Misfitmorgan's Journal - That Summer Dust

[misfitmorgan]

He replied back.

It may be easier to have you either get gift funds, or you could take all of the money and put it into a CD, which you would take a loan out on. We could use the funds as it would be a lien on a secured instrument.


Gift funds would probably be easier.

I could try submitting all of your checks and receipts and see what they say; or you could try calling Greenstone to see what they do.


Sorry for the hassle. Everything has to be documented. Funds from the sale of cattle/hay is a new one for me, but we will get through it!

This makes no freaking sense! He is suggesting i put the "unaccounted for money" into a CD and then get a loan against the CD as a secured asset. I'm flabberghasted, i mean it's just like how how how can that make sense?? Yes take my money which I got legally and fairly and even documented, put it into a CD and incur more debt by getting a loan (which I will have to make payments on) against my money I already have!!

Everything was documented hence the check and the receipt...how much more documented can one get? I mean what was i suppose to do write up a contract for the sale of hay and go with the buyer to a notary and have them put a seal on it??? I also never said i was selling cattle i told him pigs.

I am so angry ad upset atm I can barely see straight.

 

[babsbag]

I don't blame you at all. Just give the money to a friend and have them "gift" it you. I don't understand why they care where you got the money. What if you had had a yard sale? Stupid and senseless. You would think that you were trying to buy a gun. (I just had to do a 10 day waiting period and federal check to get my own guns back from the pawn shop after we had to "secure" them due to the restraining order against DH)

 

[misfitmorgan]

I don't blame you at all. Just give the money to a friend and have them "gift" it you. I don't understand why they care where you got the money. What if you had had a yard sale? Stupid and senseless. You would think that you were trying to buy a gun. (I just had to do a 10 day waiting period and federal check to get my own guns back from the pawn shop after we had to "secure" them due to the restraining order against DH)

I can't have a friend gift me the money. Gift money is only allowed from family, a spouse, or a fiance in some cases. The gift has to be documented including a letter from the gifter saying the money is a gift and it is not expected to be paid back. The gifter also must supply a copy of their bank statement to show the money gift has caused them no un-due financial hardship.

This is all new since 9-11 cause they discovered a lot of the properties the terrorists used were funded by drug/illegal money that was gifted to the buyer.....supposedly. Which is the same reason they care so much where my money came from. I have a federal clearance do they really think i am buying my little farm for terrorist activity?

Money under the amount of $500 generally they dont care about but if you make several deposits under $500 and it adds up to a large amount then they want to know where that came from too.

Buying a gun is easier I have bought guns and walked out of the store with them the same day, thy were hunting rifle and such of course lol.

 

[babsbag]

Can't buy a gun in CA and walk out with it, I thought that was true everywhere now.

Does he have a boss? This is most insane thing I have ever heard. The money would still be unaccounted for CD or not. But it isn't unaccounted for in the first place, you sold something you owned. Lunacy is in full swing.

 

[greybeard]

Originally they told me all money had to be from a verified source. I specifically asked them if sale of hay and livestock with a cashiers check and a receipt would be a verified source and i was told yes that would be fine and acceptable. Now they want me to somehow prove the value of hay and livestock for them. It doesnt even make any sense, obviously the value is what you can sell something for. If you sold a car for 5k and KBB said it was only worth 4k they would not be emailing m asking for someplace to prove it was worth 5k. If you sold it for 5k obviously someone thought it was worth 5k.

All this is being done to cover their butts because the IRS has been looking very very hard at anything that might be an avenue for money laundering and/or failing to report income or not reporting the correct amount.

 

[babsbag]

It's just silly since they know that you are trying to get the money together to pay off the lease that THEY INSISTED YOU PAY. I don't see how this could even remotely be considered money laundering.

 

[promiseacres]

wow. I hope you get it all figured out.

 

[Bruce]

It's just silly since they know that you are trying to get the money together to pay off the lease that THEY INSISTED YOU PAY. I don't see how this could even remotely be considered money laundering.

Unless it was dirty and stunk of cologne and she had to wash it before the back would convert it to a bank check Funny, THEY didn't seem to have a problem with the source of the funds!!

"Funds from the sale of cattle/hay is a new one for me, but we will get through it!"
Key right there, the dude doesn't know how to deal with anything but the "usual". If it isn't already in the bank or a biweekly paycheck, he is lost. How new is he?

Your friends can gift money to your "family, a spouse, or a fiance", they aren't on the loan!! Then they can gift it to you. And you can gift it back to them the day after you close. What goes around comes around


I think you best make that lease payment on Saturday! Last thing you need is to be in arrears on it. MIGHT even bring down the prepayment penalty just a wee bit?? This is your second to last payment? And the mortgage bank is forcing you to pay it off ~15 days early and thereby incur a prepayment penalty? Can we all come to Michigan and slap some sense into those bankers? Please??????

I understand the strain and you and DH getting cranky with each other. End each conversation with "I love you, this stress is making me crazy". You both know it but HEARING it goes a long way.

for both of you! Only 18 more days of this when you wake up in the morning

 

[Baymule]

So the evil, conniving banker wants PROOF of the value of hay and pigs? And he wants the equivalent of a Kelly Blue Book? I just had a brain fart. Go to Craigs list for your area and find comparable hay and pigs and print them out. Go to all the areas around you and print out everything you can find. Heck, even go to neighboring states and drown the (*&$%^&^ in paper!

 

[OneFineAcre]

I work for a bank and I can tell you all of the hoops are because of 6 letters
BSA/AML
Bank secrecy act
Anti money laundering
Really beefed up after 911
It's the Fed and the FDIC
My company is currently working our way out of a cease and desist order from the Fed and FDIC because of a loan we didn't even make

ETA
You should have seen the hoops I had to jump through with my own company to open a bank account to deposit the checks for my 35th class reunion
Don't lose your patience and just keep
Working through what they want as best you can