Before or after cash in???

Herb Lady wrote:Since I do fact gathering for others, who are less informed and refuse to see, and I'll leave it at that, I just know somebody is going to ask this and expect me to have the answer - So I am asking all of you for help with this question.

The 500K limit - does that refer to how much we have wired to an account at cash in or after the money is in account and we go to move it???????? In other words, do we NEED to have accounts set up at several banks (besides the first two non-interest bearing accounts) before cash in for initial wire transfers OR for the use of spreading the money around afterwards???? OR both???????

Thanks a head of time!

aksafeone wrote:I spoke with my private banker and the branch manager yesterday asking that exact question. I did not mention the IQD, only large sum transfers of money (over $500,000).
They stated that as long as they are aware that the money is coming, how it is coming and that it was from an investment, sale of property, or other LEGAL means they would not place a freeze on the funds nor would they alert Homeland Security or any other agency. They checked their computers (yes both checked) and they found not one law that would cause the account to be frozen - given the advanced warning and legality of the source.
Right out of the horse's mouth to me with a witness. Can't get it any better than that.
I would contact my banker and approach it in a way that does not disclose the source at this time - just pose the question based on the potential for a substantial transfer (probably by wire). Each person is responsible for their own transactions and liabilities, therefore each person should seek the advise and consent of their own bankers. Should there be any regulatory restrictions THEY would know it and certainly NOT break those regulations - not if they want to continue in the banking business. Should any changes occur I am sure that they would advise their customer of same to prevent any problems. They probably would also offer an alternative or solution.

aksafeone wrote:I spoke with my private banker and the branch manager yesterday asking that exact question. I did not mention the IQD, only large sum transfers of money (over $500,000).
They stated that as long as they are aware that the money is coming, how it is coming and that it was from an investment, sale of property, or other LEGAL means they would not place a freeze on the funds nor would they alert Homeland Security or any other agency. They checked their computers (yes both checked) and they found not one law that would cause the account to be frozen - given the advanced warning and legality of the source.
Right out of the horse's mouth to me with a witness. Can't get it any better than that.
I would contact my banker and approach it in a way that does not disclose the source at this time - just pose the question based on the potential for a substantial transfer (probably by wire). Each person is responsible for their own transactions and liabilities, therefore each person should seek the advise and consent of their own bankers. Should there be any regulatory restrictions THEY would know it and certainly NOT break those regulations - not if they want to continue in the banking business. Should any changes occur I am sure that they would advise their customer of same to prevent any problems. They probably would also offer an alternative or solution.