Bank Account – Left Bank http://left-bank.org/ Tue, 14 Sep 2021 18:04:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Bank Account – Left Bank http://left-bank.org/ 32 32 Here’s how a new IRS proposal would impact banks, customers https://left-bank.org/heres-how-a-new-irs-proposal-would-impact-banks-customers/ https://left-bank.org/heres-how-a-new-irs-proposal-would-impact-banks-customers/#respond Tue, 14 Sep 2021 18:04:00 +0000 https://left-bank.org/heres-how-a-new-irs-proposal-would-impact-banks-customers/ ]]>

title=wpil_keyword_linkbank account over $ 600. The proposed IRS requirement is designed to reduce tax evasion and generate money for the Biden administration’s $ 3.5 trillion budget reconciliation plan.” title=”The presidents of the NC Bankers Association and the Carolinas Credit Union League oppose a federal proposal that would require banks and other institutions to report additional data on any bank account over $ 600. The proposed IRS requirement is designed to reduce tax evasion and generate money for the Biden administration’s $ 3.5 trillion budget reconciliation plan.” loading=”lazy”/>

The presidents of the NC Bankers Association and the Carolinas Credit Union League oppose a federal proposal that would require banks and other institutions to report additional data on any bank account over $ 600. The proposed IRS requirement is designed to reduce tax evasion and generate money for the Biden administration’s $ 3.5 trillion budget reconciliation plan.

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Welcome to NC Voices, where leaders, readers and experts from across North Carolina can speak about issues affecting our communities. Send submissions of 300 words or less to opinion@newsobserver.com.

Bankers: We oppose IRS pressure for more data

Peter Gwaltney is President and CEO of this North Carolina Bankers Association. Dan Schline is President and CEO of the Carolinas Credit Union League

This week, Congress will consider a sweeping proposal that, if passed, will force banks and credit unions to report to the Internal Revenue Service detailed information on the entries and exits of each account greater than $ 600.

The legislative proposal is seen as a source of revenue for the $ 3.5 trillion budget reconciliation plan proposed by the Biden administration. The The Treasury Department says it is designed to reduce tax evasion and improve the collection of taxes already owed to help fund the expense bill.

But the proposal requires banks and credit unions to track transactions of the individuals and businesses they serve, then report that activity to the IRS and have the IRS use it to identify those who avoid paying. pay taxes.

The massive amount of new information that will be submitted to the IRS under this proposal will be unmanageable and of questionable relevance to calculating taxable income. In addition, this proposal creates huge data security and customer privacy issues.

Instead of invading client privacy and occupying resources that might otherwise be spent serving local communities, we suggest members of Congress direct the IRS to close any tax compliance gaps with local governments. data and authority the agency already has. We urge individuals and businesses served by North Carolina banks and credit unions to contact their members of Congress and join us in expressing their opposition to this proposal.

Peter Gwaltney

Dan Schline

PGwaltney1.jpg
Peter Gwaltney

NC must level the playing field on broadband

The author is professor of economics and director of the Center for the Study of Free Enterprise at Western Carolina University.

Regarding “Six Ways Republicans Steal Local Control – And Hide It In The NC Budget” (Editorial, August 18):

Rather than “stealing local control,” the proposed measure to limit the costs that utility pole owners incur in securing equipment will bring enormous economic gains to the state. My research estimates that current broadband expansion plans will create $ 3.5 billion in economic value for the state. However, this gain can only be realized if the existing obstacles to the deployment of broadband are removed. That is what the proposed measure would do.

Today, existing barriers to the deployment of broadband prevent nearly 472,000 North Carolina residents, mostly in rural communities, from accessing the high-speed Internet they need to be successful in the modern world. Utility pole fasteners are a key and largely unavoidable part of providing this service. Unfortunately, our state’s current regulations create an unfair level playing field, giving pole owners (primarily municipal and co-op electric utilities) a significant concentration of market power that is detrimental to the public interest.

Rather than achieving mutually acceptable terms for pole mounting, too many municipal and cooperative pole owners are delaying broadband expansion by imposing long schedules, excessive license fees, unnecessary pre and post construction requirements , etc.

These monopoly tactics too often make the deployment of broadband economically unfeasible and block the expansion of broadband infrastructure, especially in the “last mile” areas of the state that need Internet service the most. .

Left unchecked, the unfair playing field will result in delayed or lost economic gains statewide, losing $ 14 million to $ 16 million per month in delay costs that can never be recouped.

