Why I’m Closing My Bank Accounts While I Still Can

“Pardon me,” I said. “What do you mean, you can’t cash that?”

She replied matter-of-factly, “I don’t know you.”

“You don’t know me because you’re new here,” I replied. “Please get the branch manager,” I requested politely.

“I’ll call her, but you’ll have to fill out this form,” she told me as she reached into a drawer under the counter.

Just then the branch manager came over to the teller. “Hi, Mr. Gilani, is there a problem?” she asked.

“Yes, there is a problem,” I replied. “I’m trying to cash a check and first this young lady said she didn’t know me and couldn’t cash the check, then she said I’d have to fill out some forms to get my money out. What’s going on?”

The manager told me there were some “new rules” they had to follow. She acknowledged she knew me, telling the teller I was okay, but told me I’d still have to fill out the form.

“I am not filling out any form ever to take my money out of my account,” I stated. “Is that a federal law or is that this bank’s idea of customer service?”

“It’s just what we have to do now,” the manager replied.

So I said, very calmly, “I’m sorry – but if you don’t cash this check or if I’m ever asked to fill out a form again when I cash a check, I’ll close all my accounts here.”

I got my cash… and a seriously creepy feeling.

This story really bothers me. I have a good relationship with my local bank manager and the others that work there. I haven't as of yet had this issue, but it does present a concern. When you consider the institutional theft that occurred of people's money in Greece and other places around the world you do have to wonder just how safe is my money?

I would have done the same thing as this fellow. I would have calmly told them they either cash my check or I will expect ALL of my money because I am closing my accounts. Now I assume that they would have given me what I want due to the sum I keep at this bank, but what if they hadn't or what if this happened to someone with less financial clout?

Anyway, there really isn't any good alternative for large sums of cash right now. I can't just keep my money under my mattress or in a safe. Safe deposit boxes aren't safe from bank closures and the IRS either. What do you all think?

Are there any safe places to keep large sums other than banks or am I overreacting to the way this man was treated?

I can definitely see this as an issue in the future.

Article

ETA: Actually this does remind of one thing my bank tried to pull on me recently. I had a check for a rather large sum that I was depositing into my account and the teller told me they were going to put a 10 day hold on the funds. I told her that they were not going to do that and to call my personal banker if she has a problem with it which she did and the issue was resolved, but again...what if I were someone else with less clout? I was kind of creeped out by this personal experience much as the gentleman in the story was creeped out by the actions of his bank. What makes a bank think they can put a 10 day hold on your funds? It's just ridiculous in the age of electronic clearing and money moving at computer speed.

a reply to: Metallicus

You have a very good reason to be concerned, we all do. Our currency sytem is based on air. And not good, clean air, but China quality of air. Unsustainable.

Any withdraw over 5k at a PNC bank will require a teller to fill out a S.A.R.(suspicious activity report) to be sent up the chain of command !!!!!! We know what happens with withdraws over 10k. I wish there was an easy answer to your question. My personal feeling is agricultural land and silver. Although some large cities have private vault services available, maybe that is a option.

a reply to: Metallicus

I've been buying physical gold and silver and considering moving all my cash to a local credit union.

It's tough, I need the convenience of electric bill pay due to my extreme work hours, but I don't trust the Fed bubble in the least...an adjustment is long over due in the market.

I have a large safe but how practical is keeping 10s of thousands in your own home? I need that space for guns and bullets

a reply to: novem

Couldn't agree more. I bought a small farm with 3 wells last year rather than invest the cash for the down payment

a reply to: Metallicus

I just dumped Chase bank, went in to deposit cash funds from Farmers market Fish sales, well known in the bank but forgot my wallet. Without ID I can not put money in my account even though i am there same time every week to deposit.

