AboutShane Expertise Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations American Association of Medical Assistants
Education/Credentials High School Graduate and Medical Assisting Diploma
Awards and Honors Significantly exceeds expectations annual review from the bank I presently work at
Question Hi Shane- I currently have 55K in a savings acct earning 1.5%. I recently opened up another savings account with a bank offering 2.5%. I heard that if I transfer 5K or more at a time, Uncle Sam is watching closely. Although I do report interest on my taxes, I'm nervous about transferring more than 4,995.00 at a time. Should I worry and transfer slightly under 5K at a time, (like once a week), or can I just make one huge transfer? I appreciate your advice and help.
Answer no. the limit is actually 10k and that is only if it is an actual cash transaction. I open accounts all the time for people with 250k+ and we do the electronic, check, or wire transfer all at once and its never a problem. Only a problem if your doing it in actual cash. Also, on a sidenote, in the event you were doing it in cash, if were to do just say $9,995 its actually watched more than the 10k because they realize you are trying to avoid whats called the CTR reporting.
