A friend has to pay back my 25k they had borrowed. They are in a different state. What’s the best way to have it transferred to my bank account? Can they send me a pic of check and I can upload to my chase account?

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Wire transfer

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Zelle. But will take multiple transfers with the limit.

likesmart

Um be careful with the tax implications of that transfer hitting your account.

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I don’t think anyone made that claim or disagrees with what you’re saying.

You Americans are so sweet with your 1950s banking - checks and wire transfers. Good luck OP

funnylike

UoM let’s see how long it does is the petro-dollar changes as seems to be being pushed in the East. Can’t print money forever.

Let’s be friends

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If you have a bank branch in their state (i.e. Bank of America, Chase, etc) just give your friend your account number and have them deposit into your account. I have done it hundreds of times.

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Can you use zelle? Almost all major banks have it. If not zelle, then try venmo, paypal or cash app?

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Also, you’re quite the friend! Can I borrow 25K, too?

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Bitcoin

funny

Do not play with images. Bill pay is fine, mailed check is fine, wire transfer is fine, Zelle is fine.

I would not venmo, small amounts plus 1099 equal pain in the neck.

As long as you have papered it properly, not taxable. But you need to charge nominal interest. Otherwise an interest free loan can be considered a gift.

smart

Just have them do a bank to bank transfer.

Also, I’d have them transfer 12.5k this year and the rest next year. Then you avoid issues with tax as it’s considered a gift. They could transfer all of it in one year but then you have more clarification with the IRS on that so it’s just easier to stay within the limit.

smart

Yes but you have to charge nominal interest, which many people forget. Also you have to paper it.

smart

Just use bill pay and you’ll be fine

No, you won’t be able to upload a photo of a check. See alternative suggestions above.

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