Your money is government business...

[patience0830]

No, $20 to use somebody else's electronic network to get your money from point A to point B.

Next thing you'll be b***ing about having to pay Fedex to physically move your cash cross country to them instead.

Not a service I'm willing to pay for, either way. Other methods work fine for free so I don't choose to pay for being paranoid, in this particular case.

 

[Ingomike]

Not a service I'm willing to pay for, either way. Other methods work fine for free so I don't choose to pay for being paranoid, in this particular case.

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.

 

[Ingomike]

I get that banking is in fact a business, but I put MY money in the bank for safe keeping.
Otherwise I'd just pay cash for everything except large items I need a loan on.
If they want to take MY money, and THEIR electronic network to make a profit on while it's there, I'm fine with that.
However, if they then expect me to pay a fee to get it back later...?

Nope.


It's still mine.
They've had their chance to make a profit...
They probably even charged me a "service charge" while they were doing it...


I still get it back... upon demand.

While they can't be expected to cover a "run on the banks", they should have plenty of cash on hand to cover a large withdrawal by any depositor.

I do not think you get the wire thing. It is a transfer of your money to another party from your bank to the federal reserve, to the bank of the recipient. It is instant cash to the recipient. A secure way to pay for things, like a truck you bought from your brother-in-law.

You guys have to realize we are a minority here, few customers get large chunks of cash nowadays. Cash sitting in a vault is not earning, a priority for banks. Just the way it is now…

 

[patience0830]

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.

Sorry dude. Didn't happen when I built the cabin and if the bank when I buy or build a new one won't take funds in person or a personal check, they're out of luck.

 

[stocknup]

I have deposited a fairly large sum of money into my bank account at times ........
Funny they never inquired nor were interested in where it came from , but were more than happy to accept it , no questions asked .

 

[Kurr]

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.

 

[ditcherman]

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.

I think you’re out of line here. Of course, I don’t truly know anything of the specifics of what you bring up, I just wanted to say that you were out of line here.
Seriously though, FDIC insurance comes to mind. There’s no way it can not be “your money”, even if you are considered an unsecured creditor…

 

[Leo]

I just heard a radio interview that sounds like an ominous sign of things to come. I looked it up and yes, there are many articles about this being reality.

China has perfected a digital Yuan. About 10% of transactions are already done that way. With that currency, you are programmed your money into a "digital wallet". When you make a purchase, it is subtracted. The problem is it is also monitored. If your house needs 2 kilos of rice a week, that should go through fine. If you want to buy 10 kilos, the AI in the government computer decides you are either in the black market or feeding unauthorized people which is also a crime. It shuts down your digital wallet on the spot, no sale. No way to donate to a charity, a church, it is a problem to give a gift or to purchase anything they don't want you to have.

I don't believe for a minute that there is not a million dollars a day being spent in America trying to figure out how to adopt digital dollars to our Nation

China’s Digital Currency Is About To Disrupt Money

More than 60 countries have initiated moves to study the issuance of digital currencies: for a while, they will coexist with their equivalents on paper and with the growing use of cryptocurrencies as they stabilize their value. Welcome to the disruption of money. The repercussions will be huge.

www.forbes.com

 

[Ingomike]

Sorry dude. Didn't happen when I built the cabin and if the bank when I buy or build a new one won't take funds in person or a personal check, they're out of luck.

Well aren’t you a special one. If there is a closing on a property the funds over $10,000 must be wired by Indiana law. You can do it, your bank may do it for you, but you will be charged for it.

 

[BugI02]

Sorry dude. Didn't happen when I built the cabin and if the bank when I buy or build a new one won't take funds in person or a personal check, they're out of luck.

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?

 

[Ingomike]

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?

I do not believe you can buy a house with green cash in Indiana and have an insured closing at a title company…

 

[Leo]

I do not believe you can buy a house with green cash in Indiana and have an insured closing at a title company…

I don't know all the ins and outs, but in 1995 I was living in Illinois and I bought a house in Lafayette. I did not want any problem about an out of state check so I brought cash to the closing. They would not close that day. I had to take the cash and deposit it in a bank and close 8 days later with a check from the bank. It was only the down payment, I still had a banker there for the rest of the mortgage.

 

[gregr]

Remember when there was all these reports coming out about the federal government monitoring personal banking? I think the amount in question was $600. If you spent over that much on a single purchase, or deposited/withdrew above that magic amount, some red flag would attract attention to your account. Well, today I'm pretty damn sure I was dinged on that. (as if I'm not on enough watch lists already)

We got our tax refund the other day. The decision was made to get some new garage doors. We have been needing them for a long time. In fact only one will even go up, as the other is about ready to fall off. However, neither one of us are very good at saving money. It's too easy to order stuff for the kids online, or in my case, parts for the Jeep build. We decided to withdraw the cash, and stash it until we find someone to install new garage doors. Same way we saved for a new roof a couple years ago.

