Cashless banks

[4wanderingeyes]

I have heard from a couple businesses that when they go to deposit cash into the bank, the banks wont take cash, they tell them it is a cashless bank. That they need to go to one of the main branches to deposit it.

Then yesterday I read a story of banks not letting people withdraw their money from the bank in cash form. They required them to let them know what the money was going to be used for. They refused to let one person withdraw their money, even after calling the day before to let them know they were coming in and how much they wanted.

In the past, I have ran into issues depositing anything over $5000, I would need to go into the bank and fill out a form, inform them where the money came from, while I thought it was stupid, I didnt realize in reality, it is no longer your money, once you deposit the money in the bank. In fact, they require you to tell them what you are going to use it for, and where you got it to deposit it. The bank told me it was a Federal requirement for deposits for money laundering, and drugs.

I dont know what the answer is, but the Big Guy is over stepping his boundaries!

 

[Catscratch]

Money laundering and drugs??? If the government cared about things that mattered Epstine's client list would all be behind bars, our boarders would be fully vetted, and we'd have a president capable of rubbing more than 2 brain cells together.

 

[Tree Spud]

I think you are working with the wrong banks. We use online banking and wire transfer of large sums, never an issue or form required.

 

[Telemark]

I don't use banks in the US anymore. I only use credit unions. I haven't dealt with a US bank in over 10 years, and I hope I never have to again.

 

[Brokenbear]

You know Telemark I think you are on to something there ..even though it will likely only last a bit longer past when the banks finally squeeze out of the cash handling business

I'm going to have to check into how CU's are "rated" , insured (if any) , monthly checking account fees, secured "storage", who audits them ... etc. etc.

Just asking for a friend you understand who has a serious habit of preferring physical contact with his/her's certain items of value ..

Bear

 

[b116757]

They will be pushing hard to go cashless completely here shortly it has nothing to do with drugs and money laundering that’s just the excuse they will use to remove more freedom from us. They want to be able to tax every transaction we make it’s all about control eventually they will be telling us what we can and can’t spend our money on.

 

[S.T.Fanatic]

What they want is all of the money. They can not charge a transaction fee on cash.

They want to destroy wealth and what better way to do it than by charging transaction fees.


Sent from my iPhone using Tapatalk

 

[Foggy47]

The more that cash is removed from society the greater the taxes, fees, and other schemes can be used to extract "your fair share" for our government spending. All can be done with just the touch of a few buttons.

Big brother is taking more control each day. Meanwhile the free enterprise system is slipping away very quickly. Sad.

 

[4wanderingeyes]

 

[Brian662]

The government is telling these private banking institutions to not deal in cash?

 

[b116757]

The government is telling these private banking institutions to not deal in cash?

I doubt it my guess is they are nowhere near solvent and can’t actually produce the cash. I would change banks quickly if it was me.

 

[4wanderingeyes]

I doubt it my guess is they are nowhere near solvent and can’t actually produce the cash. I would change banks quickly if it was me.

One of the banks was Chase.

 

[Foggy47]

Banks (and large companies) watch their cash very closely. They keep all their capitol possible at work earning some kind of return for them. Even overnight deposits can add up quickly if you have enough cash and branches, etc. They don't make money on excess cash sitting in the vault.

 

[b116757]

Well my hypothesis is still sound so maybe “this sucker could go down” as a former president once said not that terribly long ago if one of the largest banks is nearing insolvency!!