Reality check
ArizonaJack
Posts: 4,029 ✭✭✭
Banks are limiting fund transfers.
Banks are asking "Why do you need this withdrawl"
Banks are limiting who they will do business with"
A little help for Joe Sixpack on how to interpet this. New strict rules? Longtime standard routine? WTH?
Banks are asking "Why do you need this withdrawl"
Banks are limiting who they will do business with"
A little help for Joe Sixpack on how to interpet this. New strict rules? Longtime standard routine? WTH?
" YOU SUCK " Awarded 5/18/08
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Is it Citibank or BOA?
<< <i>Banks are limiting fund transfers.
Banks are asking "Why do you need this withdrawl"
Banks are limiting who they will do business with"
A little help for Joe Sixpack on how to interpet this. New strict rules? Longtime standard routine? WTH? >>
Sounds like you need to ask someone at your bank why they are asking those questions.
<< <i>Banks are limiting fund transfers.
Banks are asking "Why do you need this withdrawl"
Banks are limiting who they will do business with"
A little help for Joe Sixpack on how to interpet this. New strict rules? Longtime standard routine? WTH? >>
Do you mean to write:
My bank is limiting my fund transfers?
I googled the terms "banks limiting fund transfers" and didn't see anything in the news. There are some long standing 9-11 money rules. NSA and the new face IRS are likely now tracking almost everything, with triple the tracking for anyone that has made certain public statements or contributed money to certain causes.
Banks no longer make money on small time customers. I believe six figures is about where most banks start to break even on the banking side (ex credit cards). A lot of folks are now with credit unions. There are fewer credit unions vs. banks, and many have member restrictions. Still in 98% of cases, a credit union will be a better deal than a bank.
This is all I could find.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Banks are limiting fund transfers.
Banks are asking "Why do you need this withdrawl"
Banks are limiting who they will do business with"
A little help for Joe Sixpack on how to interpet this. New strict rules? Longtime standard routine? WTH? >>
Interesting, but I've never encountered any of the first two. No 3 has been a policy for years. "If your credit report stinks, go find business elsewhere, we don't want it."
True, my online bank does limit the transfer to 100k at a time, but that has not been an issue with me.
thxs
How many bundles of hundreds was "Joe Sixpack" trying to move around unquestioned?
Liberty: Parent of Science & Industry
If you go to the bank and ask for $1000 of your cash, you will be scrutinized and the teller will likely subtly query your interest in withdrawing your money as cash. I have witnessed this repeatedly over the last few months as I have set a goal of having some cash money available and every time a lump comes into the bank, I siphon some off for my stash. I have noticed the suspicion from the teller when I wanted to withdraw my cash, kind of like I was involved in some kind of nefarious activity. I guess the gov has the banks watching on their behalf. Very doubtful that you will see this in the news cycle, it would spook the herd. There is certainly something going on but I don't know what it is.
Maybe there's a banker in our little group that could explain it for us? Enough said...be careful out there.
<< <i>how about a "reality check" on how much money we're talking about here?
How many bundles of hundreds was "Joe Sixpack" trying to move around unquestioned? >>
Really non of their business unless they suspect some improper activity. In that case the bank would file a SAR aka suspicious activity report which most definitely would get looked at.
<< <i>Interesting that someone would notice this recent redirection of banking policy. Nope, it has not made the news cycle, too busy with social equality issues to actually deliver useful information to the masses.
If you go to the bank and ask for $1000 of your cash, you will be scrutinized and the teller will likely subtly query your interest in withdrawing your money as cash. I have witnessed this repeatedly over the last few months as I have set a goal of having some cash money available and every time a lump comes into the bank, I siphon some off for my stash. I have noticed the suspicion from the teller when I wanted to withdraw my cash, kind of like I was involved in some kind of nefarious activity. I guess the gov has the banks watching on their behalf. Very doubtful that you will see this in the news cycle, it would spook the herd. There is certainly something going on but I don't know what it is.
