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Not if you are doing legitimate transfers. I had to move money from trading account and had to do it over multiple days due to limits. It’s my money moving from
by e9 4y ago
Not if you are doing legitimate transfers. I had to move money from trading account and had to do it over multiple days due to limits. It’s my money moving from one account to another. Zelle also doesn’t allow you to move more than certain amount. Probably for protection reasons.
- colechristensen 4y agoAccount transaction limits are different than reporting limits.
- MatthiasPortzel 4y agoINAL, but just to give one more example. If you're depositing >$10k cash into a bank, you (or your bank) have to report that to the IRS. If it's legally acquired, that's fine. However, breaking that same transition up into multiple transactions in order to avoid this reporting requirement is called "structuring," and it's a felony, even if the money was totally legitimate. => https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595 https://www.mybanktracker.com/checking/faq/rules-deposit-100...
- djbusby 4y agoBut that's Actual Cash. Moving $20k fully electronic (eg:ACH) doesn't have that requirement. But lots of systems have limits based on risk windows.
- oogetyboogety 4y agoYes, for example real time NACHA payment event streams are actually windowed by periods governed by each transaction's exposure to risk and corresponding risk classification windows.
- gnopgnip 4y agoStructuring is still a crime if there is a legitimate reason for the transfer