New "Proposed" Banking Regulations (Page 1/5)
blackrams AUG 27, 11:12 AM
Just received this from one of the banks I do business with. It appears the current majority leadership wants to know more about your and my banking activities.
Just sharing a bit of what "Big Government" wants to do (not sure if that's to or with you).


quote
Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,


Robert J. Barnes
President & CEO
PriorityOne Bank



Ya know, our government's intrusion into our private lives is getting a bit old IMO. I don't cheat on my taxes nor do I knowingly break any laws (speeding doesn't count ) I don't mind (so much) that banks have to report movement of money, $10K and more. I understand that corruption is usually done in a big way but, $600 or more and it gets reported? Putting a new set of tires on my motorcycle, trike or any of my trailers or vehicles can easily cost that or more. Now, it's going to be reported and probably questioned???

Rams

[This message has been edited by blackrams (edited 08-27-2021).]

LitebulbwithaFiero AUG 27, 11:40 AM

quote
Originally posted by blackrams:

Just received this from one of the banks I do business with. It appears the current majority leadership wants to know more about your and my banking activities.
Just sharing a bit of what "Big Government" wants to do (not sure if that's to or with you).


Ya know, our government's intrusion into our private lives is getting a bit old IMO. I don't cheat on my taxes nor do I knowingly break any laws (speeding doesn't count ) I don't mind (so much) that banks have to report movement of money, $10K and more. I understand that corruption is usually done in a big way but, $600 or more and it gets reported? Putting a new set of tires on my motorcycle, trike or any of my trailers or vehicles can easily cost that or more. Now, it's going to be reported and probably questioned???

Rams




I read it as any account you have with a balance of $600 or more in it, the bank must report any deposits or withdraws from that account no matter the amount.
blackrams AUG 27, 12:15 PM

quote
Originally posted by LitebulbwithaFiero:


I read it as any account you have with a balance of $600 or more in it, the bank must report any deposits or withdraws from that account no matter the amount.


Yep, that's the way I read it also. If things keep going the way they have been the last 6 months, filling up on diesel or going to the grocery store might hit the mark.

Rams
MidEngineManiac AUG 27, 12:44 PM
Just keep your account at "The Bank of Cash Under The Mattress" in good standing

Canadian rules are different, but after the 2007-8-9 fiasco the government passed some regs that banks can just take any money on deposit in case of another "banking emergency", and I haven't kept a whole lot in one since. just enough to keep it open for when I need to use it.
LitebulbwithaFiero AUG 27, 12:53 PM
The "mark" is the amount in the account, not the amount spent.

If you have $700 in your checking account and you buy a candy bar with your debit card, the IRS needs to know
blackrams AUG 27, 12:57 PM

quote
Originally posted by LitebulbwithaFiero:

The "mark" is the amount in the account, not the amount spent.

If you have $700 in your checking account and you buy a candy bar with your debit card, the IRS needs to know


I agree, my comment about tires was not meant to suggest that $600 was the trigger but now that I read it again, it does read that way.

Rams
williegoat AUG 27, 01:01 PM
Anyone who doesn't have $600 in the bank is most likely living off of your tax dollars, anyway.
rinselberg AUG 27, 01:07 PM

quote
This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.


I don't know anything about this, other than what blackrams just posted.

I would not rule out the possibility of some "trickeration" on the part of the banking industry, in that statement that blackrams has posted.

Could it be that there are banking industry executives that do not like some other part(s) of the proposed legislation, and are using this part of it in the same way as a misdirection play by the offense in American-style football? In other words, a deflection.

Is it possible that the backers of this legislation are saying that this new reporting plan would not force banks to report all transactions on accounts down to just a $600 balance?

It's just something that catches my eye.

CLICK FOR FULL SIZE

Famed NFL game broadcaster John Madden popularized "trickeration" in the informal glossary of American-style football.

[This message has been edited by rinselberg (edited 08-27-2021).]

olejoedad AUG 27, 01:22 PM

quote
Originally posted by williegoat:

Anyone who doesn't have $600 in the bank is most likely living off of your tax dollars, anyway.



Money in the bank should be savings, that aren't touched.

I use cash almost exclusively, other than to pay bills.
LitebulbwithaFiero AUG 27, 01:27 PM
My work place only does direct deposit for pay checks. All my job pay goes through the bank. Even if I buy everything cash, that money comes from the bank and would be counted going in and coming out.