Maybe there's a banker in our little group that could explain it for us? Enough said...be careful out there. >>
I got asked about an $800 withdrawal before our vaca a few weeks ago. Tellers know me for years, said 'nunya biznass but it's vacation money'. They won't give me/anybody a straight debit card w/o the visa card logo thing on it, with a higher than $400 daily w/drawal limit. Didn't want to spend 24 hours to withdraw $800 cash - ridiculous - and no way in hell will I have one of those POS check cards where they will let you CC overdraft yourself or somebody could steal it and do it for you.
WellsF.
Jim
<< <i>Interesting that someone would notice this recent redirection of banking policy. Nope, it has not made the news cycle, too busy with social equality issues to actually deliver useful information to the masses.
If you go to the bank and ask for $1000 of your cash, you will be scrutinized and the teller will likely subtly query your interest in withdrawing your money as cash. I have witnessed this repeatedly over the last few months as I have set a goal of having some cash money available and every time a lump comes into the bank, I siphon some off for my stash. I have noticed the suspicion from the teller when I wanted to withdraw my cash, kind of like I was involved in some kind of nefarious activity. I guess the gov has the banks watching on their behalf. Very doubtful that you will see this in the news cycle, it would spook the herd. There is certainly something going on but I don't know what it is.
Maybe there's a banker in our little group that could explain it for us? Enough said...be careful out there. >>
Banks are required to report transactions over a certain dollar threshold ($10K i believe) but unknown to most people they are also required to report any amount they "think" is suspicious. This empowers some tellers to overstep their boundaries. The government in recent years has empowered and convinced many unpaid "volunteers" to do their job for them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Is it Citibank or BOA?
booooo, hissssssss for the both of them.
Liberty: Parent of Science & Industry
I certainly was asked as to what purpose!
<< <i>It happened to me last fall. I wanted to withdraw ten new $100.00 bills.
I certainly was asked as to what purpose! >>
"I'm buying something off Craig's List and they will only take cash."
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Expect to be followed.
Excuse me, but how does the bank asking YOU about your intentions in withdrawing YOUR money protect you?
I knew it would happen.
<< <i>It happened to me last fall. I wanted to withdraw ten new $100.00 bills.
I certainly was asked as to what purpose! >>
I've deposited a $5k or so check and took out $1500 and never got asked anything. As long as I have enough on deposit to cover the cash out they don't care. The just need to get a higher up's approval to give out more than $1K in cash. Cashed any number of $1500 range checks with no questions asked.
<< <i>Large amounts are tough to get these days. Something like a hundred k, you'll wait a week for the cash to arrive. When it arrives, they'll call and take you up to a room where they count it all in front of you. There'll be at least 4 people there, one whom will report to the fed, and yes they will ask inappropriate questions.
Expect to be followed. >>
Followed by whom? The fuzz? You'd obviously want to give the bank advance notice that you want a large amount. If I won millions in the lottery, I'd have no qualms about taking large amounts in cash. I got the stuff legitimately and I'll spend it the same way. Would they have an issue if you went and stuffed it into your SDB?
I also have been reading of these new rules. Chase is limiting cash withdrawls to x amount per quarter, DOJ is pushing banks to close gun store accounts, anx yes, the HSBC report on infowars.
<< <i>Part of the reason is to protect YOU from fraud and theft, but of course that concept doesn't fit the "big brother" narrative
Excuse me, but how does the bank asking YOU about your intentions in withdrawing YOUR money protect you? >>
How does answering honestly (or even plausibly dishonestly) hurt you?
Liberty: Parent of Science & Industry
its a new policy
Tom
<< <i>Have not encountered any of those questions. I would not tolerate any bank employee asking me what I needed a withdrawal for - actually, I would not tolerate any questions such as those. Cheers, RickO >>
Totally agree, I cant tell you how many times Ive gone to my bank to withdraw at least 2K+ from my checking account and have NEVER been asked anything except "How would you like your cash"
I think alot of this is stiring up the pot BS, I mean yes any transaction over 10K gets reported but that goes back to the 1990's or before.
They'll complain about that, but won't bat an eye when I spent almost $5k in one day for my wedding. Half the charges were put in under a personal, not business name.
This is Key Bank BTW.
Positive BST: WhiteThunder (x2), Ajaan, onefasttalon, mirabela, Wizard1, cucamongacoin, mccardguy1
Negative BST: NONE!
