PCGS Precious Metals Board Quoted on Infowars (linked by Drudge Report ) !
C0INB0Y
Posts: 627 ✭✭
Drudge Linked to Alex Jones' Infowars on JP Morgan Safety Deposit Boxes
Some JPMorgan Chase customers are receiving letters informing them that the bank will no longer allow cash to be stored in safety deposit boxes.
The content of a post over on the Collectors Universe message board suggests that we may be about to see a resurgence of the old fashioned method of stuffing bank notes under the mattress.
My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this:
“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”
Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future.
The letter, entitled “Updated Safe Deposit Box Lease Agreement,” was sent out to customers at the beginning of the month.
“Hide your wallets, the banksters are on the move,” warns the Economic Policy Journal.
As of last month, Chase has also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans,” writes Professor Joseph Salerno of the Mises Institute.
The news arrives on the back of comments by Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates”.
Last month we also reported on how the Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more.
Efforts to impose restrictions on the use of cash by banks are seen by many as an attack on anonymity and an example of how financial institutions are positioning themselves to handle the fallout of the next economic crash – at the expense of customers.
According to reports which emerged last year, HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Banks in the U.S. are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
In October 2013, we also covered policy changes instituted by Chase which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.
Last month, French Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over €1,000 euros.
Some JPMorgan Chase customers are receiving letters informing them that the bank will no longer allow cash to be stored in safety deposit boxes.
The content of a post over on the Collectors Universe message board suggests that we may be about to see a resurgence of the old fashioned method of stuffing bank notes under the mattress.
My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this:
“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”
Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future.
The letter, entitled “Updated Safe Deposit Box Lease Agreement,” was sent out to customers at the beginning of the month.
“Hide your wallets, the banksters are on the move,” warns the Economic Policy Journal.
As of last month, Chase has also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans,” writes Professor Joseph Salerno of the Mises Institute.
The news arrives on the back of comments by Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates”.
Last month we also reported on how the Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more.
Efforts to impose restrictions on the use of cash by banks are seen by many as an attack on anonymity and an example of how financial institutions are positioning themselves to handle the fallout of the next economic crash – at the expense of customers.
According to reports which emerged last year, HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Banks in the U.S. are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
In October 2013, we also covered policy changes instituted by Chase which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.
Last month, French Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over €1,000 euros.
I was ‘COINB0Y' with 4812 posts and ‘Expert Collector’ ranking (Joined in 2006).
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Comments
LINKY
My apology...I was unaware. Thanks.
<< <i>State of Louisiana has banned the use of cash in all transactions involving secondhand goods.
LINKY >>
we should totally keep quoting that, since it's like 5 years old and only debunked about 10 times on these boards alone..
I'd be interested in seeing this actual letter too.
I knew it would happen.
<< <i>Miklia, why do you think there isn't a push to eliminate cash? JP Morgan Chase is pushing it. Why do you pretend it's not being promoted? >>
lol, read that this morning and was wondering how long it would be until it was on here.
Seeing the letter would be interesting in order to separate fiction from fact. infowars and drudge might call a random message board post 'journalism', but that doesn't actually make it so. The least the author should have done was to actually call the bank to find out the actual information. For those who call infowars a credible news source (drudge is just an aggregator), let this be a valuable lesson in how they make their sausage.
I have a credit card from Chase I write a 0% check once in a while for a 3% one time fee 11 months later I pay it off .
If they want to keep loaning money for free they need to tighten up somewhere I suppose ,but it would be better to just not loan out money for free instead of pissing off actual customers.
<< <i>I write a .. check once in a while ... for a 3% one time fee ..
If they want to keep loaning money for free .. >>
Since when is a 3% fee considered "free"? Sounds to me you're paying 3%, but maybe one of us is making a math error.
Liberty: Parent of Science & Industry
Found another way.
The article on ZH today was enlightening.
<< <i>
<< <i>I write a .. check once in a while ... for a 3% one time fee ..
If they want to keep loaning money for free .. >>
Since when is a 3% fee considered "free"? Sounds to me you're paying 3%, but maybe one of us is making a math error. >>
You are correct , cheap then would have been a better word . It's worked out pretty well every time. Of course I didn't use the money to load up on PM's that may be why
I don't see much upside for Chase to write the loan unless they are counting on me to not pay it off on time but still pay it off eventually.
30 bucks per thousand for a year is like
Employee who confirmed this looks like the ZH conspiracy theory type so he's probably lying.
"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>My local Chase bank confirmed to me that they will no longer accept cash for loan or CC payments to Chase.
Employee who confirmed this looks like the ZH conspiracy theory type so he's probably lying.
all well and good, but I'm referring to the 'no cash in SDB' bit that was the basis of last post and infowars pickup. any proof for this exist?
