2aHawaii
General Topics => General Discussion => Topic started by: Rocky on January 15, 2016, 05:56:05 PM
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Last week I tried to cash what I considered a "moderate but substantial" check at the bank where the check was drawn.
I'm not talking down payment of a house here, but over $10K
I needed the cash for a pending transaction. ::)
Said they didn't have enough. :wtf:
When I said 'you're a bank and you don't have this much cash ( loud enough for the 5 people in line to hear) ?
They replied " well maybe, but we'd have to pay you all in $20 bills (that would be just short of an 8") stack of bills). :crazy: :grrr: and more :wtf:
"Well you can open an account." :wacko:
OK, I go to the MAIN branch off of King St.
"Nope, we don't have that much cash on hand". :wtf:
"Well you can open an account." :wacko:
Tell them why would I open an account when I wouldn't be able to get my cash out ! :crazy:
Went to my bank where I have more than enough to cover the check, and after a bit more haggling, I mange to get the bulk amount of cash (minus a 25% deposit ). :grrr:
This kind of confirms what I've recently read about statements from Scotland banks the current events happening with the bearish Dow and S&P, plunging oil prices, China (the bear aka the new JP Morgan) the rise in gold and silver etc...
SELL, SELL, SELL ! ! ! :shake: :shake: :shake: :shake:
May want to grab a few bucks out of the bank, empty your safe deposit box, restock them dry goods then sit down and start reloading all that empty brass you got laying around. :thumbsup:
Elections coming up. :popcorn:
JMHO
:shaka:
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That sucks.
During a collapse do they have control of what's in your safety box?
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(http://cdn.meme.am/instances/32628878.jpg)
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That sucks.
During a collapse do they have control of what's in your safety box?
Yes.
The government reserves the right to confiscate anything in safety boxes.
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It's become mostly electronic now. Easier for the banks, since they don't have to worry about transporting, counting and securing all that dirty, heavy money.
Easier for the government too. Especially since the banks were basically forced to roll over after the subprime mess and allow the government access to everything to avoid going belly up. A withdrawal of as little as 5k, from your own account, will raise a flag. You can then be questioned as to why you want so much, of your own money, and for what purpose. The line used to be 10k, but the government, citing "the war on drugs", felt that any substantial cash withdrawal should be considered suspect.
Gone are the days when you could just access your cash without institutional or government interference. Not "having enough" cash on hand is simply a delaying tactic, to keep it out of your hands until it can be reported.
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It's become mostly electronic now. Easier for the banks, since they don't have to worry about transporting, counting and securing all that dirty, heavy money.
Easier for the government too. Especially since the banks were basically forced to roll over after the subprime mess and allow the government access to everything to avoid going belly up. A withdrawal of as little as 5k, from your own account, will raise a flag. You can then be questioned as to why you want so much, of your own money, and for what purpose. The line used to be 10k, but the government, citing "the war on drugs", felt that any substantial cash withdrawal should be considered suspect.
Gone are the days when you could just access your cash without institutional or government interference. Not "having enough" cash on hand is simply a delaying tactic, to keep it out of your hands until it can be reported.
Yup, just confirmed this.
FBI will now be investigating your withdrawal
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I am not going to say the economy cannot falter. I won't say that what happened in the Great Depression cannot happen again. Nor can I say that what is currently happening is going to cause a world wide meltdown. What I will say is that at this time we are in what we call a correction in the market and our economy. People panic way too easily these days. While I can't say I blame them we are just going through a slow down at this time. It is something that happens every few years as our economy ebbs and flows. That could change and things could certainly get worse. But right now we are not in any danger of banks closing, government take overs, etc. The markets are much more volatile these days so swings back and forth are larger than they used to be. And that can scare people.
I am no longer in the market. I don't have the stomach for the wilder swings any more. I feel our economy has been artificially kept depressed by our administration. So now the conspiracy theorist in me is saying that the administration is allowing this to happen at this time because Obama wants to cause national unrest. If he can claim Marshall Law in the U.S. He will continue to stay president for the next 4 years. Just throwing this out there for discussion. :crazy:
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That sucks.
During a collapse do they have control of what's in your safety box?
Yes, simply by closing their doors.
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Yes.
The government reserves the right to confiscate anything in safety boxes.
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Individual banks don't carry a lot of cash on hand, you need to let them know in advance if you want a lot of cash. It's a safety precaution as branches don't have or need the means to store large amounts.
The money is here, they keep it in a central processing location which is a 100 times more secure. Trust me, the cash is here. Have you seen a pallet of $50,000 in quarters? I have. When you see millions of dollars in cash you realize how ridiculous it is to have that lying around.
I'm not rich but have had the opportunity to tour some "vaults." You should,, however, keep some cash on hand for emergencies. Piling a whole bunch under your mattress isn't a good idea.
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I am not going to say the economy cannot falter. I won't say that what happened in the Great Depression cannot happen again. Nor can I say that what is currently happening is going to cause a world wide meltdown. What I will say is that at this time we are in what we call a correction in the market and our economy. People panic way too easily these days. While I can't say I blame them we are just going through a slow down at this time. It is something that happens every few years as our economy ebbs and flows. That could change and things could certainly get worse. But right now we are not in any danger of banks closing, government take overs, etc. The markets are much more volatile these days so swings back and forth are larger than they used to be. And that can scare people.
