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£50,000- £90,000 Launches, - funds to your BANK Account? do they ask any suspicious questions?

by entry
29 replies
£50,000-£90k Launches, ==> funds to your BANK Account? do they ask any suspicious questions?

When doing launches to your list, with high ticket items, if you know that you
are going to take in £40,000, £50,000, £60,000, £70,000, £80,000

or even $40,000, $50,000, $60,000, $70,000, $80,000 in sales

(as a first launch)


Was going to use 2CO or 1shoppingCart

a} Have you been in this position, taken the funds in, and the banks get suspicious?
-what was your story? and any difficulties? how did they get resolved ?

b} then these funds/ money will come from the merchant account to your bank account
then do the banks get suspicious or ask questions?

c} as they don't know what product launches are.

d} what do they ask?
do they pause the money/suspend it ?

e} what do you tell them?

f} have you been in that position? how do you solve it?

g} Are there any payment processors, which can pay you the money, in 'segments'
eg, $5000 at a time, spread over 4 months for example? - so it doesn't look like recent vast funds ?

h} Would you recommend any payment processors for these types of launches, for high ticket items ($397 per item)


answer a to h as best you can, even if you haven't done launches, but have taken vast funds in.

#&gt #> #$50 #$90k #account #bank #funds #launches #questions #suspicious
  • Profile picture of the author Dan Thompson
    The short answer to your question is no, your bank shouldn't ask you any suspicious questions. They may ring you up and act as if they are your new best friend to advise you that you have a large amount of funds coming into your account, then try and sell you savings accounts, ISA's, investments, etc, but it isn't really there place to ask, unless I suppose the suspect you are money laundering, but as long as you aren't you will be fine!

    You have to remember that whilst it may be a first for you, banks deal with countless numbers of businesses that will do way more than those numbers on a daily/weekly basis so it's nothing out of the ordinary for them.

    To answer specific questions:

    a. No, I've never had any suspicious questions asked

    b. As above

    c. In the highly unlikely event they ask, just tell them, a product launch isn't illegal

    d. If they ask questions, tell them the truth, you are doing nothing wrong

    e. As above

    f. As above

    g. Not as far as I know, but what would be the problem of having them show as recent funds?

    h. If you are doing those sorts of numbers, get yourself a merchant account from your bank, you'll find the fees are lower than PayPal, 2CO or the other alternatives

    And finally...whilst the bank may not ask questions, the tax man might so make sure your books are all done correctly. (get an accountant!)
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    • Profile picture of the author entry
      Originally Posted by Dan Thompson View Post

      The short answer to your question is no, your bank shouldn't ask you any suspicious questions. They may ring you up and act as if they are your new best friend to advise you that you have a large amount of funds coming into your account, then try and sell you savings accounts, ISA's, investments, etc, but it isn't really there place to ask, unless I suppose the suspect you are money laundering, but as long as you aren't you will be fine!

      You have to remember that whilst it may be a first for you, banks deal with countless numbers of businesses that will do way more than those numbers on a daily/weekly basis so it's nothing out of the ordinary for them.

      To answer specific questions:

      a. No, I've never had any suspicious questions asked

      b. As above

      c. In the highly unlikely event they ask, just tell them, a product launch isn't illegal

      d. If they ask questions, tell them the truth, you are doing nothing wrong

      e. As above

      f. As above

      g. Not as far as I know, but what would be the problem of having them show as recent funds?

      h. If you are doing those sorts of numbers, get yourself a merchant account from your bank, you'll find the fees are lower than PayPal, 2CO or the other alternatives

      And finally...whilst the bank may not ask questions, the tax man might so make sure your books are all done correctly. (get an accountant!)
      What bank did you take funds into ? (barc, rbs, hsbc)

      how much were they? (Pm me if you dont want everyone to know )

      a merchant account with a bank? what do you mean? lets take santander for example.

      - they wil give you some 'code' to insert into your sales page, as a merchant santander account, and your buyer funds will go to that santander merchant account? lol :confused:

      explain please.

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  • Profile picture of the author Melkur
    I've never paid in that much money, but I have, occasionally, paid in cheques in the 8-12K range (not nearly as often as I'd like to!) and nobody has ever so much as batted an eyelid.

