Shouldn't they have access to where the money came from? After all there is a record of each transaction on Venmo. I.e. Billcousinf**ker paid WinnaSez $345 for Cheez Puffs for Bama vs UGA tailgate.
The bank doesn't have access to the venmo transactions, the only have access to the transaction when you send it from venmo to the bank. So it was probably a $9,000 deposit from venmo which raised flags.
Posted on 9/30/24 at 1:27 pm to Lou
quote:
Your banker doesn't work at your bank?
To be fair, it is perfectly reasonable to not stop everything and answer banking information questions from someone who randomly calls you.
Posted on 9/30/24 at 1:28 pm to Twincam
quote:might if we knew how he registered to vote and his voting patterns in the past.
They have to report $10k I think, this doesn’t make sense.
Posted on 9/30/24 at 1:29 pm to Double Oh
quote:
I would just tell the bank it’s none of there business
I hope you're being sarcastic; otherwise, you are likely violating the user agreement and can have your account closed.
Posted on 9/30/24 at 1:31 pm to The Torch
quote:Is the issue here that the big man isn't getting his 30%?
They think you are funneling money to China.
This post was edited on 9/30/24 at 1:31 pm
Posted on 9/30/24 at 1:32 pm to TigerGman
quote:
I hope you're being sarcastic; otherwise, you are likely violating the user agreement and can have your account closed.
Depends on the bank, the questions, and how much money you have in there. In my professional life, I have definitely told banks to pound sand with weird KYC questions.
Posted on 9/30/24 at 1:34 pm to WinnaSez
A cash transaction report (CTR) is for cash transactions 10k or more.
Bank probably saw this as unusual activity and wanted to inquire.
Bank probably saw this as unusual activity and wanted to inquire.
Posted on 9/30/24 at 1:35 pm to WinnaSez
Just tell what’s it’s for and it’s NOT income. Problem solved.
Posted on 9/30/24 at 1:41 pm to Hermit Crab
quote:
Shouldn't they have access to where the money came from? After all there is a record of each transaction on Venmo. I.e. Billcousinf**ker paid WinnaSez $345 for Cheez Puffs for Bama vs UGA tailgate.
The bank doesn't have access to the venmo transactions, the only have access to the transaction when you send it from venmo to the bank. So it was probably a $9,000 deposit from venmo which raised flags.
Ah I misread that. I read that and thought it was Venmo asking. I will go take a lap and do 20 minutes of boes and toes as punishment.
Posted on 9/30/24 at 1:49 pm to WinnaSez
Make shite up - tell her you bought a rhino and that was the cost to have it shipped.
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