Does Government Watch Your Bank Account(s)?

Question

Does government watch your bank account(s)? Does the bank report your account?

Answer 1

Banks are required to report when large amounts of money are either withdrawn or transferred. They are looking for drug money, ransom payments, etc.

Otherwise, I don't think they watch everything that goes on everywhere.

Answer 2

The IRS gets copies of every tax form you do, this includes interest earnings from your bank accounts.

There are also the reports about the government spying on banking transactions through SWIFT (if I remember the name right). They don't get constant updates about your account balance, but any bank to bank transaction (probably including debit cards run as credit cards and checks) most likely go through this system and the government probably has access to it.

Answer 3

Yes, the bank issues a form called a 1099 to the IRS reporting the interest earned in your account

Answer 4

No. At least not normally. They can get a search warrant or a court order to do so, but that's a special case. They can also ask the bank for the information, and some do simply hand it over to them....and don't tell you.

And if your into conspiracies...the government can hack into any account.

Answer 5

George Orwell's "1984" is here. I believe the government has access to any and all of your private information. Banks willfully, without protest, cooperate with the government and simply hand over any financial information it wants on any citizen. The IRS arbitrarily meddles in peoples' finances at whim.The FBI knows everything they need to know about you, from where you live to your most personal secrets. And the amazing thing is: WE don't do anything about it!

Answer 6

The government can regulate or watch any bank account it chooses if it is money laundering illegal funds , involved in terrorist actrivities , and for other various sundry offenses such as child support , collecting overdue taxes , unpaid fines , liens outstanding , etc . Hope that helps >

Answer 7

Yes, the IRS knows everything about you, pretty much.

That's why I laugh when people complain about the Patriot Act. The IRS doesn't seem to bother these same people. The IRS knows how much you make, where you live, how much your house costs, how much investment you have, what's in your bank, etc. The IRS can also sack you for an audit at ANY time.

Answer 8

At tax time they do. They fined me for not reporting interest earned on my checking account. It was only 60.00 but with penalties and interest it was around 150.00

Answer 9

yes your account is constantly being monitored, research ECHELON, as well as the NSA. all electronic activity is monitored from bank transactions to e-mails to which books you read at the library-- again research ECHELON. scary stuff.

Answer 10

you don't get it do you? Its the Republicans that want to get their hands on Social risk-free practices money and you understand why? to furnish their Wall St pals additional funds to play with, and additional funds to can charge human beings for making trades. the government does not want private monies in any respect, you're already offering earnings to Wall St. Your article say 'it could desire to', once you notice that its no longer asserting 'they'll''. ' it could desire to' is an prolonged way remote from they'll, or they'll, or its being written even. maximum Democrats are in want of Social risk-free practices, its the Rs who want to take it aside. And its to no longer unfold it around, its to maintain it out of the hands of grasping capitalists who could desire to easily as somewhat lose AunAnna'sas nest egg as develop it. you may desire to bear in mind than as quickly as privatization occurs we upload a layer of expenses to furnish income. that could come out of your money. i think you may desire to declare it could unfold around your money which you have saved, it could circulate to the hedge fund managers and the brokers. Does that actually fit you extra?