The Motley Fool
OCTOBER 16, 2024
However, Form 4 filings with the Securities and Exchange Commission also show that more than $10 billion worth of Bank of America stock was sent to the chopping block since mid-July. The defining trait for Sirius XM is that it's one of America's few publicly traded legal monopolies. Image source: Getty Images.
The Motley Fool
APRIL 7, 2024
Image source: The Motley Fool/Upsplash Bank accounts are one of the safest places to store money. As long as your bank has FDIC insurance , your deposits are insured up to $250,000 per account holder. It's called a "right of offset," and it typically occurs when you borrow money and bank at the same institution.
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The Motley Fool
SEPTEMBER 22, 2024
If there is confusion or unclear instructions about how to manage bank accounts after a death, it can lead to additional emotional pain for surviving loved ones. Let's look at a few common situations that everyone should know about to help handle bank accounts in case of an untimely death.
The Motley Fool
JUNE 4, 2024
Your bank will need to file a CTR In 1970, Congress passed the Bank Secrecy Act. To do that, a bank files a Currency Transaction Report (CTR). For example, if you go to your bank and withdraw $12,000 from your checking account , your bank would need to file a CTR. Don't try to outsmart your bank and the government.
The Motley Fool
OCTOBER 27, 2024
Image source: Getty Images If you find yourself depositing $10,000 or more in your bank account, it's likely accompanied with celebratory gestures. The very act of depositing that amount alone will trigger a report from your bank to the federal government. This is known as "structuring," and banks will report that, too.
The Motley Fool
JULY 9, 2024
Image source: Getty Images It's your money, and generally, you have the right to withdraw as much -- or as little -- as you desire from your bank account. However, under a law called the Bank Secrecy Act (BSA), banks must report any deposits or withdrawals of $10,000 or more. And so the Bank Secrecy Act was born.
The Motley Fool
JULY 1, 2024
Image source: Getty Images If you have $10,000 or more to deposit at your bank, you're probably eager to get it into your account where the funds will be safe and accessible. Banks are required to keep records of these transactions and to make reports of them as part of an effort to stop behaviors such as money laundering and tax evasion.
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