Banking and Cash Vent...

[jjp8182]

They hardly need to put a chip in everyone as many are already carrying a great tracking by their own choice .... in their cellphones -- a device from which many are becoming inseparable (to a dysfunctional degree).

It seems more and more that Rockwell was well ahead of the times with the song: "Somebody is Watching Me"

On topic the actual regulations (as published) on the FDIC website can be read here: FDIC Law, Regulations, Related Acts - Miscellaneous Statutes and Regulations

Personally I've just gotten to the point where I hand the teller my driver's license at the start of most transactions I make in my credit union, just because it's easier/faster than giving them either my account number or spelling my name for them -- especially since they've done away with deposit & withdrawal slips.

Given the direction things are going, I would expect things to continue to become more difficult for large cash transactions......

 

[duffer]

I was an independent Financial Advisor and Investment Advisor for 25 years. (Retired a year or so ago) I had to take anti-money laundering education every year.

Ever since 9/11 there has been increasing scrutiny on cash and money laundering practices by the Feds. The FATCA treaty instituted the KYC (know your customer) regs that are atrocious. The only thing they don't ask for is a urine sample...yet.

Most people know that if you deposit $10k+ in a bank, it gets reported to the Feds. (and its distributed among any number of agencies) What most people don't know is that if you deposit $3k+ in cash, the bank fills out a report without your knowledge and also reports that to the Feds. Too many of those sends up a red flag. The "casual conversation" from the banker is really a way to get info to add to that report.

I wanted a significant amount of cash out of my bank acct. None of their frigging business what it was for, but they wanted to know why so much cash. So I made up a large purchase story. They had to order it from Brinks. Took a week to get it.

It's not the bank's fault for intruding into your personal info. It's the Feds. There are so many regs scattered thru-out multiple agencies that affect banks, insurance companies, credit unions, securities industry, anything to do with money, to track you. If you think banks are bad, you should see the securities industry. It's even worse.

That's why I deal mainly in cash, especially for entertainment. Online stuff requires a CC, and I refuse to let anyone debit my bank account. So no debit cards. I'll set up "push" payments to them, rather than letting them "pull" the money from the acct. It's also a great way to limit ID theft.

If you don't like carrying a bunch of cash around with you (we don't), we buy cash cards for the grocer, gas, big box stores, amazon, restaurants, etc. Pay for the card in cash, and there is no record of you as the card holder, or when you use it.

FWIW...

 

[radios1]

Find another bank to do business with. They don't want your's.
I haven't been in a bank in 15 yrs. I use a credit union.

Sold a tractor this past week. Told the guy I wouldn't take a check.
The guy went to the bank and withdrew 7K cash while I unloaded the tractor at his home.

it's VERY risky carrying large sums of cash!. if Police stop you for any reason, and they ask to search your car, and you say yes, and they find the cash, they take it, and it's up to you to sue to get it back!. it could take YEARS, or you may never get it back!. meanwhile, they use your money to fund their department!.. one example here, but there are MANY others!. Police abused civil forfeiture laws for so long that the Supreme Court stepped in. But one ruling won'''t end it. btw, if you say no to a search, they will send for a drug sniffing dog, if you don't know you don't have to wait for that according to the Supreme Court, and when the dog gets there, they can claim the dog smelled drugs, or just make the dog alert on command, and then they have probable cause to search your vehicle and seize your cash!..

 

[atsah]

Cops taking cash with no drugs involved might be a NY thing, it doesn't happen here nor ever will it..

 

[radios1]

Cops taking cash with no drugs involved might be a NY thing, it doesn't happen here nor ever will it..

look here. Policing for Profit: Florida - Institute for Justice

 

[aczlan]

Cops taking cash with no drugs involved might be a NY thing, it doesn't happen here nor ever will it..

Ummm, it can happen in FL, they just have to arrest you and show that the money came from illegal activities.

Aaron Z

 

[Citydude]

The cash is seized in a drug related crime. The police are not going to seize grandma's cash from a social security check she cashed at the bank for not stopping at a stop sign.

it's VERY risky carrying large sums of cash!. if Police stop you for any reason, and they ask to search your car, and you say yes, and they find the cash, they take it, and it's up to you to sue to get it back!. it could take YEARS, or you may never get it back!. meanwhile, they use your money to fund their department!.. one example here, but there are MANY others!. Police abused civil forfeiture laws for so long that the Supreme Court stepped in. But one ruling won'''t end it. btw, if you say no to a search, they will send for a drug sniffing dog, if you don't know you don't have to wait for that according to the Supreme Court, and when the dog gets there, they can claim the dog smelled drugs, or just make the dog alert on command, and then they have probable cause to search your vehicle and seize your cash!..

 

[atsah]

Ummm, it can happen in FL, they just have to arrest you and show that the money came from illegal activities.

Aaron Z

Well if you are involved in illegal activities anything goes..

 

[Diggin It]

Cops taking cash with no drugs involved might be a NY thing, it doesn't happen here nor ever will it..

Ummm, it can happen in FL, they just have to arrest you and show that the money came from illegal activities.

Aaron Z

Under CAF, they don't have to prove anything, nor even accuse you of anything. It's up to you to prove your side, if you even get the chance to. There are PDs around the country funding their daily operations that way. Vote me in as President and I'll end CAF once and for all.



I don't remember the last time I had more than $100 cash on me. Everything I do is electronic. If I'm going to a small store that I know doesn't take CCs (like the Amish ones), I'll hit an ATM on the way.

Many employers now will not issue paychecks. All pay is Direct Deposit. All Federal and many State payroll and benefits transactions are Direct Deposit only.

 

[Citydude]

As it should....

Well if you are involved in illegal activities anything goes..