Large transfers between accounts.

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  • #66941
    Necarra
    Participant

    Hello this is my first time using the forum so I don’t know if I’m asking this question in the right column but since I cannot get a hold of my counselor I need answers to a few questions I have.

    A few weeks ago I transferred a large sum of money between multiple accounts I used the funds to invest in the stock market. The money was only out of my savings account for about 3 days before i deposited it back into the account. My investment ended up growing 105% during the 3 days. My question is will this large transfer delay my process?

    #66948
    girlfoolish
    Participant

    @necarra It may not necessarily delay the process, but be prepared to show documentation (bank statement withdrawal and stock fund deposit statement). Your MC will most certainly request a Letter of Explanation for the transaction.

    #67040
    TTrumble
    Member

    Hello Necarra,

    Actually, this post does belong in the Purchase Program section, and will be moved there upon completion of this response.

    You will need to provide full and complete documentation of where that money went during those three days. It will literally be impossible to be too detailed.

    Be forewarned that a 105% growth in just three days will absolutely throw up a red flag as potential money laundering. Real estate transactions have always been a huge magnet for money launderers. While this is not the sort of cash purchase transaction one typically thinks of, you will still need to be ready to provide absolute proof of what happened to bring you that kind of extreme short term growth. Sensitivity to that sort of thing became even greater when the Dodd-Frank Act was passed in 2008 in response to the economic crash.

    It’s nothing to get worried over, but you do need to be prepared so it isn’t any more complicated than necessary.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #67042
    Necarra
    Participant

    @TTrumble @girlfoolish I appreciate you’re responses and thank you for clarifying my question. I do have all neccessary docs/statements showing the transfers.

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