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JP Morgan Chase doesn't want your filthy peasant cash!
#1
Just in case anyone still thinks that the economic "recovery" isn't a total farce...

JP Morgan Chase is now sending out letters to people telling them they can't do more than 50k worth or transactions a month and that they can't do any outgoing international wires without having to jump through flaming hoops to do so. It's so obvious they are just trying to get businesses to drop their support for cash so that JP can rack up the transaction fees while helping the government take the people's mattress money drive it back to the surface and get it back on the books again so that when this whole thing comes crashing down and the government defaults they know what doors to knock on.

Mark my words.

This will be exactly like the baggage surcharge at the airlines. Once one of them gets away with it, they will all adopt this kind of bullshit to fuck the people over.

What's worse is that if you look at the context these banks are also now picking and choosing which legit transactions whether to support or decline like those having to do with the people who were trying to donate to WikiLeaks or the recent online gun retailer who had the rug yanked out from under them because they could no longer process certain transactions having to do with firearms. The banks also now take your money and give you nothing in return, then have no qualms about nickel and diming you to death for fees to snatch every last penny from people.

http://www.foxbusiness.com/government/20...-accounts/

Bonds are losing credibility, Crazy low interest rates are forcing people to bet their retirement funds to keep up with inflation. Retirement accounts with money market options are disappearing quickly and silently, investing overseas is getting harder by the day, the amount of cash you can travel with or withdrawal without having to tell big brother what you've done keeps dropping. Cashier's checks are no longer "good as gold" and can take a week or more to clear. The government is borrowing from the pensions of it's employees to cover it's operating costs. They keep changing the way inflation and unemployment are calculated and or classified. The Dodd Frank legislation is actively steering people to specific financial instruments. Even doing a small wire overseas can get you investigated as a terrorist. The walls are closing in. The writing is on the wall. Just wait until February hits and without a ceiling we rack up more debt in a shorter time than ever before. It will be exciting to see whether or not the people let them get away with doing nothing and kicking the can down the road one more time...
The forum poster formerly known as Emoticon...
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#2
Emoticon;122970 Wrote:Just in case anyone still thinks that the economic "recovery" isn't a total farce...

JP Morgan Chase is now sending out letters to people telling them they can't do more than 50k worth or transactions a month and that they can't do any outgoing international wires without having to jump through flaming hoops to do so. It's so obvious they are just trying to get businesses to drop their support for cash so that JP can rack up the transaction fees while helping the government take the people's mattress money drive it back to the surface and get it back on the books again so that when this whole thing comes crashing down and the government defaults they know what doors to knock on.

Mark my words.

This will be exactly like the baggage surcharge at the airlines. Once one of them gets away with it, they will all adopt this kind of bullshit to fuck the people over.

What's worse is that if you look at the context these banks are also now picking and choosing which legit transactions whether to support or decline like those having to do with the people who were trying to donate to WikiLeaks or the recent online gun retailer who had the rug yanked out from under them because they could no longer process certain transactions having to do with firearms. The banks also now take your money and give you nothing in return, then have no qualms about nickle and diming you to death for fees to snatch every last penny from people

http://www.foxbusiness.com/government/20...-accounts/
]
I think you might be correct.

I've been thinking this is not just possible but probable in the near future.

I went and deposited my insurance check for Storm sandy last month and turned around and asked my bank to get me the cash, $12,000.


The chick nearly had a heartattack.

"We can't do that."

I said "the hell you can't you've got $42k of mine in this bank and if you're telling me that I can't get it all out anytime I want I might as well pull it all out."

I mean they pay me what 1% or 2 % interest? I'll make a whole $400 or so a year? Screw. Give me a good safe.

After jumping through hoops and having to wait until the bank closed I got my cash.

She needed a second form of ID for the IRS because I withdrew over $10k. So I tossed her my LTCF. She asked if I was carrying. I wasn't she said so what good is it? I smilled. She said today is the day to be packing heat and that she was worried about me getting robbed, that people shouldn't be walking around with that much cash. I said unless you've called your friends to block me in and rob me I'm no more or less likely to be robbed than anyone else out there. The criminals don't know I'm carrying $12k or $20. Smile.

I paid my contractor cash and got a big hand written receipt in exchange. Maybe he declares it, maybe he doesn't. I don't give a crap because I'm not an IRS agent.