I wish i could relate with the OP, but I have no money. I will say, it would sure be nice if my only worry was what I was going to do with my large sums of money.

a reply to: Metallicus

Ive had the same account for over 20 yrs. A few months ago I went to the bank with my 17 yr old daughter to cash her college Fafsa check. The bank refused to cash it, or deposit it into my account. In 20 yrs Ive only bounced 1 check, so I dont have a bad history. They told me to go to a check cashing store. Needless to say I was more than shocked. Im like, this is a govt check for God sake. And yes we both had proper ID. And I have cashed my underage daughters checks for years at the same branch. And it was a teller that I have known for years on a first name bases. (I also owned a restaurant for 12 yrs and I used the same bank, and ran huge amounts of cash through them.)

I went to a different branch, didnt say anything and they cashed it with no problem. I would have just deposited it in my account, but after the first bank was soooooo weird, we decided to just keep it in cash.

originally posted by: Wookiep
I wish i could relate with the OP, but I have no money. I will say, it would sure be nice if my only worry was what I was going to do with my large sums of money.

Well none of that happened overnight. I have had a lifetime of work and entrepreneurship that led me here. I am basically retired at this point and I am just short of 50. My original goal was to retire by 45, but that didn't happen.

The key is having a savings goal and the consistent application of self-discipline in financial matters.

Good luck!

Well these regulations on certain amounts are not anything new. They've been in place for a while now. Not saying I agree or disagree with the restrictions, but it is what it is.

Also, many people don't know that many, many banks do not cash checks at all because of the inherent risk. This trend is rising with the popularity of direct deposit and electronic transfer capability.

a reply to: Metallicus

I apologize if it sounded like i was minimizing the OP. Good on you and your accomplishments, for real.

a reply to: Metallicus

Double post - ATS acting weird for me right now

a reply to: Metallicus

Couldn't say it better myself. ..only i opted for 55 Yr retirement in order to build my medicinal perma-culture herb farm...7 years to go

a reply to: introvert

Its more like an approach to paperless society where paper money will be eliminated is been proposed actually, this will render all persons dependent to the government and the banking system for their financial needs.

originally posted by: marg6043
a reply to: introvert

It's more like an approach to paperless society where paper money will be eliminated is been proposed actually, this will render all persons dependent to the government and the banking system for their financial needs.

This response is spot on. It is actually going to get worse going forward.

I think the previous respondents that suggested getting into Gold and farm land had a relatively good solution. I already own gold and silver, but would like to own some farmland or even move to a small, sustainable plot of land.

There is no reason not to pursue this except I have have been too lazy to do move forward with a good plan like this.

originally posted by: marg6043
a reply to: introvert

Its more like an approach to paperless society where paper money will be eliminated is been proposed actually, this will render all persons dependent to the government and the banking system for their financial needs.

You are already dependent upon government and banking systems for your financial needs. We cannot print our own paper money. Stores do not accept gold or silver for products or services, except maybe pawn shops. Almost all transactions between private individuals is in paper money as well.

If the goal is to remain independent of those systems......you lost a long time ago.

Yeah this bothers me too.

Problem is...they're working very hard toward a cashless society where we are totally in their control.

a reply to: Metallicus

I could suggest getting this quarters copy of Extraordinary Health Magazine my small farm is featured this quarter and for the next few years.

Or go to Garden of Life on Facebook and look for the Hunolt Family Homestead. ..I may have to post it here...I deleted my post on it thinking folks would be all defamatory. I see you and some others are worth it...just don't want to break the and c

a reply to: introvert

You right we lost, but is still some out there that have been able to get of the grid and out off the system.

Sadly when you work for the government like my husband and get retirement from the military we will never be able to get off the grid and away from the system.

Now when we, will not be able to get cash anymore because is not going to be any, that is going to be the turning point to the reality of how the banking system and government have all of us that are within the grid held by the balls.

I agree with the farm land idea. If there is more money to play with, a labor-saving machine or two for working the land (think tractor with attachments... cultivator, backhoe, forklift). And food storage and preservation methods and supplies.