Your money is government business...

[manifest destiny]

I may be out of line here, but as I understand it, it is NOT your money when you give it to them. I seem to remember it being ruled on legally that you are considered an "Unsecured Creditor" to their business model.

Most aren't aware of how a bank views the depositor. We (depositors) are viewed as a liability to the banks accounting systems. A reversal of the +'s and -'s , so to speak. It's my money but from an accounting point of view the bank doesn't like giving it back to me. Banking used to operate on the 3-6-3 rule: Pay 3% to depositors, charge 6% to borrowers and be on the golf course by 3pm. Now banks aren't banks. They are aggregators of funds, sellers of insurance, investors in commodities, bundlers of financial products most of us have never heard of let alone understand. Profits from loan interests payments are so passe'. It may be our money but banks are loathe to return it to us. In the micro we might find ways to work around them. In the macro the ****ers are near impossible to avoid.

 

[Kurr]

Learning Center

BASICS OF GOLD AND SILVER Gold and Silver Questions Answered Beginner guides, practical tips, and market updates for first-timers, experienced gold/silver bugs, and everyone in between LEARNING CENTER BEGINNERS GUIDES Everything You Wanted to Know About Gold IRA Transfers and Rollovers I didn't...

gsiexchange.com

This touches what I was alluding to in my post there, and I am not in a financial or banking role, and have not been educated as such, so I do not pretend to understand it even marginally let alone fully. From the article:

Under conditions of financial strain, customers and depositors who are storing assets in a bank are “creditors” who can immediately be regarded as legitimate bank “shareholders.”

This means that a large portion of their stored funds can be converted into bank equity. To be clear, depositor funds and assets can be legally confiscated by the bank to maintain its solvency.

This is called a “bail-in,” and it affects every depositor in the US. If you are like most Americans, you too are a depositor, meaning that your funds are vulnerable to confiscation.

Also:

So banking regulators found a “better” solution: force the bank’s shareholders and creditors to absorb the bank’s losses: a bail-in.

But herein lies a contractual sleight-of-hand: if you store money in a bank, you agree to become an “unsecured creditor.” In fact, banks’ largest unsecured debts are comprised of depositor funds.

So any money you store in a bank becomes unsecured debt, making you an unsecured creditor who must then share the burden of bank losses should it face the prospect of insolvency.

And how might you share that burden? Your funds--considered unsecured debt--will be confiscated for use at the bank’s discretion.

Your funds will be seized and converted into bank equity...just like that.

OFC that site is trying to sell gold and silver, which I dont agree with as a hedge because the comex is a highly manipulated market, and works on a ractional reserve system now too. But I believe the things they put forth in it concerning this topic are mostly correct.

 

[Timjoebillybob]

I mentioned wire transfer because the discussion at the time centered around paying large amounts of cash to a private buyer for a vehicle and the associated difficulties encountered

By all means, continue to deliver tens of thousands of dollars via paper bag. What could possibly go wrong?

My dad gave a ride to a coworker who was buying a classic vette. Guy paid in cash in a paper bag, seller didn't even bother to count it. Nothing went wrong. And no the buyer/seller didn't know each other except maybe by reputation.

 

[Hacksawz]

10k is definitely a trigger for the bank to file compliance paperwork and report it to the IRS. 3k they are required to fill out the paperwork but aren't required to file it with the IRS.

Lot's of bank's limit the cash transfer amount unless it's a Swift or IBAN. Venmo, cashapp and Wu, MoneyGram all have built in protections for you and for them to not run afoul of the anti money laundering act.

I ditched the brick and mortar bank long ago in favor of Fidelity cash management account and TD Ameritrade. Loans and lines of credit are the only reason I see for the bank and I've been allergic to usury since 96.

I bought my brother's 2017 Challenger 2 years ago. Wired 20k to his WF not a question from Fidelity. 6 months ago he bought one of my Harleys and got one wire for 2500 and then on the next one a week later WF denied the wire because it was the same amount and we don't have the same name. They wanted a notarized bill of sale and copies of all my ID and SS card.

Cash and crypto is the only way to not be tracked financially.

 

[JettaKnight]

So I go to the bank, and withdraw our tax refund. Noisy bank lady (who's NEVER been noisy before) asks me if I'm planning to make a purchase with this, AND what that is. I was so caught off guard I just answered, but the longer I thought about it, the more angry I got, and wished I would have told her "none of your damn business".

I'm 99.9% sure this was not casual conversation. This was something the bank had directed her to ask customers.

We are being watched...

Maybe I should have said "I wanna buy a big honkin' sniper rifle."

I too am sure it was casual conversation.

If you're concerned, call the branch manager.

 

[JettaKnight]

It's amazing to see people express umbrage over chit chat by teller, but have no qualms at blasting the same information over social media for the whole world to see and record.



I'd like to meet someone who's constantly moving money from bank to bank because a teller offends them.

On second thought, no I don't.

 

[JettaKnight]

Cash and crypto is the only way to not be tracked financially.

It's cute that you think that. Cryptocurrancy is based on everyone having access to ledgers of transactions.

 

[Jamie-K]

I've had this happen in the past with a bank teller that i usually discuss a variety of topics with. I just gave a vague answer like "yeah".
It's always best to remain polite, finish your transaction, then ask to speak to a manager. The manager will probably try to give you some type of B.S. explanation. when you have the chance explain that I don't want to get mugged outside their bank, because a teller get loud about my withdrawal !! And "if" this happens you going to hold the bank responsible !!

