erac22 0 Posted October 23, 2006 Share Posted October 23, 2006 I just found out today that neteller limits EFT withdrawals from neteller to your certified bank account at $5,000 per transaction. Why they would limit withdrawals of your own money is beyond me, but rules are rules. There aren't any limits on the number of weekly withdrawals though. But since neteller EFT's take 1-2 days to go through, if I request a payout on monday, I won't get it untill wednesday. If I then make another payout request wednesday, I may get my money either friday or monday. So if I wait for each transaction to clear, I can only withdraw 10k a week. (not that i usually make any more than that, but hopefully some day) My question is this: can i make another neteller withdrawal while my first one is still pending? So if i request an EFT payout at 1pm on monday, can I request another at 3pm, and the will both arrive within 1-2 business days? Or do I have to wait for the first to clear before I request another?thanks,erac Link to post Share on other sites
TheBigB11 0 Posted October 23, 2006 Share Posted October 23, 2006 They max it at $5000 per withdrawl. You can make as many withdrawls in a day as you want. I have cashed out over $15,000 in one day before. Link to post Share on other sites
sholden 0 Posted October 23, 2006 Share Posted October 23, 2006 Transactions over $10,000 require the filing of CTR in the US. Possibly they want to stay way under that, or some other jurisdiction they deal with has a lower limit?Or of course they just want to make life harder for their customers and keep their money a little longer Link to post Share on other sites
stealfromblind 0 Posted October 23, 2006 Share Posted October 23, 2006 lots of people in the u.s. seem to still be confused over which transactions will be automatically reported to the IRS. for some reason people still think that anything over 10k and up will be reported by banks. THIS IS FALSE. the golden number is 5k! i know this because i had a buddy who was busted for failing to file taxes on about 140k in winnings over the course of a year. the IRS agent told him had he kept his transfers under 5k they probably never would have caught him.your welcome,-steal Link to post Share on other sites
Jordan 1 Posted October 23, 2006 Share Posted October 23, 2006 lots of people in the u.s. seem to still be confused over which transactions will be automatically reported to the IRS. for some reason people still think that anything over 10k and up will be reported by banks. THIS IS FALSE. the golden number is 5k! i know this because i had a buddy who was busted for failing to file taxes on about 140k in winnings over the course of a year. the IRS agent told him had he kept his transfers under 5k they probably never would have caught him.your welcome,-stealuhm, i was told by a financial advisor it was 10k still...weird...ive withdrawn 7k at times, but never anything more than that...i guess I'll be dropping back to 5k though again.- Jordan Link to post Share on other sites
LITTLEPOPPA 0 Posted October 23, 2006 Share Posted October 23, 2006 I just found out today that neteller limits EFT withdrawals from neteller to your certified bank account at $5,000 per transaction. Why they would limit withdrawals of your own money is beyond me, but rules are rules. There aren't any limits on the number of weekly withdrawals though. But since neteller EFT's take 1-2 days to go through, if I request a payout on monday, I won't get it untill wednesday. If I then make another payout request wednesday, I may get my money either friday or monday. So if I wait for each transaction to clear, I can only withdraw 10k a week. (not that i usually make any more than that, but hopefully some day) My question is this: can i make another neteller withdrawal while my first one is still pending? So if i request an EFT payout at 1pm on monday, can I request another at 3pm, and the will both arrive within 1-2 business days? Or do I have to wait for the first to clear before I request another?thanks,eracdont they also charge by transaction....its an extra couple of bucks they make by making it a max of 5k...no?which is why u can do multiple in the same day...its a dollar issue not an IRS issue or they would make it 9,900 usd not 5k... Link to post Share on other sites
JMoney2681 0 Posted October 23, 2006 Share Posted October 23, 2006 uhm, i was told by a financial advisor it was 10k still...weird...ive withdrawn 7k at times, but never anything more than that...i guess I'll be dropping back to 5k though again.- JordanI worked at a bank for over 2 years. You're right Jordan, it is 10K. It is actually 10,000.01. 10K is technically ok.It's called a CTR, Currency Transaction Report, that all financial institutions must report to the IRS. Link to post Share on other sites
CrazyIrish 0 Posted October 23, 2006 Share Posted October 23, 2006 I worked at a bank for over 2 years. You're right Jordan, it is 10K. It is actually 10,000.01. 10K is technically ok.It's called a CTR, Currency Transaction Report, that all financial institutions must report to the IRS.Also work at a bank, in the compliance department. The bank has to flag any cash transactions over $3000 for review upon request. If the IRS or Fed ask for them, we have to provide them. The customer does not have to fill out a CTR, or even be aware that the information is being reported. These only apply to cash transactions and international EFT's and wires, though. Of course, a Neteller EFT would fall into this category. Link to post Share on other sites
poguemahone68 0 Posted October 23, 2006 Share Posted October 23, 2006 So far the experts say:1. 10,0002. 5,0003. 3,000Any other bank employees here have a different dollar amount? Link to post Share on other sites
finztotheleft 0 Posted October 23, 2006 Share Posted October 23, 2006 Any of those amounts would stand out on my deposit slips Link to post Share on other sites
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