Fidelity and the $9900 checks
Jun 6, 2013, 5:40 am
#1
Original Poster
Join Date: May 2008
Location: PHL (kinda, no airport is really close)
Programs: AA Exp, but not sure for how long. Enterprise Platinum woo-hoo!
Posts: 4,551
Fidelity and the $9900 checks
Part of my routine is writing $9900 checks on my credit line and deposit to Fidelity.
I got a call from Fidelity yesterday asking me about the $9900 checks. I explained that the mobile app only allows checks up to $10,000. It instantly became clear that they thought I was trying to evade the IRS $10,000 reporting threshold, but they seemed entirely satisfied by my explanation about the mobile app limit, and I also mentioned that Suntrust's limit was only $2000, so that's why I was using Fidelity.
So a narrow escape from the soft pillows.
I got a call from Fidelity yesterday asking me about the $9900 checks. I explained that the mobile app only allows checks up to $10,000. It instantly became clear that they thought I was trying to evade the IRS $10,000 reporting threshold, but they seemed entirely satisfied by my explanation about the mobile app limit, and I also mentioned that Suntrust's limit was only $2000, so that's why I was using Fidelity.
So a narrow escape from the soft pillows.
Last edited by redtop43; Jun 6, 2013 at 3:40 pm Reason: TMI
Jun 6, 2013, 9:24 am
#3
FlyerTalk Evangelist
Join Date: Aug 2001
Location: Finally back in Boston after escaping from New York
Posts: 13,644
Jun 6, 2013, 1:14 pm
#4
Join Date: Jan 2011
Location: Georgia
Programs: AA, UA, DL, BA, HH, IHG
Posts: 155
So you are doing about 10k worth of bidness (as we say here in Georgia). If you already have that much money in your Suntrust account to cover your expenses, is there any reason to do this first step?
Jun 6, 2013, 5:18 pm
#6
Join Date: May 2012
Posts: 168
Jun 7, 2013, 1:29 pm
#9
Join Date: Jul 2012
Location: Pac NW
Posts: 154
Why not, I purchased a home recently and got a 100k HELOC as a part of it - the HELOC came with checks/debit card. I was thinking about doing this:
HELOC -> pay CC -> buy GC -> MO -> HELOC@bankbranch
I don't know why OP is doing HELOC -> fidelity. may be to fend off SAR?
HELOC -> pay CC -> buy GC -> MO -> HELOC@bankbranch
I don't know why OP is doing HELOC -> fidelity. may be to fend off SAR?
Jun 7, 2013, 5:04 pm
#11
Join Date: Feb 2008
Location: MSP
Programs: DL-Polished Aluminum, Air Mobility Command-Chartreuse
Posts: 394
Jun 8, 2013, 6:55 pm
#15
Original Poster
Join Date: May 2008
Location: PHL (kinda, no airport is really close)
Programs: AA Exp, but not sure for how long. Enterprise Platinum woo-hoo!
Posts: 4,551
I edited the original post because some people thought I was giving too much information.
I use Fidelity and the HELOC as my cash managment system.
The whole point of the post was just that people have discussed various activities that may get them flagged in one way or another. I was mentioning that I did get "flagged" for $9900 checks but that Fidelity seemed entirely satisfied with my explanation.
I use Fidelity and the HELOC as my cash managment system.
The whole point of the post was just that people have discussed various activities that may get them flagged in one way or another. I was mentioning that I did get "flagged" for $9900 checks but that Fidelity seemed entirely satisfied with my explanation.