Fidelity Bank Deposit Slip: Fill & Download for Free

Taking money from teens that work or adults that live at home is fine as long as you are showing them that it is being saved in the bank. It should never be all of their money. When my daughter was in eight grade she began working full time all summer a a babysitter for two kids for 10 to 12 hours each day. She made them breakfast and lunch, did wash, folding clothes, filled the dishwasher, and put the dishes away. Later she took the kids to swim lessons and later after lunch back to the pool to swim. She did a lot of work.The next year she started teaching the kids to learn to properly clean up their rooms, put their laundry downstairs, and learn to fold some clothes or hang them up. The next year she had them do a bit more but not all. Those kids now get paid a specific amount for different chores around the house. That’s how they earn money.We had my daughter save 75% of her money Each year. We took her to the bank each week to fill out the deposit slip. She watched it grow. middle school she started tutoring kids for money. She was making $10.00 an hour. In high school she continued and made $20.00 per hour. She saved 90% of that money on her own. She also saved her birthday, Christmas, and graduation money.I never paid her to do chores. My philosophy is you live here so you contribute. I never made her do much but she had to at least really know how to do them all. Her job was to get the best grades she could (but no stress). She had to learn how to interact with people in society, and how to deal properly with various situations. Those were her main jobs.She is a freshman in college and has an incredible amount of money in her bank account. We are going to have her meet with our Fidelity Financial person over the college break to discuss investing it.So if you take money from people living in your home, unless you really need it to pay bills, then I feel it is wiser to teach them to save and understand the value of money. And yes, they can spend some too!

There are two threshold levels that trigger scrutiny for banking transactions. Both of these typically apply to moving cash into or out of the banking network and not simply moving funds from one account to another with a check, debit or credit card. The lower one only kicks in if the local bank (or their automated algorithm) feel that any transaction is unusual or out of step with client data, your personal transaction history, or your business activities.The rules even apply to businesses (i.e. before cash enters the banking network). However, few businesses realize this and few are prosecuted for letting the process occur later (at the bank), when they go to deposit funds.*There may be other trigger thresholds. I am not an accountant, financial adviser nor involved in finance or regulation. I am simply an individual who occasionally hits up against these paperwork bumps.So what are these two thresholds?RICO ($10,000)In the US, one trigger level is $10,000. Any time an individual or organization deposits or withdraws $10,000 into a bank account, the bank is required to have the account owner fill out a RICO form (Racketeer Influenced and Corrupt Organizations Act). This is intended to detect money laundering. The form records a customer statement about the source of funds and/or purpose of moving funds.It is not clear that this form is sent anywhere. When I asked about this, a bank officer implied that it is simply filed within the local branch, in case it is lawfully demanded by a government agency (I would imagine via court order, subpoena or a National Security directive).Suspicious Activity ($2,000)There is a lower trigger threshold, typically $2,000, but often less. In this case, the customer depositing or withdrawing cash is unlikely to realize that their transaction triggered special treatment.If the deposit seems unusual for any reason, a bank is obligated to fill out a suspicious transaction report under AML regulations (Anti Money-Laundering) and KYC guidelines (Know Your Customer). For example, movie theaters and carnivals collect thousands of dollars in cash each day. But if a banker (or a programmed algorithm) notices that one larger-than-usual deposit was made, and it was made from a branch much farther from the customer’s business than the others, the bank is required to record and report the unusual activity.‘Unusual’ doesn’t mean illegal or bad. It simply starts a review process in which a government agency (IRS, SEC, Homeland Security, or even the FDIC) can investigate further. Sometimes they do nothing—or the suspicious activity may simply change the odds of an taxpayer audit at tax time.Incidentally, equities brokers like Fidelity and Merrill Lynch often adjust the suspicious activity trigger threshold for each individual client and account. But, stock brokers rarely handle cash, and so they are applying the suspicious activities rules to trades and electronic money exchanges.My personal example of triggering a RICO form.I operated a small company with 6 employees. We paid salary once each month, and all staff was professional with advance degrees. So, our monthly payroll was more than $10,000. Normally, this would not trigger a RICO form, because money is transferred to the employee by check or direct deposit. And each employee payments is a separate transaction. Either way, the money is already in the banking system.But, occasionally, I did not have sufficient funds in the company checking account on payday. Money was tied up in receivables or at the wrong bank. And so, I woud go to the local branch and loan moneyt from my personal account to the business. Again, this would not typically trigger a RICO requirement, because it is not a cash withdrawl. It is simply a check or electronic transfer within the banking system. But, since my personal account is not part of the company account, my loan would not be credited until midnight. This presents a serious problem, because this is payday, and some employees may spend their paycheck immediately.If several employees were to write a check at the supermarket, use their debit card, or attempt a cash withdrawl on this payday, it may be declined even though they see a positive balance in their account. That is, my loan has not yet cleared.What could I do?!My solution was to ask the teller to treat my loan transaction as a cash withdrawl (from my account) and a cash deposit (into the company account). I even filled out a cash withdrawl slip. Although the cash drawer popped open during the transaction, she never gave me cash. It was all done electronically.Yet, this is treated as two large cash transactions: (1) withdrawl from my personal checking account, and (2) deposit into the company account. Therefore, I must fill out a RICO form or answer the RICO questions in person.Of course, since no cash was handled, some window tellers may overlook the RICO step. But, typically, it is not overlooked, because the large amonts flag an officer to walk over and sign-off on larger transactions.* For example, car dealer sell some of their cars for cash.The reason for a cash purchase may be perfectly innocent and legal. But, it is rare that someone buys a new $55,000 SUV in an all cash transaction. When this happens, the dealer is obliged to follow RICO guidelines, even before cash is deposited as a bank branch.But since the car dealer needs to capture the buyer’s personal information for licensing, registration and insurance, this process is often delayed until the dealer deposits cash at a bank.