Now back to our regularly schedule conspiracy show. Stan, you're up!!
Knowledge is the enemy of fear
How do I get a grand for a year for 30 bucks?
I guess I have to dress up.
<< <i>I got a letter from Chase two months ago that my SDB terms no longer allow keeping cash inside. (Collectibles etc still ok.) >>
thanks element. does the language strictly forbid it, or is it of the 'you agree not to..(blah blah blah).' and what's the penalty? And anyone have the JPM alternative? A genuine curiosity.
1) There is no law prohibiting holding cash in a SDB.
2) Many of these rules have been on banks' books for at least 10 yrs, it's not new.
3) It's legal thing, allowing banks to mark zero if there is a theft or robbery.
4) Banks still are not allowed (by law) to look in your box to see what is in there.
So yeah, this is all a big red herring. Despite the best efforts of this crowd to look for the most nefarious possible explanation for everything, the simplest possible explanation for this and other anti-cash is that banks want to eliminate expensive security measures at branches to save money, and simply give no f's about any customer small-time enough to still mess with cash.
<< <i>Bronco,
How do I get a grand for a year for 30 bucks?
I guess I have to dress up. >>
You keep the card at zero balance for a while and they start sending offers. Ignore the first ones and they get better. When lumber was going up I used to write a 0% check and buy stacks of OSB and then sell them to customers and pay back the loans as it got used up. Sometimes with sheathing you would see big jumps like 2$ a sheet in 3 weeks . It used to annoy me because you always had to account for it if you did an estimate .
I wouldn't do it now with lumber prices going down
Chase bank is a modern version of one of those girls that wanted to date the bad boys in high school. The worse you treat it the happier it is with you
Actually Discover has been sending some offers too , 0% for 18 months .
<< <i>My local Chase bank confirmed to me that they will no longer accept cash for loan or CC payments to Chase.
Employee who confirmed this looks like the ZH conspiracy theory type so he's probably lying.
Sounds like the best way to get a handle on this is to get a job in/with a bank to see what goes on there.
<< <i>I got a letter from Chase two months ago that my SDB terms no longer allow keeping cash inside. (Collectibles etc still ok.) >>
USTreasury/Homeland Security define bulliion items as anything that gets at least 50% of their value from the raw metal itself. So to be collectible you're probably talking a MS66 Saint or higher. Anything less could be considered "bullion"....and therefore not a "collectible." 90% silver (Walkers, Mercs) and circ Morgans could all be considered bullion...and therefore not collectibles. So whose definition of "collectible" rules? DHS/UST? IRS?
So yeah, this is all a big red herring. Despite the best efforts of this crowd to look for the most nefarious possible explanation for everything, the simplest possible explanation for this and other anti-cash is that banks want to eliminate expensive security measures at branches to save money,
This is not a "red herring".
It's not just about saving money on security measures. There's no relevant difference between bullion, cash or expensive collectibles when it comes to valuation or security requirements. They all require the same security measures. Expensive collectibles don't require less security - sometimes they might require even more. Therefore, it's not about economizing on "expensive security measures" at all.
I'll have to go back and link the other "war on cash" article from the other day. A bigshot Goldman economist was spouting off about how good it would be to eliminate cash. The only conspiracy here is the one by the banks to eliminate cash so that they can up their fees on plastic.
I knew it would happen.
For cash held at a branch bank, doesn't insurance cover theft or robbery? I still don't see the cost differential in security measures required for either cash on hand or for safe deposit box contents that aren't a liability anyhow.
I knew it would happen.
<< <i>My local Chase bank confirmed to me that they will no longer accept cash for loan or CC payments to Chase.
Employee who confirmed this looks like the ZH conspiracy theory type so he's probably lying.
This is really starting to pick up. Randomly I was flicking channels and landed on CNBC. They were talking about this and the title on the screen was the death of cash or something to that tune. Very interesting.
BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
<< <i>
<< <i>I got a letter from Chase two months ago that my SDB terms no longer allow keeping cash inside. (Collectibles etc still ok.) >>
USTreasury/Homeland Security define bulliion items as anything that gets at least 50% of their value from the raw metal itself. So to be collectible you're probably talking a MS66 Saint or higher. Anything less could be considered "bullion"....and therefore not a "collectible." 90% silver (Walkers, Mercs) and circ Morgans could all be considered bullion...and therefore not collectibles. So whose definition of "collectible" rules? DHS/UST? IRS? >>
Once again, how many citizens exceed thresholds in which "they" care what the hell is done? And if so, congratulations on having a first world problem! Don't want it? Move to the 2nd or 3rd world.
Liberty: Parent of Science & Industry
Mark
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>Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
Lol, and why is that?.... No one can conceive of anyone being so successful and having half mil, mil or more cash laying around in their home?
