Posted on 07/08/2023 5:28:08 AM PDT by MtnClimber
It is 11:40 on a Thursday morning when I decide to go to my bank. I will deposit a check which I received as a result of a real estate sale. I also want to withdraw money which I deposited long ago, from the same account because I have some purchases in mind that I would prefer to make in cash; nothing illicit, illegal, or out of the ordinary.
Before the Noon Rush
When the bank line dwindles to one, me, I'm in front of a teller who cheerfully accepts my requests. Great, I've avoided the noon rush hour, as planned. I’ll take care of business and be on my way. The teller dutifully deposits the real estate check.
Next comes the cash withdrawal that I want to make based on the money already deposited, so it's not as if she has to wait for my huge check to clear.
The minutes start passing. She checks this. She checks that. A line begins to form behind me. She asks me to sign a couple things. Okay, fine. Now I'm thinking, alright, in a minute or two, I'll be out of here. Instead, she picks up the phone and dials someone in the bank.
Big Brother Speaks
She turns back to me and says that her supervisor wants to know what the money is for. I am flabbergasted. This is the United States of America, right? It's not the old Soviet Union or East Germany, or even modern-day Russia, China, Korea, Iran, Cuba, or any other extreme regime.
SNIP
All this starts me thinking. Under the Biden Administration, leftist zealots are increasingly seeking to control everything. They want to know where every dime goes.
(Excerpt) Read more at americanthinker.com ...
With Central Bank Digital Currency you could be required to get approval for every purchase.
Getting some “junk silver” might be useful as a non-monitored medium of exchange for small items — like a loaf of bread. (Nobody will want to break your $2000 gold coin.)
I suspect “barter” might make a comeback one day soon.
The answer he should have given was to change his request to close the account, taking the maximum daily counter limit in cash and the rest in a cashier’s check.
Would be nice to know what bank this was but it is not mentioned but if I had to guess it’s Bank of America based on the occupation question. I got a letter from them asking for that info and warning that they would close the credit card if my information were not complete by such and such date (a month away). So I called them up and cancelled the card.
This has been going on for a long time but really accelerated after 9/11. Banks are required to report to the Feds any transaction exceeding $10,000. Anyone who wants to make cash transactions is assumed to be involved in criminal activity. Now go look up Civil Asset Forfeiture to find out what happens if law enforcement catches you with a large amount of cash.
I would think the writer would have already known about the requirements of a $10,000 transaction. He doesn’t reveal the amount he wished to withdraw. If the bank was out of bounds regarding anything less than $10,000.00, he should have done what a previous poster said - CLOSE THE ACCOUNT.
I wish he had supplied the outcome.
“”Now go look up Civil Asset Forfeiture to find out what happens if law enforcement catches you with a large amount of cash.””
Stories about this used to be on the news a lot. Not so much anymore - is it still going on and just kept quiet?
“Civil asset forfeiture” (I.E., legalized theft) is still going on. Steve Lehto talks about it quite a bit on his youtube channel.
Triggers for SARs now start at $5,000, and in some cases there is no bottom limit. https://www.fdic.gov/regulations/examinations/supervisory/insights/siwin07/article03_connecting.html#:~:text=Dollar%20Amount%20Thresholds%20%E2%80%93%20Banks%20are,and%20transactions%20aggregating%20%245%2C000%20or
Because conservative white Christians are considered terrorists by the FBI. https://judiciary.house.gov/media/in-the-news/jordan-demands-answers-wray-after-leaked-fbi-memo-suggests-agency-may-be
Recently my son encountered this ...
He has been using the Comfort Inn chain and the point associated with that card. That outfit sold the management of the ‘cards’ to another financial institution. Now understand he has built up a sizable number of points, planning to use them in the future.
The new financial inst., Wells Fargo, has told locked him out of his accounts, saying he has to go in person to prove his identity. Well, he has traveled to THREE local branches, wasted hours, and not accomplished what the corporate demands are. Still no way to pay online or access online account info.
I’ve told him, close account and walk away, but it will mean he loses ALL THE POINTS.
> She turns back to me and says that her supervisor wants to know what the money is for. <
This behavior is not uncommon. The same thing happened to a friend of mine who went to withdraw $2000 from his savings account.
Here’s the thing. Scammers from India are using phone calls and emails to convince people that they owe money to the IRS. Or that they must bond a relative out of jail. Or etc. There are many variations on the scam.
Once the victim has withdrawn the money, he is instructed to buy gift cards for the scammer, or deposit the money in the scammer’s Bitcoin account. It sounds ludicrous, but people are falling for it.
So it’s quite possible that the bank was trying to do the right thing, and prevent a fraud.
Even so, it’s wrong to hassle a customer that way. Much better if the bank would include a flyer with each withdrawal, warning the customer of the many scams out there.
I always get cash to go buy a used car or motorcycle or snowmobile from a private seller. No one takes checks or cards. My credit union never says boo.
I agree with your advice to your son. With that kind of hassle, I would gladly give up the points to avoid the the wear and tear such aggravation and irritation causes. He has to determine which is more important.
Odd that he’s locked out of accessing his bank accounts online..If he’s gone to different branches with proof of WHO he is, has he been told WHY there is still a problem? No bank officers in any of those branches who could take care of it for him?
Effing Wells Fargo and BofA are the worst.
“”History clearly shows that there is often a financial connection to crime.””
Comical - from the report you linked to...Government types are really on the ball, aren’t they?
I suspect this crap comes from corporate and local staff have no idea.
Effing Wells Fargo and BofA are the worst.
“With Central Bank Digital Currency you could be required to get approval for every purchase.”
That has been the rule forever. If you are delinquent in paying your credit card, it will not be accepted anywhere.
I always get cash to go buy a used car or motorcycle or snowmobile from a private seller. No one takes checks or cards. My credit union never says boo.”
Last year, of our younger relatives got Covid at Thanksgiving and was in bad shape until January. He decided to leave the company he had been with for over 20 years at the end of the year.
The Bank he hates and lives to play games with them in Jan of this year began playing games again with him.
His wife, a retired and a good teacher had an account with their local credit union. So, they just used the local credit union until he got a better paying job this year. Within a month at the new job the bad bank is playing the good bank.
Be nice to know how much cash he’s talking about, since banks generally don’t have a huge amount lying around.
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