[USER]

I have to do large transfers ($100k+) between my own personal bank accounts on a regular basis for my work.

I’ve been slogging along with Chase Bank for years and they keep putting holds/reviews on my large transactions.

Do any banks exist that don’t do this?

I’m tired of having to ask a bank permission to do what I need to do with my own money.

Needs to be a HYSA.

[Amanda]

I believe they are legally required to report transactions over $10k in the US, so you’d probably have issues at any bank.

Out of curiosity, what kind of job do you have that requires such large transactions in your personal accounts?

[Alicia]

It’s anti money laundering laws that require this.

And if your institution DOESNT have it, they can be fined.
So no, there’s no way around it.

I’d establish myself with my bank, and make it well known, in advance, when you plan to make these transactions.

Or look into an institutional or commercial bank account

(I’m assuming you’ve got an LLC or something in place besides sole prop).

[Theresa]

Legally they have to because of money laundering. This is why you can only get gift cards in certain amounts too.

[Carin]

I’m a property manager and RE agent. My local M&T branch I go in and meet with the manager periodically.

I also happened to used to be under SEC regulations in a previous job so very familiar with KYC and anti money laundering.

My business account mirrors money laundering exactly.

You might be able to get away with it if you establish a relationship with your local bank but also the other suggestion of a community bank.

[Eunice]

I highly recommend finding a community bank. They are very experienced with real estate developers.

Though they aren’t the most competitive on rates, they will be able to move things along quicker for you.

Not sure where you are located but my bank is in California though they bank people in different states/countries.

Let me know if you’d like an introduction to brainstorm on solutions

[Adora]

You need to go in and talk to your banker. Let them know you’re ready to move accounts and see what can be done.

I was having issues w/ large international transfers, and I had to speak with bankers on both ends.

There is still processing time but now things settle in a couple days max, versus a week plus.

[Holli]

I bank with US Bank. Sometimes it goes through in one day, sometimes it takes a week.

I think they keep changing their policies

[Rob]

I had the same problem with Chase. Switched to Huntington and they will put a hold on with a long expiration date like Chase.

A day or 2 later, they remove the hold.

[Alexander]

This is for anti money laundering. Banks are required to log transactions at $10000 or sum close to it within a timeframe (stacked transactions in case someone feels “clever”).

They are also required to submit SARs (suspicious activity reports).

For a personal account I doubt you can bypass but am interested if anyone knows of ways.

[Author]

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