Obviously some here would argue if they had that amount in bullion it would be the same as cash, what's the real difference??? Why must a bank hold anyone's cash, but maybe a very small percentage of it for possibly more convenient pay matters... Or maybe the question is why would anyone in their right mind put their money in a bank?...
For the record I have always kept at least 10k in my SDB's. I also have several boxes with Chase. They sent out notices for each. I remain unfazed.
Mark
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>
<< <i>Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
Lol, and why is that?.... >>
Maybe it's just the company I keep.
Better call Saul.
Mark
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>
<< <i>Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
Lol, and why is that?.... No one can conceive of anyone being so successful and having half mil, mil or more cash laying around in their home?
Obviously some here would argue if they had that amount in bullion it would be the same as cash, what's the real difference??? Why must a bank hold anyone's cash, but maybe a very small percentage of it for possibly more convenient pay matters... Or maybe the question is why would anyone in their right mind put their money in a bank?... >>
Why accept the surveillance that comes with use electronic money ?
<< <i>Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
Possibly it's the banks who are worried they THEY might have some splainin to do.
<< <i>
<< <i>Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
Possibly it's the banks who are worried they THEY might have some splainin to do.
You lost me.
Mark
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......
Mark >>
For the record I have always kept at least 10k in my SDB's. I also have several boxes with Chase. They sent out notices for each. I remain unfazed.
Mark
Lol, is there anything you' like to tell us? Not necessarily about the cash, but how you remain unfazed.
I knew it would happen.
<< <i><< Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
For the record I have always kept at least 10k in my SDB's. I also have several boxes with Chase. They sent out notices for each. I remain unfazed.
Mark
Lol, is there anything you' like to tell us? Not necessarily about the cash, but how you remain unfazed. >>
I am also unfazed. I have not seen anything to faze me. Who needs a tin foil hat when you have rose colored glasses?
Knowledge is the enemy of fear
<< <i>
<< <i>
<< <i>Odds are if you have lots of cash in a SDB you have some splaining to do. Just saying
Mark >>
Possibly it's the banks who are worried they THEY might have some splainin to do.
You lost me.
Mark >>
It was meant to be sort of TIC, but since I forgot the winky..............
Some overzealous investigator might find out about it and accuse the bank of being complicit in your stacking cash, failing to file f8300, stuff like that. Remember that an "anonymous tip" is all the justification that some folks need to start nosing around.
<< <i>
<< <i>I got a letter from Chase two months ago that my SDB terms no longer allow keeping cash inside. (Collectibles etc still ok.) >>
thanks element. does the language strictly forbid it, or is it of the 'you agree not to..(blah blah blah).' and what's the penalty? And anyone have the JPM alternative? A genuine curiosity. >>
It says, amongst all the other legalese:
You agree not to use the box to store money, coin or currency unless it is of a collectable nature, and you assume all risks and hold the bank harmless of any loss or alleged loss of said money, coin or currency.
and
You agree that we may turn over to any law enforcement or other governmental agency any object, of yours, which we believe, in our sole discretion, to be prohibited by the terms of this lease and we will bear no liability for doing so. You forfeit all rights to any contents stored in the box that are not permitted by the terms of this lease. You hold us harmless of any loss or alleged loss or other liability for any actions we take, at our discretion, with respect to such prohibited contents.
(The document also forbids hazardous items and weapons, not just money.)
It does not sound like any bullion is affected by this, since as we all know, gold/silver is not money. As far as NCLT, I would think that it must count as collectable, or else it would be CLT not NCLT
<< <i>[You forfeit all rights to any contents stored in the box that are not permitted by the terms of this lease. You hold us harmless of any loss or alleged loss or other liability for any actions we take, at our discretion, with respect to such prohibited contents.
(The document also forbids hazardous items and weapons, not just money.)
It does not sound like any bullion is affected by this, since as we all know, gold/silver is not money. As far as NCLT, I would think that it must count as collectable, or else it would be CLT not NCLT
So they feel they can take cash from you if its in the SDB ?
<< <i>
<< <i>[You forfeit all rights to any contents stored in the box that are not permitted by the terms of this lease. You hold us harmless of any loss or alleged loss or other liability for any actions we take, at our discretion, with respect to such prohibited contents.
(The document also forbids hazardous items and weapons, not just money.)
It does not sound like any bullion is affected by this, since as we all know, gold/silver is not money. As far as NCLT, I would think that it must count as collectable, or else it would be CLT not NCLT
So they feel they can take cash from you if its in the SDB ?
Well, once again, what exact circumastances are we contemplating here?
Out of nowhere, THEY simply seize the contents of your SDB? No.
In the context of a court order, your box is opened and the loot from a crime is found? mmmmmmaaaayyybeeeee...
