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Why your bank thinks you're a terrorist
MSN ^ | 9-11-06

Posted on 09/11/2006 2:15:13 AM PDT by JOAT

Banks are reporting even slightly 'abnormal' transactions to comply with the law. The result: A deluge of reports, a lot of confusion and more government intrusion.

< SNIP >

It's called the Suspicious Activity Report, or SAR, and critics say it victimizes honest citizens who are conducting legitimate financial activities through legitimate banking channels, while generating a flood of useless paperwork and burdening financial institutions with billions of dollars in costs.

< SNIP >

In total, 919,230 SARs were filed in 2005. You cannot find out if one has been filed on you; anyone revealing that information is breaking the law.

What can trigger a SAR? Almost anything out of the ordinary that rouses the suspicion of the personnel where the transaction took place. According to their rules, any group of transactions totaling $5,000 or more that "is not the sort in which the particular customer would normally be expected to engage" can cause enough suspicion to create a SAR. The reports are filed with the Financial Crimes Enforcement Network (FinCEN), a division of the Department of the Treasury, and shared with law enforcement.

< SNIP >

Scared of paying off a debt

Unlike other government spying programs, this one is out in the open -- and it's creating fear among people doing ordinary banking activities. Take a recent college graduate from Columbus, Ohio, whose parents offered an interest-free loan to pay off his high-interest credit-card debt. While surfing online, a message-board post caught his attention.

< SNIP >

"They could report you to Homeland Security if payments deviate from the norm. It sounded scary and made me nervous. I think it's ludicrous that anyone should be afraid of paying off their debt."

(Excerpt) Read more at articles.moneycentral.msn.com ...


TOPICS: Miscellaneous
KEYWORDS: banking; bigbrother; counterterrorism; fifthanniversary; fincen; paranoiddopers; privacy; sars; september12era; spying
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1 posted on 09/11/2006 2:15:14 AM PDT by JOAT
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To: JOAT

Then they must have a full time FBI agent sitting outside my house...


2 posted on 09/11/2006 2:32:11 AM PDT by DB (©)
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To: JOAT
Well, if you put a big check from a home sale in the bank it would get reported to the feds, but paying off a debt or buying a home wouldn't be viewed as out of the ordinary activity. The feds would be more interested in determining if your proceeds went to activities that break the law. Being rich in and of itself - is not a crime.

(No more Olmert! No more Kadima! No more Oslo! )

3 posted on 09/11/2006 2:33:14 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: goldstategop

It is unless your a Liberal Democrat (at least to Liberal Democrats)

4 posted on 09/11/2006 2:35:20 AM PDT by Pontiac (All are worthy of freedom, none are incapable.)
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To: goldstategop

The Fed.Guv is getting swamped with these reports as banks cover their hineys with papers. Poetic justice for bureaucrats I suppose.


5 posted on 09/11/2006 2:38:24 AM PDT by drlevy88
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To: JOAT

Any transaction of $5000 or more has been suspect for at least 30 years. This is nothing new.


6 posted on 09/11/2006 2:41:23 AM PDT by Jeff Chandler (Peace begins in the womb.)
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To: Jeff Chandler
Few people withdraw sums that large from their accounts.

(No more Olmert! No more Kadima! No more Oslo! )

7 posted on 09/11/2006 2:44:09 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: drlevy88

You also have to wonder if all of the reams of unnecessary papers that are being filed are a not-so-subtle attempt by reluctant banking staff to prevent USEFUL information to the Feds about suspicious banking activities by potential terrorist groups and individuals from being examined?

This could be like the leftist librarians refusing to cooperate with federal investigators regarding certain books and publications checked out by library patrons, i.e., by flooding the Feds with paper regarding transactions which are not really worthy of review, they (bankers) create a blanket of information which helps to conceal that which OUGHT to be investigated.


8 posted on 09/11/2006 2:44:30 AM PDT by mkjessup (The Shah doesn't look so bad now, eh? But nooo, Jimmah said the Ayatollah was a 'godly' man.)
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To: Jeff Chandler
Incrementalism is nothing new. As the frog boils.

Some people don't see a problem when it stares them in the face.

Nothing to see here. Move along.

9 posted on 09/11/2006 2:45:56 AM PDT by Zon (Honesty outlives the lie, spin and deception -- It always has -- It always will.)
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To: mkjessup

Until Uncle Sam comes up with some solid regulations to whittle the stream down at the bank end, if it's easiest and least risky financially for a bank to file, a bank WILL file. If I owned a bank I would do that too, after the whopping fines that the heavyhanded Fed.Guv has levied.


10 posted on 09/11/2006 2:47:14 AM PDT by drlevy88
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To: drlevy88

Obvious why more and more people are dumping US banks in favor of offshore banks.


11 posted on 09/11/2006 2:50:43 AM PDT by Zon (Honesty outlives the lie, spin and deception -- It always has -- It always will.)
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To: Zon

Try paying your mortgage with checks from the First Bank of Switzerland.


12 posted on 09/11/2006 2:56:27 AM PDT by drlevy88
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To: drlevy88
Well, DUH! No problem when you mortgage is held by First Bank of Switzerland.

Myopia -- sheesh!

13 posted on 09/11/2006 3:03:20 AM PDT by Zon (Honesty outlives the lie, spin and deception -- It always has -- It always will.)
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To: Zon

And your credit cards. And your car loan. And your insurance policy. And your electric company. And


14 posted on 09/11/2006 3:04:52 AM PDT by drlevy88
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To: DB

Where are the detention centers for all these persons?? /s


15 posted on 09/11/2006 3:06:10 AM PDT by Dallas59 (ISLAMOFASCISM!!!!)
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To: drlevy88

And your credit cards. And your car loan. And your insurance policy. And your electric company. And.

WOW! The the government has you hook, line and sinker. And I thought the Internet would educate people to their benefit. More and more people are taking their financial transactions offshore -- leaving the plantation, so to speak. Obviously you're not one of them.

I support the war on terrorism. Fact is, my life is more likely to be hindered/burdened by the government than terrorists. As best I can I protect myself from any person or government that can harm me.

16 posted on 09/11/2006 3:17:51 AM PDT by Zon (Honesty outlives the lie, spin and deception -- It always has -- It always will.)
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To: Zon

I'd sooner GO to Switzerland, if I was so bugged out.


17 posted on 09/11/2006 3:18:42 AM PDT by drlevy88
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To: drlevy88

I'd sooner GO to Switzerland, if I was so bugged out.

I'm not bugged out. I merely felt the water temperature rising -- incrementalism encroaching -- and jumped out of the pot. How much incrementalism is just the right amount for your liking? What is the destination of incrementalism?

18 posted on 09/11/2006 3:27:10 AM PDT by Zon (Honesty outlives the lie, spin and deception -- It always has -- It always will.)
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To: JOAT
Why your bank thinks you're a terrorist

My bank knows damn well I'm not well-funded enough to be a terrorist.

19 posted on 09/11/2006 3:30:15 AM PDT by martin_fierro (< |:)~)
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To: martin_fierro
Say you get a million from your home sale. How many terrorist weapons can you buy for the sum, Mr. New Made Millionaire? ;-)

(No more Olmert! No more Kadima! No more Oslo! )

20 posted on 09/11/2006 3:32:23 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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