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758 posts

Ultimate Geek

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  #2483810 14-May-2020 13:59
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rugrat:

 

Lol, all these posts about getting phone calls of please explain. I understand $10,000 plus has to be reported.

 

I received about $17,000 direct debited into bank account 5 years ago, then wrote cheque out week later for $20,000, never heard anything from any body.

 

Transactions probably reported, but it didn't effect me in any way. If they want to waste their time having people on watch list then good on them. Life as normal for me.

 

 

Last year I had two life insurance policies 'mature' (yes, I know, I'm old ;-) ) so the insurance company put the money in my bank account and a couple of days later, I moved it into my KiwiSaver account.

 

On each occasion, I got a very polite 'please explain' email from the fund manager.
It was easy to comply, I just forwarded the memo from the insurance company.

 

The point is, the fund manager was checking




2075 posts

Uber Geek

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  #2483857 14-May-2020 16:10
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Sound like the bank didn’t ask any questions, it was when moved into Kiwi Saver.
If I moved $20,000 grand I couldn’t explain it with one piece of paper, it’s years of savings, I.e spending less then what earn each year.

 
 
 
 


959 posts

Ultimate Geek


  #2483873 14-May-2020 16:13
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rugrat: Sound like the bank didn’t ask any questions, it was when moved into Kiwi Saver.
If I moved $20,000 grand I couldn’t explain it with one piece of paper, it’s years of savings, I.e spending less then what earn each year.

 

 

 

Surely you'd just print off your statement. My house deposit has take a long time, but money only goes into monthly so I could squeeze a few years of transactions onto a piece of A4.




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Uber Geek

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  #2483876 14-May-2020 16:16
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How far back, 20 years of transactions. The money was earned over whole life, not just a couple years.

959 posts

Ultimate Geek


  #2483879 14-May-2020 16:22
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rugrat: How far back, 20 years of transactions. The money was earned over whole life, not just a couple years.

 

If you can prove you've had it for a couple of years they're not gonna care. 

 

They'll only care if you move another amount in a shorter space of time. 


4401 posts

Uber Geek

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  #2483880 14-May-2020 16:22
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SirHumphreyAppleby:

 

PolicyGuy:

 

And when you deposited it, your bank will have reported that transaction under the Anti-Money Laundering laws.
Did you get a 'please explain' phone call from the bank's head office?

 

I'm not sure how that works, maybe you are now on a 'watch list'

 

 

We often get phone calls from the bank regarding cheques, including for payments to the IRD, which you'd think wouldn't be questioned. Since these are business cheques, they usually call two signatories to confirm the details. They definitely keep an eye on where the money is going to, and if you do send a few thousand dollars to someone a few times, even if over several months, they'll probably pick it up.

 

 

This seems very odd - why does the bank often call you to follow up on cheques? If they’re business cheques which require two signatories and if two authorised signatories have signed, what reason is there for the bank to enquire into this? Surely they have better things to do.





Sometimes I just sit and think. Other times I just sit.


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  #2483882 14-May-2020 16:26
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rugrat:

 

Lol, all these posts about getting phone calls of please explain. I understand $10,000 plus has to be reported.

 

I received about $17,000 direct debited into bank account 5 years ago, then wrote cheque out week later for $20,000, never heard anything from any body.

 

Transactions probably reported, but it didn't effect me in any way. If they want to waste their time having people on watch list then good on them. Life as normal for me.

 

 

You didn’t hear anything from anybody regarding your $20k cheque because cheque transactions are not reported and do not need to be reported. Only cash transactions $10k+ need to be reported. 





Sometimes I just sit and think. Other times I just sit.


 
 
 
 


959 posts

Ultimate Geek


  #2483884 14-May-2020 16:29
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eracode:

 

This seems very odd - why does the bank often call you to follow up on cheques? If they’re business cheques which require two signatories and if two authorised signatories have signed, what reason is there for the bank to enquire into this? Surely they have better things to do.

 

 

 

 

Perhaps the amount or the type of transaction is unusual? Maybe a dairy that does hundreds of small transactions a day suddenly deposits $20,000 in and week later the same?


276 posts

Ultimate Geek


  #2483965 14-May-2020 19:25
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Cheques are handy for buying second hand stuff above practical cash level. You can check the item, negotiate, pay by cheque. Take the goods, everyone’s happy. A online transfer in that situation is often not practical. I might only write a few cheques a year but they still cover some situations.


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  #2484023 14-May-2020 19:47
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Lastman:

 

Cheques are handy for buying second hand stuff above practical cash level. You can check the item, negotiate, pay by cheque. Take the goods, everyone’s happy. A online transfer in that situation is often not practical. I might only write a few cheques a year but they still cover some situations.

 

 

As a seller I disagree. I would never accept a cheque for a secondhand sale, there is too much risk. Online transfer that clears prior to taking the goods or cash only. 


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  #2484024 14-May-2020 19:48
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eracode:

 

This seems very odd - why does the bank often call you to follow up on cheques? If they’re business cheques which require two signatories and if two authorised signatories have signed, what reason is there for the bank to enquire into this? Surely they have better things to do.

 

 

They really don't have anything better to do - the AML nonsense has taken care of that.


276 posts

Ultimate Geek


  #2484038 14-May-2020 20:09
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Handle9:

 

Lastman:

 

Cheques are handy for buying second hand stuff above practical cash level. You can check the item, negotiate, pay by cheque. Take the goods, everyone’s happy. A online transfer in that situation is often not practical. I might only write a few cheques a year but they still cover some situations.

 

 

As a seller I disagree. I would never accept a cheque for a secondhand sale, there is too much risk. Online transfer that clears prior to taking the goods or cash only. 

 

 

In the machinery/farming world it’s common.


5320 posts

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  #2484073 14-May-2020 22:05
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Maybe not for much longer. Having said that, my stepdad (a farmer) still writes cheques. He hates computers and technology, despite me spending several years trying to convince him he would save both time and money if he did things a little differently, but I guess he's quite set in his ways.


276 posts

Ultimate Geek


  #2484090 14-May-2020 22:34
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Cheques are clearly on the way out. Just saying there are some situations where they are still useful. Do all electronic bank transactions show up immediately, I didn’t think so.


5320 posts

Uber Geek


  #2484174 15-May-2020 07:28
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No, but cheques take a hell of lot longer. Bank cheques are a different story though. Maybe they could keep those around (with a fee) for people who might still want them.


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