IRS Identifying Source of EFT transactions to Bank
My Bank advised me that they have no means of determing the source of incoming EFTs, ACH; to my Bank Account. I was told this when I questioned several of the transactions on my Bank Statement.
I was under the belief that for instance, Click2pay, was a 3rd party payer, payment processor, they told me that they are not the originating Financial Institution. So technically, they are an intermediary. I believe that they use a German Bank, we "customers" don't hold an account at that Bank.
I also know Neteller was not the Originating Financial Institution, all their transactions went through their Bank Account who then sent them to the ACH who passes them through to the Recieving Financial Institution.
DOES THAT MAKE SENSE. I am just going by what I read and questions I asked C2P and Neteller.
If they are considered Foreign Bank Accounts, then niether one was, is following international banking laws.
JUST MY THOUGHTS, MIGHT NOT BE WORTH A HILL OF BEANS
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