Liberty: Parent of Science & Industry
Most rules in an organized society are in place because there are a small number of bad apples who ruin it for everyone.
For example: It is "illegal" to have an alcoholic beverage on specific beaches, simply because some idiot spring breakers with kegs and handles of Jack got out of hand and had a riot and brawl several years ago. Soooo, no, you cannot "openly" drink. BUT, no one EVER "checks" the contents of every fast food drink cup, thermos bottle, water bottle, or plastic cup.
Someone "discreet" can go ahead and drink up to their heart's content. BUT if that same person gets drunk, rowdy, and is investigated for assault, OF COURSE "they" are going to enforce the statute and Letter of the Law.
Just keep it cool in your SDB, and you can do whatever the hell you want in there. Attract attention with your behavior, and your actions better be clean or you're gonna get persecuted
Gee, just like in EVERY OTHER ASPECT OF LIFE
Liberty: Parent of Science & Industry
<< <i>What these specific policies DO prevent is a fraudster falsely claiming, "Hey, bank! I had $100,000 cash in here and now it's GONE!"
Most rules in an organized society are in place because there are a small number of bad apples who ruin it for everyone.
For example: It is "illegal" to have an alcoholic beverage on specific beaches, simply because some idiot spring breakers with kegs and handles of Jack got out of hand and had a riot and brawl several years ago. Soooo, no, you cannot "openly" drink. BUT, no one EVER "checks" the contents of every fast food drink cup, thermos bottle, water bottle, or plastic cup.
Someone "discreet" can go ahead and drink up to their heart's content. BUT if that same person gets drunk, rowdy, and is investigated for assault, OF COURSE "they" are going to enforce the statute and Letter of the Law.
Just keep it cool in your SDB, and you can do whatever the hell you want in there. Attract attention with your behavior, and your actions better be clean or you're gonna get persecuted
Gee, just like in EVERY OTHER ASPECT OF LIFE
No, most rules are put in place by the rule makers, while they and their cronies are exempt from them.
Yet again, I'm amazed how some can thank their masters, while never fully realizing they are being systematically enslaved.
<< <i>Most rules in an organized society are in place because there are a small number of bad apples who ruin it for everyone. >>
And we will continue to let 11 wannabe pilots ruin it for the rest of us because we are told that we should.
"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
The dearest ambition of a slave is not liberty but to have a slave of his own.
RFB
Mark
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>Stan you seem to be the one enslaved by paranoia and the Internet . We are trying our best to set you free but I think we are going to need bigger bolt cutters. Don't you worry we won't give up
Mark >>
Oh, of course, when you dare think outside the box or research and see what is really going on, you are labeled as "paranoid", "tin foil hat", etc.. LOL! It doesn't work anymore. You all need a new playbook or some new talking points.
<< <i>
<< <i>Stan you seem to be the one enslaved by paranoia and the Internet . We are trying our best to set you free but I think we are going to need bigger bolt cutters. Don't you worry we won't give up
Mark >>
Oh, of course, when you dare think outside the box or research and see what is really going on, you are labeled as "paranoid", "tin foil hat", etc.. LOL! It doesn't work anymore. You all need a new playbook or some new talking points. >>
STMM ... Anything is possible if you don't know what you're talking about. Any connection between your reality and mine is purely coincidental.
<< <i>
<< <i>Stan you seem to be the one enslaved by paranoia and the Internet . We are trying our best to set you free but I think we are going to need bigger bolt cutters. Don't you worry we won't give up
Mark >>
Oh, of course, when you dare think outside the box or research and see what is really going on, you are labeled as "paranoid", "tin foil hat", etc.. LOL! It doesn't work anymore. You all need a new playbook or some new talking points. >>
We are organizing a special mission to rescue you Stan. Hang tight and stay away from the windows for the time being.
Mark
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>
<< <i>
<< <i>Stan you seem to be the one enslaved by paranoia and the Internet . We are trying our best to set you free but I think we are going to need bigger bolt cutters. Don't you worry we won't give up
Mark >>
Oh, of course, when you dare think outside the box or research and see what is really going on, you are labeled as "paranoid", "tin foil hat", etc.. LOL! It doesn't work anymore. You all need a new playbook or some new talking points. >>
STMM ... Anything is possible if you don't know what you're talking about. Any connection between your reality and mine is purely coincidental. >>
You betcha! It's hard to not know what is going on if you just listen to what the globalists who run the world tell you they have planned for your future. But of course, to some on here, ~that isn't reality~. LOL!
You want some truth lad? And this is no conspiracy just straight talk.
Stay away from whole wheat fig bars sweetened with fruit juice
Just dispicable stuff. Sweetened sawdust in the name of fiber is just not worth it. Stick to Fig Newtons.
EOM