Direct Deposit for commissions

[InsuranceBenefitsGroup]

That someone has no idea what they're talking about. You can pay your corp, your fiancee, your uncle, or your best friend's sister's boyfriend's brother's girlfriend. It's your 1099.

 

[Crabcake Johnny]

That would be true. The 1099 generates tax liability for the agent - doesn't matter if you deposit your checks into your neighbor's account.

That said - and not knowing the arrangement you have with your fiance - I believe it's a mistake to deposit into her account.

I would opt out of direct deposit and simply have the checks mailed. And I don't mean to demean you but if you're at the point in life when you can't get a checking account there's a lot of cleaning up you need to do before you get married.

I'm sorry if that comment is off-base since I don't know the situation - I'm simply inferring it.

I believe Jerry Seinfeld would say "you don't have any hand."

 

[Frank Stastny]

We could probably give you a more intelligent answer if you told us why you want to deposit your money in her account.

Without more information the term "p. whipped" immediately comes to mind. I'm sure that isn't the case so help us out a little.

Besides, we are not the ones to ask, call your CPA for a correct, accurate answer. I'm sure there is more information you are not sharing with us.

 

[Crabcake Johnny]

The life rule is "expect the best but plan for the worst."

Obviously the best is you get married and everything is happy forever. The worst is you relationship goes south and how she has control of all money in that account.

She obviously is going to know all the account activity and when you're running a business that's a no no.

I have a business account. My wife has no clue as to what I spend - if she did she'd go mental since I have the business mind - not her. If I want to throw $300 into setting up Leadpod I'm not running that past her - it's simply happening.

 

[kew]

Thanks for the info. The art about it being my 1099 makes a heck of a lot of sense. I have called all of my carriers and each one of hem said something to the effect of "uhm, yeah we can do that. Whats the big deal?

As to the reason why? That's personal.

 

[westpac99]

I understand that the reason is personal... I'm in a similar situation. Trying to fly under the radar from past tax issues that levy bank accounts is my reason. Another reason, but not my reason could be garnishment of wages or child support issues. In either case, I wish you the best and stay focused!

 

[kew]

ok, now I feel compelled to give you all an idea of why.

Cannot open a bank account until I get my name off of Check Rite.

And no, I do not owe child support. I may be bad with my finances but I am not a looser meathead no good for nothing father.

 

[Frank Stastny]

ok, now I feel compelled to give you all an idea of why.

Cannot open a bank account until I get my name off of Check Rite.

And no, I do not owe child support. I may be bad with my finances but I am not a looser meathead no good for nothing father.

That's not a big deal. I think all of us have at some time hit upon hard times at one time or another. I don't know anyone who is successful, who hasn't inherited money, who hasn't had a few minor set-backs.

A friend of mine was plant manager at Continental Can and he always said he would not hire college students with a 4.0 GPA. His reasoning was that they have never failed or learn to deal with failure. The ones he did have working for him who were 4.0 students "came apart" when they "screwed up".

He liked a good solid 3.0 student, and if they had taken a class and failed it and took it over again and passed, that was a huge positive in his mind.

Regarding those who don't pay child support, they should have their bag slit and their feet run through it and I'm holding back.

Hang in there and keep plugging. The nice thing about being where you are is there is plenty of room to "go up". I sometimes feel sorry for the guy who is "at the top". He has no place to go.

 

[seadevil]

The biggest issue that I can see is if you consider this money for a business. It should not be an issue for the companies sending you the funds, but the bank could have issues with it. Just like the insurance industry, the banking industry is governed by a ton of regulations. A majority of the regulations is for consumer protection, so there are different rules for consumer and business accounts. Basically you are not allowed to co-mingle personal and business funds. Now the odds of you getting caught by the bank will depend on the size of the bank and how intrusive their auditors are. Where it could get tricky is when the state or federal regulators come in for an examination. They are the ones who are most likely to find out.

Here is what I would do have your drafts go to your girlfriends account and then have your girlfriend write you a check in your name that you cash at that bank and do all your business in cash until you can make arrangements in getting your name off Check Rite.

This has been edited, due to being pointed out that previous advice was unintentionally considered fraud.

 

[Winter_123]

The biggest issue that I can see is if you consider this money for a business. It should not be an issue for the companies sending you the funds, but the bank could have issues with it. Just like the insurance industry, the banking industry is governed by a ton of regulations. A majority of the regulations is for consumer protection, so there are different rules for consumer and business accounts. Basically you are not allowed to co-mingle personal and business funds. Now the odds of you getting caught by the bank will depend on the size of the bank and how intrusive their auditors are. Where it could get tricky is when the state or federal regulators come in for an examination. They are the ones who are most likely to find out.

Here is what I would do if you consider this a business account. Don't tell the bank, if you are ever questioned, just have your girlfriend tell them that this is your paycheck and not a business account.

I think that helping this fellow is good within bounds but this really should not be a forum where licensed financial services people give advice on how to fraudulently structure bank accounts.

My view anyway.

Winter