Bank Of America Transfer Slip: Fill & Download for Free

My favourite was the guy in France who decided to rob a bank. He got a gun and one of those black bags that doctors used to carry, put the gun inside, and went to the bank.At the teller’s counter, he opened the bag, took out the gun, ordered everyone to lie on the floor, and told the teller to put all the money in her drawer inside the bag, which she did.Then - you probably guessed it - he put the gun back in the bag, closed it up, and started to walk out. I’m not sure how far he got before everyone suddenly realized “Hey, he doesn’t have a gun anymore”, but he certainly didn’t make it out of the bank. ;-)Second favourite: A guy decided to rob a Wells Fargo bank. He went into the bank and took one of the blank deposit slips that banks used in pre-ATM days, and wrote his stick-up note on it. It was a busy day, and there was a long line-up at the wicket. He got tired of waiting, and decided he might have better luck at the Bank of America across the street.When he handed the BoA teller the stick-up note, she quickly realized that she wasn’t dealing with the brightest bulb on the Christmas tree (hey, ’tis the season right now), and she told him “I’m sorry, sir, this is a Wells Fargo stick-up note. You’ll have to use a Bank of America note to make a withdrawal.”He thanked her and left, no doubt a little baffled.When the cops arrived and she told them the story, they just looked at each other like “Naw, it couldn’t be that easy. Could it?”It was. The cops and the teller walked across the street to the Wells Fargo branch, where the would-be stick-up artist was still waiting patiently in line.Okay, one more, from Western Canada. The first two, I read about, but I know about this one first-hand (well, second-hand); I heard it from a bank employee who was actually in the bank when the robbery occurred.Guy goes in, points a gun at the teller, makes off with a bunch of money. So far, standard stuff.A few days later, the teller is at lunch with some of her fellow employees, including one who worked in the loans department. Of course, they get her to tell the story. She finishes by saying “They shouldn’t have any trouble catching the guy. He only had one eye, and he had a huge scar down the right side of his face.”The loans officer just about dropped her fork. “I know him!” she cried out. “He was in last week applying for a loan, and I turned him down. We still have his loan application on file!”They did. Name, address, date of birth, Social Insurance Number - everything but a photograph.Okay, just thought of one more.Back in the pre-Internet days, before direct deposit, ATMs, or Internet transfers, employers issued a literal paycheck to their employees. This was a physical check that you took to the bank to cash.On payday, the bank would make sure to have lots of cash available to meet the demand; bank robbers knew this, and would often time their robberies based on the payday of the largest local employer. They would hit the bank at lunch time, because that’s when most customers would go to the bank and take out spending money for the week. This meant the bank would have to bring the money out from the vault where it was readily available.One branch of felonious Einsteins decided to hit a bank in Washington, D.C., at lunchtime on the federal government payday, while all those federal employees were in the bank to cash their checks. They forgot who actually works for the federal government.That’s right. The bank was FULL of FBI, DEA, ATF, and Secret Service agents — every one of them armed.

How do banks transfer money?A question asked of me often is How do banks transfer money? How is money transferred from one country to another? I mean how does it work? How does my account get debited of $100 and somewhere around the world someone’s account get credited for $100.Another parallel question is, How does $100 Million transfer? I mean, say if America is giving someone loan, how do the two countries transfer $100 Million? Or even $10 Billion? How does this work? How can the wealth of one country decrease by $10 Billion and another one’s increase by $10 Billion?Is money physically moved? Do they transfer cash in vaults?How does this all work?The most common answer cited by many is SWIFT or Wire Transfer but it still doesn’t answer the question. You still walk away feeling equally baffled by the whole thing.So, how does money really get transferred between banks?Tl;dr:It’s all about trust and ledger adjustments. Essentially, IOUs being exchanged.The SolutionThere are a million ways to explain the solution. Some use complex ledger examples, others, will use a mix of ledger and trust lines, etc. I decided to use an exceedingly simple example that explains the general concept well.Granted, a lot many things are left out, or not quite accurate, but then again, the whole goal here is to make sure you grasp the concept of how banking transfer work.The Lemonade BunchFor any bank to function, there must be deposits and customers. So