 

[Cameramonkey]

10k is definitely a trigger for the bank to file compliance paperwork and report it to the IRS. 3k they are required to fill out the paperwork but aren't required to file it with the IRS.

Lot's of bank's limit the cash transfer amount unless it's a Swift or IBAN. Venmo, cashapp and Wu, MoneyGram all have built in protections for you and for them to not run afoul of the anti money laundering act.

I ditched the brick and mortar bank long ago in favor of Fidelity cash management account and TD Ameritrade. Loans and lines of credit are the only reason I see for the bank and I've been allergic to usury since 96.

I bought my brother's 2017 Challenger 2 years ago. Wired 20k to his WF not a question from Fidelity. 6 months ago he bought one of my Harleys and got one wire for 2500 and then on the next one a week later WF denied the wire because it was the same amount and we don't have the same name. They wanted a notarized bill of sale and copies of all my ID and SS card.

Cash and crypto is the only way to not be tracked financially.

FIFY You can still be tracked via crypto. They just have to want to.

 

[Hacksawz]

FIFY You can still be tracked via crypto. They just have to want to.

Anonymity is possible with crypto but yes I know that it's inherently part of crypto.

Cash is still king.

And of course the horse trading barter system is always a good option

 

[Hacksawz]

It's cute that you think that. Cryptocurrancy is based on everyone having access to ledgers of transactions.

Ok so please pull up my crypto transactions and I will quit being cute.

 

[Hacksawz]

Zcash and Monero are anonymous

 

[JettaKnight]

Ok so please pull up my crypto transactions and I will quit being cute.

Here's a couple that thought they could hide: https://www.ft.com/content/ec447c39-2c6b-440a-a620-6de65f6fe491



And welcome to INGO.

 

[IronHammer]

Zcash and Monero are anonymous

Thanks for the tip on Monero!

 

[xwing]

Well, if you buy a house you will. It is law in Indiana that all funds to close on a house over $10,000 be wired.

Do you have a link to that law? It has not been my experience.

I bought a house last year and wrote several six-figure personal checks to pay for it. No problems whatsoever. Also when I paid off my previous house several years ago, I wrote a personal check for slightly more than the balance (so I would eventually get a refund of a few dollars and therefore skip all the mortgage company's "closing the account" fees. It worked.) I've never done a wire transfer or paid anyone fees to deal with my money. It's my money and there are free options available if you look hard enough.

 

[Ingomike]

Do you have a link to that law? It has not been my experience.

I bought a house last year and wrote several six-figure personal checks to pay for it. No problems whatsoever. Also when I paid off my previous house several years ago, I wrote a personal check for slightly more than the balance (so I would eventually get a refund of a few dollars and therefore skip all the mortgage company's "closing the account" fees. It worked.) I've never done a wire transfer or paid anyone fees to deal with my money. It's my money and there are free options available if you look hard enough.

It is called the “Good funds” law.

Indiana has one of the more stringent good funds law which has been in place since July 1, 2009, and has been amended since. It states:​

Indiana (I.C. 27-7-3.7-et al.): Applies to Residential and Commercial Transactions
Acceptable Good Funds when $10,000 or more: wired funds that are unconditionally held by and irrevocably credited to the escrow account of the closing agent

Several people sold their property but the checks were bad and it created a mess, you certainly want real funds at closing on your property, wouldn’t you? That is what this law does, requires irrevocable funds…

This explains more. https://metropolitantitle.com/2019/07/11/the-ins-and-outs-of-the-good-funds-law/

 

[HoughMade]

Can someone direct me to the law where all transactions over $600 are being tracked?

I am aware that third party payment companies will now be issuing 1099s for receipt of payments totaling over $600 in a year.

I have been depositing and withdrawing decent amounts of cash for years and the IRS form never filled out under $10k. Further, I have never been questioned about a cash deposit or withdrawal. When the IRS forms applied, no questions other than what is needed to fill out the form.

 

[jake blue]

Can someone direct me to the law where all transactions over $600 are being tracked?

I am aware that third party payment companies will now be issuing 1099s for receipt of payments totaling over $600 in a year.

I have been depositing and withdrawing decent amounts of cash for years and the IRS form never filled out under $10k. Further, I have never been questioned about a cash deposit or withdrawal. When the IRS forms applied, no questions other than what is needed to fill out the form.

It is NOT the law... Yet. But this is the amount Biden proposed as the threshold for IRS reporting by banks and it was not well received.

 

[Ingomike]

Do you have a link to that law? It has not been my experience.

I bought a house last year and wrote several six-figure personal checks to pay for it. No problems whatsoever. Also when I paid off my previous house several years ago, I wrote a personal check for slightly more than the balance (so I would eventually get a refund of a few dollars and therefore skip all the mortgage company's "closing the account" fees. It worked.) I've never done a wire transfer or paid anyone fees to deal with my money. It's my money and there are free options available if you look hard enough.

Really? Guys here will not accept a check for a gun sale and your saying you bought real estate and gave six figure personal checks? Just don’t see how in light of the law. Can you share more details? Was the closing with an attorney or title company?

The law does not apply to paying off a loan.

 

[HoughMade]

It is NOT the law... Yet. But this is the amount Biden proposed as the threshold for IRS reporting by banks and it was not well received.

That was my point...and the way politics works.

People propose thing, other people push back. In this case, the push back won.