Is this a sign of acceptance or a tool for discrimination?

Acceptance. Its a job like any other.

I dont think they would decline you if you pick"adult entertainment.

Neither. The bank is meeting its legal "know your customer" regulatory requirements. The bank has to show that it took reasonable steps to ascertain the source of funds to demonstrate to banking regulators that it is not helping you launder money.

Are the banks required to include adult entertainment in the list of industries? My surprise doesn't pertain to why they are asking the question, but why this would be included where industries like education and research were excluded. They also excluded drug dealer and paid assassin.

They also excluded pimp.

"They also excluded pimp."

I believe that would fall under adult entertainment.

"They also excluded drug dealer..."

That would fall under "retail" or "sales" ^_^

Intrusive government. Intrusive businesses. Privacy, independence and freedom are no longer valued.

RickDugan is correct. And - it may have been in alphabetical order - with adult being at the top. Nothing to see here...

It was definitely in alphabetical order. But why include adult entertainment and exclude education?

It *is* a tool for discrimination. Legal discrimination. At some point, had one chosen that option, if the government were to decide that one is using the account for “questionable” activity, they could order that bank to seize and freeze the account. With no recourse except a lengthy and expensive court battle for the account holder.

Had a local girl go through that not too long ago. She made the mistake of answering honestly, and paid the price.

georgmicrodong - any idea why would they would target adult entertainers and not the marijuana industry?

This too strikes me as a tool for discrimination. Though banks are required to close accounts if they find out that the business is in the marijuana industry. Perhaps there's enough money there that most banks don't want to find out, where a stripper depositing her tips is different, and listing this on the drop-down menu shows efforts towards compliance.

DC9428 - this is very common. My CF is starting to make investments and she's concerned that if she deposits too much money at one time it could attract attention from the IRS.

My understanding is that financial institutions are required to report all transactions of $10,000 or more, and will generally file a Suspicious Activity Report if multiple transactions are made just under the $10,000 threshold.

I don't think my CF has anything to worry about. But a withdrawal is also a transaction. I wonder how many PLs are attracting IRS attention just by withdrawal cash for the hobby? Two-bits might have known.

DC9428 - this is very common. My CF is starting to make investments and she's concerned that if she deposits too much money at one time it could attract attention from the IRS.

My understanding is that financial institutions are required to report all transactions of $10,000 or more, and will generally file a Suspicious Activity Report if multiple transactions are made just under the $10,000 threshold.

I don't think my CF has anything to worry about. But a withdrawal is also a transaction. I wonder how many PLs are attracting IRS attention just by withdrawal cash for the hobby? Two-bits might have known.

ei8ht_Ball, the threshold has been lowered to $5,000 even if it's a straight deposit in your origin branch. Giving advice on this type of thing is questionable but presuming she is reporting all the income to the IRS then there is no problem, right? :)

This is not advice, it may even be idiotic: But perhaps numerous things can be paid for in cash (groceries, clothes, fuel, household stuff, entertainment) while things like rent can be paid for with cashiers checks created at places like Western Union. That would reduce bank deposits. Another option is to spread deposits into multiple banks. There's also brokerage accounts and IRAs as an option (also both good for long-term investment). It's also important, just like any tip-based job, to report a reasonable portion of tips as income. If not and such a person with otherwise "low" income (what is reported only by her employers), the IRS could certainly uncover that someone's lifestyle is way beyond their means based on what they report. The IRS is not looking at people unless they trigger an audit, which is randomized, but discretion is important to avoid people who don't like her dropping a dime on her.

Jeff - can you show me something (maybe an IRS publication) to support that the threshold was reduced to $5,000? Everywhere I look still reads $10,000. Just curious. I don't have any reason to believe that her income hasn't been taxed.

And what do you mean by "but discretion is important to avoid people who don't like her dropping a dime on her"? Is there a typo in there?

I work in a casino and can vouch for the $5,000 mandatory reporting thing. They can also report you if they think you're suspicious in general, so be nice to the cashiers.

OP I think this your way of humble bragging
;)

ei8ht,

You ask, "But why include adult entertainment and exclude education?" Have you seen what schools are turning out these days? Certainly aren't educating anyone!

A couple of months ago I read a thread from a dancer saying something along the lines that she'd had issues with her bank (froze her account or something like that, can't remember, I think it was a SW thread) - I think it may have to do with the new FOSTA legislation but not sure

ei8ht_Ball that's what it says in a lot of online sources but often information like that by the time it gets to the web is outdated and repeated. I got it directly from a bank manager's mouth about a year ago, the threshold used by banks and the government is $5,000. Maybe it's different by state or locale or type of bank?

>> And what do you mean by "but discretion is important to avoid people who don't like her dropping a dime on her"? Is there a typo in there?

Not sure how it's being read that makes it confusing. People who have enemies have to use discretion, or those enemies will drop a dime (rat out) someone who seems o be living way above their means. Like an Instagram model who doesn't appear to have any real job yet is constantly vacationing in exotic places and occasional photos of herself coming off a private jet or shopping at way too expensive places. You know that's only possible because she's willing to get shit and pissed on by a Saudi prince and his entourage. Those pictures don't make it to Instagram.

DC, you can turn cash into a cashier's check at many places, including the Post Office but I would not recommend the Post Office. The problem is you can't do it too often at the same place or rings will bell. I don't do any of this junk myself, all my income is reported, but things like criminal tactics and money laundering is a fascination of mine.

Man suspected of money laundering after $400,000 found in washing machine

"Not sure how it's being read that makes it confusing. People who have enemies have to use discretion, or those enemies will drop a dime (rat out) someone who seems o be living way above their means."

Gotchya. I read it to mean that someone could get ticked off that I spend so much as a dime on the girl (like a boyfriend) and then say something about it.