Posted on 03/24/2015 5:34:35 AM PDT by HomerBohn
The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying.
Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time for directors if financial institutions don’t meet quotas.
But as investor and financial blogger Simon Black points out, last week, “A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.”
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Assistant attorney general Leslie Caldwell gave a speech in which he urged banks to “alert law enforcement authorities about the problem” so that police can “seize the funds” or at least “initiate an investigation”.
As Black highlights, according to the handbook for the Federal Financial Institution Examination Council, such suspicious activity includes, “Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”
Black provides a chilling scenario under which an attempt to withdraw your own money from your bank account could end with a home visit from the cops.
“As you pull into your driveway later there’s an unexpected surprise waiting for you: two police officers would like to have a word with you about your intended withdrawal earlier,” writes Black, who accuses banks of already operating as “unpaid government spies”.
“Do you need to withdraw cash to purchase a used car from a private seller? Or perhaps you are pulling out some emergency cash for a loved one,” writes Mac Slavo.
“Either one of these activities are now considered suspicious and if your cash withdrawal amounts to even a few thousand dollars your bank teller is under a legal requirement to alert officials about your suspected criminal activity. And before you argue that you can’t possibly be a suspect because you have done nothing wrong, consider that even being suspected of being a suspect is now enough to land you on a terrorist watchlist in America.”
The war on cash is intensifying as authorities attempt to crack down on one of the few remaining modes of anonymity.
Over in France, 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.
The new regulations, introduced in the name of fighting terrorism, will also see cash deposits of over 10,000 euros during a single month reported to anti-fraud authorities.
Meanwhile, in the UK, HSBC is now interrogating its account holders on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Back in America, purchasing Amtrak train tickets with cash is being treated as a suspicious activity as part of a number of behaviors that are “indicative of criminal activity”.
Banks 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 reported on how Chase instituted policy changes which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.
Let's collectively call out the central socialist government for the trillions they blow on enriching Islam while as a nation we're broke.
My mom walked into her bank, used teller to transfer money between her own accts. Shortly thereafter got a letter and a call from the bank checking on it. It wasn’t even cash. Freaked her out.
I you draw out cash and use it, they cannot track you or your purchases.
Writing a paper check is better for them as it gives them some info, but they LOVE you to use that debit card. It tells them the who, what, where, when and part of why in every transaction.
I move larger amounts of money around between bank accounts and brokerage accounts and have never had the slightest problem.
Green cash?
That’s the crux of the matter.
If my bank ever does this I will close my accounts and move to another.
If it ever happens to me I will tell the cops I just want to spread the money on my bed and roll around naked in it.
Doesn't mean every bank will follow.
Yet...
It took 3 days of her demanding cash before they would do it, and when she and I went to get it there was a police officer present asking her if there was a problem. We took it to our business and put it in our safe, and here is the real kicker, we had the manager from the bank AND the cop follow us there.
The cop I can see, he was actually concerned about it and seemed like a nice guy just making sure she wasn't being ripped off or blackmailed, and wanted to make sure she got to where she was going with the money. The manager though, that REALLY pissed me off he followed us, and what made me even madder was he was trying to be discreet about it.
Just transfers. No green.
YET!
I assume that means >$ 5,000 in cash versus electronic transfers, bill pays, personal checks.
I personally have never withdrew and carried nearly that much cash in my life and would be very nervous doing so,
In fact I rarely use cash for anything, but I see its popular with Walmart customers.
Don’t forget when the uncle lost the critical payment in cash in ‘Its a Wonderful Life’
My suspicion is that the banks and the government are trying to force all funds to remain in the banks in case there is a world wide collapse.
In other words, stop the preppers from hoarding cash that would otherwise be in the banks.
I was once a homeowner in Citrus Heights, CA. I’m white, my wife is black, though very conservative, our neighbor was prejudice, he used to let his dog defecate on our lawn, I went to the Citrus Heights city hall, to the Planning Department, to ask for a legal dog feces abatement sign.
The civil servants who responded to me chosen to misinterpret my clear, unambiguous request—does my writing seem like I have trouble express myself? He called over his colleague, raised his voice, accused me of illegal signage posting with a grimace of hatred on his face, refused to understand or be helpful as I clearly restated my request.
I now live in Rocklin, home of the 19th century Finnish Temperance Hall. Outside my apartment is...a dog feces abatement sign posted by the City.
I advocate that all govt vehicles be required to identify the agency, so that citizens can report speeding and driving misbehavior to risk management.
I am sure that is because your fund transfers are electronic and can be easily traced and recorded. No need to hassle you. The problem is with cash and crimes too often associated with money laundering (drugs,gambling, and terrorism).There is a formal reporting requirement for cash transactions $10K or greater.
The sale of silver eagles spiked this year and last. It's the tip of the iceberg. As people lose trust in the banking system, and there's next to zero interest payment on savings, more people are keeping ever larger sums of cash and things like silver bullion hidden away from the feds.
This reporting of taking out $5000? The next step (this is pure speculating) will be restricting how much money people can take out of the bank. The goal is a cashless society in which all purchases and income are monitored.
Pure speculation. But it does seem to be the way things are going.
If you move it between accounts without getting it as cash there is a permanent record of the transactions which can be looked at later. It is the private and anonymous traits of cash transactions the government wants to end. Rather than outlaw cash, they just want to make it more and more difficult for anything but buying you cupful of racial enlightenment at Starbucks.
BTW: buy silver, underneath the radar.
The gov doesn’t care about transfers or check writing because they can track that. What you take out and who it goes to.
Can’t do that with cash which is why they don’t like it.
Don’t forget the gov snooping into email and phone. What makes you think they’re not snooping into your credit/debit card transactions?
The best they can do w/cash is via serial number. What bank it came out of and where it wound up.
Tyrants don’t like privacy. They want to know everything about you at all times. This is why we have the 4th amendment, and the gov has been working to get around it ever since.
There is already a federal guideline that all bank deposits over $10K are to be reported. This was enacted to help in the war on drugs.
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