Posted on 08/13/2012 3:40:54 PM PDT by Kartographer
Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing “systemic” problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.
The warning, stemming from a recent federal appeals court ruling surrounding customer funds lost during the 2007 collapse of Chicago futures broker Sentinel, indicates that individuals who lose deposited funds because a financial institution improperly manages that money, even if those funds are supposed to be “segregated” from other operations of the firm, are essentially left with no recourse if the firm goes belly-up. According to the court, a misallocation of those customer funds, “is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers.”
(Excerpt) Read more at shtfplan.com ...
There is no real FDIC protection. If there were a bank collapse just where would the FDIC get all the money to make it good. It can’t, it itself is insolvent at this moment.
The FDIC all along was just something to make us all feel our money was safe when in reality under a fractional reserve banking system it’s all a fraud.
A lot of banks will caution you about taking that much cash at once. Not for reporting reasons, but for personal safety reasons.
Taking more than ten grand out will not trigger a report. Depositing more than ten grand might. Depositing three sets of ten grand in a short period WILL get you reported.
If you plan to keep that much cash obviously you need it protected. Not just from theft, but from fire and other hazards. Your homeowners agent will laugh out loud if you file a claim for $30k cash lost in a fire.
Reporting is triggered on deposits, not withdrawals.
And the $10k limit was out years ago. The amount is now based on a suspicious pattern, or $10k.
You can carry what you want.
You cannot take more than $10k out of the country.
The bank actually told me this straight out. I didn't get an answer on frequency though. If I wait a month, does it reset? Maybe Clark Howard would know. Anyway, it's just a theoretical question for now.
It is a computer program that does the reporting. It is automatic. No bank teller has any control over it. I was told you could do numerous transactions in a day of 9000 each and never get reported.
If they can confiscate it then it is the same thing as being illegal.
DON’T DO IT.
Thanks for the help.
But of course, who knows if the bank tellers know what they are talking about?
This is always the most accurate forum to find answers to financial questions. It’s the only one I use.
There is no limit in the U.S. on how much cash you can carry, except perhaps the weight of the cash you can carry.
How much does $1 million weigh? That would depend on the denomination of the bills you use. Since there are 490 notes in a pound, if you used $1 bills it would weigh 2,040.8 pounds, but if you used $100 bills it would weigh only 20.4 pounds.
http://www.factmonster.com/ipka/A0774850.html
> If they can confiscate it then it is the same thing as being illegal.
There are long discussions about this and related topics on survival preparedness websites.
You make a good point.
You or I might legally carry a half a million in our car trunk (if only!!-—lol).
But if we get pulled over and searched and the cash is “discovered,” we had better have a valid receipt from the Sands Casino or a Bakken Field oil lease check stub, something like that.
Otherwise we might be in for a long stupid and probably expensive fight to get our own money back.
Those $100s would be light as air, don’t you think?
Yes very light. Earning and saving a million — hard work, one would imagine.
A copy of your statement from the month of withdrawal will do, especially since the bands and bills will have time stamps overlapping. (Gee, how do I know that?)
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