Talk of The Villages Florida - View Single Post - Bank to open Checking Account
Thread: Bank to open Checking Account
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Old 03-17-2021, 09:41 AM
laboutj laboutj is offline
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Quote:
Originally Posted by dewilson58 View Post
Nope.
The reporting requirement is at $10,000.
Wilson you are usually right on the money with your posts, but I have to correct you.

It is true that the reporting requirement is anything over $9999.99 to the fed, that is for any transaction. When it's a new customer the bank has to collect all kinds of personal information, like source of funds, whether you're a politically exposed person, etc...... The bank has to know who they are dealing with and there are KYC and OFAC rules in place that they must follow.