I sold a car and took $5,000 in cash to the bank. The teller had this wide-eyed look and I asked why. He said he wasn’t authorized to accept that much cash and he’d have to call his supervisor. He said it like he thought I’d just leave. I waited for the supervisor who looked at me and apparently said okay. She signed something for him. Needless to say I was surprised.
And why should my going to my bank and withdrawing, say, $20,000 from my savings to buy a vehicle (or anything) be any business of the state?
Is this in response to possible bank runs?
Mr. Durden finds everything stunning, doesn't he?
Bkmrk.
As the government gets more restrictive, and as the dollar buys less, soon the bank will have to fill out paperwork if you withdraw enough money to go to the movies.
If you are still banking with one of the big 4-5 you need to reflect.
I bank with an International Asian commercial bank. They are not as Sig Heil as BOGA, Wells Fargo etc.
If you are still banking with one of the big 4-5 you need to reflect.
I bank with an International Asian commercial bank. They are not as Sig Heil as BOFA, Wells Fargo etc.
And, if you try to avoid the reporting by taking multiple smaller withdrawals, they call it “structuring”, which puts you at risk for nonjudicial civil asset forfeiture.
Anyway, the clerk called over a bank officer, who asked me why I was transferring the money. I suppose I could have refused to answer, but this particular bank branch has been very helpful to me in the past.
So I told the bank officer. Then I asked her why she asked me in the first place. She said when large amounts are involved, the bank asks to make sure the customer is not being involved in some sort of swindle (a Nigerian money scam, etc.). That did make some sense.
Just something to think about.
$5000? If this is my bank it isn't my bank anymore. There are plenty of banks out there. I have withdrawn enough cash before a gunshow or purchasing a boat to have to jump through a few hoops but since I don't want them giving my money to just anyone I don't have a problem with it.
P.S. If I don't find something I want at the show the cash doesn't go back to the bank so there's never a problem in that direction.
If they did this to illegal aliens, they'd be sued.
The beginning of the end is starting.
I bet you could go to a casino and they would honor your check and give you chips and you could come and cash them out on a regular basis and you would be off the radar....
Unfortunately we have to LIVE IN THIS WORLD as changing those rules is even unlikely under a Republican. So what to do:
Considering that banks are paying out next to nothing in interest, and there is even talk about interest rates going negative (as is happening in Europe), the more logical thing to do is simply hang on to cash and HIDE IT, particularly if you have a house, at least in this country, as bad guys will not find it and house fires are very rare. In Europe it’s a bit different, because the bad guys come in when you’re home and demand that you tell them where the loot is (there, they don’t worry about you shooting them). A bit tougher in an apartment, but there are probably ways to conceal cleverly there too.
OBVIOUSLY don’t tip off anyone to what you have and try your best to minimize the amount of “contractors” that enter your house, as they are the biggest source of break-ins (i.e., the kids working for them, or their friends, specifically).
Taking out a big clump of money these days, unfortunately, is NOT WISE, as you set off alarms and can have that, along with your account seized. You then have to PROVE that you were not doing anything “bad” with the money...so you take it out slowly, under the radar, and simply hang on to it - at least until interest rates increase.
Freedom bound in ever tightening chains.
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