    As Dan Thompson says, that's a tiny sum for many businesses, and the banks are completely used to seeing it. Their job is to soak up our money, try to sell us financial services and hope very, very hard that we don't want to take our money out again any time soon - as long as it isn't dripping in blood, or covered with indelible dye, or has other signs of being stolen, where it comes from is none of their business.

    In the extremely unlikely event that they express any interest whatsover, just tell them the truth. And in the even less likely event that they raise any objections, just take your business elsewhere - chances are, the sight of 40K walking out the door will cause them physical pain
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  • Profile picture of the author bangwhosnext
    In the UK, they contact the police if you have any suspicious funds lodged in ur account over £5000, apparently. A dodgy work acquaintance told me this, so I don't know if true.
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    • Profile picture of the author sonas
      Originally Posted by bangwhosnext View Post

      In the UK, they contact the police if you have any suspicious funds lodged in ur account over £5000, apparently. A dodgy work acquaintance told me this, so I don't know if true.
      All any bank would need is a verifiable paper trail for any large lodgements. If it's online banking transfers then they can follow the paper trail which satisfies them, if it's large lodgements of cash over the counter then yes this will be questioned if you do not have a cash type business (bar / restaurant / shop etc) and appropriate business account.
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      • Profile picture of the author Jon Patrick
        Was going to use 2CO or 1shoppingCart
        If you use any type of intermediary to accept payments on your behalf (2CO, Paypal, etc. - 1ShoppingCart is not a processing intermediary) then you will be subject to whatever security procedures, questions, and account freezes they choose to implement. You will probably have a harder time dealing with them than you would with a bank-provided merchant account.

        Have you been in this position, taken the funds in, and the banks get suspicious?
        If you deposit $10,000 or more into any American bank, they are required by law to file a report to the U.S. government (for smaller amounts, it is left up to their discretion.) They will almost certainly want to know where the money came from as well.

        When I signed up for a bank account to do business under and made my initial deposit, there was an office in the bank where they sat me down for a chat while creating my account. They had lots of questions, such as what kind of business I was involved in, how much money I planned to desposit and withdraw at their bank, how often, etc. It was a friendly conversation, but they definitely understood my business pretty well when it was all said and done. I am quite sure your bank will be the same.

        as they don’t know what product launches are.
        They know what products are, and they know people create and sell them all the time. Whether or not they understand the particular meaning of the phrase "product launch" as it's used in the IM sphere is irrelevant.


        do they pause the money/suspend it ?
        If they have a reason to be suspicious, your access to the money will at least be delayed.

        what do you tell them?
        The truth! Unless you are doing something illegal, this is not an issue.

        Are there any payment processors, which can pay you the money, in 'segments'
        eg, $5000 at a time, spread over 4 months for example? - so it doesn’t look like recent vast funds ?
        That would most likely be seen as an attempt to avoid the federal gov. reporting requirements for banks by spreading out the funds to avoid the $10,000 limit for unreported transactions. I wouldn't go down that road. Honesty is the best policy.

        Would you recommend any payment processors for these types of launches, for high ticket items ($397 per item)
        I would recommend setting up a business account at your bank and telling them about the product you created, the fact that you will be releasing it soon, its price, how much money you are hoping to make from it, etc. Get on the same page ahead of time and answer any questions they have. If they turn around after all of that and block your access to the funds without explanation, you call a lawyer, because they can't do that.
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        • Profile picture of the author entry
          Originally Posted by Jon Patrick View Post

          If you use any type of intermediary to accept payments on your behalf (2CO, Paypal, etc. - 1ShoppingCart is not a processing intermediary) then you will be subject to whatever security procedures, questions, and account freezes they choose to implement. You will probably have a harder time dealing with them than you would with a bank-provided merchant account.



          If you deposit $10,000 or more into any American bank, they are required by law to file a report to the U.S. government (for smaller amounts, it is left up to their discretion.) They will almost certainly want to know where the money came from as well.

          When I signed up for a bank account to do business under and made my initial deposit, there was an office in the bank where they sat me down for a chat while creating my account. They had lots of questions, such as what kind of business I was involved in, how much money I planned to desposit and withdraw at their bank, how often, etc. It was a friendly conversation, but they definitely understood my business pretty well when it was all said and done. I am quite sure your bank will be the same.



          They know what products are, and they know people create and sell them all the time. Whether or not they understand the particular meaning of the phrase "product launch" as it's used in the IM sphere is irrelevant.




