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I had both a savings and checking account with ING- loved using them and recommended them to everyone.
Then, we moved to VA, lived in a camper temporarily while we sold our house and started new jobs. This was a good month's transition. When I went to start direct deposit with the new job into my ING account and deposit the 8K from the sale of the house and leftover moving money I discovered that I was over drawn by $187 that month. I called ING to give them a heads up I was working on putting money into the account (around 10K) and my new P.O. Box so I could recieve mail from them and they closed my account. They claimed it was because of the Patriot Act.
Please fill me in.
And now that I am in a home, can I reopen an account? As much as I don't like what they did- I see it as they thought I was homeless and jobless and unaccountable and could become a liability versus an asset per se so better to cut their loss of me. Can I reopen an account with them now?
Transactions involving more than 10K invite the scrutiny of the government and have for a long time. Usually, however, this happens in the case of a withdrawl.
You might also want to Google "know your customer" to learn a little bit about what banks do in an effort to thwart money laundering. The litmus test doesn't even have a transaction amount over 10K in order for it to look suspicious.
As far as your individual account with ING, I suggest you take it up with them. Every case is different.
Ah, gotta love Big Brother. Also, what the information and most institutions don't as well...is that the trigger isn't 10k or 5k or even 3k. It's anything over $1301.00 purchased/deposited in cash...funnily enough now a days in small bills $20 or less is another red flag. And will usually get you a quick visit by the local PD's vice/narc squad for a profile.
zendrive is correct -- the details of what data every financial institution has to have on record for all its customers and the kinds of transactions they hold to higher scrutiny is driven both by their internal controls, Federal anti-money laundering rules and newer ant-terrorist rules.
The combination of having an overdrawn account that apparently was unresponded to will cause most banks to close you account.
Banks HATE to accept big cash deposits for internal security anti-fraud reasons, they also have to track large deposits that could be a means of side-stepping the anti-money money laundering requirements. Thus 8K one day and 2K or more a bit later will trigger alarms in their system. I don't know about "1301.01" or anything else being a 'magic number', just that all financial institutions are required to have a documented system that will produce a reliable list of patterns to capture any attempt to move large amounts of cash into/ out of the system. The shear number of legitimate business (car washes, laundromats, convenience stores) that routinely make large cash transactions would make me skeptical that any law enforcement agency will send personal out to sniff out a potential AML violation, but the pattern matching software is used to produce reports that all financial institutions are required to keep and those reports have been subpoenaed to support criminal investigations. The most famous such "oops" is probably that of former NY Attorney General and Governor Eliot Spitzer who, like a certain golfer, made poor choices for companionship: http://en.wikipedia.org/wiki/Eliot_S...nd_resignation
Many banks will not allow customers to record ONLY a PO Box, and some will want an affidavit for a "true residence or physical place of business" if you use such an address for business reasons -- they will also try to sell you their 'lock box" services if you are using the PO Box for things like receiving payments.
I suspect that you can reopen the account if you meet all the requirements, but with some banks their systems are pretty inflexible and as they don't have a physical presence themselves who knows what drives ING's decisions makers...
Last edited by chet everett; 12-09-2009 at 05:05 PM..
This is why ~15% of the working population does not use banks at all. They will take their paycheck to the grocery store and cash it there, then it's cash & carry and money orders.
This is why ~15% of the working population does not use banks at all. They will take their paycheck to the grocery store and cash it there, then it's cash & carry and money orders.
LA Times, Business section, 12/3/2009 ... "Nationally, 7.7% of households, or 9 million, have no checking or savings accounts."
LA Times, Business section, 12/3/2009 ... "Nationally, 7.7% of households, or 9 million, have no checking or savings accounts."
Note that I mentioned working population, not households. I was a consultant for the finance industry at one time and they have done study after study of this and consistently get a number of about 15%-18% of the population that makes a salary, does not use banks.
Why don't you ask the bank?
They would know better than we would!
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