Concern with bank deposits

[spender]

Hi,
I have a question regarding bank transfers to neteller.
Over the past two months I transfered about $20000 from my bank account to neteller. All the transfers were fairly small ($500) and the most was $3000 in a day. Is this a "red flag" as far as banks/audit is concerned? I can verify all deposits made - and nothing was made in cash - but my concern is if a transfer to neteller is concidered like a transfer to a bank or a transfer to an off-shore bank which could be money laundering??
Has anyone here ever had to explain their transactions to anyone?
Thanks!

 

[wilheim]

Spender, welcome to The Rx. I hope you enjoy the site. I will put a copy of this post in our Financial Forum - you may get an answer there also.



Link to Financial Forum copy...




Best of Luck, wilheim..

 

[oldmanTED]

I have been using Neteller for some time and transferring money back and forth between my Neteller account and my bank as well as the offshore books. There has never been a problem with the bank. There is obviously a paper trail. Red flags from the banks occur on transactions above $10,000 according to my bank under the law. Just keep good records for tax reasons, both winnings and losses.

 

[spender]

Thanks OldmanTed-
Do you know if that $10,000 a one time transaction or the sum over a period of time?

 

[oldmanTED]

Thanks OldmanTed-
Do you know if that $10,000 a one time transaction or the sum over a period of time?

According to my bank, any type of monetary transfer of funds, including bank wires, of $10,000 or more are required by the financial institution to be reported. This is not an accumulated amount but each individual transaction. If you keep your transactions below that amount you should be fine.

That being said, it does depend on the institution. There was some discussion in the Offshore Forum sometime back regarding Bank of America restricting Neteller transactions. I don't recall the details nor am I personally certain about B of A as I hold no accounts with them.

 

[CaliBettor]

I bank with B of A and transfer amounts under $4,500 back and forth from my Neteller and checking account. I've never had any problems and I'm not aware of any restrictions. I'm a tax professional and used to be a bank operations auditor. As far as I'm aware, only individual transactions of $10,000 or more are "flagged" and reported.

 

[PartyG]

Thanks for the info - I have also wonder this myself. Not that I will be making any transfers for that amount but have made transfers of $500 and did this due to the fact I didn't want to get flagged.

:thumbsup2:

 

[Fishhead]

I have been using Neteller for some time and transferring money back and forth between my Neteller account and my bank as well as the offshore books. There has never been a problem with the bank. There is obviously a paper trail. Red flags from the banks occur on transactions above $10,000 according to my bank under the law. Just keep good records for tax reasons, both winnings and losses.

DITTO