BS, with the politicalization of the Government Agencies we all need to worry. However, it is really none of their business how we spent our money. My advice is that if the government ever comes calling about deposits/withdrawals, take the 5th.
I received my new debit card in the mail and there was a mention that I couldn’t withdraw more than $550 per day with it.
First time I ever saw that.
This is CASH. One can take a BMO or transfer from one account to another with no issues.
Keep in mind that this is reported to the IRS.
I’m not a fan of more and more federal government oversight. But many banks are now questioning customers about large withdrawals for a very good reason.
Scammers are getting clever these days. And they are actually manipulating vulnerable people into withdrawing large sums of money. The money is used to “pay the IRS”, of “get a grandchild out of jail”, etc.
A scammer will then direct the victim to convert the money into Bitcoin or gift cards. Then the money is gone forever.
So when banks question customers as an anti-fraud measure, they are on the side of the angels.
All well and good. Let’s define what the government says is “illegal” though, and then we’ll see if there’s “nothing to worry about.”
Donations to certain charities? Purchase of certain products or services the government deems “problematic?” Perhaps the risk that the money might be used to promote “hate speech?” Just supporting Trump in general, regardless of monetary involvement (except it’s in your possession)?
Inquiring minds would like to know.
I’ve deposited $10k in cash several times. I’ve withdrawn $10k or more in cash many more times than that.
This was pretty normal when I was running my own business. I closed that business down about 5 years ago.
Not once during that time did anyone ask me anything about what I was doing.
Yes, they needed to file the report—I know that from the time I worked at a bank. But, I guess the tellers figured I was doing this in association with my business because they never asked me.
Or unless you attend an unauthorized political rally
Or unless you go to speak out against your local school board's LQBTQ promotion
Or unless you attend a church service when government says you can't leave your house
Or unless you write a negative facebook post about your local police or the FBI
Or unless you keep a lot of cash at your home because you're a "conservative prepper and conspiracy theorist"
F*** these statist/woke media fascists who constantly gas-light us with "its only directed against terrorists" or "you have nothing to worry about if you are a law-abiding citizen."
That’s why I only ever do 9,999.99 at one time. 😂👍
The title says it all. Secrecy. .Gov can secretly do what ever they want when you are reported. No presumption of innocence, YOU must be the one to prove your innocence.
Also of note: all these stress tests of banks, are more held “ Secrets”. The four largest banks in America are in trouble, as are many financial institutions. This next financial crisis will come more suddenly than the 2008 meltdown- simply called “ the Waterfall” event.
A word: I saw that coming a full year before Bear Sterns etc….kicked it off here- it started months before in England. I prepared accordingly, and profited immensely- how? by simply not believing what our MSM was saying and most importantly what they were OMITTING.
Judging how Americans fell for the Covid vax hoax and Ukie war- this next meltdown will make 2008 look like a minor theft from the break rooms’ coffee jar.
I’m sure whatever happened to the money from the Bidens’ taking home equity loans was well documented. /s
That’s why I only ever do 9,999.99 at one time. 😂👍
Crypto currency.
F’em.
5.56mm
"Here's What Happens if You Withdraw $10,000 From Your Bank Account"
Democratic and Republican Trump supporters, consider that the repealable 16th Amendment (16A; direct taxes) weakened your 4th Amendment protections by giving the unconstitutionally big federal government a great excuse to stick its big nose into your banking records, taxpayers now regularly paying unconstitutional, unaccountable federal taxes as a consequence of federal government's abuse of 16A powers.
"4th Amendment: The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."
"16th Amendment : The Congress shall have power to lay and collect taxes on incomes, from whatever source derived [emphasis added], without apportionment among the several States, and without regard to any census or enumeration."
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).
"Article I, Section 9, Clause 7: No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by [reasonably constitutionally justifiable] Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time [emphasis added]."
The congressional record shows that Rep. John Bingham, a constitutional lawmaker, had clarified the federal government's constitutionally limited powers as follows.
”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
“Cherish, therefore, the spirit of our people, and keep alive their attention. If once they become inattentive to the public affairs, you and I, and Congress and Assemblies, judges and governors, shall all become wolves [emphasis added]. It seems to be the law of our general nature.” - Thomas Jefferson (Letter to Edward Carrington January 16, 1787)
Pelosi: "We have to pass the bill so that you can find out what is in it." (non-FR; 6 sec.)
Democrats [and RINOs] Are Terrified Of An Educated And Informed Public (3.12.23)
But let's not concern ourselves with repealing 16A just yet. (The 17th Amendment can disappear too.)
Since Congress has repeatedly proven that it is an enemy of the people imo, it is now up to Democratic and Republican Trump supporters to effectively "impeach and remove" Congress in November. Patriots need to support hopeful Trump 47 with a new, Constitution-respecting Congress, not only so that he will not be a lame duck president from the first day of his second term, but will support him to quickly finish draining the swamp.
last time a bank teller asked me what I was going to do with my money I told them “Strippers and Coca Cola”
“The Bank Secrecy Act” … Orwellian name.
“The only people who wear a mask are those involved in illegal activity.” Democrats offended now
“While the BSA may feel intrusive to some, the law is in place to protect us from those who help fund terrorists by laundering their money and others who cheat the system, ultimately costing us all more.
Like removing our shoes at the airport or waiting in line at a border crossing, the BSA is one more way the government hopes to make us safer.”
Silly chick writer.
Per the article: “It’s your money, and generally, you have the right to withdraw...”
I don’t think that’s true now-s-days. Correct me if I’m wrong but it was written in the legislation that your deposits are actually loans to the bank, making you an unsecured creditor.
It was done after the 2008 financial crisis by the G20 and/or Dodd/Frank.
SVB was the final bailout and that was because the depositors were ultra rich. After that, only bail-ins.
Again, correct me if I’m wrong (and I hope I am!!).
It’s your money, and generally, you have the right to withdraw as much — or as little — as you desire from your bank account.
~~~
I call BS.
Sure, you have the ‘right’ to your money, but I don’t buy that it’s all ‘designed to stop criminal enterprises’. Sure that would be a benefit, but more likely to me, the IRS wants an easy way to flag anyone trying to make high value cash purchases so they can figure out who isn’t reporting their sales.