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

by Shah Gilani, ETF Daily News:

Not long ago I walked into a local branch of my bank – the 13th largest bank in the United States based on consolidated banking assets, according to the Federal Deposit Insurance Corporation’s (FDIC) second-quarter 2015 data.

I wanted to cash a check for a few thousand dollars. It was a business check made out to cash; it was my business account and there was plenty of money in it.

What happened next was, frankly, frightening. And it has profound implications for every American.

That’s because it means capital controls, courtesy of the government and the U.S. Federal Reserve, could be right around the corner. They’re already in effect in some form.

That means you might not be able to get the money you want out of an ATM. You might not be able to cash a check when you have plenty of money in your account. Or worse… your bank could take your deposited cash and convert it to shares of stock in that bank.
In other words, if you think you’ll always be able to get your money out of your bank, you’re wrong.

Here’s what happened…

It Started Innocently Enough

When I went to cash the check, a routine activity that must happen millions of times every day in the United States, the woman behind the big, thick glass partition said, “I’m sorry. I can’t cash this for you.”

“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 inside the cage. “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 looked at her as if to say, “Really? You’re not going to tell me why I have to fill out a form to take cash out of my account?”

Then I said, very calmly, “I’m sorry – and I don’t want to be a jerk – 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.

No one has ever been able to tell me why the teller wouldn’t cash my check, not even my friends who own banks. The best answer I got was, it was a new teller and she probably didn’t understand the SARs rules and figured she’d better not cash the check, in case she got in trouble.

Which begs the question, what are SARs?

They are Suspicious Activity Reports. And according to the FDIC’s website…
“A bank shall file a suspicious activity report with the appropriate federal law enforcement agencies and the Department of the Treasury, in accordance with the form’s instructions, by sending a completed suspicious activity report to FinCEN (Financial Crimes Enforcement Network) in the following circumstances:

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3 comments to Why I’m Closing My Bank Accounts While I Still Can

  • Craig escaped from Detroit

    SAR. Suspicious AssWipePaper Report.

    But they don’t think it’s suspicious when they FLUSH the value of your money down the toilet, or when they “Bail-in” by using YOUR money, etc.

    And it’s not suspicious when Well’s Fargo launders BILLIONS of dollars for the drug cartels, and how many OTHER banks doing the drug money dance?

    I never keep anymore that the amount needed to pay my automatic payments for my monthly bills.

    And as things get worse, if I can see it coming, I’ll draw out everything but for $50, and I’ll MAIL-IN my payments from cash-at-home. I know that day is getting much closer.

    I’ll probably switch to mailing-in by about the month of March, (when a lot of the OiL contracts & hedges expire and we may expect to see some big financial shake-ups at that time related to the oil & banking industry, etc.

    The krap is getting so near and so thick, I’m beginning to see more flies in the air and more roaches on the dirt, snakes in the grass, and rats in the silos.

    It’s getting “itchy-twitchy” out there, and something stinky is brewing, just like eating a bad burrito. Get ready for the butt plug to burst out of the bank’s hidden back door.

    • Ed_B

      Yes, this IS well beyond ridiculous. WE are not the ones who almost crashed the US economy in 2008. WE are not the ones who went to extraordinary lengths to get bail-in legislation passed to ease the theft of OUR money. WE are not the ones who take other people’s money at every opportunity. WE are not the ones who have been fined billions of dollars for economic activity that we know is fraudulent and that when discovered only results in a small percentage fine. No, it is not we who are the scumbags in all this money laundering and financial engineering. If anything, it is THEY who should fill out extra paperwork. It is THEY who should be scrutinized by the US Gov and its regulatory agencies. It is THEY who should be investigated, fined AND jailed… and not any of us.

      It is crap like this that should give us all pause and make us wonder why we need ever do business with these cretins known as bankers. Any “banking” I need to do is handled quite nicely by my local credit union, of which I am part owner and not merely another cash cow to be milked dry and then converted into hamburger. But everyone who deals with a bank in general and a BIG bank in particular… IS.

      Banking… a financial disease of which we all need to be cured.

      • Craig escaped from Detroit

        Ed_B, +100.

        I too am a member of a Credit Union.

        And in the coming months, I plan to transfer some money, and begin to us the BITGOLD (prepaid credit card system), but I don’t really appreciate that it is still part of the “Swift System” (Masterbation Card). But it’s still a big step above the FIAT cards, as it is a prepaid GOLD bullion vault with a “debit card”…. and you choose which vault holds the gold (outside the USSA & EU, Canada, etc if you choose wisely).

        STARVE THE BEAST, every little step at a time!!!

        I’d prefer if it they would send you a NON Swift payment card (such as UNION PAY / China), and also send the masterbater Card for those places that do not accept UnionPay.

        I looked a little bit at this stuff, and notice that Peter Schiff’s Gold-debit card is not available to USA citizens (because of USSA restrictive laws.)

        But the BITGOLD, is classified NOT as a financial institution but as a gold retailer. So it does not have to report to “FINRA / FINCEN / SAR’s / KYC” / FACTA etc. You can send money much better than WesternUnion/MoneyScam, and you can actually have them send your balance to you in physical gold.

        So, when the price of gold skyrockets (in terms of FIATs), then your account balance also becomes larger in terms of how many FIATS it can be converted into.

        I already have a superb car mechanic who actually prefers to be paid in SILVER, but will accept FIAT when he needs the FRN’s for groceries, etc.

        I keep explaining to people how anybody can still buy a gallon of gas for LESS than one old USA silver QUARTER (legally). Showing them how the price of gas has NOT gone up, but the purchasing power of FAKE (FRN) money has gone DOWN.

        I preach to them, how they should join the SALVATION of exchanging their FRN’s for true silver. (I feel like the Jehovah’s Witness of SILVER, going from DOOR to DOOR to preach the GOOD news of salvation from the evils of FIAT.)

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