<< <i>When I withdrew $3k cash for a boat, the teller actually went and got a bank manager. He asked this and that, told him it was none of their business as it was my money and I'll withdraw and deposit it at my will. He moaned and finally handed it over.
They'll complain about that, but won't bat an eye when I spent almost $5k in one day for my wedding. Half the charges were put in under a personal, not business name.
This is Key Bank BTW. >>
IIRC there is something about $3K and $5K amounts that trigger/s some sort of action [reporting/recording] on the part of the bank. Since poop always rolls downhill, they just might be covering their own behinds.
It would be interesting if other members will withdraw various sums and report back to us.
I would expect the anything less than the daily limit will not be questioned.
Whatever you do don't tell the bank you are a porn star , or a seller of medical marijuana , or a payday lender, or run a rent to own business
Operation choke point
There is an effort being made to get banks to police their customers . Rumor has it coin dealer or precious metal dealer may be on the list
Here is another link where 30 industries this program is targeting are listed this is not being talked about in the mainstream media
Is it to seize your capital? or is it to enforce the laws?
my advice to anyone is: if you don't want to obey the laws where you live, then MOVE, unless you have any power to try to change the laws (in which case you are, by definition, the problem
Nosy bank? then don't bank there. They're all nosy in your mind? deal with it
edit to address: Whatever you do don't tell the bank you are a porn star , or a seller of medical marijuana , or a payday lender, or run a rent to own business
or others huge cashflow business that are notorious (generally, some more than others obviously) for underreporting earnings?
Oh, wait, I get it, some (SOME) coin dealers also deal in cash and underreport?
I guess concern is proportional to the level of cash flow. No one has ever hastled anyone I know over an occasional cash transaction of any amount.
they look for patterns. if someone fits a TSA profile, as innocent as they may be, they're going to get some attention.
once again, deal with it or move to the boonies and don't interact in densly populated places and try to move around money that someone is going to want a share of,
or wonder how you got in and what you're going to do with it. Life in the big city never was a picnic
Liberty: Parent of Science & Industry
Yeah, we all must pitch in for the judicious expenditures to be funded.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>like Baley says, just roll over for those that wish to confiscate your rights and freedoms. >>
Or just bend over and assume the humble position.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
What they cant legally ban, they can regulate to death.
<< <i>Anyone that thinks that when the government's violates the privacy of individual citizens it's to protect those citizens is being totally naïve. The government is just looking for undeclared income so they can tax it. >>
Taxes are part of it but with politics that's not all.....
Followed by whomever is behind the questions. It's not the local bank, they don't care except to know they didn't piss you off and lose a customer. And the invasive nature of the questions wouldn't come from them for fear of the same. So whomever it is, my theory is that they are associated with the fed. Plenty of time for them to get there too, after all, the cash takes a week. Plenty of time to assign a chaser and report back. Who knows the purpose? Could be just information gathering.
<< <i>Followed by whom?
Followed by whomever is behind the questions. It's not the local bank, they don't care except to know they didn't piss you off and lose a customer. And the invasive nature of the questions wouldn't come from them for fear of the same. So whomever it is, my theory is that they are associated with the fed. Plenty of time for them to get there too, after all, the cash takes a week. Plenty of time to assign a chaser and report back. Who knows the purpose? Could be just information gathering. >>
So what if you put it in your SDB and walked out with smoe collector coins in your satchel/briefcase?
BTW how do the drug lords end up with millions of dollars in $100 bills?
In other words, the SDB box is fine. Your home is fine. A hole in the ground... but they just want to know. To my knowledge they aren't taking people down, just watching and presumably recording somewhere.
People seem to have no problem leaving gold and silver in their house, so why not leave cash there as well?
Knowledge is the enemy of fear
<< <i>I dont believe there is a law that states you must provide an answer to the bank teller.
People seem to have no problem leaving gold and silver in their house, so why not leave cash there as well? >>
..but there appears to be a law for the teller to report you for no answering.
Ask yourself, "To who?"
honest people need not worry
Liberty: Parent of Science & Industry
<< <i>they're trying to "catch" folks who want to suck up the benefits of living in an organized secure society but don't want to pay a share of the money earned by virtue of those services. the crooks and cheaters.
honest people need not worry >>
Wow...I'm fortunate to have such an altruistic government!