Quoted Text

No Cash: Banks Refusing to Release Funds
By Cindy Glover, MoneyWise 411 staff writer
Americans are reporting problems with taking their own money out of U.S. banks.

Disturbing stories have been trickling in from around the country – different banks, different tellers, different amounts – but the same runaround.

Customers trying to withdraw sums as low as $2,000 have been stalled, denied their money, or even threatened with legal action…

What’s going on?


Patricia F. was treated like a criminal for trying to take out $5,000 from her account at a major national bank.

She was told that the bank considers anything over $1,500 suspicious, and her withdrawal would be reported to the federal government. “Afterward, I received several notices regarding structured money laundering, pointing out the high fines and jail times involved,” she said.

David B. has had an account for 30 years at a San Francisco branch of one of America’s largest banks.

“I presented my bank card, my state-of-the-art California driver’s license, and entered my PIN. There was no issue as to who I was or my account,” he said. “I told the teller the amount I wished to withdraw. It was in the five figures, but not even close to six figures.”

The teller told him that she would need to speak to the manager.

“She came back and then the stories started to flow,” he recalled. “This branch has low security and doesn’t carry that amount of cash… You can try another branch…”

He couldn’t get a straight answer. Eventually, the manager said the best they could do was $10K. And he’d have to go to a different office to get it.

Ordinary citizens are baffled by these alarming new policies.

But financial publishing mogul Bill Bonner – who’s been studying and writing about the U.S. economy for over 40 years – reveals that it’s actually part of a much larger effort by the federal government to conceal a fatal flaw in our financial system.

Bonner has been tracking a problem that has grown exponentially since the crisis of 2008. It’s a major threat that could rock U.S. markets.

To keep a lid on it, the federal government has drastically increased rules related to cash withdrawals. The buzzwords are “structured transactions” and “suspicious activity reports” (SARs).

Today, banks don’t just report withdrawals over $10,000… They have to drop a dime on customers taking out smaller amounts if there’s even a possibility of impropriety.

In the past decade, the number of SARs filed by banks has skyrocketed.


http://moneywise411.com/no-cash-banks-refusing-to-release-funds/?ppc=433514

Quoted from bumblethru

this has been happening to tons of folks we've talked to....including US!!!

Quoted from bumblethru

it might be that more folks are starting to take their money out for fear of another GREECE.

Hell....it ain't like we're getting a 'bang for our buck' from the banks!

Quoted from joebxr

BUMBLSPIRACY!!!!

Quoted from Cel

SEFCU  downtown branch would not let me take out 3k  They said I would have to request it and come back the next day to get it cause they can't cover that amount. I could take out 2k.  This was in the summer of 2014 so slowly I have been removing my money from sefcu and eventually will have very little kept in their accounts.  In fact I am considering since the interest is so low anyway of keeping my money out of banks or credit unions.  Oh by the way it is now illegal to put money away in safety deposit boxes too.

Quoted from Cel

SEFCU  downtown branch would not let me take out 3k  They said I would have to request it and come back the next day to get it cause they can't cover that amount. I could take out 2k.  This was in the summer of 2014 so slowly I have been removing my money from sefcu and eventually will have very little kept in their accounts.  In fact I am considering since the interest is so low anyway of keeping my money out of banks or credit unions.  Oh by the way it is now illegal to put money away in safety deposit boxes too.

Quoted from HarryP

I'd politely say, if you're depositing $xK ... or $xxK or $xxxK, and you're not getting a "bang" - you're using the wrong bank .. or savings method

IMHO.

Quoted from bumblethru

we do the same thing...we take out weekly and we just keep 'enough' in to cover expenses....and a little bit more.

our nephew just took their entire savings out of bank of America....big bucks.....AND....cashed in their 401K....all for CASH!!

it took an act of congress (no pun intended) but they got it....same day.

we have never had a safety deposit box...at a bank...

Quoted from HarryP

Why "take it out" - why not just never put it in?

Your nephew cashed in his 401k, for cash?  Cha-Ching - he just paid nearly 40% in taxes, before he ever got paid (Merrill Lynch tried the same trick with me, instead I rolled it over till I'm able to take it out tax free).  Foolish