Characterizing the proposed measure as an attempt to “steal local control” distracts attention from the importance of bridging the digital divide. By proposing state-wide policies to reduce transaction fees and delays currently imposed on broadband providers when accessing utility poles, House leaders are prioritizing l public interest throughout the state. They empower local communities by freeing their broadband futures from the inefficient and unfair market power of power co-operatives and municipal utilities.

Edward J. Lopez

Edward J. Lopez.jpg
Edward J. Lopez


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Antonio Brown misses $ 30 million in bank account thanks to Raiders owner Mark Davis https://left-bank.org/antonio-brown-misses-30-million-in-bank-account-thanks-to-raiders-owner-mark-davis/ https://left-bank.org/antonio-brown-misses-30-million-in-bank-account-thanks-to-raiders-owner-mark-davis/#respond Fri, 10 Sep 2021 15:20:39 +0000 https://left-bank.org/antonio-brown-misses-30-million-in-bank-account-thanks-to-raiders-owner-mark-davis/ Antonio Brown earned a reputation as arguably the best receiver in the NFL during his years with the Pittsburgh Steelers. His ability to torch cornerbacks and safeties with relative ease has helped him rack up not only prolific stats, but quite a bit of money as well. While Brown has lost over $ 300,000 to […]]]>

Antonio Brown earned a reputation as arguably the best receiver in the NFL during his years with the Pittsburgh Steelers. His ability to torch cornerbacks and safeties with relative ease has helped him rack up not only prolific stats, but quite a bit of money as well.

While Brown has lost over $ 300,000 to fines, the controversial wide-out still has an impressive net worth. However, his bank account balance would be even better without Mark Davis.



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Former EDA Director Pleads “Not Guilty” to Fraud and Money Laundering | Nvdaily https://left-bank.org/former-eda-director-pleads-not-guilty-to-fraud-and-money-laundering-nvdaily/ https://left-bank.org/former-eda-director-pleads-not-guilty-to-fraud-and-money-laundering-nvdaily/#respond Fri, 03 Sep 2021 19:03:00 +0000 https://left-bank.org/former-eda-director-pleads-not-guilty-to-fraud-and-money-laundering-nvdaily/ A former executive director of the Front Royal-Warren County Economic Development Authority pleaded not guilty on Friday to federal charges of fraud, money laundering and identity theft. Jennifer R. McDonald appeared for an arraignment hearing via Zoom in U.S. District Court for the Western District of Virginia. The hearing lasted about three minutes. Judge Joel […]]]>

A former executive director of the Front Royal-Warren County Economic Development Authority pleaded not guilty on Friday to federal charges of fraud, money laundering and identity theft.

Jennifer R. McDonald appeared for an arraignment hearing via Zoom in U.S. District Court for the Western District of Virginia. The hearing lasted about three minutes.

Judge Joel C. Hoppe asked McDonald how she argued to the four counts of bank and wire fraud, aggravated identity theft and money laundering. McDonald has pleaded not guilty to all counts.

McDonald, 44, of Front Royal, remains free on a personal commitment. Deputy Public Defender Andrea Harris represents McDonald’s as court appointed legal counsel. Assistant U.S. Attorney Sean Welsh is pursuing the case.

During the impeachment process, Hoppe asked McDonald several questions which she answered under oath. McDonald said she has a bachelor’s degree. McDonald said she had worked for EDA and as a real estate agent. She currently works as a delivery driver.

McDonald said, in response to another question, that she was not and had not been recently treated by a doctor or psychiatrist for mental illness or addiction. McDonald said she had not taken any drugs or medication or drank alcohol in the previous 24 hours.

McDonald waived a formal reading of the indictment.

Hoppe has scheduled the trial for November 3. Harris said she would likely file a motion that day asking the court to pursue the case.

McDonald served as executive director of the EDA from April 2008 to December 2018. A federal court grand jury handed an indictment of 34 charges under seal on August 25. McDonald appeared in court on Tuesday where the clerk unsealed the indictment and federal authorities. arrested her on all four counts.

The convictions on the charges carry maximum sentences of up to 30 years for bank fraud, 20 years for wire fraud and 10 years for money laundering. A conviction for aggravated identity theft carries a mandatory minimum sentence of two years in prison.

In his first court appearance, Hoppe granted McDonald’s release on his own pledge. Hoppe ordered McDonald’s to go to the pretrial services and comply with the terms of the bail.

The indictment accuses McDonald of devising and participating in schemes in which she used EDA money to make payments on personal credit cards and for credit card balances of members of the family. McDonald’s created false documents, including bills and real estate documents, to disguise the scheme, the indictment says. She also falsified the names of other people to disguise and carry out the fraud scheme, the indictment says.

