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Sunday 26 March 2023 11:07:40 GMT
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As someone who deals with larger amounts of cash, you need to be creating a routine with your bank. If you’re someone who does random cash deposits, especially larger ones, it’s only a matter of time before your bank starts to either question you or just randomly close your account. One thing about banks, if there’s even a little thought of any weird activity going  on, they are QUICK to cut ties. & yes! but to avoid this.. After each day you work you need to be going to the bank and depositing your earnings in your BUSINESS bank account first.. but even if not everyday? Then you need to be depositing at-least once a week on the same day to build that frequent routine with your bank. Here’s a few reasons why:  1. Suspicion of money laundering: random large cash deposits can lead to investigations initiated by your bank, which can freeze your accounts.  2. Bank Reporting Requirements: banks must file a Currency Transaction Report (CTR) for cash deposits exceeding $10,000 in a single day 3. Tax Implications: Large, unexplained deposits can attract the attention of tax authorities, leading to audits or investigations into your income sources, especially if you’re depositing into a personal bank account  4. Build a relationship with your bank: Regular interactions with a bank can lead to a better banking relationship, potentially offering you access to higher credit limits, lower interest rates on loans, and other financial products that could benefit your business’s growth.  5. Security: Keeping large amounts of cash on hand increases the risk of theft or loss. By depositing cash into a bank account frequently, you’re significantly reducing this risk.  And so much more! I’ve created a detailed guide on how to go about getting a business bank account and how to properly deposit money to avoid any bullsh**💯 along with so much more info to guide you into financial success as a nightlife worker. 🫶🏽  #Money #Moneymaker #moneymindset #Moneytalks #Fyp #Foryourpage #Skripper  #Skriptok #Strippatok #bartender #moneycount#bartendersoftiktok#bartenderlife #BottleGirl #bottlegirltiktok #nightlife
As someone who deals with larger amounts of cash, you need to be creating a routine with your bank. If you’re someone who does random cash deposits, especially larger ones, it’s only a matter of time before your bank starts to either question you or just randomly close your account. One thing about banks, if there’s even a little thought of any weird activity going on, they are QUICK to cut ties. & yes! but to avoid this.. After each day you work you need to be going to the bank and depositing your earnings in your BUSINESS bank account first.. but even if not everyday? Then you need to be depositing at-least once a week on the same day to build that frequent routine with your bank. Here’s a few reasons why: 1. Suspicion of money laundering: random large cash deposits can lead to investigations initiated by your bank, which can freeze your accounts. 2. Bank Reporting Requirements: banks must file a Currency Transaction Report (CTR) for cash deposits exceeding $10,000 in a single day 3. Tax Implications: Large, unexplained deposits can attract the attention of tax authorities, leading to audits or investigations into your income sources, especially if you’re depositing into a personal bank account 4. Build a relationship with your bank: Regular interactions with a bank can lead to a better banking relationship, potentially offering you access to higher credit limits, lower interest rates on loans, and other financial products that could benefit your business’s growth. 5. Security: Keeping large amounts of cash on hand increases the risk of theft or loss. By depositing cash into a bank account frequently, you’re significantly reducing this risk. And so much more! I’ve created a detailed guide on how to go about getting a business bank account and how to properly deposit money to avoid any bullsh**💯 along with so much more info to guide you into financial success as a nightlife worker. 🫶🏽 #Money #Moneymaker #moneymindset #Moneytalks #Fyp #Foryourpage #Skripper #Skriptok #Strippatok #bartender #moneycount#bartendersoftiktok#bartenderlife #BottleGirl #bottlegirltiktok #nightlife

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