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`d give them the same answer I`d have given my Primary Care Physician had he ever asked me if I own guns, (and he knows I do), "That`s not a bit of your damned business. Stick to what you do for a living and don`t worry about me."

 

[patience0830]

Well aren’t you a special one. If there is a closing on a property the funds over $10,000 must be wired by Indiana law. You can do it, your bank may do it for you, but you will be charged for it.

Think what you like. You're going to anyway. My money is on "there is a way to do this without wasting $20, Alex"

 

[BugI02]

Yeah, but that way also offers the possibility of a shallow grave in the woods

 

[2in1evtime]

I often stand in line at the service counter of the grocery. It is really common for two or three people who cannot speak english in the line to be wiring money to Mexico. $800 to $1500 at a time, even if they have to make 3 transactions to make it happen. I wonder what ol' joe's IRS thugs think about that?

Instead of going after the american people, big brother should be looking at how they can get a cut of the money going out of country as a tax!!!!!!

 

[2in1evtime]

Well aren’t you a special one. If there is a closing on a property the funds over $10,000 must be wired by Indiana law. You can do it, your bank may do it for you, but you will be charged for it.

My bank offers free wire transfers as long as i keep a certain balance, its the main way i buy gold and silver

 

[Ingomike]

My bank offers free wire transfers as long as i keep a certain balance, its the main way i buy gold and silver

You are definitely paying for it. LOL

 

[jake blue]

I must have a very good bank or a very special relationship with them because I don't get this kind of treatment even if I go to an out-of-town branch where they don't know me personally. They are friendly, access my account, and fulfill my banking needs without being nosy about it. I've private purchased cars, guns, whatever because it's my money to do with as I please and apparently they respect that. That's not to say they might not still have to fill out the federal forms acknowledging a substantial transaction to or from my accounts but they're not making me direct party to that jumping through hoops with photos or such. If it comes to that they'll probably only be taking part under express requirement because they value customer service and the relationship they build. Oh, and that's BMO Harris Bank (shameless marketing plug)

I did bank with 5/3 for a short while for convenience of the branch near my home but they quickly proved that they're NOT about customer service. Not sure why this wasn't illegal but they're daily settlement process deducted all the debits, then applied any fees, THEN applied any credits to the account. So if you have a lot of transactions hit on the same day, all the debits overdraw the account, then they slap on overdraft fees, then by the time they add back the credits it doesn't bring the balance to a positive balance, so they begin adding daily overdraft fees until it hits a dollar amount threshold at which point they close the account and send it all to collections. This all took place over a holiday weekend so by the time I got back in there the following week all I got was excuses. Funny how they don't work on holidays but their computers sure do! Never again!

I'm a firm advocate for "if a business burns me as a customer they don't get a second chance". Customer service isn't some mystery - just treat people like human beings and have some basic human common sense. If that 5/3 situation had been approached like a civilized human being, it would have been obvious that my paycheck deposits every Friday, my rent comes out every 1st, they happen to coincide and the following Monday is a national holiday so it's going to be Tuesday before I can do anything at all about the situation. Yet that's all the time it took for them to destroy my credit. A reasonable person would have looked at that and said, 'our mistake' or at least 'extraordinary convergence of circumstances' and made it right but nope they didn't want to buck corporate policy.

I will also say that a few other companies have done dirty deeds and while they got away with it the first time I won't give them the opportunity to do it again. Dish Network with their policy of giving new subscribers better deals than loyal customers and even if you cancel and resubscribe they'll recognize a returning customer and resume screwing them. ADT with their contract that says no penalty if you cannot take you service with you when you move but then six months later surprise debit an exorbitant amount of money claiming the situation didn't absolve the balance of the contract. These are ways companies profit off those onerous contracts and terms and end-user license agreements they make us sign because either people don't read them or the remedy costs more in time and money than the monetary injury. It won't end until we stand against it and refuse to be party to this fleecing.

As for the federal fleecing, whether it's $10k or $600, if the government thinks YOUR money is of prime concern while they waste and lose literally TRILLIONS of dollars then you don't grasp why they are so interesting in how you spend your money and it has nothing to do with fighting crime or terrorism. It has everything to do with slowly but inexorably worming their way into your daily life until they get to decide how you spend your money and how much you're allowed to spend. They hate cash because it's largely untraceable so I urge all of us to resist any form of government cryptocurrency because it's end goal is to turn the entire country into the totalitarian gulag. Government busted up corporate monopolies which profited from company towns, company stores and basically lifetime indentured servitude yet they will without hesitation inflict the same fate on us all if we allow them to continue down this path. Once they can leverage technology to micromanage every step of the monetary system they won't need a million IRS agents - they'll just starve out anyone who doesn't fall in line by denying them access to basic sustenance from the government run bread lines. The religious folks are always looking for the mark of the beast... I say it's called cryptocurrency.

 

[Ingomike]

They hate cash because it's largely untraceable so I urge all of us to resist any form of government cryptocurrency because it's end goal is to turn the entire country into the totalitarian gulag.

THIS IS WINNING!