McDonald’s submitted false documents to bank employees and auditors and settlement agreements; and also made wire transfers, withdrawn money, deposited checks and issued cashier’s checks and payments to financial institutions to promote fraud, the indictment says.

McDonald’s owned and operated DaBoyz LLC. The indictment identifies a co-owner of DaBoyz solely by the initials “DM” McDonald also owned and operated MoveOn8 LLC.

McDonald designed and participated in a scheme from June 3, 2014 to December 20, 2018 to defraud EDA and obtain money and property through false and fraudulent pretexts, representations and promises, the act says. charge. McDonald, through his post at EDA, had access to funds owned by the current accounts and credit facility authority on behalf of the entity, the indictment says.

In one case, federal officials accuse McDonald of using EDA money to repay Little Rugratz LLC loans in which she and a family member held a stake.

The indictment also describes the real estate schemes that authorities claim McDonald pursued with the EDA money.

“(McDonald), without authorization, used EDA funds to purchase real estate for its own benefit on behalf of others and on behalf of DaBoyz, LLC,” the indictment reads. “For these real estate transactions, (McDonald’s) often earned commissions as a real estate agent.”

The indictment says McDonald used EDA funds without authorization to purchase properties from:

* 400 Craig Drive, Stephens City

* 118 Jutland Court, Stephens City

* 1309 Robinhood Lane, Front Royal

* 2890 Buck Mountain Road, Browntown, on behalf of DaBoyz LLC

* 1321 Happy Creek Road, Front Royal, on behalf of DaBoyz LLC

* 2951 Rileyville Road, Rileyville, on behalf of DaBoyz LLC.

The indictment goes on to state that McDonald’s used the EDA money, without authorization, to make payments on balances accumulated on personal and family members’ credit cards. McDonald’s created false documents, including bills and real estate documents, to disguise the scheme, the indictment says. McDonald’s forged other people’s names, submitted false documents to bank workers, auditors and settlement agents, the indictment says. She made wire transfers, withdrew funds, deposited checks, obtained cashier’s checks and paid financial institutions as part of the scheme, the indictment says.

The first count accuses McDonald of electronic fraud. Indictment accuses McDonald of transferring a total of $ 3,562,100 on three dates in 2016 and 2017 from an EDA account with The First Bank and Trust to a Union Bank and Trust account on behalf of TLC Settlements LLC. McDonald’s transferred a total of $ 416,491 in four transactions from May 30, 2018 to July 6, 2018, from an account held at First Bank and Trust on behalf of EDA to another account held by the authority at United Bank .

Another count in the indictment accuses McDonald of bank fraud. Count accuses McDonald of making debits via cashier’s checks totaling $ 740,000 to a United Bank account in the name of EDA payable to Service Title of Front Royal, LLC , on various dates from July 24, 2014 to August 31, 2015.

McDonald’s made wire transfers totaling $ 3,562,099 from an account held at The First Bank and Trust on behalf of the EDA to an account held at Union Bank and Trust held by TLC Settlements LLC, from 14 September 2016 to April 26, 2017, specifies the indictment. McDonald’s made payments to a Sears personal credit card through Citibank with four checks from an EDA account with United Bank totaling $ 51,915 on various dates in June 2018.

The indictment accuses McDonald of committing aggravated identity theft from September 8, 2016 to September 20, 2016, during and in connection with wire fraud.

The criminal indictment is separate from a civil lawsuit filed by the EDA which accuses McDonald and a handful of co-accused of embezzling or embezzling authority funds for their benefit and used in various real estate projects. . The EDA claims that McDonald’s used more than $ 20 million of the authority’s money in its schemes. State law allowed the EDA to triple the amount claimed in the lawsuit.

A Warren County Circuit Court judge recently granted a motion for partial final judgment that marked the end of the EDA’s complaint about McDonald’s, but leaves the case active against the co-defendants. McDonald has agreed through her legal counsel that she is indebted to the EDA for $ 9 million.

McDonald’s bankruptcy case in U.S. District Court remains active as a trustee continues to liquidate its assets.


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CT sports betting regulations adopted, more work needed before launch https://left-bank.org/ct-sports-betting-regulations-adopted-more-work-needed-before-launch/ https://left-bank.org/ct-sports-betting-regulations-adopted-more-work-needed-before-launch/#respond Tue, 31 Aug 2021 21:58:21 +0000 https://left-bank.org/ct-sports-betting-regulations-adopted-more-work-needed-before-launch/ The CT the sports betting market has taken a step forward Tuesday as a joint legislative committee approved emergency betting regulations. Emergency regulations drawn up by the Department of Consumer Protection pass, 9-4because some legislators were clearly unhappy with the process. Connecticut online sports betting must always be approved by the federal government before it […]]]>

The CT the sports betting market has taken a step forward Tuesday as a joint legislative committee approved emergency betting regulations.