It disturbs me that I have to call ahead if I'm going to withdraw large sums of cash. I seriously am contemplating pulling it all out but I fear home robbery and fire. I have a security system but that wouldn't help against a coordinated robbery so I guess it stays in the bank. I almost think I should just get a safety deposit box in the bank and drop the cash in it.
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#3
Sorry but this is a non issues. I do tons of wire transfers a month but you need to have a certain type of account to do so. Has been like that for a long time. It's like having the type of account that pays no interest and then posting how banks are no longer paying interest. Well yeah....but....

As for banks not having tons of cash on hand, that too is nothing new. See the bank speech in the movie It's A Wonderful Life. Give them a few days and you can take out a million in cash, if your account is healthy enough.
Dave, proudly annoying members of pa2a.org since Sep 2012.
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#4
Dave;122975 Wrote:See the bank speech in the movie It's A Wonderful Life.

I like the Simpson's take on that where they all go rushing after Harry's house (or whoever) to go get the money out of it Big Grin

Seriously, my all-time favorite movie. Watch it every year, and it always gets better.

Never saw it until this "Far Side" cartoon below came out, and I piqued my interest enough and I wanted to get the joke.

[Image: fd17a20f38f68ce64b21b47358db1d21.jpg]
Vampire pig man since September 2012
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#5
Camper;122981 Wrote:
Dave;122975 Wrote:See the bank speech in the movie It's A Wonderful Life.

I like the Simpson's take on that where they all go rushing after Harry's house (or whoever) to go get the money out of it Big Grin

Seriously, my all-time favorite movie. Watch it every year, and it always gets better.

Never saw it until this "Far Side" cartoon below came out, and I piqued my interest enough and I wanted to get the joke.

[Image: fd17a20f38f68ce64b21b47358db1d21.jpg]

The bank is discontinuing an unprofitable type of account and migrating customers over to a new type of account that will require monthly fees or larger minimum balance requirements. They are not totally ending foreign wire transfers or large withdrawals all together, they are looking to make more money on them.

As for large cash withdrawals, 99 out of 100 times you'll run into trouble if you want 10-20k or more at one time and usually have to call ahead. There is no nefarious reason for it, the simple reason for it is, branches run on tight range of cash on hand to meet the average customer needs. If they have tons of excess cash sitting in the vault at every local branch they can not lend it out and make money on loans. If banks don't make loans and earn profit they go out of business.


ETA: oopps quoted the wrong post.
MikeinPhilly, proud to be a member of pa2a.org since Jul 2013.
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#6
Here's my response to your video Dave:

http://www.youtube.com/watch?v=YWyCCJ6B2WE

It's understandable that the bank might need advance notice if you want to clean out a high value account, but it doesn't just end there though. Why does the IRS need to know you're taking money out of your own savings? We can go further with this. Most people know nowadays that carrying more than a few hundred bucks on your person is a pretty bad idea, and not just because you'd be robbed by some thug! The biggest threat to you carrying $10,000 are the fucking police in this country and how they might shake you down, just a little less obviously than the Federales in Mexico! How scary is that? The government treats you now like if you have more than say $1000 you must be some kind of criminal. If you have $10,000 in cash and you go to the airport or get stopped by a cop they will more than likely seize it on the spot without any further probable cause under the suspicion that you are a drug dealer. Once they've seized it you need to probably hire a lawyer and prove where you got the money from which could take months, when they had no cause to take it in the first place!! Even then you still might not get it back! None of this existed before the 70's. Now police are known for seizing money because they have a vested interest in doing so because they get a whack of the "drug money" to buy themselves shiny new tanks and shine for their jack boots.

Just to add my own recent anecdote:

I recently traveled with 2 bundles of $2 bills ($400). I took them with me because where I was going they are desirable and considered lucky so people use them as gifts to their kids and what not. Either way I'm always entertained to see the shit eating grin that flashes across the TSA scanner's face when they see a bundle of cash on the X-ray machine they might be able to steal from me in my bag followed the the dejection when the find out they're only $2 bills and not worth fucking with. They're all thieves, plain and simple. The peasant class in this country isn't allowed to have their own money that the government doesn't know about.

