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For over 16 years I put cash gifts for birthdays and Christmas or whatever, in an envelope, or just left them in the card and filed it away. Each time I got it it wasn't really enough to do something big and I really couldn't think of anything small I wanted. I pretty much forgot about it until I had to move and started collecting money from card envelopes and books. I gave my brother almost $9000 to use as part of his down payment for his house. Some of the cash he deposited had "birthday" written on the actual money! It's a longstanding thing in this country, people using mattresses to store money. I always kind of liked having it available and not having to shlep out of my house to go to a building and fill out paperwork to gain access to my money. At home I could have gotten it 24/7, no dollar limits to how much I could have withdrawn in a day, no hoops to jump through. Now he's telling me that his mortgage won't accept it because they can't "source" it. What kind of nonsense is this? Do we have to hand over all our money, make numerous trips to hand it over to a corporate entity to hold for us, then have to fill out paperwork and "request" our money back? I'm stunned. It's my money, no one else's. I should be able to give it to anyone I choose. I signed a statement to that effect, it's a family member, what's their problem? And what do we do about it? Without this complication he would have closed upon the house he had been renting by the end of this year.
UYou need to pay attention to the laws your elected officials are passing. Usually, the most indignant are also the least informed. I can't deny it feels un-American, but it's something we have to accept or be willing to fight to change. Its called the Anti-Money Laundrying Act, which was strengthened under the Bank Secrecy Act as part of the Dodd-Frank legislation.
Bottom line: mortgage lenders must source every dime in real estate transaction as belonging to the borrower. Doesn't matter if it makes sense or not, it's the law.
I did this. It's still a problem. Apparently now they're going to investigate me. Sure, have at it. Despite being on disability I have a stellar credit rating, no debt, carry no balance on my credit cards. I'm thrifty, and live the opposite of large, with low overhead.
UYou need to pay attention to the laws your elected officials are passing. Usually, the most indignant are also the least informed. I can't deny it feels un-American, but it's something we have to accept or be willing to fight to change. Its called the Anti-Money Laundrying Act, which was strengthened under the Bank Secrecy Act as part of the Dodd-Frank legislation.
Bottom line: mortgage lenders must source every dime in real estate transaction as belonging to the borrower. Doesn't matter if it makes sense or not, it's the law.
You're right, not informed on this. People tend to be informed on matters which affect them. There's so much information for people to know that one could spends days reading and still not cover everything from all areas.
Have no fears......their powers of investigation are limited and only if you were laundering money would there be any concern.
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There's so much information for people to know that one could spends days reading and still not cover everything from all areas.
This country excels at passing bills without reading them and then we re-elect those that pass the bills not knowing what is there. We only have ourselves to blame.
Imagine this: a law that states you can't vote on a bill without reading it! (It's been tried, never passed). Problem with that, many of our elected officials have "readers" (aka "staffers") and have never read a single bill on their own.
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It's my money, no one else's. I should be able to give it to anyone I choose. I signed a statement to that effect, it's a family member, what's their problem? And what do we do about it? Without this complication he would have closed upon the house he had been renting by the end of this year.
