Posted on 01/26/2014 9:33:19 AM PST by SkyPilot
ping
Best answer yet!
They are acting in line with what they feel their role is and not, in my view, doing so as a matter of protecting the elderly. Here is why:
Back in the 80’s when I was stationed in the UK, we set-up a checking account with the local Barkley’s Bank.
With the check-book came a ‘bank guarantee card.’ This card had an amount stamped on it.
When you purchased something with a check you had to show the store your bank guarantee card. The bank would only guarantee the amount printed on the card and any amount over that would be the responsibility of the store, not the bank, if the check bounced.
In addition, there was a calendar on the back of the checkbook, and when you wrote a check the store would mark that date on you checkbook calendar. They did this to identify to other stores that you had already wrote a check that day and might be over the ‘guarantee’ limit.
This process was dictated by the bank and the bank basically looked at you are an irresponsible child when it came to your own money.
So, IMHO, what they are doing now is in line with what they did years before: They are not doing this to protect the elderly or whoever, but to protect themselves.
Major Chinese banks raise deposit interest to maximum
http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1202&MainCatID=12&id=20140125000103
Trying to hold onto cash?
Four or five years ago I wanted to withdraw 5,000 cash from my BoA account, they would only let me take out part of it—2,500? 3,000? (don’t recall the exact).
My husband was with me and so he just withdrew the remainder from his account and I transferred it back to him.
I also noticed while in line that an elderly man was taken out of the bank teller line and shown to the ATM.
I still don’t understand why that happened. Somebody told me that you need to contact the bank ahead for such a withdrawal.
Guess I’m just a silly hick because I figured it’s my money and I can withdraw it whenever I want. It’s not like the bank didn’t have it.
/shrug...I don’t understand the world today.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
But if you say that you want to buy drugs, maybe HBSC will be more. sympathetic. You would after all help fund HBSC’s operations.
http://www.cbc.ca/news/business/hsbc-s-1-9b-money-laundering-settlement-approved-by-judge-1.1377272
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
Interesting story, thanks for providing it. I didn’t see anything in the writeup, though, as to what the Chinese bank interest rate was, only that it was 10% higher. Any idea what their effective rate is?
Read the part about surrendering title to your cash. You are essentially an unsecured creditor.
True - and just think how "secure" your 401K or IRA really are.
People think there would have to be all sort of hoops for the government to jump through before that would happen, and they even believe the courts will stop them. It will never even get to the courts if there is a big enough "crisis."
Yup.
Update:
Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit
Years ago, there were only "flags" thrown up if you were frequently withdrawing or depositing in excess of $10,000. Today, that threshold can be zero. Just as the NSA can run millions of phone searches using spy software, the banks and the government "see" everything.
I still don’t understand it or maybe I should say I don’t like it. hahaha
I hope the government gets cataracts.
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