After selecting either a credit card or bank account as the source of funds, the user sends an SMS to TextPayMe with a mobile number and dollar amount, and the company either cuts a check or deposits the loot in the recipient's bank account.
Through a John Doe summons issued to the U.S. bank holding the correspondent account, the IRS can view records of deposits and payments by check and wire.
In addition to limits on ATM withdrawals, the measures allow authorities to restrict noncash transactions, freeze check cashing, limit withdrawals from bank accounts and even convert checking accounts into fixed-term deposits.