4-minute Money Ideas

Why Money Transfers Aren’t as Easy as They Used to Be By Douglas Goldstein, CFP®, - helping olim handle U.S. brokerage accounts, including IRS, from Israel If you attempted a money transfer recently, you may have been surprised at the amount of documentation you were asked to provide. Any financial institution can ask for proof as to why you’re moving money. They do this to make sure that they are in compliance with anti-money-laundering regulations. Even law-abiding citizens may need to submit extra proof when they want to transfer funds from one financial institution to another, especially between banks and brokerage firms. Bank accounts enable you to take care of daily money needs: pay bills, write checks, use credit cards, or make automatic bank transfers. An investment account is geared to long-term growth or, depending on the holdings, steady income payments (bond interest, dividends, etc.). Even if you have liquid investments in such an account, moving money in and out can raise suspicion. Possibly sus