Here Is What Happens When You Withdraw Over $10,000 From Your Bank Account
If you’re thinking about withdrawing $10,000 in cash from your checking account to play blackjack during your week-long trip to Las Vegas, you might want to know what happens when you do. The Bank Secrecy Act was passed by Congress in 1970 to fight money laundering in the U.S. Under the Act, financial institutions are required to report cash transactions over $10,000. The form filed with the Financial Crimes Enforcement Network (FinCEN) is called a Currency Transaction Report (CTR). Here’s what will happen when you go to your bank to withdraw $10,000 or more. Could Trigger a Federal Report Importantly, it’s best to avoid splitting the withdrawal into two parts to fall below the $10,000 minimum because that action will raise suspicion unnecessarily. The CTR is generally a formality. However, plan to keep receipts for money spent at the casino or wherever you plan to use the funds so that you have a paper trail at tax time should the Internal Revenue Service have more questions. It also helps to speak to an employee of your bank before you withdraw $10,000 or more so that they’ll have the funds on hand and can complete the form ahead of time. Possible Delay Scenarios As mentioned in the previous section, a common (minimal) delay is for bank employees to fill out the paperwork. However, it’s important to be aware of these other scenarios in which you could experience delays in receiving your cash because of the size of your withdrawal. First, your bank may ask for additional identification verification beyond what you’ve already provided. A withdrawal of $10,000 or more is likely to draw attention, especially if the account doesn’t normally experience such activity. To save time, ensure you have the proper ID. Depending on the type of account you’re withdrawing the funds from, where there could be daily limits, etc., that prevent you from obtaining the entire amount immediately. Lastly, and this might seem like an obvious one, do ensure you have the funds available in the account for withdrawal. In addition, if you don’t have overdraft protection, and you try to withdraw the funds, your request will be denied. The Personal Finance Angle In addition to the legal aspects of withdrawing $10,000 or more from your bank, there are practical personal finance issues to consider. If you withdraw $10,000 from your bank account, bringing your balance below the minimum required for the account, you could be assessed fees and/or penalties. Further, you could lose out on significant interest if the funds are from a high-interest savings account. For example, if you put $10,000 into a SoFi High-Yield Savings Account at 4.55% interest, you would earn $1,411.66 in interest over three years, assuming the interest rate remained the same and your initial $10,000 deposit was untouched. Lastly, if the $10,000 was part of a larger emergency fund—some financial experts recommend three to six months’ living expenses—you could be jeopardizing your financial well-being. These are just a few things to consider when planning a large cash withdrawal. Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored) Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today. Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month. Click here now to get started. The post Here Is What Happens When You Withdraw Over $10,000 From Your Bank Account appeared first on 24/7 Wall St..
SoFi Technologies (SOFI) Price Prediction and Forecast 2025-2030
SoFi Technologies (NASDAQ: SOFI) made its public debut on June 1, 2021, through a merger with a special purpose acquisition company (SPAC), Social Capital Hedsophia Holding Corp. V, led by Chamath Palihapitiya. Before the merger, the company was originally known as Social Finance, which started as a student loan financing firm before expanding into loans, and mortgage products among other finance products. After the SPAC acquisition, SoFi was equipped with substantial capital to enhance its technology stack to better scale its 2020 acquisition of Galileo. The Galileo platform was developed to deploy a wide range of financial services quickly, giving SoFi the tools to take numerous financial products to a mass market. SoFi IPO’d at $10 per share and quickly jumped 150%, but the stock has been lackluster since, now trading at $13.50 per share, down 47.63%. However, investors only care about what happens from this point on, particularly over the next 1, 3, and 5 years and beyond. Let’s crunch the numbers and give you our best guess on SoFi’s future share price. No one has a crystal ball and even the Wall Street “experts” are often wrong more than they are right in predicting future stock prices. But we give you our revenue and earnings projections as our peer-to-peer valuation. Key Points in this Article: SoFi Technologies is a premier online financial solutions platform targeting a more affluent demographic. 