Interesting....BofA nearly auctioned off OUR Bank Deposit contents (not a whole lot was in it compared to some)....they made a move of boxes (within the bank)...and we had a change of our home address (I also had a business account there)and said they had notified us....and we were living out of the country....caught it in time, however....but, now will not use them.
My fear is that Obama & Congress will accelerate this, requiring an affirmative "opt-in" notification in order to hold onto your deposits for more than 72 hours.
Cheers!
Safe deposit boxes haven’t been safe for years now. Government can crack into them anytime they want, pretty much. expect it more as we end up with fewer and fewer banks.
Get a good, fire-proof, home safe. Hard to trust anyone other than yourself and your family these days. I hate that I have to type that and I miss the U.S. that I knew as a younger person.
http://www.thebigmoney.com/articles/history-lesson/2008/12/05/depression-diary-part-4?page=full
Depression Diary, Part 4
This is the fourth installment. For more, click on the first, second, and third parts.
August 22, 1931. There is a quiet but steady stream of depositors at every bank in Youngstown this morning, withdrawing their funds. The closing of banks in Toledo and Warren received much publicity and distrust of banks is growing like a cancer. It is a movement which feeds on itself and is hard to stop.
Even the strongest banks can’t keep this up long. They do not have enough cash to pay everybody. Much of their funds are invested in railroad bonds and other securities which were once considered gilt-edged but are now selling below par so that the bank cannot afford to liquidate. Investments like mortgages are frozen tight. There is clearly something wrong with our banking system which permits such a situation to come about. It is hard to rent a safety box today because there has been such a demand by hoarders.
flr
bump
A friend of mine thinks his cash is safe there. He has around 100,000. in there. I keep telling him to get it the hell out, he thinks they can’t touch it. I’m sending him this post in an email. Let’s see if he takes it out.
These banks would be a storehouse for money, and would charge a fee for storage.
The banks would not practice fractional reserve banking, and would not use their deposits to indebt others.
That's the only hope that our national economy has of surviving.
bttt