for our example, lets assume this lemonade stand business, aptly called The Lemonade Bunch.These three hard working folks, generate a lot of income. They sell lemonade like crazy and make lots of money.At the end of the day, they tally their sales and its US$100,000. Now they are holding on to that cash. They need to deposit this money in some bank. Wells-Fargo seems to be their bank of choice, so they walk in to a Wells-Fargo branch and deposit their money (assume for a minute, they are the only clients for Wells-Fargo)So they go, deposit the money and then get a receipt for their deposit, which would look something like this:The bank now has one customer, and the bank’s balance would look something like this:The Banking SystemTo truly understand how the whole banking eco-system works, imagine a school. A school's hallway has access to all the classes. Each class having students and a teacher.In our example, imagine each class being a country.With each class representing a country, then within each class are students and a teacher. The students would be the banks, and the teacher the central bank.This is how USA (for example) would look like:As you can see, that young lady over there, representing Wells-Fargo. She is holding on to US$ 100,000 in deposits of The Lemonade Bunch.So, like in regular school, at the start of each class, there is a roll call, remember that? except this roll-call is slightly different. To start out with, every student (i.e. bank) has brought with them, their ledger book. The ledger book contains all the deposit slips they have issued, and in their back-pack, let us assume, they have brought the money (currency notes & coins) that was deposited.In case of Wells-Fargo, she would have brought in US$ 100,000 and a copy of the receipt she gave out to The Lemonade Bunch. Likewise, the teacher would ask this of everyone:Teacher (pointing to a certain bank): How much money do you have? (and prove it)Student (being the bank), would they say out loud, how much money they have and show their cash/coins as well.Everyone makes notes. So if Bank of America says it has so much money, the teacher notes it down and other banks can too note it down.This what for example how the balance sheets would look like for the US Classroom. I've deliberately not shown the Debit / Credit, etc. for non-accounting people would have a hard time grasping the concept. In plain English, it shows:A Bank (and how much client money they are holding)The Teacher (and how much bank money he/she is holding)Typical example of how the ledger would look like for customers, banks and central bank.To make sense of this screenshot, ignore the Teacher (French) and Teacher (China), we will come to them later on. The spreadsheet ledger view shows three banks and their clients:Bank of AmericaSteve Construction (Client)Arthur Photography (Client)JP Morgan ChaseJane's Bakery (Client)Megan Old Books (Client)Wells-FargoThe Lemonade Bunch (Client)Josh Music (Client)The deposits of each client are marked, and it shows how each client's balances are in check with the bank.The balance money from customers (money taken from customers) matches the books of the customers (balance in bank)....and as you would expect, all the balances of the bank, are reflected in the ledger of the Teacher (the Central Bank):Consolidated view of Balance information as filed with the Central Bank, in this case the Federal Reserve.So the total balance in the classroom for USA is US$ 1,100,000 (One Million One Hundred Thousand Only). There are a couple of walk-way points from this exercise:The total amount of money in circulation is known. (US$ 1,100,000)The distribution of this money as deposited in various banks is known.There is a general consensus (based on the ledger being maintained by the Central Bank) as to how much money each bank holds.If a bank tries to create money (for example: JP Morgan Chase makes up a fake client and says it has received US$ 1 Million from that client), it would have to demonstrate to the teacher (central bank) that it has the money (classical case of Show me the money!). If JP Morgan Chase is able to show the currency notes, etc. its balances would be adjusted accordingly. However, if they cannot show the money, then the central bank will not accept their new found wealth and general consensus amongst the banks will be, not to accept JP Morgan Chase's claim that it has additional US$ 1 Million.The consensus and double-entry system ensures to a larger extent (for our example) that unfounded creation of wealth cannot be done.The Central BanksSo, at the end of the school (banking) day, all the teachers (central banks) then get together in a common room.Central Bankers in a room comparing notes (wealth statements)As you might have guessed, the Teacher, too compare notes. Here the information regarding the wealth ledgers of countries is going to be shared amongst the group.Assume, that the de facto currency being traded in the world is the US Dollar (to make things simple), this is how the ledger