I deposited a check from my retirement to M & T Bank for 40,000 ( after taxes.) that has been posted wrong.

Question

the check was from Vantagepoint Transfer LLC. I deposited the entire check in person at MT Bank. Back then it was posted as Trust deposit, and I complained that it should have been posted a a check deposit. I look on my statement and it just says "Deposit, $40,000. I went to Federal Reserve,  who referred me to  CPFB( Ater writing M&T several times. I wrote to BBB as well. To no avail they insist this is the correct documentation of a transaction, but it can't be because anyone seeing that would assume it was a cash deposit! It is simply written "Deposit" . they freely admit to me that  true source of the deposit, but why would they post it just as "Deposit" this is sure to send red flags to IRS assuming I made a "Cash" deposit" and paid no taxes. But I did., but I can't get copies of it now because its 7 years ago.

James L. Arrasmith · Answer

I understand your concern about the way your check deposit from Vantagepoint Transfer LLC was posted to your M&T Bank account. It's important for your financial records to accurately reflect the nature of your transactions, especially when it comes to large amounts like $40,000, to avoid potential issues with the IRS or other agencies. 
 
Here are a few steps you can take to address this situation: 
 
1. Gather documentation: Collect any available documentation related to the check deposit, such as the original check, deposit slip, or any correspondence with Vantagepoint Transfer LLC or M&T Bank. 
 
2. Contact M&T Bank again: Reach out to M&T Bank's customer service or your local branch manager, explaining the situation in detail. Request that they provide a written clarification or an amended statement that accurately reflects the nature of the deposit as a check from your retirement account. 
 
3. Escalate the issue: If M&T Bank is unresponsive or unwilling to correct the issue, consider escalating the matter to higher authorities within the bank, such as a regional manager or the bank's executive office. 
 
4. Consider legal assistance: If the bank remains uncooperative, you may want to consult with a lawyer specializing in banking or financial matters to explore your options and protect your interests. 
 
5. Keep records: Document all your communications with M&T Bank, the Federal Reserve, CFPB, and BBB. This will be helpful if you need to provide evidence of your efforts to resolve the issue. 
 
6. Consult a tax professional: Discuss the situation with a tax professional or CPA to ensure that you have the necessary documentation to support the nature of the deposit in case of an IRS inquiry. 
 
Remember, while the statute of limitations for IRS audits is typically three years, it's still important to have your financial records as accurate as possible. Continue to be persistent in your efforts to have the bank correct the documentation of your deposit.

Q: I deposited a check from my retirement to M & T Bank for 40,000 ( after taxes.) that has been posted wrong.