Escort and Sugar Baby Banking Considerations

Banking seems to be a common trouble spot  for escorts, dommes and sugar babies. Here are some tips for making cash deposits and what types of accounts are most beneficial for sugar babies, dommes and escorts.

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-The bank is required to automatically flag any deposit over $10,000.

-If you deposit $2,000 five times in one day, you’ll still get flagged.

-Any deposit the bank deems to be suspicious will be flagged.

-You only report interest paid to the IRS if your account is interest bearing. This means, if you have a savings account or an interest bearing checking account, you will accrue interest and must report this on your taxes.

-Most accounts require the owner to have a certain amount of money in the account or a penalty must be paid. Some banks will let you set up alerts to guard against this.

-Any one person may give you a gift of $14,000 per year without having to pay a gift tax.

-The giver of the gift is responsible to pay the gift tax, not the receiver. However, arrangements can be made if necessary.

-If you have cash that you don’t want to deposit, get a safe. A really, really good safe. One that is fire proof, water proof, etc. You don’t want your hard earned money to go to waste.

Tips

-Set up accounts at multiple banks. Banks do not communicate with one another and this allows you to make smaller deposits more frequently.

-Do not deposit the same exact amount each time.

-Mix the deposits. In some cases, I will deposit cash and personal checks not related to SB/SD work.

-Look like you have money. Dress nicely, have your makeup done, wear some jewelry. If you are dressed in sweats and UGGs, it may seem a bit suspicious.

-Visit the same branch and make friends with the tellers. Always be polite, chatty, and smile. They will get to know you as a regular customer and trust you. If they know you regularly make larger deposits, they won’t be suspicious.

-Find banks that have ATMs that will immediately deposit your cash. Newer PNC banks have these ATMs. This allows you to make deposits after hours and no teller is present. These transactions are not flagged unless they exceed the $10,000 limit.