positions for all the central banks would look like:Ledger Statement of All the Central Banks after their first Meetup!Is this wealth?Yup! This is it. What were you expecting?This is how the wealth of nations is recorded. In ledgers, which are consensus based amongst the banks, central bank and the central banks of the world.To keep the example simple, as cited earlier, if anyone tries to add value into their economy, the others would have to agree to it. Because the system is based on double-ledger entries, one cannot unilaterally try to take advantage of the system.Because each country has its own currency (just to spice up matters a bit), and If anyone tries to make money out of thin air, then can, but they can only do so in their own denominated currency. Others will agree that a particular country's money supply has increased and will adjust accordingly, based on the exchange rate against the US Dollar (which in our example is the global currency being used by all the banks).So How Does Money Transfer Work?So, let us assume our company The Lemonade Bunch needs to do a wire transfer of US$ 50,000 to China and $10,000 to France. How does this value really get transported? The answer again, is simple a consensus based value transfer.In our example, you will see The Lemonade Bunch, sets aside two IOUs for US$ 50,000 and US$ 10,000 aside. The ledger statement would look something like this:Notice how the total wealth of The Lemonade Bunch is reduced down to US$ 40,000 in their ledger. Likewise the wealth of Wells-Fargo has also been reduced down to US$ 115,000 (as IOUs are created).These two IOUs are then moved to Wells-Fargo's IOUs, and the money is deducted from The Lemonade Bunch's account. Now the ledger position would look something like this:Continuing with the same pattern, the next logical step is to deduct the IOUs total from Wells-Fargo's total wealth in the ledger and pass these IOUs to American Central Bank (Teacher). The ledger statement would now look like this (the two IOUs have been lumped together):You can already see the total wealth as recorded by the US Central Bank has also been reduced from US$ 1,100,000 down to US$ 1,040,000.Giving Money To The Counter-partyAs per the previous experience, all the Teachers (Central Banks) gather in a room and exchange wealth statements. The same would happen this time around, except the ledger is slightly different (as can be seen below):The reverse process would now start. US Central Bank would have the following conversation at the end of the initial wealth exchange:US Central Bank: "Hey China!"China Central Bank: "Yo! What up?"US Central Bank: "Hey, I got a US$ 50,000 IOU for you, for "Bank of China" that needs to be credited to "Xing Framers" account with them."China Central Bank: "Cool. Give it to me and I will hand it over to them with the instruction to credit further."the same conversation would happen with the French Central BankUS Central Bank: "Hey France!"French Central Bank: "Oui?"US Central Bank: (Grrrrr) [smiling] "Hey, I got a US$ 10,000 IOU for you, for "BNP Paribas" that needs to be credited to John-Pierre Imports account with them."French Central Bank: "Cool. Give it to me and I will hand it over to them with the instruction to credit further."US Central Bank does just that, and the ledger statement would look something like this:Once both the Central Bank of France and Central Bank of China accept the IOUs, there collective wealth would increase (as well as the wealth of the bank where further credit is due). The ledger would look something like this:Just two more steps left, before the entire money (value) transfer is completed.Both the Central Bank of China and Central Bank of France, credit the IOUs to the Bank. The Banks (namely Bank of China and BNP Paribas) now have an IOU Credit liability for further credit into the account of the beneficiary which would be Xing Framers and John Pierre Imports respectively.The last step is to credit the bank account balances of each company, which would essentially bring this money (value) transfer cycle to come to an end.Once this credit to bank ledger is done, the final ledgers would look like this:ConclusionI hope with the above example, you will get a very good (if not heuristic) sense of how money is transferred. Though the above example has been simplified almost to an elementary level, this is pretty much all that happens when money (wealth) value transfer happens from one bank to another, be it within the country, or across borders.The above model can be expanded to include how correspondent banking would work and how balances are maintained with each other, etc. however, that might be a blog article for some other day.If you look closely, this somewhat mimics what a blockchain looks like? Its not public or decentralized, but it is consensus based and has a double-entry system to ensure there is no double spend or creation of wealth that others may (or may not agree to).I initially wrote this answer as a blog post: How Do Banks Transfer Money?

