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Is it legal to transfer money to and from the same 2 banks frequently?


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  • 1 year later...

Yes, it's legal. If not then a whole bunch of legislators have a lot of explaining to do.

 

It's a shame that we must question the legality of exorcising our most basic natural rights.

 

The legality issue is why these funds transfer are being done. The bank's software program should flag those type of funds movement to alert bank officials to look for check kiting. The software program doesn't know your motive, it raises a red flag when these types of transfers occur.

 

Put "check kiting" into your favorite search engine box, it occurs all the time. Your planned use of banks in different countries will definitely raise a red flag.

 

The second signal, area abnormalities, is very common, because kiters want to allow as much float time as possible. As a result, they often use banks in different cities or regions of the country. Therefore, bank authorities should question excessive or unnecessary use of out-of-town banks. (See URL below.)

 

A nice summary of check kiting scenarios is available at the following URL.

 

http://www.thefreelibrary.com/Check+kiting%3A+detection,+prosecution+and+prevention-a015139850

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is there any way i can get into legal troubles doing so?
You need to enquire about the laws of Canada and Taiwan, plus any international laws that might be in effect. Inquiring at each bank, they ought to know their stuf and if you have no malicious intent and the right approach to inquiring, there is no reason not to. If the teller doesn't know, they gotta call the manager (who must know or tell you which authority to ask).

 

also, is this the right forum for this question?
Not quite, this is legality of financial operations. Economy is all about whether folks have enough eggs, flour, butter and meat and to what extent some can afford strawberries and cream.
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You might find that the accessibility of the funds is slowed down considerably. Mainly because of the "red flagging" and the need to show that the funds are legitimate and not being used for money laundering activities.

M

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