Emergency regulations drawn up by the Department of Consumer Protection pass, 9-4because some legislators were clearly unhappy with the process.

Connecticut online sports betting must always be approved by the federal government before it can be initiated. It will come September 10, but that doesn’t mean that sports betting will be ready to jump in and take bets at that point.

CT sports betting takes to the skies

According to a DCP spokesperson, there are a few things that still need to happen before CT sports betting can start accepting bets:

  • The regulations must be codified with the Secretary of State once the DCP has made the requested technical changes.
  • Everyone in the CT sports betting industry should always be made redundant, including organizations and their employees.
  • Licensing cannot begin until the Interior Department publishes updated gaming agreements in the Federal Register.

Several moving parts make it difficult to establish a timeline for the market launch of three, DCP said.

Connecticut Lottery President Rob Simmelkjaer expects to take bets during the “first part” of the Paris NFL season.

The Lottery has partnered with Rush Street Interactive, selecting the company from among four other bidders. DraftKings Sportsbook is in partnership with the Mashantucket Pequot Indians while FanDuel Sportsbook will launch with the Mohegan Indians.

CT sports betting regulations are pushed back

The approved regulations for the CT, sports betting is fairly straightforward but there were still a few points to be questioned by lawmakers.

The question of whether gaming accounts funded by pooled bank accounts should be allowed was the topic of most of the discussion. one hour meeting. Funding with a joint account was first prohibited in the first round of regulations, but was later removed in the replacement regulations.

CPD Commissioner Michelle Seagull said it would not be clear to an operator how many people were in the bank account. The ban on funding the account through a joint bank account could result in the closure of all deposits in bank accounts for a period of time, she added.

Lawmakers will have the opportunity to revisit regulations. There will be a public hearing when the permanent settlement is approved within six months.

Also request additional payment methods

Senator Cathy Osten asked the DCP to continue to explore the possibility of extending the financing of sports betting to more commonly used methods such as Pay Pal and Venmo.

These methods are not expressly prohibited by law, but could create problems. The law only allows one credit or debit card to be linked to an account, which could be an issue with PayPal or Venmo accounts, Seagull said.

Is CT launch rushed for football season?

Co-Chair, Senator James Maroney acknowledged the issues but asked members to continue anyway:

“I would like to note that I understand this is a matter of concern to many members, but I would like to ask us to support the regulations as they are written so that we can implement sports gambling and games of chance. Timely Online Gambling – Why We Enacted This Emergency Regulation.

Senator John Kissel, who led most of the discussion on joint accounts, ended his thinking by questioning the reason for the rush.

“All this rush to sort of – and I know this just for the record – to meet the opening of the football season, you know, hey, land of stable habits. I prefer to walk rather than run. I don’t see a race here. We are lagging behind other states. I prefer to do things right.


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This Twitch streamer was scammed for thousands of dollars https://left-bank.org/this-twitch-streamer-was-scammed-for-thousands-of-dollars/ https://left-bank.org/this-twitch-streamer-was-scammed-for-thousands-of-dollars/#respond Fri, 27 Aug 2021 19:56:00 +0000 https://left-bank.org/this-twitch-streamer-was-scammed-for-thousands-of-dollars/ Lulu tried to access her bank account with Chase to see what had happened when she realized that she was locked out of his account. At a time, crooks blew up his phone with consecutive calls. At the same time, she was receiving constant emails from Wells Fargo regarding the account created by the scammer. […]]]>

Lulu tried to access her bank account with Chase to see what had happened when she realized that she was locked out of his account. At a time, crooks blew up his phone with consecutive calls. At the same time, she was receiving constant emails from Wells Fargo regarding the account created by the scammer.

The streamer called Chase for help, and she even called Wells Fargo despite not being a customer with them. Lulu also mentioned that she also had to call Zelle for help.

All in all it took Lulu five hours to make it all right. Fortunately, she does not have end up losing the money the scammer tried to take.

Lulu explained that she thinks she fell for the scam because her debit card information has been stolen just a few weeks ago. That, combined with the fact that she just woke up, confused Lulu. The streamer eventually came to the conclusion that a real person was trying to steal their Zelle account to begin with, and the bank was never actually involved.

Although nothing actually happened, it is still a stressful situation for anyone. Lulu’s situation reminds you to always call your bank if you ever receive fraud notifications, as many ridiculous scams and hoaxes actually work.


