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Ditto at Wells Fargo!!!!! Cash advance of $1,000 immediately deposited into my account. I told the teller I would see her again tomorrow. :)
Good to know the kinks have been worked out for whenever I get my card. Hopefully it works at Bank of America as well.


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On a typical day I am excited to leave work. But leaving work today will be even better when I get home (hopefully). I just called yesterday and spoke to the settlement people and they said it had not been mailed yet and that I should call back in a couple weeks. So, I'm hoping they were wrong and this is the card and not some stupid junk mail.
449457
 

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On a typical day I am excited to leave work. But leaving work today will be even better when I get home (hopefully). I just called yesterday and spoke to the settlement people and they said it had not been mailed yet and that I should call back in a couple weeks. So, I'm hoping they were wrong and this is the card and not some stupid junk mail.
View attachment 449457
Excited for you! Let us know. Looks just like the one I got with my Debit card in it.
 

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On a typical day I am excited to leave work. But leaving work today will be even better when I get home (hopefully). I just called yesterday and spoke to the settlement people and they said it had not been mailed yet and that I should call back in a couple weeks. So, I'm hoping they were wrong and this is the card and not some stupid junk mail.
View attachment 449457
How exciting!! Fingers crossed for you!!!
 

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Thank you for this link. I talked to a lawyer and they said the fact that they have not recorded any social security numbers as well as the fact that they are paying us with "gift cards", would make the amount tax free if it was under $15,000. A monetary gift over $15,000 in a calendar year is taxable, so people who are getting over that amount may be required to provide Social Security numbers and the amount may be reported. Maybe that wont happen either. I guess we will see is anyone that gets over that amount reports back...
 

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Thank you for this link. I talked to a lawyer and they said the fact that they have not recorded any social security numbers as well as the fact that they are paying us with "gift cards", would make the amount tax free if it was under $15,000. A monetary gift over $15,000 in a calendar year is taxable, so people who are getting over that amount may be required to provide Social Security numbers and the amount may be reported. Maybe that wont happen either. I guess we will see is anyone that gets over that amount reports back...
As a CPA, I can tell you that the $15,000 gift tax exclusion is different than legal settlements.

I did some brief looking and can not for certain say it is not taxable but I am leaning towards it being non-taxable. I know for certain if I do not get a 1099 I will not be reporting anything on my tax return next year.
 

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Update. Claim for trade-in submitted 11/20/2019. Claim approved 06/04/2020. Payment card recieved 07/30/2020. $6420.60. Can only W/D $1000.00 per day. Each W/D carries a card fee for each transaction (regardless if teller or ATM W/D) of $3.00. There could possibly be fees associated with the bank or ATM. Can check daily balance at JNRcard.com but is generally a day behind. As for reporting as "other" income to I.R.S you will have to ask an accountant. If you go to the bank and xfer from card to your account, there will be a paper trail that could be audited, possibly an ATM W/D using this card will have no personal paper trail, I not aware that Hyundai has SSN. There is the possibility it is not taxable as the payment restores "lost value" and thereby not enriching like when I had a hand pay of $50k + $2.5k + $1.95k machine pay (same day) the hand pays were taxable as I had to give SSN and D.L# but the machine pay was cash. The % for IRS on the hand pays was 28% OUCH oh, + 6.5% local tax OUCH again.
 

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I have an update of my own:
Today I was able to withdraw $1k off my card at my Wells Fargo bank - the teller told me that it looked like the card company charged me $1.50 for the transaction, Wells Fargo charged me nothing.
So as I'm walking out I decide to try the ATM right there - and I was able to withdraw the max allowable of $300 with a $3 service charge. Now there are 4 Wells Fargo branches within 25 min of me, so I thought I would try another branch
ATM withdrawl - success! So I go to the 3rd and 4th branches local to me and I was able to withdrawl $300 at each one. So, for the next 4 days I will withdrawing $1200 at day from these 4 separate ATMs with a total combined service charge of $12 per day.
Freaking ridiculous, but it is what it is.
 

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I have an update of my own:
Today I was able to withdraw $1k off my card at my Wells Fargo bank - the teller told me that it looked like the card company charged me $1.50 for the transaction, Wells Fargo charged me nothing.
So as I'm walking out I decide to try the ATM right there - and I was able to withdraw the max allowable of $300 with a $3 service charge. Now there are 4 Wells Fargo branches within 25 min of me, so I thought I would try another branch
ATM withdrawl - success! So I go to the 3rd and 4th branches local to me and I was able to withdrawl $300 at each one. So, for the next 4 days I will withdrawing $1200 at day from these 4 separate ATMs with a total combined service charge of $12 per day.
Freaking ridiculous, but it is what it is.
So, you took #1,000 by withdrawal via the teller, and another $1,200 from 4 ATMs? A total of $2,200 minus the fees? Which I think induces a $1.50 per ATM use by the Card Co, $3 for Wells Fargo, for a fee total of $4.50 each.
 

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So, you took #1,000 by withdrawal via the teller, and another $1,200 from 4 ATMs? A total of $2,200 minus the fees? Which I think induces a $1.50 per ATM use by the Card Co.
Correct. But I will not withdrawl the $1k from the teller again. I'll just do the ATM's. I don't know if will matter or not, but reading some previous posts, I want to eliminate the paper trail - at least originating from the Bank.
 

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I have an update of my own:
Today I was able to withdraw $1k off my card at my Wells Fargo bank - the teller told me that it looked like the card company charged me $1.50 for the transaction, Wells Fargo charged me nothing.
So as I'm walking out I decide to try the ATM right there - and I was able to withdraw the max allowable of $300 with a $3 service charge. Now there are 4 Wells Fargo branches within 25 min of me, so I thought I would try another branch
ATM withdrawl - success! So I go to the 3rd and 4th branches local to me and I was able to withdrawl $300 at each one. So, for the next 4 days I will withdrawing $1200 at day from these 4 separate ATMs with a total combined service charge of $12 per day.
Freaking ridiculous, but it is what it is.
So do you have to ask to have the ATM max allowable increased from 300 to 1,000? I thought they changed it for everyone but maybe it's by request?
 

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Correct. But I will not withdrawal the $1k from the teller again. I'll just do the ATM's. I don't know if will matter or not, but reading some previous posts, I want to eliminate the paper trail - at least originating from the Bank.
i did similar $1k teller - no bank fee... $300.00 ATM $3.00 fee. Will try $1k @ ATM tomorrow see if it will doll out that much. Quite happy to pay the fee as I consider this "free" ish money, also happy to go several times. Will check online to see exactly what Card fee is charged. At my bank I had to give address, D.L# and phone#. Too much info!
 

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Correct. But I will not withdrawl the $1k from the teller again. I'll just do the ATM's. I don't know if will matter or not, but reading some previous posts, I want to eliminate the paper trail - at least originating from the Bank.
I'm not worried about tax obligations... at all...so I will likely withdraw all my funds via the teller. I suspect there will not be fees this way, especially when I look at the card's website and see the $1,000 I withdrew from teller yesterday, and no fees. Took another $1,000 from teller today.

Dunno. If there end up being fees, oh well, but I would just as soon not give them (the card co.) ANY extra money.
 
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