Here is a very interesting article related to asset seizure I think someone on this site showed me (can't remember who sorry). It's definitely worth a read though:

http://www.fee.org/the_freeman/detail/se...z2iokAdZo8
The forum poster formerly known as Emoticon...
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#7
Dave;122975 Wrote:Sorry but this is a non issues. I do tons of wire transfers a month but you need to have a certain type of account to do so. Has been like that for a long time. It's like having the type of account that pays no interest and then posting how banks are no longer paying interest. Well yeah....but....

As for banks not having tons of cash on hand, that too is nothing new. See the bank speech in the movie It's A Wonderful Life. Give them a few days and you can take out a million in cash, if your account is healthy enough.

I do several SWIFT transfers a year in both directions with TD Bank and I've never had any problems. I do it from a standard checking account I keep with them. It's not my primary checking (I keep TD Bank so I can convert change into cash for free at their Penny Arcade).

The only trouble I ever run into at the Center City branch I go to is when I get an employee who has never done a SWIFT transfer and thinks it's like ACH, which it's not. There's more numbers you have to give them to get it to go through.
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#8
ArcticSplash;123110 Wrote:
Dave;122975 Wrote:Sorry but this is a non issues. I do tons of wire transfers a month but you need to have a certain type of account to do so. Has been like that for a long time. It's like having the type of account that pays no interest and then posting how banks are no longer paying interest. Well yeah....but....

As for banks not having tons of cash on hand, that too is nothing new. See the bank speech in the movie It's A Wonderful Life. Give them a few days and you can take out a million in cash, if your account is healthy enough.

I do several SWIFT transfers a year in both directions with TD Bank and I've never had any problems. I do it from a standard checking account I keep with them. It's not my primary checking (I keep TD Bank so I can convert change into cash for free at their Penny Arcade).

The only trouble I ever run into at the Center City branch I go to is when I get an employee who has never done a SWIFT transfer and thinks it's like ACH, which it's not. There's more numbers you have to give them to get it to go through.

I think we are talking apples and oranges since anybody should be able to go into a branch to do a wire. However we can do it from our desktop at home which does require a certain type of account. And it's not just the actual wire, there are tons of reports and other utilities available. Keep in mine, our monthly service charge range from $450 to $750 per month.
Dave, proudly annoying members of pa2a.org since Sep 2012.
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#9
Emoticon;123100 Wrote:Here's my response to your video Dave:

All well and good but it's not the topic we are talking about here. And the $10k thing is a .gov requirement, not one from the bank.

I do understand why they started it so many years ago just as I understand how it gets misused. Please note: understanding something is not the same as agreeing with it. Wink

I'm a fan of cash. Don't know why, maybe from being so poor for so much of my life but whenever I asked for larger sums, other than giving them a few days notice, all works without much hassle. Yeah, I sign the form too but honestly I'm sure the .gov already can know my bank balanced anytime they want.

Lastly, I've traveled extensively around the world so the need to carry many thousands in cash is not unusual. Over $10k coming back must be declared to customs. Again, never a issue with either.
Dave, proudly annoying members of pa2a.org since Sep 2012.
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#10
Dave;123117 Wrote:
Emoticon;123100 Wrote:Here's my response to your video Dave:

All well and good but it's not the topic we are talking about here. And the $10k thing is a .gov requirement, not one from the bank.

I do understand why they started it so many years ago just as I understand how it gets misused. Please note: understanding something is not the same as agreeing with it. Wink

I'm a fan of cash. Don't know why, maybe from being so poor for so much of my life but whenever I asked for larger sums, other than giving them a few days notice, all works without much hassle. Yeah, I sign the form too but honestly I'm sure the .gov already can know my bank balanced anytime they want.

Lastly, I've traveled extensively around the world so the need to carry many thousands in cash is not unusual. Over $10k coming back must be declared to customs. Again, never a issue with either.

I can't help but wonder whether it will still be a non-issue for you having submitted those forms after you maybe get audited some day by the IRS and they start asking you about them under the assumption you've done something wrong. You remind me of the type of person who thinks its a good thing to submit to searches or talk to police because, "why not? I don't have anything to hide" that is quickly leading to the endless invasions of privacy that we're being subject to as of late.
The forum poster formerly known as Emoticon...
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