when i open a bank account who/what other entities/org./gov get my info, who is getting my info(personal)?

Question

does the irs get notified, credit companies, any other governmental entities, who does the bank send the info out to and then is that info then transfered again to other org/gov/corps?

Answer 1

The bank gets your info. Who they pass it on to is listed in their privacy policy. Demand a copy and opt out of any 3rd party sharing. (Anything shared with 3rd parties is then shared by those 3rd parties according to THEIR privacy policy. If they even have one. You REALLY want to stop that abuse even before it starts!)

Credit bureaus are notified of any loans and how you handle credit, as well as any bounced checks. No way to stop that.

Federal and State tax authorities will be notified of any interest payments. Can't stop that either.

Any transactions of $10,000 (or aggregate transactions between the same parties exceeding $10k in 30 days) or more are reported to the Treasury Department. That's automatic and required by law.

Addendum: Steven F may be right on the aggregate reporting requirement. At any time however, banks can report anything that they feel is suspicious regardless of the amounts or timeframe involved. There was a regulatory push to make that reporting mandatory back around 1998 or 1999 if memory serves but it was left as optional, probably as much to the subjective nature of it as well as the potential complexity of it.

Answer 2

I think bostonianinmo is mistaken about the rules for aggregate reporting of transactions. $10,000 over 30 days is less than $350 per day. I don't think banks are required to report transactions that small. $10,000 in a week is more accurate.

Answer 3

The I.R.S. and all the affiliates of the bank that are big money business partners although you can ask for this to be restricted.