Posted on 03/21/2015 7:27:08 AM PDT by Cheerio
Something stunning took place earlier this week, and it quietly snuck by, unnoticed by anyone as the "all important" FOMC meeting was looming. That something could have been taken straight out of the playbook of either Cyprus, or Greece, or the USSR "evil empire", or all three.
This is how the WSJ explained it:
The U.S. Justice Department’s criminal head said banks may need to go beyond filing suspicious activity reports when they encounter a risky customer.
(Excerpt) Read more at zerohedge.com ...
If you are still banking with one of the big 4-5 you need to reflect.
I bank with an International Asian commercial bank. They are not as Sig Heil as BOFA, Wells Fargo etc.
But of course for Harry Reid and other members of Congress, they look the other way.
And, if you try to avoid the reporting by taking multiple smaller withdrawals, they call it “structuring”, which puts you at risk for nonjudicial civil asset forfeiture.
That has always been the case.
Because it’s not your money?
Actually, it only became the case when legislation put the policy into law, recently.
No. The bank has never held your deposit aside earmarked for you. You are a creditor of the bank.
“As far as withdrawing large sums, I don’t know what their interest would be.”
Drug deals have buyers and sellers, that takes large sums of cash.
"A tip-off from a bank about a suspicious customer could lead law enforcement to or start an investigation", Ms. Caldwell said.
In other words, more opportunity for "asset forfeiture". They certainly don't care if innocent citizens loose their property along with an occasional criminals.
Anyway, the clerk called over a bank officer, who asked me why I was transferring the money. I suppose I could have refused to answer, but this particular bank branch has been very helpful to me in the past.
So I told the bank officer. Then I asked her why she asked me in the first place. She said when large amounts are involved, the bank asks to make sure the customer is not being involved in some sort of swindle (a Nigerian money scam, etc.). That did make some sense.
Just something to think about.
I swear that our refy on our mortgage took a lot of extra paper shuffling because of those occasional little cash deposits...
we live in scary times...
Assistant attorney general Leslie Caldwell,
aka fascist bull-dyke.
And so we’re all treated like drug dealers or tax evaders.
The presumption of innocence is gone.
This is just more of the damage done to our freedom by the evil war on drugs.
$5000? If this is my bank it isn't my bank anymore. There are plenty of banks out there. I have withdrawn enough cash before a gunshow or purchasing a boat to have to jump through a few hoops but since I don't want them giving my money to just anyone I don't have a problem with it.
P.S. If I don't find something I want at the show the cash doesn't go back to the bank so there's never a problem in that direction.
If they did this to illegal aliens, they'd be sued.
In the last couple of years we have done some major ‘fixing’ of our house and boat. We always pay cash because they will give you an additional discount for doing so. The companies themselves have set up ‘payments’ til the jobs were finished of smaller amounts.
Guess we have had a lot of SARs filed on us.
The beginning of the end is starting.
They still won't like it and may say no. My husband tried to withdraw $5,000 in Las Vegas for a poker tournament and they said no. In Las Vegas!
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