Banks are being told to call the cops if someone attempts to withdrawl $5000!

A tip-off from the bank could lead to an investigation or seizing of funds.

This is how the Wall Street Journal explained it:

The U.S. Justice Department’s criminal head said banks may need to go beyond filing suspicious activity reports when they encounter a risky customer.

“The vast majority of financial institutions file suspicious activity reports when they suspect that an account is connected to nefarious activity,” said assistant attorney general Leslie Caldwell in a Monday speech, according to prepared remarks. “But, in appropriate cases, we encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem.”

Federal regulations in the Land of the Free REQUIRE banks to file ‘suspicious activity reports’ or SARs on their customers. And it’s not optional.

Banks have minimum quotas of SARs they need to fill out and submit to the federal government.

If they don’t file enough SARs, they can be fined. They can lose their banking charter. And yes, bank executives and directors can even be imprisoned for noncompliance.

But now the Justice Department is saying that SARs aren’t enough.

Now, whenever banks suspect something ‘suspicious’ is going on, they want them to pick up the phone and call the cops:

“[W]e encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem, who may be able to seize the funds, initiate an investigation, or take other proactive steps.”

Ahh, see something, say something is now being taken to the next level. Now we can't even have our own money. How awesome is that! It is no longer YOUR money, it is the GOVERNMENT'S money until THEY say otherwise. Try to remember that people! Ugh! What in the holy dickens is going on? Last I knew it was anything over 10 grand was reported, apparently the government wasn't happy with that amount and wanted to try and steal more.

I have never been a live off the land-militia type of person, but I'm sooo nearly there. Our government gets worse, not better. Every President that follows is slimier than the last, knows how to steal better than the last, and lies better than the rest. It's enough to depress you. Just wake me when the next Liar-In-Chief is in office.

They might be worried about terrorists organizing a massive bank run.

An attack could take away all the currency.

In Canada I believe it's $9,999. That goes for deposits as well.

I do not care about the cops so much as how much of a pain it is. My experience here is anything above 4-5k, regardless of illegal activity. They will try and tell you to call ahead so they can order it. When I was cashing my cheques years ago, they would not cash 7000 on the spot. But if I brought them 2 × 3,500 cheques, they would do them back to back at the same till, so it is just a BS policy. What this is, is cutting cash purchases out of the loop so that EVERY transaction is recorded.

I'm back on debit's d!€k now because it was just too inconvenient to only use cash.

originally posted by: xuenchen
They might be worried about terrorists organizing a massive bank run.

An attack could take away all the currency.

You never know with these idiots. I'm waiting for it to be lowered to $1000, then eventually $100. LOL

originally posted by: Autorico
In Canada I believe it's $9,999. That goes for deposits as well.

I do remember in the US it was $10,000 because people would transfer $9,999 to get under that 10grand reporting number.

It's never 'YOUR' money. All existing money is loaned out from the Federal Reserve. When you loan out a tool or something to a friend, YOU still own it, same as the Federal Reserve owns 'your' money.

originally posted by: MALBOSIA
I do not care about the cops so much as how much of a pain it is. My experience here is anything above 4-5k, regardless of illegal activity. They will try and tell you to call ahead so they can order it. When I was cashing my cheques years ago, they would not cash 7000 on the spot. But if I brought them 2 × 3,500 cheques, they would do them back to back at the same till, so it is just a BS policy. What this is, is cutting cash purchases out of the loop so that EVERY transaction is recorded.

I'm back on debit's d!€k now because it was just too inconvenient to only use cash.

I don't use cash that much myself. But now I'm almost forced to because my new apartment takes money orders only for rent. Which means I have to use the ATM to pull cash out for my rent, then walk over to the Money Order section of Walmart, buy a Money Order, (.50), then bring it to the manager's office. My last place would take cash or checks. I was order checks through my bank, but they want $40 for single checks!!!! And ordering checks online, I don't know, you have to give them your routing number, so I just don't feel to safe doing that, of course. I've had my account hacked once before from Germany, but I caught it immediately because I'm very vigilant of my account.

Let's say I'm a bajillionaire.
I want to buy a new Bugatti...cash.
Is this going to be a problem?

originally posted by: skunkape23
Let's say I'm a bajillionaire.
I want to buy a new Bugatti...cash.
Is this going to be a problem?

