Posted on 06/03/2023 5:58:45 AM PDT by MtnClimber
A reader sent me this graphic which is circulating on social media. Whenever I see an unattributed image like this going around I want to verify it, lest it be photoshopped, a deep-fake or some derivation of “urban legend”.
Sure enough, if you go to NatWest bank’s website, right here – you see this cash withdrawal policy spelled out for all to see:
This isn’t actually new
Here in Canada, for at least a few years – predating COVID, the big four banks have been routinely asking you why you are taking cash out whenever you withdraw anything over a couple thousand dollars. However, you can tell them pretty well anything (“because I want it”, “none of your business” or even “to blow it all on booze and hookers”, will all work). I haven’t heard of a case where a withdrawal has been denied based on the reason supplied, yet.
But now that we’re starting to see it formalized in policy language of banks, we can all see where this is going.
The war on cash has been in full swing for a long time, India banned large denominations bills in 2016 and will now start eliminating them from the monetary base. France has been signalling a prohibition on cash payments over 1,000 € since 2013 and finally, quietly, it seems, made it part of the framework this year.
It portends a wider initiative across the entire Eurozone (who is also trying to lump in crypto payments under the restrictions).
Here Come the CBDCs
This is all to lay the groundwork for the march into Central Bank Digital Currencies (CBDCs) which will seek to accomplish three objectives of Late Stage Globalism:
1. Eliminate privacy – making all transactions trackable, traceable and taxable in realtime.
2. Introduce controls on how, when and why you are spending your own money. Think China-style social credit, which in its Westernized form will almost certainly involve personal carbon footprint quotas. And most importantly (otherwise we wouldn’t be calling it “Late Stage Gobalism”):
3. Extend the runway of fiat currencies – which are about to hit the wall as a long-wave debt super-cycle reaches its crescendo. The antidote to all this, is of course, Bitcoin. The only digital asset that is scarce, truly decentralized, has frictionless portability, and is backstopped in physical reality (the “7th property”) in away gold isn’t.
The speed at which the leftism is taking over is truly frightening.
It is terrifying to watch. Everything humanity’s “tried” and failed at in the last 100-200 years is coming back around again in force.
Why am I withdrawing MY money? Because F U , that’s why!
Should be an immediate bank run.
Riiiight.
Why am I withdrawing ALL my money,? Because I am moving it to a bank that won’t ask such questions!
Here's a clue: PCH gives you money, they don't need you to send a lot of cash hidden in the pages of a magazine to pay fees and taxes before you get the big check. Thankfully the Postal Inspectors had shut down the scammers and returned Dad's second and bigger payment. I never found out how much it was because Dad was embarrassed by falling for it, but it was quite a bit.
There have been numerous attempts over the years to tax Americans on their supposed use of the underground economy. By underground they mean the twenty bucks you pay the neighbor’s kid to mow your lawn or pick weeds. They mean the items you buy at a flea market or a vegetable stand. The last attempt was to add, if I recall correctly, nine hundred dollars to everyone’s taxes.
Since last year your bank has been required to track every cash withdrawal. The intention was to send you a tax bill. As a Covid measure this was tabled for last year. But the banks kept the records.
The last two times I bought a car for cash I met the seller at my bank and had them count out the cash to him and had him sign over the title to me right there. The reason is banks are required to submit a suspicious activity report on large withdrawals. This has been true for a decade. The last thing you want is to hit some agency’s radar. The other reason is if I get stopped the money could be seized and even if you prove the possession of it is legal you will play hell getting it back.
Many years ago my bank told me that they would not give me large amounts of cash, only payment by check.
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Sounds more like a deposit retention policy.
Many people (older people, especially) are falling for email or phone scams. In these scams, the victim is told that he owes the IRS money. Or maybe a relative is in jail, and needs to be bailed out. There are dozens of variations.
The victim is directed to go to his bank, and withdraw a large amount of money. Use the money to by gift cards, then give the card codes to the scammer.
It sounds crazy, but people fall for this. Every day people fall for this.
So perhaps banks want to know about a large withdrawal for nefarious purposes. Or maybe they’re trying to stop a customer from being scammed.
I was just saying that the other day, it’s like this horrible fungus that seems to be everywhere today, just when you think you got rid of it in one area, it pops up in multiple areas even worse and I think our universities today are the main culprit.
They graduate about 2 MILLION Marxist indoctrinated students every year and these students go on to infest everything and anything, from politics, the media, justice, science, education, and their extreme bias is destroying this country.
Look at the commencement speaker from CUNY college last week, she was selected by the STUDENTS!!! Meaning they ALL believe what she believes. And we wonder why justice is so corrupt today?
The monetary unit in the image is in British Pounds. It would be interesting to find one in USD.
Ri-ight!
"The reason I'm withdrawing money? I want to make a donation to the 'Re-elect President Trump' fund!"
"Sorry, we believe that you are being scammed and/or are suffering a brain aneurysm and have therefore blocked your account!"
Regards,
I’d just tell them I’m going to Jita to spend it all on hookers and blow. O7
The speed at which the leftism is taking over is truly frightening.
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The timidness and lethargy on the right is equally frightening. Lots of whining but no real push back. Just saying.
Or
Moving to a bank that isn’t run by commies that want to know how I am spending MY money
Lol. This is the clue to avoid a website.
I first noticed this policy, minus invoice requirement, at American banks over 30 years ago. The ones that brought it to my attention and decided to give me a hard time was Associated Bank so I moved my accounts.
Various threads on this forum, especially those commenting on a robbery, have had posters claiming to have worked in banks talking about how stupid a bank robbery in modern times is since there is only a few thousand there at any time in normal conditions.
Without a policy like this then what happens when you and I both go in on a Friday both asking for $10,000? They cant just send someone up to the gas station to break a $100,000 bill.
I can see why this is causing concern now but people should have been more interested long ago.
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