24/7 Wall Street projects a 30.07% upside on the stock through the end of the decade. If you’re looking for a megatrend with massive potential, make sure to grab a complimentary copy of our “The Next NVIDIA” report. The report includes a complete industry map of AI investments that includes many small caps. Recent SoFi Stock Updates and News 11/14/2024 SoFi has announced that the company’s CFO, Chris Lapointe, will participate in a fireside chat discussion during the upcoming UBS Global Technology and AI Conference on December 3rd. 11/12/2024 SoFi is modifying its robo-advisor, which will now feature an annual fee. The annual fee, which kicks in on December 10th, is designed to cover the costs of managing and maintaining the platform, as well as providing access to a team of financial advisors. 11/11/2024 SoFi’s shares increased today 8.46%, marking the fifth consecutive trading day of gains. In the past month, SoFi’s stock has increased 57%. 11/8/2024 SoFi’s stock price increased by 4.6% today, reaching a high of $12.45. Trading volume, however, was much lower than average. 11/7/2024 SoFi saw a modern 1.5% increase in its share price today, reaching a high of $12.10. Trading volume was significantly lower than average, with only 12 million shares changing hands. 11/6/2024 SoFi’s shares rose 3% today following the U.S. presidential election. 11/5/2024 SoFi’s stock price increased 5.3% today, trading as high as $11.52. 11/1/2024 Despite beating analyst estimates for both earnings and revenue in the third quarter, SoFi’s stock price initially fell. However, recently the stock price surged, possibly due to investor confusion. 10/29/2024 SoFi reported strong third-quarter results, with a 35% year-over-year increase in members to 9.4 million. While revenue growth was slightly slower at 30%, CEO Anthony Noto expressed confidence in the company’s “durable” growth trends. The company also saw improvements in credit quality, with declining charge-offs and delinquencies on personal loans. This positive trend is expected to contribute to increased net interest income, which grew 25% during the quarter. 10/28/2024 SoFi’s stock price has experienced a significant surge, reaching a 52-week high of $11.3. The stock has climbed 64.05% over the past year, outperforming many of its peers. SoFi Financials’ Recent Stock Record Here’s a table summarizing performance in share price, revenue, and profits (net income) from IPO. Share Price Revenue Net Income 2021 $12.50 $977.3 ($483.9) 2022 $15.81 $1,519.2 ($320.4) 2023 $4.62 $2,067.8 ($300.7) 2024 LTM $8.22 $2,343.5 ($113.3) *Revenue and Net Income in millions In the last 4 years, SoFi has more than doubled revenue but that top-line growth also carried a jump in total operating costs, particularly the $720 million in sales and marketing expense in 2023. However, the increases in operating costs are money well spent with in-house technology improvements and member-generating marketing spending. Chart Source: YCharts SoFi is close to hitting an inflection point in profitability and has done a stellar job of expanding revenue and improving earnings per share (EPS). As SoFi’s revenue grows, it becomes more profitable, meaning its costs per customer decrease. This scalability is important because it indicates that as the company grows, it will become even more profitable. Given that the industry is growing and SoFi is outperforming its peers, there’s strong optimism that SoFi’s earnings per share will continue to rise. Key Drivers of SoFi’s Stock Performance Expansion Financial Services: SoFi’s ambition to become a one-stop shop for financial services will likely drive future growth. The company plans to continue expanding its product lineup, including new lending products, investment options, and insurance services, which will cater to a broader range of financial needs. Bank Charter and Deposit Base Expansion: Obtaining a national banking charter allows SoFi to use its growing deposit base to fund lending operations more efficiently. This access to lower-cost funds is expected to drive net interest income growth, enhancing profitability as SoFi scales its banking operations. Cross-Selling and Customer Retention: SoFi’s strategy of cross-selling its wide array of financial products aims to increase the average number of products per customer. This integrated approach is expected to improve customer retention and lifetime value, thereby boosting overall revenue and profitability. SoFi Technologies (SOFI) Stock 1-Year Price Prediction The Wall Street consensus 1-year price target for SoFi Technologies is $9.00, which is a -33.33% downside over today’s stock price. Of the 15 analysts covering the stock, the stock is a consensus “Hold” with a 2.88 rating. (1 being a “Strong Buy” and 5 a “Strong Sell”). SoFi’s Share Price