PSA: DO NOT BANK WITH CHASE OR YOUR CREDIT CARDS MAY GET CLOSED!

[davidrotts63]

Sounds like you haven't been in Lakewood recently

Full time. What'd I miss?
What I'm saying is to be perfectly honest, put your business revenue through your business account, and report all personal income accordingly.

[aygart]

Full time. What'd I miss?
What I'm saying is to be perfectly honest, put your business revenue through your business account, and report all personal income accordingly.

Sounds like you missed some news from about a year ago.

[davidrotts63]

Sounds like you missed some news from about a year ago.

I know about that. AFAIK those arrests were for NOT reporting, not sure how this lines up with that.

[aygart]

I know about that. AFAIK those arrests were for NOT reporting, not sure how this lines up with that.

The question is what they were scrutinizing. It will be a difficult explain. I understand why it may be worth the risk and may be less risky than personal, but with it will fit right in to the activity they were looking for.

[Zkpncs48]

They base the reasoning of the CC closures on banking, why give them a reason to close your CC’s

cc relationship is also called banking. I just got shutdown and they said so.ething about ending their banking relationship and I don't have a checking or savings account with them.

[thaber]

Open an LLC, Go into a branch like a mentch, speak to a banker, develope a relationship, explain your business and it's banking needs,get it approved, maintain meticulous accounting records, don't commit felonies, and you should be fine.

This.
If they think you're messing around in personal accounts, they will close them. It's not worth the risk or fines to them. (see US BANK).
A lot of those same activities are normal in business accounts.
And if you're trying to run a business under the radar in personal accounts, which results in weird transactions, is it right to have a tayna on the bank?

[Yehuda25]

This.
If they think you're messing around in personal accounts, they will close them. It's not worth the risk or fines to them. (see US BANK).
A lot of those same activities are normal in business accounts.
And if you're trying to run a business under the radar in personal accounts, which results in weird transactions, is it right to have a tayna on the bank?

-1000 you are 100% wrong and I have proof of it. Many of these shutdowns are coming from "buying groups". These buying groups themselves have all been shut doesn't from Chase (their biz checking accounts) as one Chase high up told someone when he was trying to get his closure reviewed - "no shot, we don't support buying group like activities".

[thaber]

-1000 you are 100% wrong and I have proof of it. Many of these shutdowns are coming from "buying groups". These buying groups themselves have all been shut doesn't from Chase (their biz checking accounts) as one Chase high up told someone when he was trying to get his closure reviewed - "no shot, we don't support buying group like activities".

Read what I wrote.
I did not say that everything that happens in a business account is normal and won't cause a shut down. I said that many things that people do in personal accounts, if done in business accounts would not be unusual.
Buying groups, whether or not they're legal, are inherently scammy, and there is clearly a lot of unreported income. I think if I were chase I wouldn't want them banking with me either.

[davidrotts63]

Read what I wrote.
I did not say that everything that happens in a business account is normal and won't cause a shut down. I said that many things that people do in personal accounts, if done in business accounts would not be unusual.
Buying groups, whether or not they're legal, are inherently scammy, and there is clearly a lot of unreported income . I think if I were chase I wouldn't want them banking with me either.

Huh

[churnbabychurn]

-1000 you are 100% wrong and I have proof of it. Many of these shutdowns are coming from "buying groups". These buying groups themselves have all been shut doesn't from Chase (their biz checking accounts) as one Chase high up told someone when he was trying to get his closure reviewed - "no shot, we don't support buying group like activities".

Right, because chase doesn't want to do business with shoddy "businesses", that apprear like a racket on their face..

These businesses need to find a bank that appreciates their businesses model up front and agrees to do it.

A reputable national Bank like chase wouldn't touch it and they are right. Try a desperate local bank...

[thaber]

Huh

Why were buying groups created? Why do they exist? And in cases where the buyers are paid for their service, $x per widget, are they getting a 1099?

[davidrotts63]

 

Why were buying groups created? Why do they exist? And in cases where the buyers are paid for their service, $x per widget, are they getting a 1099?

Not sure what the first 2 questions are.
I'm not a CPA so I have no idea if they are supposed to issue 1099s, but where does it imply that since they don't issue 1099s people aren't filing properly?

[aygart]

Not sure what the first 2 questions are.
I'm not a CPA so I have no idea if they are supposed to issue 1099s, but where does it imply that since they don't issue 1099s people aren't filing properly?

Because if there is supposed to be a 1099 then not filling one means it is not filed properly?

[thaber]

Not sure what the first 2 questions are.
I'm not a CPA so I have no idea if they are supposed to issue 1099s, but where does it imply that since they don't issue 1099s people aren't filing properly?

It's the type of business where people won't

Right, because chase doesn't want to do business with shoddy "businesses", that apprear like a racket on their face..

These businesses need to find a bank that appreciates their businesses model up front and agrees to do it.

A reputable national Bank like chase wouldn't touch it and they are right. Try a desperate local bank...

Let me give you an example. Pot is legal where I live. If you run a pot shop, you can't open a bank account. If you have a commercial tenant that sells weed, you won't be able to get a loan on your building from any major bank. They just don't want to deal with it or anything related to it, whether it's logical or not

[davidrotts63]

It's the type of business where people won't

I don't know about everyone else, but every cent I make from them is documented.

Let me give you an example. Pot is legal where I live. If you run a pot shop, you can't open a bank account. If you have a commercial tenant that sells weed, you won't be able to get a loan on your building  any major bank. They just don't want to deal with it or anything related to it, whether it's logical or not

Very interesting.

[ChaimMoskowitz]

I don't know about everyone else, but every cent I make from them is documented.

You are the exception to the rule. Just like everyone that gets a business card owns a real business. Pure 100% BS!!!

[Ygold]

Can anyone please explain to a novice what is the issue with buying groups? What funny business is there, that banks don't want them? Why would you need a 1099, if there is no profit? etc; etc;  Thanks.

[churnbabychurn]

Can anyone please explain to a novice what is the issue with buying groups? What funny business is there, that banks don't want them? Why would you need a 1099, if there is no profit? etc; etc;  Thanks.

Do you not understand that the purpose of buying groups is to circumvent published terms of sale? To take advantage of businesses?

How is this even a question??

[churnbabychurn]

This can be merged with the other PSA thread...

[davidrotts63]

This can be merged with the other PSA thread...

Like any thread that ever mentions the words "buying group"