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Jeffrey of YOSPOS posted:Shutting down an account over that seems really lovely and I will certainly not use Ally bank if they pull stuff like that. Why the gently caress is it their business if I get paid irregularly? His wife selling stuff on etsy is a really bad reason to close someone's bank account. Some banks don't offer business accounts because there's less regulation. If it turns out they're letting customers run businesses on their personal accounts then it creates a problem for the bank. 3 days notice sounds pretty lovely, but we don't really know how just much business they were doing. Also the 'bank' they're using wasn't even a bank until it almost went out of business and quickly reclassified itself as a bank to get some of that sweet low interest Fed money. hanales posted:He clearly has a small business, and doesn't want to pay the small fees for a business account. I could never have someone work for me like that. Who is Ally bank, are they big? Ally bank used to be GMAC Financial. They were over-leveraged when the Great Recession hit, but the government could only help banks - so they reorganized themselves into a bank holding company. They offer banking services, but it's all online - no branches. Krispy Wafer fucked around with this message at 16:27 on Nov 9, 2015 |
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Nov 9, 2015 16:08
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Renegret posted:flailing around is an understatement holy poo poo He clearly has a small business, and doesn't want to pay the small fees for a business account. I could never have someone work for me like that. Who is Ally bank, are they big?
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Nov 9, 2015 16:18
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hanales posted:He clearly has a small business, and doesn't want to pay the small fees for a business account. I could never have someone work for me like that. Who is Ally bank, are they big? https://en.m.wikipedia.org/wiki/Ally_Financial
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Nov 9, 2015 16:25
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I guess something good has come of this thread. My wife uses her personal account to do her etsy stuff. I'm talking with her tonight about opening a business account because I don't want her stuff to get frozen like that combative dickweed. I had no idea there was even a difference, so, thanks fellas 
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Nov 9, 2015 16:42
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BloodBag posted:I guess something good has come of this thread. My wife uses her personal account to do her etsy stuff. I'm talking with her tonight about opening a business account because I don't want her stuff to get frozen like that combative dickweed. I had no idea there was even a difference, so, thanks fellas Usually > X deposits/month are what triggers an automated review, so if she's selling a bit it's a good idea.
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Nov 9, 2015 17:34
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Independent (unincorporated) contractors are usually OK too. I had a weird deposit pattern and the bank asked me about it, but showing them the contracts and a tax filing made them happy enough. BWM: the business account would have got a slightly better exchange rate on conversion from USD, and that's what most of my contracts were denominated in. Should have looked into it more closely!
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Nov 9, 2015 17:41
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BloodBag posted:I guess something good has come of this thread. My wife uses her personal account to do her etsy stuff. I'm talking with her tonight about opening a business account because I don't want her stuff to get frozen like that combative dickweed. I had no idea there was even a difference, so, thanks fellas Hey now, good stories are not allowed in this thread!
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Nov 9, 2015 17:45
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All this talk about Ally is making me nervous. I keep my house fund in their 1% savings account (planning on buying in 1-2yrs and 1% is greater than most short-term CDs). My use of this account is totally unrelated to the Etsy issues, but it did just occur to me that if something bad were to ever happen, they have no branches to go make a scene at... I guess there aren't many alternatives. Local credit unions offer <.3% savings, WF is 0% and my main bank (Alliant Credit Union) only has branches 3,000 miles away. Having money is bad with money. e: apparently Alliant now has a branch in LA. I guess I'll switch my house fund over to them, since they now offer 1% savings as well. They also pay something like .66% on checking accounts, which is very GWM. moon demon fucked around with this message at 18:09 on Nov 9, 2015 |
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Nov 9, 2015 17:58
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Ehhh rate of return is going to be poo poo on savings accounts forever. TD not only having branches but having them be open on sunday seals the deal for me over an online place.
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Nov 9, 2015 18:01
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Wasn't the guy running the Bitcoin MTGOX using a personal checking account to run it?
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Nov 9, 2015 18:23
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Hm all this talk makes me nervous. I freelance write/edit on the side and make maybe 200-300 a month, deposited randomly and in varying amounts through PayPal into my BoA account. It's been going on for about eight months I also have a full time job that pays about 2k/mo. Should I be worried about not having a business account? I should probably put my research skills to use here...
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Nov 9, 2015 19:06
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chupacabraTERROR posted:All this talk about Ally is making me nervous. I keep my house fund in their 1% savings account (planning on buying in 1-2yrs and 1% is greater than most short-term CDs). My use of this account is totally unrelated to the Etsy issues, but it did just occur to me that if something bad were to ever happen, they have no branches to go make a scene at... Ally is FDIC insured. There's nothing to worry about just because some idiot posted nonsense on the internet.
