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.

 

 

Sigh.....

 

You really dont have to go through this if you go to the same bank and the Branch Manager/ Tellers are familiar with your business/personal transactions. If they dont know you or you make one of these types of transactions once a year you have to fill out the CTR report or the bank risk getting fined.  

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