Product launches? {$200K +} Banks getting Suspicious with $200,000 into your accounts?

by entry
16 replies
When doing launches which generate like $40,000 - $200,000 - even $1,000,000

then have your banks got funny/ startted questioning you with these funds comming in to your account via a check or 'bank transfer'?

as these are unusual amounts of money, and if so what do you tell them?
do the bank managers come out ?
#$200 #$200k #$40k #accounts #banks #launches #product #suspicious
  • Profile picture of the author WillR
    I think it's a VERY good problem to have.

    If you earnt the money legitimately then you have absolutely nothing to worry about. Although these amounts might seem large to you, you'd be surprised how many people are transferring that type of money around every other day of the week. A bank manager will not be as surprised as you probably think he would.
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  • Profile picture of the author Wide
    Also, you will not go from 0 to 200.000 instantly, that income will build over time and your account manager will follow you in the process. If you ever reach xxx.xxx product launches, then your account manager already know whats going on (unless you changed bank ofc).
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  • Profile picture of the author masterjani
    As wide said, if you are making $200,000 from zero, sure bank managers will ask you something about this, All you have to do is to create two account one is saving and another in current or in company name to avoid multiple questioning.
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  • Profile picture of the author Colin Palfrey
    I moved over half a mill through my bank in one go before without any problems. I only got to keep a percentage though, and it wasn't from product launches. My bank manager did not complain and only asked if I needed any help in anyway. I got asked in for tea and biscuits and he let me smoke in his office lol.

    The problem here is simply your social perception of wealth as a bad thing. If you haven't handled large sums of money then you will be peering over your shoulder for a while, waiting for someone to try and take it off you. Don't worry, you will grow out of this quite quickly.
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    • Profile picture of the author entry
      Originally Posted by Colin Palfrey View Post

      I moved over half a mill through my bank in one go before without any problems. I only got to keep a percentage though, and it wasn't from product launches. My bank manager did not complain and only asked if I needed any help in anyway. I got asked in for tea and biscuits and he let me smoke in his office lol.

      The problem here is simply your social perception of wealth as a bad thing. If you haven't handled large sums of money then you will be peering over your shoulder for a while, waiting for someone to try and take it off you. Don't worry, you will grow out of this quite quickly.
      why did you only get to keep a % of this money ? where did the rest go? or was it tied up ?
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      • Profile picture of the author Colin Palfrey
        Originally Posted by entry View Post

        why did you only get to keep a % of this money ? where did the rest go? or was it tied up ?
        It's a hard enough market without giving it away lol. Basically you already know about getting a percent for selling stuff. Well go find something worth 500k or a batch of somethings worth that much, that if unsold will result in the company going bust. Say, "Add 10% on for me and I'll get you a deal."

        The bank manager didn't know or care where the money came from, he just wanted more in the account and was very sad to see the bulk go.

        I really think this fear of being told off or caught out for having money is a socially programed concept. Money removes problems and opens doors, not the reverse.
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  • Profile picture of the author Richard Tunnah
    As stated it's really not an issue. I've moved large sums of money into my business accounts and there's normally an electronic trail for money so the bank can normally see where it's come from. As Colin says most banks will start fawning over you once they see large amounts going into your account. Usually to try to sell you their savings/investment schemes!!

    Rich
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  • Profile picture of the author Noner
    In some countries there is legislation that requires banks to ask the source of the money and they may even freeze your account if a large amount of money comes suddenly from a different account without any explanation. If your customers pay directly to the account there shouldn't be a problem. Even though if you have nothing to hide (like tax evasion) you can unfreeze it quite fast.
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  • Profile picture of the author elvisA
    ha, well hopefully when that day comes that i move that much money i know the tellers will look at me funny since almost every time i go in there is to pay an overdraft fee instead of withdrawing any money.
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  • Profile picture of the author Chris Ditfort
    I hope to be transfering large sums of money into my bank account soon LOL
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  • Profile picture of the author Muncher
    I work at a bank, depends greatly on your relationship with them. Personal account usually anything under 1 million is no big deal, business its under 5 million. Anything over that we usually hold funds till it clears. Usually over these amounts you get referred to private banking/investment banking. These guys will do pretty much everything for you.

    Edit: If you bring in anything over 10,000 in cash be prepared for a bunch of questions/forms.
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    • Profile picture of the author entry
      Originally Posted by Muncher View Post

      Edit: If you bring in anything over 10,000 in cash be prepared for a bunch of questions/forms.

      for Cash into your accont?

      or Even a Transfer? - eg, 10,000 Transfer from a merchant account to your bank account ?
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      • Profile picture of the author Muncher
        Originally Posted by entry View Post

        for Cash into your accont?

        or Even a Transfer? - eg, 10,000 Transfer from a merchant account to your bank account ?
        No, just cash because there is no paper trail. The only reason this is required for cash is for anti money laundering purposes. Still if its legal money you have nothing to be concerned about, but do not get upset if some more paper work or verification is required.

        Also if your making over 100k you will probably want to speak with an accountant about getting taxed the least amount.
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  • Profile picture of the author IamTJM
    It shouldn't be a problem and if you are asked about it just be honest. It's not like you're doing anything illegal... right? haha
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  • Profile picture of the author Niel Rose
    I hope to be transfering large sums of money into my bank account soon LOL
    Ditto! It's taking far too long.
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  • Profile picture of the author ChadOath
    I used to get calls from my local credit union when I made big sums of money in short periods of time. Since I've moved my business account to larger banking institutions, I've had zero problems.
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