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Nov 9, 2015 20:10
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Yeah sorry I'm not gonna use a bank that might just close my account and mail me a check with 3 days warning based on the output of some algorithm. That's ridiculously bad service and should be completely unacceptable. "It's FDIC insured" is about the least reassuring thing to say possible there - it's like saying "the restaurant passed a health inspection" to a guy who just got food poisoning.
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Nov 9, 2015 20:15
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If you follow the rules and you're not running a business out of the account you won't have any problems. Savings accounts are not meant for frequent transactions, and many online savings accounts restrict your number of transfers in/out per month to 10-15. If you're running a business, even a small one, you should have a business account for a whole variety of reasons. There are lots of cheap/free options for this. I've been using online savings accounts for over 10 years now and never had a problem, and certainly never wished I had a physical branch to "go make a scene at". I have accounts with a local credit union to receive my direct deposits and that I pay bills with before transferring to online savings once or twice a month.
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Nov 9, 2015 20:31
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There are good reasons to use an online-only bank. But not when you're trying to stretch the rules and probably not with a bank that's only a bank because it otherwise would have gone bankrupt and therefore probably doesn't care as much about its customers as other banks (who probably don't care much about you either). In this case banking with someone local would have at least let him withdraw and deposit his money with the new institution that same day. Instead he has to wait for an out-of-state bank check and then look sketchy as hell as he goes to his new bank after having obviously been kicked out of his last bank while trying to get access to his balance as quickly as possible. And oh, here are a bunch of Etsy deposits too. "No, I'm not running a business damnit!"
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Nov 9, 2015 20:44
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Are we talking about checking or savings accounts here? It was my understanding that the limits on "activity" were mostly for savings accounts.
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Nov 9, 2015 20:49
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Jeffrey of YOSPOS posted:Yeah sorry I'm not gonna use a bank that might just close my account and mail me a check with 3 days warning based on the output of some algorithm. That's ridiculously bad service and should be completely unacceptable. "It's FDIC insured" is about the least reassuring thing to say possible there - it's like saying "the restaurant passed a health inspection" to a guy who just got food poisoning. They have clearly defined rules and he broke them, regardless if it was discovered by an algorithm or someone with a slide rule and an abacus. I'm not sure what's hard to understand or why you think the bank is somehow being lovely and not to be trusted.
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Nov 9, 2015 20:54
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Barry posted:They have clearly defined rules and he broke them, regardless if it was discovered by an algorithm or someone with a slide rule and an abacus. I'm not sure what's hard to understand or why you think the bank is somehow being lovely and not to be trusted.
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Nov 9, 2015 20:58
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It's bad with money to use anything other then a the smallest credit union you qualify for. Mine has 15 employees, and I get a hand written Christmas card from the manager every year.
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Nov 9, 2015 21:00
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Jeffrey of YOSPOS posted:Breaking the rule isn't what cost them their account - tripping some heuristic which made it seem like they were breaking the rule did. Whether they actually were is irrelevant. Sorry, I can't risk a false positive there, that's insane. Are my rent and heat not going to be paid for because I went on vacation and instead of a bank account I have a check in a mailbox? It's extremely unprofessional and I wouldn't risk it. Also you have a strange definition of "clearly defined" if you think it applies to banking rules in any context. We have no idea what the OP was doing that made them close his account, but I think it's safe to assume it was probably pretty egregious and way above and beyond what any normal, personal account would be. I went through a few of his posts to see if he said what he was up to and gave up because I realized I don't actually care. Whether or not you want to read T's & C's is up to you, but it's in there. Closing accounts for misuse is hardly something that only Ally will do, the only difference (maybe it's the same with others) is that they have to mail you a check rather than you just going and picking it up at a local branch. That's risk I'm willing to bear for 1% interest rather than ~0% interest, especially because I use my account as intended.
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Nov 9, 2015 21:20
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A friend of mine just sold a piece of jewelry on eBay and the buyer that won sent her a message that said, "Can I send you the money on Thursday? My account is currently overdrawn." It sold for $40.
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Nov 9, 2015 21:23
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Jeffrey of YOSPOS posted:Breaking the rule isn't what cost them their account - tripping some heuristic which made it seem like they were breaking the rule did. Whether they actually were is irrelevant. Sorry, I can't risk a false positive there, that's insane. Are my rent and heat not going to be paid for because I went on vacation and instead of a bank account I have a check in a mailbox? It's extremely unprofessional and I wouldn't risk it. Also you have a strange definition of "clearly defined" if you think it applies to banking rules in any context.
