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Started By
Message
re: My Bank Called Inquiring RE Venmo Transactions
Posted on 9/30/24 at 2:19 pm to WeeWee
Posted on 9/30/24 at 2:19 pm to WeeWee
You would think so.
Right after I made the post, my phone started ringing, so I haven’t read all the responses.
Thankfully, my spouse isn’t carrying on a secret life and neither of us are trafficking drugs or kids!
Anyway, finally talked to my banker, yes personal bankers are a “thing”, he said that the compliance department can ask for an explanation of electronic payments in amounts over $600. My banker, who’s name is Mr Drysdsle, explained that a new law requires that banks must report all electronic payments over $600 and that the IRS can flag anyone of them. He further explained that our bank will proactively seek information on transactions that are likely to be flagged as a measure to cut down on red tape.
He said my account activity looked suspicious because of the the number of transactions, and the account isn’t my primary checking account.
My account hasn’t been frozen, but if the IRS does begin an investigation, they can freeze the account subject to the query. He said take screen shots of the text messages relating to the charges just in case.
Thanks, Biden.
Right after I made the post, my phone started ringing, so I haven’t read all the responses.
Thankfully, my spouse isn’t carrying on a secret life and neither of us are trafficking drugs or kids!
Anyway, finally talked to my banker, yes personal bankers are a “thing”, he said that the compliance department can ask for an explanation of electronic payments in amounts over $600. My banker, who’s name is Mr Drysdsle, explained that a new law requires that banks must report all electronic payments over $600 and that the IRS can flag anyone of them. He further explained that our bank will proactively seek information on transactions that are likely to be flagged as a measure to cut down on red tape.
He said my account activity looked suspicious because of the the number of transactions, and the account isn’t my primary checking account.
My account hasn’t been frozen, but if the IRS does begin an investigation, they can freeze the account subject to the query. He said take screen shots of the text messages relating to the charges just in case.
Thanks, Biden.
1
Posted on 9/30/24 at 2:23 pm to AwesomeSauce
quote:
Is the issue here that the big man isn't getting his 30%?
The big man is making sure he is getting his at least 30%.
Posted on 9/30/24 at 2:37 pm to WinnaSez
I have had somewhat similar issues but not related to Venmo type transactions. In short, that is your Gub-ment being a bully.
Is this a 'large' bank? Try using a community bank (the smaller the better) and most of your issues will go away. The cost of banking with a smaller community bank are generally higher. However, it is my experience that you will receive a more personalized level of service and often avoid the transactional scrutiny of a large bank (on behalf of the government).
Is this a 'large' bank? Try using a community bank (the smaller the better) and most of your issues will go away. The cost of banking with a smaller community bank are generally higher. However, it is my experience that you will receive a more personalized level of service and often avoid the transactional scrutiny of a large bank (on behalf of the government).
This post was edited on 9/30/24 at 2:38 pm
Posted on 9/30/24 at 2:40 pm to WinnaSez
Venmo, Zelle, cash app, etc all have to be able to account for all that because that is how people do money laundering.
Posted on 9/30/24 at 2:46 pm to WinnaSez
quote:
Anyway, finally talked to my banker, yes personal bankers are a “thing”, he said that the compliance department can ask for an explanation of electronic payments in amounts over $600. My banker, who’s name is Mr Drysdsle, explained that a new law requires that banks must report all electronic payments over $600 and that the IRS can flag anyone of them. He further explained that our bank will proactively seek information on transactions that are likely to be flagged as a measure to cut down on red tape.
He said my account activity looked suspicious because of the the number of transactions, and the account isn’t my primary checking account.
My account hasn’t been frozen, but if the IRS does begin an investigation, they can freeze the account subject to the query. He said take screen shots of the text messages relating to the charges just in case.
Yep. I run a spring/summer hockey camp for the players in our local association just so they can get some ice in the off-season. Ice rates run $180 per hour here (dirt cheap) but when you rack up about 30 hours the bills can really add up. Since I am on the contract I pay the bill, all the parents just reimburse me. People want to pay me via Venmo but I refuse for this reason, the $600 rule. I suppose the bank could also ask questions when I am depositing cash and checks.
The government needs to get out of our business. I am well under that $10,000 limit, probably around $5-6k in ice rental bills running through my account.
We shouldn't be guilty and having to prove our innocence. That's what you are having to do with saving texts and receipts.
Posted on 9/30/24 at 2:54 pm to Double Oh
quote:
I would just tell the bank it’s none of there business
Posted on 9/30/24 at 2:57 pm to WinnaSez
Tell them it's kickbacks from attending a few Kamala rallies and they'll back off
Posted on 9/30/24 at 3:08 pm to Ghost of Colby
quote:
$600 through Venmo can require a 1099 form
For business transactions, sure.
Not for reimbursing your baws for tailgate expenses or on a vacation.
Posted on 9/30/24 at 3:31 pm to Bayou Warrior 64
I do bank with a state wide bank, hence the ability to pick up a phone and talk to a live person, in English.
Posted on 9/30/24 at 3:44 pm to PCBourbon
quote:
New tax rules for 2024 with Venmo and Paypal etc. See below:
For tax year 2024, the IRS will transition to a threshold of $5,000 with the $600 limit going into effect the following year, meaning that business transactions that surpass $600 will trigger the 1099-K form, which Venmo, Paypal, Cash App and others will create.
Unfortunately, paying taxes on payment app business income isn’t tied solely to the 1099-K form.
quote:
business transactions
Doesn't apply to payments sent as "friends and family" to an individual's personal Venmo / Paypal account, which is what all of the tailgate reimbursement transactions should have been
This post was edited on 9/30/24 at 3:46 pm
Posted on 9/30/24 at 3:44 pm to WinnaSez
the bank reporting requirement is only for cash transactions
Posted on 9/30/24 at 3:46 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). I said I would call my banker and have him call her. I’m waiting on a call back from said banker.
NGL sounds shady af. Gumps are obsessed.
Posted on 9/30/24 at 3:57 pm to Tiger Prawn
quote:
Doesn't apply to payments sent as "friends and family" to an individual's personal Venmo / Paypal account, which is what all of the tailgate reimbursement transactions should have been
IRS doesn't have to prove shite, you have to prove shite. Always remember that, and keep receipts (both situation and actual receipts).
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