          If they have a reason to be suspicious, your access to the money will at least be delayed.



          The truth! Unless you are doing something illegal, this is not an issue.



          That would most likely be seen as an attempt to avoid the federal gov. reporting requirements for banks by spreading out the funds to avoid the $10,000 limit for unreported transactions. I wouldn't go down that road. Honesty is the best policy.



          I would recommend setting up a business account at your bank and telling them about the product you created, the fact that you will be releasing it soon, its price, how much money you are hoping to make from it, etc. Get on the same page ahead of time and answer any questions they have. If they turn around after all of that and block your access to the funds without explanation, you call a lawyer, because they can't do that.

          so basically a business account would make it easier, with a uk business account           ? with less questions asked.

          Would they require a type of buisness plan ?
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          • Profile picture of the author Jon Patrick
            Originally Posted by entry

            so basically a business account would make it easier, with a uk business account ? with less questions asked.
            A business bank account, and a merchant account issued by your bank if needed, would be preferable over a processing intermediary like Paypal or 2CO for the reasons I explained earlier. And yes, this is probably true for UK bank accounts as well as US bank accounts.

            But it is probably also true that a UK bank will ask questions about your business, just like a US bank would. As should be obvious, your bank is not interested in helping you do anything shady, and will take precautions to avoid doing so.

            What is the problem with questions being asked? As long as you're behaving in a legal manner, that is simply not an issue. And if you're behaving in an illegal manner... then stop what you're doing, and do something else, because this isn't going to work. I have no way to help you hide your activities from your bank, nor do I want to help with that sort of thing.

            Originally Posted by entry

            Would they require a type of buisness plan ?
            You need that for getting loans and such, not for getting a bank/merchant account. I was never asked for one, at least. But it doesn't matter, because they will ask you all the questions needed to understand what you're doing.

            Basically, if you aren't willing to admit to the bank what you're doing, then you shouldn't be doing it... unless you plan to be paid by all of your customers in cash, and then keep the money in a mattress.
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  • Profile picture of the author petelta
    If you're not laundering money or doing anything illegal, it's nothing to worry about.

    The only problem with large amounts of money coming through your account comes into effect with the middle man services like PayPal because they are protecting themselves from your fraud. Banks aren't in that potential situation due to your money... they aren't liable like Paypal would be.

    If they report your earnings to the feds, big deal. You are running a legitamate business... at least I hope so :-)
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  • Profile picture of the author brettb
    I can confirm that if you pay in EPIC WIN into your UK bank account, your bank will phone you up!
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    • Profile picture of the author entry
      Originally Posted by brettb View Post

      I can confirm that if you pay in EPIC WIN into your UK bank account, your bank will phone you up!
      What is epic win? in relation to payment ?
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  • Profile picture of the author WillR
    The best problem you can have is too many funds into your account.

    If you have done nothing wrong then you have nothing to worry about.

    You'll get the money.
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    • Profile picture of the author SuperDJ
      Originally Posted by brettb View Post

      I can confirm that if you pay in EPIC WIN into your UK bank account, your bank will phone you up!
      This!

      Originally Posted by entry View Post

      What is epic win? in relation to payment ?
      He means in quantum sized amounts
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  • Profile picture of the author entry
    Originally Posted by Jean Michel Mailhot View Post

    And no, I got big transfers into my bank account from PayPal. They just froze my account for 60 days, that's the worst!
    What bank are you with?

    and how much is a 'big' transfer ?
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  • Profile picture of the author Terry Kyle
    Unless you phoned PayPal before a big spike in income and notified them, they would probably freeze your account - not sure about these other payment processors though.
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  • Profile picture of the author timpears
    If they should ask, which they probably will not, try telling them the truth. You have nothing to hide, and they will love you.

    I used to get $20K, $40K, $50K checks and bigger sometimes. I had six figures in my checking account. The bank manager would see me in the lobby and come out and call me by name, ask me how I was doing. Most all of the tellers would call me by name without even looking at my check. So when you get those big deposits, just enjoy your new friends.
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  • Profile picture of the author entry
    Originally Posted by drunkenmonkey View Post

    First 1shopping cart won't give a crap. It's a shopping cart, it doesn't "handle" money.

    I wouldnt put those numbers through 2CO though, definately not.

