I thought this could be a catch-all thread for banking issues. Most people probably think the banking system is secure and stable. But there are deep systemic cracks undermining the foundation.
Several of these systemic changes came with The Wall Street Reform and Consumer Protection Act of 2010, better known as the "Dodd-Frank" act. This was a banking reform bill that was supposed to solidify our financial system after the 2008 meltdown.
YOUR MONEY ISN'T REALLY YOURS, Part 1
One thing most people don't realize is that once you deposit money in a bank, it no longer belongs to you. It is legally considered an unsecured loan to the bank, and getting "your" money is at the sole discretion of the bank. There are various capital controls preventing the withdrawal of cash. If you try to withdraw $10,000 or more you will have to fill out forms under the Bank Secrecy Act and undergo Homeland Security and IRS scrutiny. Some banks require the paperwork for a withdrawal as little as $3000, and some will fill out a "suspicious activity report" for withdrawals as little as $2000.
Some of this depends on the casual "interview" you will get from the bank teller. They will ask what the money is for, and your answer had better be cordial, non-evasive, and plausible. "I'm going to the big auction in Yulee tomorrow" would likely get a pass, while, "None of yer durned business" would likely result in a Suspicious Activity Report.
Time to start burying cans of cash in the backyard like Cousin Eddie.
i always get random service fees at Suntrust, which always make me think "hmm, they must be trying to recover a loss on something"
I keep my money under my mattress.
Quote:i always get random service fees at Suntrust, which always make me think "hmm, they must be trying to recover a loss on something"
I got a $9.99 monthly fee from BB&T when I connected Quicken to the account. Talk about fraud.
most of the money in our system is created through fractional reserve banking, not through printing or government buying/selling bills
Quote:I got a $9.99 monthly fee from BB&T when I connected Quicken to the account. Talk about fraud.
greedy [BAD WORD REMOVED]
{bad word removed rhymes with ducks}
Quote:greedy [BAD WORD REMOVED]
{bad word removed rhymes with ducks}
cucks
Quote:cucks
trucks
those mothertruckers
I'm with Community First CU. I have not had any complaints with them. They do charge a small fee for my business account but nothing for my personal unless I exceed a certain amount of transactions.
Quote:I'm with Community First CU. I have not had any complaints with them. They do charge a small fee for my business account but nothing for my personal unless I exceed a certain amount of transactions.
I'm with Community First or ECCU as I still call it, and they have my car loan as well. They have always been awesome. I still type in edco.org to get redirected to their site, lol.
I am with BB&T with a joint business account with a partner in another city and they suck.
Quote:Time to start burying cans of cash in the backyard like Cousin Eddie.
Or EricC85.
Quote:I thought this could be a catch-all thread for banking issues. Most people probably think the banking system is secure and stable. But there are deep systemic cracks undermining the foundation.
Several of these systemic changes came with The Wall Street Reform and Consumer Protection Act of 2010, better known as the "Dodd-Frank" act. This was a banking reform bill that was supposed to solidify our financial system after the 2008 meltdown.
YOUR MONEY ISN'T REALLY YOURS, Part 1
One thing most people don't realize is that once you deposit money in a bank, it no longer belongs to you. It is legally considered an unsecured loan to the bank, and getting "your" money is at the sole discretion of the bank. There are various capital controls preventing the withdrawal of cash. If you try to withdraw $10,000 or more you will have to fill out forms under the Bank Secrecy Act and undergo Homeland Security and IRS scrutiny. Some banks require the paperwork for a withdrawal as little as $3000, and some will fill out a "suspicious activity report" for withdrawals as little as $2000.
Some of this depends on the casual "interview" you will get from the bank teller. They will ask what the money is for, and your answer had better be cordial, non-evasive, and plausible. "I'm going to the big auction in Yulee tomorrow" would likely get a pass, while, "None of yer durned business" would likely result in a Suspicious Activity Report.
This is total bovine excrement. I've never had to fill out any forms or answer any questions when I've withdrawn large sums of money. Money in, money out. No questions asked.
So I would say that what you posted is complete horse hockey.
Seriously, do you really think our economic system could operate at all if banks made people fill out forms every time they wanted to deposit or withdraw $10,000? Seriously?
Quote:This is total bovine excrement. I've never had to fill out any forms or answer any questions when I've withdrawn large sums of money. Money in, money out. No questions asked.
So I would say that what you posted is complete horse hockey.
Seriously, do you really think our economic system could operate at all if banks made people fill out forms every time they wanted to deposit or withdraw $10,000? Seriously?
Maybe it matters from bank to bank but I've withdrawn large amounts of money to pay for things and my bank did it without question or hesitation. No forms or any other questions.
Agreed to what others said. I did get a strange line of questioning from a bank president after repeated $5,000 - $8,000 cash deposits. I realize it may look like avoiding the $10,000 cash rule. No forms were ever filled out tho
big banks work with drug cartels. check snopes. i think its true, but need snopes to confirm.
since this is a "catch all" thread about banking...I would like to see them make it to where you can make a deposit to your account from any atm, not just your own specific bank... you can withdraw money from your bank from nearly every atm, but you can only deposit money into your own banks atm...thats crap
Quote:I thought this could be a catch-all thread for banking issues. Most people probably think the banking system is secure and stable. But there are deep systemic cracks undermining the foundation.
Several of these systemic changes came with The Wall Street Reform and Consumer Protection Act of 2010, better known as the "Dodd-Frank" act. This was a banking reform bill that was supposed to solidify our financial system after the 2008 meltdown.
YOUR MONEY ISN'T REALLY YOURS, Part 1
One thing most people don't realize is that once you deposit money in a bank, it no longer belongs to you. It is legally considered an unsecured loan to the bank, and getting "your" money is at the sole discretion of the bank. There are various capital controls preventing the withdrawal of cash. If you try to withdraw $10,000 or more you will have to fill out forms under the Bank Secrecy Act and undergo Homeland Security and IRS scrutiny. Some banks require the paperwork for a withdrawal as little as $3000, and some will fill out a "suspicious activity report" for withdrawals as little as $2000.
Some of this depends on the casual "interview" you will get from the bank teller. They will ask what the money is for, and your answer had better be cordial, non-evasive, and plausible. "I'm going to the big auction in Yulee tomorrow" would likely get a pass, while, "None of yer durned business" would likely result in a Suspicious Activity Report.
I could be mistaken, but I believe paperwork is only involved if you deposit more than $10,000.00 at once.
Quote:I could be mistaken, but I believe paperwork is only involved if you deposit more than $10,000.00 at once.
I think all of those examples of problems with the banking system aren't really banking system related but due to Patriot Act aren't they? i could be wrong but I thought the 10k thing was due to that.
Quote:Agreed to what others said. I did get a strange line of questioning from a bank president after repeated $5,000 - $8,000 cash deposits. I realize it may look like avoiding the $10,000 cash rule. No forms were ever filled out tho
That is called "structuring" and can result in your account being seized by the IRS:
http://www.nytimes.com/2014/10/26/us/law....html?_r=0
Banks are not permitted to advise customers that their deposit habits may be illegal or educate them about structuring unless they ask, in which case they are given a federal pamphlet, Ms. Van Steenwyk said. “We’re not allowed to tell them anything,” she said.