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Nov 9, 2015 21:27
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"We Were Literally Conned By the Mob" https://www.gofundme.com/nickandnoelle This one has a lot of  elements so I debated posting it. I just can't help but find the mob story to be hyperbolic. Who the gently caress buys a car before getting it checked out, regardless of who ripped you off? Is this not common knowledge?
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Nov 9, 2015 22:30
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Tea.EarlGrey.Hot. posted:Who the gently caress buys a car before getting it checked out?
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Nov 9, 2015 23:18
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Tea.EarlGrey.Hot. posted:"We Were Literally Conned By the Mob" Also, isn't the point of living in a collective lifestyle so you can support each other when bad things happen? I also have a hard time believing that guys who buy a 600$ car, drive it to a different state, do enough touch up work on it to cover up major problems like exhaust and others, are posing on facebook with 80K cars. It would require massive volume to achieve any kind of actual profit in that market, considering how highly saturated cheap used cars are in this country, and it would also make them far too easy to track down by the FBI and local LE.
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Nov 9, 2015 23:32
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Tea.EarlGrey.Hot. posted:Who the gently caress buys a car before getting it checked out, regardless of who ripped you off? Is this not common knowledge? Haha, me. The cars I was looking at were such cheap beaters that the cost of doing an inspection would add a significant amount to the purchase price, and it's not like I'd be expecting it to be perfect for the price. I'm slightly handy and just read up/watched a bunch of Youtube videos on checking out used cars, I'd guess I could probably catch ~75% of stuff a mechanic might at this point. If I was spending more than a thousand bucks it'd be a different story though.
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Nov 9, 2015 23:37
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Jeffrey of YOSPOS posted:Breaking the rule isn't what cost them their account - tripping some heuristic which made it seem like they were breaking the rule did. Whether they actually were is irrelevant. Sorry, I can't risk a false positive there, that's insane. Are my rent and heat not going to be paid for because I went on vacation and instead of a bank account I have a check in a mailbox? It's extremely unprofessional and I wouldn't risk it. Also you have a strange definition of "clearly defined" if you think it applies to banking rules in any context. One of roughly 12 required questions that any ban must ask all parties opening a new account is "Do you plan to use this account for business purposes in any way," and if tge answer is affirmative then the banker cannot open a personal account for them to conduct business with. The questions are conspicuous and hard to mistake because they are structured around anti-moneylaundering legislation. The guy wouuld have known he was skirting the rules. The regulatory risk for an institution is too great to mess around with.
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Nov 10, 2015 00:08
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hanales posted:Also, isn't the point of living in a collective lifestyle so you can support each other when bad things happen? I'm going to guess that the stuff wasn't really "covered up" and the buyers just weren't savvy enough to get on the drat ground and look underneath the car before buying it. The only thing that would be illegal in this scenario was that the sellers curbstoned the car, aka bought it, worked on it and sold it before registering it. I'm not sure what the market for flipping cheap cars and selling them to apparent idiots is but a $2500+ return for owning and "working on " the car for 2 days is pretty drat good imo. edit: missed the odometer part, while it's illegal to tamper with it, there are legal limits that do not apply after 100k miles. who the gently caress skips a carfax? OBAMNA PHONE fucked around with this message at 00:26 on Nov 10, 2015 |
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Nov 10, 2015 00:14
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therobit posted:One of roughly 12 required questions that any ban must ask all parties opening a new account is "Do you plan to use this account for business purposes in any way," and if tge answer is affirmative then the banker cannot open a personal account for them to conduct business with. The questions are conspicuous and hard to mistake because they are structured around anti-moneylaundering legislation. The guy wouuld have known he was skirting the rules. The regulatory risk for an institution is too great to mess around with.
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Nov 10, 2015 00:16
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hanales posted:Also, isn't the point of living in a collective lifestyle so you can support each other when bad things happen? Yes, also, they should go to the cops. They do more than write speeding tickets. Odometer tampering is a criminal offense in Massachusetts. They really owe it to the other people who have been or will be scammed by the same guys to report it, and make it more likely they'll get caught and convicted in the future.