    Your Merchant won't care either as long as your cleared for it.

    The only thing the merchant will get funny about is those numbers and a crap load of chargebacks.

    Your BANK doesn't give a Sh*t what goes in your account.

    The only person who does though is the VAT man.

    If your not already, get VAT reg'd or the VAT man won't like you too much.

    Paypal on the other hand will kill you. Quite literally.
    This is the funniest answer lol.

    for that, I will give you the £50,000- £90,000. Would you like a check or a transfer?

    Originally Posted by drunkenmonkey View Post

    Your BANK doesn't give a Sh*t what goes in your account.
    They dont need to see receipts/proof slips from the shopping carts/ payment processors?


    Originally Posted by drunkenmonkey View Post

    First 1shopping cart won't give a crap. It's a shopping cart, it doesn't "handle" money.
    It just acts as a middlman,
    between the Buyers credit card, and the sellers 1shoppingCart ?

    or

    between the Buyers credit card, and the sellers Bank account?


    Originally Posted by drunkenmonkey View Post

    I wouldnt put those numbers through 2CO though, definately not.
    Howcome not ?



    and what is the difference between 1ShoppingCart and 2co? one is a payment gateway and one is a payment processor? or one is a merchant bank account ? :confused:
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    • Profile picture of the author Shamir Rele
      Do you have a different business bank account now in the UK?

      if so which are you with, and what is your experience with them ?
      No, Lloyds TSB had eventually given me access to my money, and told me that I wasn't allowed to bank with them anymore. I had moved to the US anyways, since I got married. So I now bank over here in the US (New Jersey).
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  • Profile picture of the author timpears
    I just realized I missed the K off of the check sizes in my last post:confused:. They looked kind of dumb :rolleyes: without the K. But I went back and edited it so it reads right.
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    • Profile picture of the author Shamir Rele
      Just thought I'd chime in here as somebody who has had experience with a bank who had frozen my funds in the past.

      I used to bank with Lloyds TSB (and had an account with them for a good 15 years) and they froze ALL my funds. I was CPA marketing and had done NOTHING wrong what-so-ever. I even had all CPA companies who I was working with, to write official letters to my bank stating how the valued my business, proving payments, etc.

      It was resolved in the end, but was a horrible experience. Really felt like pulling teeth. I had no access to my money. Lloyds TSB couldn't give a crap. You can read all about it here: http://www.warriorforum.com/main-int...-me-leave.html

      You may find that useful.
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      • Profile picture of the author entry
        Originally Posted by Shamir Rele View Post

        Just thought I'd chime in here as somebody who has had experience with a bank who had frozen my funds in the past.

        I used to bank with Lloyds TSB (and had an account with them for a good 15 years) and they froze ALL my funds. I was CPA marketing and had done NOTHING wrong what-so-ever. I even had all CPA companies who I was working with, to write official letters to my bank stating how the valued my business, proving payments, etc.

        It was resolved in the end, but was a horrible experience. Really felt like pulling teeth. I had no access to my money. Lloyds TSB couldn't give a crap. You can read all about it here: http://www.warriorforum.com/main-int...-me-leave.html

        You may find that useful.
        Do you have a different business bank account now in the UK?

        if so which are you with, and what is your experience with them ?
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  • Profile picture of the author salegurus
    Judging by your entry level questions i don't see why you are worried with depositing large amounts into your Bank account...
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  • Profile picture of the author Silas Hart
    "Back in the day"

    Funny story.

    I went from zero to making a substantial amount pretty quickly. I was making about $9,000 weekly deposits into my bank account at Wells Fargo. Whenever I would make a deposit, the bank would call me and ask me to come in and fill out an IRS form verifying why I was making the deposits and where the money came from. I was told I wouldn't have to keep doing this, but sure enough, every Friday they would call me up asking me to come in.

    At one point, the bank manager was a bit snobby when I asked "is this going to be an every week thing I should plan?"

    Well, as it turns out - they never actually filed these forms and then played stupid when the IRS came to my door asking about my money transactions.

    I was audited the next year.
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    • Profile picture of the author Shamir Rele
      Interesting Salis. Sucks that you had to go through that.

      Entry, you seem to be asking a ton of questions here (which are all totally valid and we are all happy to help). My question to you is, what are your plans for making such large sums? Where are you currently with your internet marketing or business efforts?
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