Give me a couple of weeks and a few Loomis Security Trucks to pull that together for you, cops should be here when you arrive.

a reply to: Anyafaj

Its been kind of standard procedure to ask folks about withdrawing large sums of money...especially seniors. It started as a way to make sure there was no one forcing folks to withdraw large amounts, and to stem drug trafficking. Its been like that for a while.

20 yrs ago I sold a house and was withdrawing like $15,000.00 and it happened to me. I believe the entire check was held (around $45-50 K) was held up a day or so wihile the bank verified it was real and I wasn't up to something.

Just another way for the government(s) to put their noses where they dont belong...and I can see the point...but they have no right. But they did it to me.

MS

Three words. silver, gold, safe.

originally posted by: Anyafaj

originally posted by: skunkape23
Let's say I'm a bajillionaire.
I want to buy a new Bugatti...cash.
Is this going to be a problem?

Give me a couple of weeks and a few Loomis Security Trucks to pull that together for you, cops should be here when you arrive.

Screw it then. I'm just going to buy that pristine '72 Toyota Celica for 2 grand.
I'll probably get more tail with that one anyway.

a reply to: Anyafaj

Skunkape has a point. My step father is a self made millionaire.. ( owns his computer company ). He loves to play poker. It does not phase him to drop 10k a night at Reno where he lives... or take 30k to buy into a tournament in Vegas. He's was on that World tournament of poker..

So now by law. He will have it seized ..... owe what joy!

I bought a car cash for 7600 dollars a few years ago. I just called ahead and asked the bank if I could do it. Conversation went something like I was on the right track to doing such a transaction.
I think it's more of a way to deter people from just spontaneously going into the bank and withdrawing thousands of dollars on a whim. First off it's weird, second why would you carry that amount on you? Third, some banks don't even have a float of that much cash sitting outside the vault which is most likely on a timer to open twice a day.

This is a good case of better be safe then sorry. If you want to have thousands of dollars at your disposal at all times hoard all your money under the mattress. Otherwise just follow the rules, you chose the bank they didn't force you to use them.

But and ohhhhhh... my buddy is about to spend a clean 10k to take his first trip to Ireland. He's very very Irish.. he is not in no way affiliated with the NRA... erhemmmm IRA... but hey..

Nah he played it by the books. He got the new Pennsylvania SPACTACULAR Mega Drivers license and filed an immediate FBI/TSA background check ... to ensure a smoothed lubed trip through airport security!

This gets to me - I doubt I will ever have to withdraw $5,000 in cash, but it really isn't that much - and to have the cops called when someone has quite probably done nothing wrong? That is offensive to me.

a reply to: Anyafaj

Banks must have a specific amount of tangible cash on hand for release to those presenting checks or cash witwithheld from deposits made by its members. Check this out:

Say you deposit $10k into your bank account. The bank has to put aside $1k in real cash and can then use your remaining $9k to loan to others. If your sister goes to get a loan from that bank, they can loan her up to $8K of YOUR money. They can also loan the next person asking for a loan up to $7k of your money, and so on...Your $10k deposit is used for many loans to others. Money does not really exist...the Federal Reserve is a private Company that prints out nothing really...it is all digital, as are electronic deposits, checks, etc...all without trading real money.

If 500 people went to their common bank to withdraw $20k each, that bank would not be able to comply...Banks no longer have real money, it's all illusion. So, knowing this, you can imagine what the government and Federal Reserve would do should threat of mass withdrawal of cash be a viable threat to their Grand illusion...like ceasing the funds of someone trying to take out their hard earned money...

a reply to: strongfp

In 2009. I withdrew 18,000 U.S. Dollars to pay for nursing school. That was the first year...
This could hurt kids in school too.

a reply to: Anyafaj

I read this on What really happened.com a couple of day ago. I can't find the quote right now and it is past my bedtime.

I distinctly recall this $5000 thousand as being an 'aggregate' amount although it did not say over what time period. I double checked the meaning of aggregate at the time. This is concerning because I take out more than that a year.

The other thing I remember is that the banks are required to turn in a certain amount of accounts per year. So if not suspicious find a reason to meet the quota. Most of us meet that.

This reminds me of the 'drug on war' thing (sorry too much to drink tonight) and local police confiscating any and everything for whatever excuse they can make of a suspicion.

The latest repudiation of the war on drugs ability to confiscate at will has been replaced by this latest act. Makes it much easier and more of us will be the victims

Found link. govtslaves.info

edit on 24-3-2015 by liveandlearn because: (no reason given)