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New US check amt limit for Bancomer deposits


tombo
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5 hours ago, sunnyvmx said:

It wasn't his Bancomer. It was BofA. I pay my rent with a check from BofA each month and my landlord received notice that he would pay a fee now for checks over $500. So now I write 2 checks each month. I think this is all coming from the bank trying to minimize the new reporting requirements. 

The IRS reporting rule for transfers over $600, looks to have been shot down.

Perhaps that will loosen things back up.

 

https://nypost.com/2021/10/20/dems-raise-proposed-irs-bank-reporting-threshold-from-600-to-10k/

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1 hour ago, Whipstock said:

The IRS reporting rule for transfers over $600, looks to have been shot down.

Perhaps that will loosen things back up.

 

https://nypost.com/2021/10/20/dems-raise-proposed-irs-bank-reporting-threshold-from-600-to-10k/

Even at 10K per annum it's ridiculous.  Anyone with 10K a YEAR in outgoing or incoming payments would include those paying $900 a month for a mortgage or rent. 

When you make the net that wide it's useless---pass all the silly laws you want, but without staff and enforcement capabilities, it's a joke.  

Spoken as a person with 30+ years in tax admin in local and state governments, including liaison with IRS.   

 

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40 minutes ago, Mainecoons said:

I wonder if Bancomer has had some losses as the result of handling out of country personal checks.

In any case, Bancomer would not be affected by the proposed reporting but the U.S. bank where the check originated would be.

 

I don't know the answer to that. I do know banks doing buissines with US banks, or using the SWIFT system must now adhere to the KYC rules. 

 

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6 hours ago, happyjillin said:

Just got 50 more cheques from Intercam and we have no problem using cheques from Scotiabank Canada. We also still get statements sent by Scotia and I had to tell Intercam not to send hard copy statements to us because they were getting delivered to our casa.

For mudgirl. and yes I  check everything online and throw the 2 month old statements away

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18 hours ago, Mainecoons said:

I wonder if Bancomer has had some losses as the result of handling out of country personal checks.

In any case, Bancomer would not be affected by the proposed reporting but the U.S. bank where the check originated would be.

 

I have yet to see any bank lose money on checks. They charge the customer for everything, especially here.

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1 hour ago, lcscats said:

BBVA/Bancomer requires a smart cell phone and pesters you with ads.  The little electronic dongle that allowed one online doesn't work anymore.

My FOB still works for my BBVA Debit account. Even though the technology seems very outdated.

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2 hours ago, lcscats said:

BBVA/Bancomer requires a smart cell phone and pesters you with ads.  The little electronic dongle that allowed one online doesn't work anymore.

You absolutely do not need to use a smartphone. I access my BBVA accounts all the time using a computer. 

You do need to use the updated device that reads the code on the screen when you log in and gives you the access code. 

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