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I am moving into a new apartment, and the landlord requires that tenants pay via ACH direct debit. I didn't feel comfortable giving the property management company my checking account information, so I opened another checking account to make the rent payments from. My plan is to deposit the rent from my main checking account into the rent pay account each month. Somebody told me that this was a bad idea cause it could trigger an IRS audit for "structuring" since the total amount over a calendar year would equate to more than $10,000. Is this true, or is it a safe thing to do?
structuring has to do with making cash deposits not checking account to checking account.
No, there is never a problem with having multiple accounts.
I had a local bank account in the bank in the supermarket lobby, just to have a way to process small checks so I wouldn't have to mail them. The I got hit with a $5 "inactivity fee",and I went to the manager and said I wanted to open a second account, with an automatic $1 transfer monthly from one account to the other, to immunize then from the inactivity fee.. He said fine, in fact he gets a bonus for new accounts opened. Everybody was happy.
No, there is never a problem with having multiple accounts.
I had a local bank account in the bank in the supermarket lobby, just to have a way to process small checks so I wouldn't have to mail them. The I got hit with a $5 "inactivity fee",and I went to the manager and said I wanted to open a second account, with an automatic $1 transfer monthly from one account to the other, to immunize then from the inactivity fee.. He said fine, in fact he gets a bonus for new accounts opened. Everybody was happy.
Keep an eye on that account for awhile. Several of the banks I do business with don't count automatic, reoccurring ACH as "activity. They want to see checks, ATM, Billpay or teller transactions.
Keep an eye on that account for awhile. Several of the banks I do business with don't count automatic, reoccurring ACH as "activity. They want to see checks, ATM, Billpay or teller transactions.
That's why I chose an online bank to cover a similar situation. There weren't going to be any teller transactions and I told them I didn't want a card. Neither they nor I had any problems with that arrangement.
Yeah - that person is mistaken. If you opened the new checking account at a different bank, you might have to deposit the money a little early to account for the hold placed (if it's a check), but if you opened it at your own bank a transfer from one account to another wouldn't cause a CTR under any circumstances.
I am moving into a new apartment, and the landlord requires that tenants pay via ACH direct debit. I didn't feel comfortable giving the property management company my checking account information, so I opened another checking account to make the rent payments from. My plan is to deposit the rent from my main checking account into the rent pay account each month. Somebody told me that this was a bad idea cause it could trigger an IRS audit for "structuring" since the total amount over a calendar year would equate to more than $10,000. Is this true, or is it a safe thing to do?
I've been a CPA for a long time, and I have never heard of what you are asking triggering an IRS audit. What you are doing is the same thing companies do with payroll - have a separate payroll account and sweep money into it to cover payroll and taxes.
My credit union has software to detect unusual activity in account,one time I made a purchase in Lowes and awhile later,maybe 30 minutes another purchase and when I returned home they had called to check it out.
Recently my debit card was skimmed,probably gas station,even though I only use 2 and a less secure,once in awhile.Fraud investigator says they will pick the lock or pry one open and place skimmer inside,back to subject.
I normally ck account a few times a week,this time the party with my info used it 14 times in NY and I live in FL with my account in Denver.This triggered there software.
I am completely paperless and never have had a problem,we have home in CT on ACH.I have been with this credit union since 1971,100 percent free including ATM.
Keep an eye on that account for awhile. Several of the banks I do business with don't count automatic, reoccurring ACH as "activity. They want to see checks, ATM, Billpay or teller transactions.
Three or four years now, no problem.
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