Bank demands proof what money to be used for before withdrawal.

[ATCclears]

The Russian bank "My Bank" has stopped cash withdrawals until next week.
» Bank Run Fears Escalate as Russian Lender Bans Cash Withdrawals Alex Jones' Infowars: There's a war on for your mind!

It does not impact us in the US, but overall it would be prudent to keep an eye on the news and the banks.

Peter

 

[Audrey]

I worked as a bank teller for a stint around 2007-8, and had to undergo annual federal regulations training as part of it.

There is a certain amount of cash money, that you're not allowed to specify to customers, that must be reported to the FBI if it crosses your teller window. For example if you sell your car for $X and are handed cash, then go into the bank and deposit $X, the bank would file paperwork that goes to the FBI. If you were buying a car so you withdraw $X in cash, the bank would file paperwork that goes to the FBI. This is because of money laundering.

Britain is already overzealous in their surveillance and security practices.

 

[Norm0931]

This reminds me of a trip I took in 2012 to DC for an interview with State. I was there for 3 days, used my bank card the entire time. One the way back, I had an extended layover in Detroit and grabbed lunch. My card was declined. I call Discover from the airport bar/grill and asked them what was going on. So apparently they saw that several charges were made across the country and so deactivated my card. I said I had taken a trip and to turn my card back on. The lady told me I needed to "let us know" when I was traveling. Her and I exchanged some more words about how it was MY money they were earning interest on and I could do with it what I liked.

I realize that fraud prevention is a good thing but, a simple phone call would have cleared the matter up or noting that I had purchased an airline ticket AND a hotel could have made it obvious to anyone looking at my account.

 

[captqc]

My response: "I'm going to hire a bunch of minions to help me take over the world!!!" "Got a problem with that?" Gary

 

[Martini_Up]

Tyranny.

 

[Audrey]

This reminds me of a trip I took in 2012 to DC for an interview with State. I was there for 3 days, used my bank card the entire time. One the way back, I had an extended layover in Detroit and grabbed lunch. My card was declined. I call Discover from the airport bar/grill and asked them what was going on. So apparently they saw that several charges were made across the country and so deactivated my card. I said I had taken a trip and to turn my card back on. The lady told me I needed to "let us know" when I was traveling. Her and I exchanged some more words about how it was MY money they were earning interest on and I could do with it what I liked.

I realize that fraud prevention is a good thing but, a simple phone call would have cleared the matter up or noting that I had purchased an airline ticket AND a hotel could have made it obvious to anyone looking at my account.

These fraud algorithms are not an "anyone looking" at your account; they're "dumb logic." Sometimes more dumb than logic. The credit card companies would rather err on the side of caution because it is less work for them to decline a valid purchase than to recover funds spent fraudulently. I cannot speak for Discover, as the bank I worked for issued Visa branded credit cards, but our system did an automated call stating the card was suspected of fraud and being locked. It gave you a number to call to unlock the card (after speaking to a Visa rep) if it was a mistake.

 

[Grunwald]

If only that were true. The instant you put it in a bank it is their money. At that point you became an unsecured creditor to the bank. They are obligated to give that amount back if they are solvent, and they get to ask you all kinds of questions that their gov regulators believe they should ask.

You beat me to it.
Everyone should read what and make a permanent mental note of what EZLivin wrote.
He is 100% correct on his points.
In would just add that the bank will level up x(20,30 or higher) to one using that money.
One additional point is that FDIC does not have enough reserve for a major crisis.
It has never truly been tested and I don want to be the one with whose money the test will be conducted with.

 

[EZLivin]

...One additional point is that FDIC does not have enough reserve for a major crisis.
It has never truly been tested and I don want to be the one with whose money the test will be conducted with.

Yes indeed, and if one is concerned about becoming a "test" case there is still time to act. It sounds like local/regional banks and credit unions that did not receive TARP funds in 2008 is the way to go.

 

[Burt Gummer]

Cash Withdrawals Completely Banned by Russian Bank | The Daily Sheeple


Don't be deceived into believing that if something happens in Cyprus, Russia, or Italy it is just 'over there' and will never happen here. The top of the banking food chain families don't care at all about international boundaries.