Estimates 2025-2030 Year Est. Revenue ($B) Est. Net Income ($B) Est. EPS Normalized Price to Sales Multiple Est. Market Cap ($B) 2024 $2.47 $0.164 $0.08 3.5 $8.64 2025 $2.84 $0.32 $0.21 3.5 $9.94 2026 $3.45 $0.584 $0.43 3.5 $12.08 2027 $3.79 $0.707 $0.62 3.5 $13.27 2028 $4.33 $0.902 $0.83 3.5 $15.16 2029 $4.84 $1.096 $1.02 3.5 $16.94 2030 $5.34 $1.279 $1.10 3.5 $18.69 24/7 Wall Street compared other fintech/ lenders when deciding on our price-to-sales valuation of 3.5 times for the entire time frame of our analysis. Included in the analysis were Block (NYSE:SQ), PayPal (NASDAQ: PYPL), Upstart Holdings (NASDAQ: UPST), LendingClub (NYSE: LC), and Affirm (NASDAQ: AFRM) which gives us a blending valuation of around 3.3 times sales. How SoFi Technologies’ Next 5 Years Could Play Out We expect to see revenue growth of 15.3% and EPS of $0.21 for 2025. We expect the stock to still trade at a similar multiple next year, putting our estimate for the stock price for SoFi at $9.33 in 2025, which is -30.89% higher than the stock is trading today. Going into 2026, we estimate the price to be $11.35, with revenue growth coming in at 14.2% year-over-year. With an EPS of $0.43, this would represent a -15.93% loss over today’s share price of $13.50. Heading into 2027, we expect the stock price increase not to be as pronounced, with earnings estimates of $0.62 per share. The stock price target for the year is $12.46. That is a 9.81% increase from the previous year, but still down -7.70% from today’s stock price. When predicting more than 3 years out, we expect SoFi to remain growing its top line at 12% and be more efficient, with an EPS of $0.83 suggesting a stock price estimate at $14.23 or a gain of 5.41% over the current stock price. We expect SoFi to continue its growth and to generate $1.02 per share of earnings. With a price to earnings multiple of 15, the stock price in 2029 is estimated at $15.9, or a gain of 17.78% over today’s price. SoFi Technologies Stock Price Target for 2030 We estimate SoFi’s stock price to be $17.56 per share with a 10% year-over-year revenue growth. Our estimated stock price will be 30.07% higher than the current stock price of $13.50. Year Price Target % Change From Current Price 2024 $8.11 Upside of -39.93% 2025 $9.33 Upside of -30.89% 2026 $11.35 Upside of -15.93% 2027 $12.46 Upside of -7.70% 2028 $14.23 Upside of 5.41% 2029 $15.90 Upside of 17.78% 2030 $17.56 Upside of 30.07% Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored) Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today. Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month. Click here now to get started. The post SoFi Technologies (SOFI) Price Prediction and Forecast 2025-2030 appeared first on 24/7 Wall St..
Market momentum is intact and internals are strong, says SoFi's Liz Young Thomas
Liz Young Thomas, head of investment strategy at SoFi; Drew Matus, MetLife Investment Management, chief market strategist; and Emily Leveille, Thornburg Investment Management portfolio manager, join CNBC's 'Closing Bell' to discuss market outlooks.
SoFi Technologies: Stellar Q3 Results, But Can They Sustain The Momentum?
SoFi's Q3 2024 results include a 35% YoY increase in new members and a 37% YoY rise in new products, with a decent improvement in revenue and EBITDA margin. Fee-based income now constitutes 25% of adjusted net revenue, making earnings more stable and less tied to interest rates. SoFi is launching fraud prevention tools and offering alternative investments like real estate and private credit.
SoFi stock hits new high of $14.42: is it time to take profits?
SoFi Technologies Inc (NASDAQ: SOFI) touched a high of $14.42 this morning – a level that was last seen in early 2022. The financial services company has rallied over 30% since election day amidst expectations that it will benefit from a more accommodative regulatory backdrop under the new government.
SoFi Stock Gains More. What's Behind the Rally.
Shares of fintech SoFi Technologies are on track for their best stretch of five trading days in more than a year.
SoFi's stock climbs above $14 as it heads for best five-day run in over a year
The neobanking stock has been on a tear in the wake of the election.
Prediction: SoFi Technologies Will Beat the Market. Here's Why
SoFi Technologies might be the next big winner in the financial sector
SoFi's stock climbs, with these twin engines carrying the rally further
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SoFi CEO Anthony Noto Is Very Bullish on Its Prospects
The CEO feels that the company has never been in such good shape heading into a new year.
Trump Wants to Nix the Education Department. How That Helps SoFi.
President-elect Donald Trump and other Republicans have made no secret of their desire to abolish the U.S. Department of Education and limit the federal government's role in the student-loan market.