I’m a professional poker player and won an event once for $286,000. So not an obscene amount of money, but more than your typical customer probably walks in and deposits in cash. Which, btw, if you ever come across a quarter million in cash, It’s probably not the brightest idea to just walk into your local bank branch, unannounced, and start handing them stacks of hundreds wrapped up in $10,000 bundles.This was also directly following the big 3 U.S. poker sites facing indictment and being shut down in the U.S. So claiming online gambling winnings was not a good idea given the climate.I entered the bank and approached an open teller’s window, unzipped my Columbia House duffle bag—which had been given to me as a free gift for being suckered into joining their movie club almost a decade before. As I started stacking the money I stacked 7 packs of $10,000 and opened one up as they were also denominated in stacks of $1000 and separated in the middle by a $5,000 band. I told the teller that I’d like to wire $75,000 to the Bellagio Hotel and Casino —I was headed to Vegas that weekend to play in some high stakes games which were running—and proceeded to pull out the necessary information to wire the money. I put the $5,000 on top and took the other $5000 and stuck it in my sport coat pocket so I’d have some walking around money for when I first arrived in Vegas, before I was able to get to the cage to collect my wire.I had lived in Vegas for a number of years, and it wasn’t unheard of for someone to win an amount like this and have it paid out in cash. Uncommon? A little. But certainly not unheard of. Except I wasn’t in Vegas, I was in a local branch in the suburbs of Kansas City. Where apparently a sub 30 year old doesn’t walk in very often with near $300,000 in cash bundled up in a old, blue, Columbia House duffel bag for a deposit.She instantly asked, “Where did you get all this money?” And then, “That’s a lot to send to a casino to gamble with.”To which I thought, “That’s none of your f**king business.”She must have been able to read the disdain on my face as she instantly excused herself and apologized. A couple minutes later when I had the cash all stacked up on the ledge of the teller window with the 75K off to the side and a slip filled out with the information for wiring the money to the Bellagio main cage, a man approached in a suit and tie and asked if I’d like a private room. I told him I didn’t really need one, that the money was all there, had already been counted, and was ready for deposit. I looked around now to notice several bank employees and customers staring at me but quickly looking away and going back to their business as they saw me looking around the bank.Apparently they don’t just take your word for it when you tell them how much it is, even when packaged up in nice, neat, 10K stacks and 50K bundles. The man in the suit and tie introduced himself as the branch manager and informed me that the money would have to be ran through the machine to be counted and to verify none of the bills were counterfeit. He asked me if I wouldn’t mind coming back to his office and waiting where they could discuss some deposit options with me and then offered me some coffee or something to drink as he motioned with his arms the direction to his office.He too asked me where I had gotten the money, and I was very careful not to mention anything about gambling or playing poker as I knew what an apprehensive issue it was in the financial industry at the time. The Wire Act didn’t prevent playing poker online, exactly, it prevented financial institutions from processing gambling transactions. And the Big Three poker sites in the U.S. hadn’t been shut down with their owners indicted for offering poker online, they had been shut down with the owners indicted for purchasing a bank in Utah where they processed the illegal transactions fraudulently under phony business names. So I told him I’d obtained it selling drugs with a smirk.He didn’t find it as funny as I did so I quickly told him I was kidding, then vaguely told him that I had gotten the money from a friend I had a business interest with, and if he checked my account history he would see that large wires and cash deposits like this weren’t extremely uncommon. He then asked me why I was wiring 75K to Bellagio, and I again smiled and told him it was none of their business and asked if they wanted to continue to do business together or not. He seemed a bit jolted by my standoffish attitude but also seemed to acknowledge that there wasn’t anything illegal about wiring the money to the Bellagio, in fact, Bank of America (a branch of which we currently resided), had a specific account to account transfer option that allowed money to be transferred internally, instantly between any BoA account holder and MGM property.After a brief bit of silence I broke up his dumbfounded look by saying, “look man, are you going to count the money and verify it or not. I’m kinda busy today.” He informed me that the money had been counted and was actually $900 dollars long of $281,000, which I’d put 5K in my pocket of the original $286,000 and to this day scratch my head wondering where/how that extra 900 found its way in there.He seemed to sense I was perplexed by the previous accounting error and said, “looks like you don’t need to go to Vegas, you’re getting lucky already.”I smiled and he informed me they would have to fill out all the necessary tax and legal compliance paperwork including a suspicious activity report (SAR) with FinCen.That was in 2012 and I’ve never heard anything from FinCen. Though I do pay my taxes as required by law and do claim professional gambler as my form of employment. I suspect they have a stack of SAR’s somewhere at FinCen on me that they’ve investigated a few times before as I’ve used some creative ways to repatriate gambling winnings over the years, everything from foreign bank accounts in Malta, to Bitcoins, to even using large bulk purchases of prepaid phone cards (don’t ask). For a period I was “randomly” selected to be searched at the airport EVERY. SINGLE. TIME. I flew anywhere for anything. But that has since stopped, which I can only imagine I owe a “Thanks, Obama,” for having the Department of Homeland Security and the DOJ scrub those lists.