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Nov 10, 2015 00:22
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Jeffrey of YOSPOS posted:What the line is for "business purposes" is pretty murky to me and I don't think the average person would think twice about calling ebay or etsy sales "personal". At this point in my career, I treat my relationship with my employer is more like one between two businesses, even if I'm a regular, w-2 employee. Pay is somewhat irregular (think slow motion style bonuses but quarterly *and* paid in installments). Do I check yes or no on that box? Does it really change if I sell a few crafts on etsy? (I'm actually a little worried now since I don't remember that question, I probably did check no but it was a long time ago. Presumably my bank would just say they're moving me to a business account rather than mailing me a check but maybe not.)
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Nov 10, 2015 01:01
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canyoneer posted:Yes, also, they should go to the cops. They do more than write speeding tickets. Odometer tampering is a criminal offense in Massachusetts. Sure, they could, if the whole thing wasn't made up bullshit. Sure, they tracked down the address given to the original sellers of the car and ran background checks on the inhabitants and found out they're Russian mobsters. They actually claim that's what they did. I'm sure random people running background checks on other people without their consent is both totally easy to do and cheap enough that these broke bastards did that. "Please give us money, we're totally not scammers, we're victims of scammers!"
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Nov 10, 2015 01:08
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Straight from irs.gov, your business might be a hobby if: Does the time and effort put into the activity indicate an intention to make a profit? Do you depend on income from the activity? If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business? Have you changed methods of operation to improve profitability? Do you have the knowledge needed to carry on the activity as a successful business? Have you made a profit in similar activities in the past? Does the activity make a profit in some years? Do you expect to make a profit in the future from the appreciation of assets used in the activity? Answer yes to enough of those questions and you need a business account.
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Nov 10, 2015 01:12
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RandomBlue posted:Sure, they could, if the whole thing wasn't made up bullshit. That explanation makes much more sense. My meter must be busted today
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Nov 10, 2015 01:30
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Krispy Kareem posted:Straight from irs.gov, your business might be a hobby if: Basically, if you make money and you try to make money, you're a business.
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Nov 10, 2015 03:07
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Krispy Kareem posted:Straight from irs.gov, your business might be a hobby if: Many of those are true for salaried employees where "the activity" is their job. Or at least I hope they are!
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Nov 10, 2015 03:16
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Senf posted:A friend of mine just sold a piece of jewelry on eBay and the buyer that won sent her a message that said, "Can I send you the money on Thursday? My account is currently overdrawn." I once listened to a former coworker call a relative to beg for $35 to buy a particular T-shirt online. She did not have that much money in a bank account.
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Nov 10, 2015 05:25
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RandomBlue posted:Sure, they could, if the whole thing wasn't made up bullshit. Sure, they tracked down the address given to the original sellers of the car and ran background checks on the inhabitants and found out they're Russian mobsters. They actually claim that's what they did. I'm sure random people running background checks on other people without their consent is both totally easy to do and cheap enough that these broke bastards did that. Haha, figures. I was giving them the benefit of the doubt even though a lot of the story didn't add up. Thanks.
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Nov 10, 2015 08:00
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Tea.EarlGrey.Hot. posted:Haha, figures. I was giving them the benefit of the doubt even though a lot of the story didn't add up. Thanks. It's vaguely plausible until this paragraph quote:On a vague hunch, I searched for the Concord, New Hampshire address the men had given the original owners, and turned up a house not too far from where we bought it. Although the folks that sold us the car directly didn't live there, the folks who lived at that address were also Russian. I ran background checks on the people living there, and turned up arrest records for things like assault and battery with a deadly weapon, domestic violence, and larceny. From there, I found the facebook friend group of these folks and turned up an international network of men posing with $80,000 cars and with no clear occupations, some of whom had photographs of themselves posing with assault rifles on their pages, several of whom had videos on their pages of snuff films. Additionally, there was a symbol that came up consistently on the backs of warm-up jackets (worn by men who's photos seemed to point to them as professional fighters). Several of them had the symbol as a tattoo, and several men were using it as a profile picture. I researched it, and it turned out to be a Ukrainian nationalist symbol associated with certain arms of the Russain mob. Somehow from a "simple google search" he was able to find all their housemates, found out that all don't appear to have jobs, found out all of their criminal histories, found Facebook posts of snuff film (like what the gently caress, that's where I totally wrote it off. a profesional criminal posting the most illegal and horrendous poo poo they can think of on their personal, publicly identifiable, page?), like there's crowd funding scams where it's hard to tell, and then there's this.
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Nov 10, 2015 11:57
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Every time the FBI has investigated a 'snuff film' it always turns out to either hardcore BDSM porn or a fake movie. Russian mobsters posting one on Facebook? No way.
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