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Is it time to lock in a fixed bond account? Rates climb to 1.35% https://left-bank.org/is-it-time-to-lock-in-a-fixed-bond-account-rates-climb-to-1-35/ https://left-bank.org/is-it-time-to-lock-in-a-fixed-bond-account-rates-climb-to-1-35/#respond Tue, 24 Aug 2021 21:01:09 +0000 https://left-bank.org/is-it-time-to-lock-in-a-fixed-bond-account-rates-climb-to-1-35/ Is it time to lock in a fixed bond account? Rates climb 1.35% as banks fight for your money By Sylvia Morris for the Daily Mail Posted: 22:01 BST, August 24, 2021 | Update: 22:01 BST, August 24, 2021 A fixed rate bond frenzy among banks vying for our money pushed rates up to 1.35% […]]]>

Is it time to lock in a fixed bond account? Rates climb 1.35% as banks fight for your money










A fixed rate bond frenzy among banks vying for our money pushed rates up to 1.35% for a year.

That’s more than double what was offered in April, when rates were at their lowest, and twice the amount of interest paid by the best easy-to-access accounts. Experts say savers should consider locking in to avoid missing out.

There have been 400 rate hikes since the start of last month as banks vie to dominate the best buy tables, according to research from the Savings Champion website.

Better deals: Fixed rate bonds soared to 1.35% in one year, more than double what was offered in April

Last week, the pace picked up when rates broke the 1.3% mark for those who tie their money up for 12 months.

Meanwhile, the number of one-year bonds offered climbed by a fifth to 163, from 134 earlier this year.

Rachel Springall, Moneyfacts Financial Expert, says: “Banks have gone above and beyond to offer the best one-year bonds. Rates could rise further, but savers risk missing out if they wait and see.

Savers had turned their backs on fixed-rate bonds after the drop in rates.

Around £ 7.9bn has gone out of accounts so far this year, while £ 189bn has gone into easy-to-access accounts.

A year ago, the best one-year bond with Paragon Bank was yielding 1.2%. But in April, the best offer paid only half at 0.6%.

However, since the start of the summer vacation, rates are on the rise again.

Last week, Tandem Bank launched a one-year bond at 1.31%, but it didn’t hold onto the top buy for long. Investec raised its rate to 1.33%, its second hike this month.

Allica Bank won a few hours later with 1.35%. Tandem Bank quickly followed by increasing its rate to 1.35%. Yesterday, Allica raised its rate again to 1.38% while the Tandem rate rose again to 1.37%.

Some banks, including OakNorth, Allica, Tandem and Investec, have raised rates twice or more since the start of this month, when rates stood at 1% at best for a year.

Last week, United Trust Bank hiked rates twice in 24 hours to pay 1.25% for one year and 1.3% for 15 months.

The best two-year rate came out yesterday at 1.66% Allica Bank, topping Tandem’s 1.57%.

But many savers will wonder if they shouldn’t be locking in their cash in case rates rise further.

James Blower, founder of the consultancy firm Savings Guru, says: “There is competition for our liquidity from the banks.

“They want to encourage savers to move away from easy-to-access accounts, so they have to pay for it. It is difficult to predict whether they will go higher. But I would be surprised if they went up to 1.5% for a year. ‘

Kevin Mountford, co-founder of the Raisin UK savings platform, says: “Banks have to raise money and rates change daily.

“Take these rates while you can. “

Whatever savers do, they should ditch the big banks, which only pay 0.15% on their one-year bonds at best.

They don’t have to compete as hard for money, as savers tend to use their checking account provider as a home for their savings. Their rates for easy-to-access accounts are as low as 0.01 percent.

Savers have the same level of protection with small banks as with large players. The Financial Services Compensation Scheme covers amounts of up to £ 85,000 per person if the bank runs into problems.

sy.morris@dailymail.co.uk


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Business News | Stock market and stock market news https://left-bank.org/business-news-stock-market-and-stock-market-news/ https://left-bank.org/business-news-stock-market-and-stock-market-news/#respond Tue, 24 Aug 2021 03:34:06 +0000 https://left-bank.org/business-news-stock-market-and-stock-market-news/ Search for quotes, news, net asset values ​​of mutual funds Yes Bank INE528G01035, OUIBANQUE, 532648 Nuvoco Vistas INE118D01016, NUVOCO, 543334 Cadila Health INE010B01027, CADILAHC, 532321 Aurobindo pharmacy INE406A01037, AUROPHARMA, 524804 Addiction INE002A01018, RELIANCE, 500325 Search for quotes, news, net asset values ​​of mutual funds Yes Bank INE528G01035, OUIBANQUE, 532648 Nuvoco Vistas INE118D01016, NUVOCO, 543334 Cadila […]]]>














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