I am no longer in the market. I don't have the stomach for the wilder swings any more. I feel our economy has been artificially kept depressed by our administration. So now the conspiracy theorist in me is saying that the administration is allowing this to happen at this time because Obama wants to cause national unrest. If he can claim Marshall Law in the U.S. He will continue to stay president for the next 4 years. Just throwing this out there for discussion. :crazy:
:wave: Inspector.
Lot of optimism from a Realtor.
Hawaii's market has been VERY predictable since the 50's
Can you say our real estate market is comparable to the previous 10 yr cyclical swings of the mid 60's 70's 80's, 90's, and 2005 (LOVED THAT ONE !) ?
We're already a year or more in and even though there is "product", sales are no where comparable to the past, even with the currently acceptable :wacko: interest rates.
A lot of my post was blowing off steam at not being able to get MY cash :grrr: and warning others of the same. :shake:
(FYI it was a check cut from an escrow co.)
If 11 of us went to the bank to withdraw $5k each, it may be difficult for the 11th person.
Like 85% -90% of "wealth" is now electronic so even a mere power outage stops you from getting cash.
Anybody on Oahu run short of cash when the Big Island Earthquake knocked out our power for a week ?
Remember banks closed, no ATM's,stores unable to accept CC ( no, not that CC, :rofl: credit Cards) !
Just saying you might not want to take that jug filled with pocket change to the bank. :geekdanc:
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Individual banks don't carry a lot of cash on hand, you need to let them know in advance if you want a lot of cash. It's a safety precaution as branches don't have or need the means to store large amounts.
This is nothing new. Ten years ago I couldn't get eight grand in cash. The teller told me I need to call ahead so they can have the cash in hand.
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:wave: Inspector.
Lot of optimism from a Realtor.
Hawaii's market has been VERY predictable since the 50's
Can you say our real estate market is comparable to the previous 10 yr cyclical swings of the mid 60's 70's 80's, 90's, and 2005 (LOVED THAT ONE !) ?
We're already a year or more in and even though there is "product", sales are no where comparable to the past, even with the currently acceptable :wacko: interest rates.
Hi Rocky :wave:
I apologize as I was not clear when I spoke about the market. I was referring to the stock market, not the real estate market. I am precluded from giving opinions about the real estate market since I am a licensed agent.
A lot of my post was blowing off steam at not being able to get MY cash :grrr: and warning others of the same. :shake:
(FYI it was a check cut from an escrow co.)
If 11 of us went to the bank to withdraw $5k each, it may be difficult for the 11th person.
Like 85% -90% of "wealth" is now electronic so even a mere power outage stops you from getting cash.
I realized you were blowing off steam. I believe I withdrew more than $5k from my bank a couple of years ago and I remember her asking me if hundreds are okay. Do you think it might be partially due to your not having an account with that bank?
Anybody on Oahu run short of cash when the Big Island Earthquake knocked out our power for a week ?
Remember banks closed, no ATM's,stores unable to accept CC ( no, not that CC, :rofl: credit Cards) !
I moved here not to long after that occurred so I did not experience that.
Just saying you might not want to take that jug filled with pocket change to the bank. :geekdanc:
I agree it is always prudent to have some cash on hand in an emergency.
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One of the reasons banks started implementing controls on large cash withdrawals is identity theft. Once the withdrawal is done, the cash is untraceable. At least a bank check can be canceled before cashing or creates a trail to follow.
Also, elderly get scammed all the time. Banks ask why you are taking out over $5K in case you have been scammed into making an "investment" guaranteed to return 300% in 6 months. Check how many people lose their entire retirement savings going after something that's TOO GOOD TO BE TRUE. These scams always require cash ... go figure!
It's your money, and what you want to do is none of the bank's business (within the law). But, that doesn't override their desire to keep customers legit and safe. No reason to get up in arms over their questions. Either answer, or don't.
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From what my friend (who works at a bank) said:
The main reason why there are 5,000-10,000 limits are due to drug trafficking.
If you deposit a large amount, they want to know where it comes from.
If you withdraw a large amount, they want to know where it's going.
Friend is also used to be a economist, and he said it's been policy for quite some time; nothing to worry about with regards to the economic collapse.
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From what my friend (who works at a bank) said:
The main reason why there are 5,000-10,000 limits are due to drug trafficking.
If you deposit a large amount, they want to know where it comes from.
If you withdraw a large amount, they want to know where it's going.
Friend is also used to be a economist, and he said it's been policy for quite some time; nothing to worry about with regards to the economic collapse.
The drug-dealer rules for banks started with the war on drugs in the 80s. It's also one of the reasons you have to declare amounts over $10K when flying. People buying drugs for cash and smuggling the drugs back will have to get the money to the buyer somehow.
After 9/11, banks require positive ID to open an account. A false name prevents LE from tracking finances of suspected terrorists.
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I've never wanted to run down to the bank and make a $10K withdrawal so badly in my life!!!
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I've never wanted to run down to the bank and make a $10K withdrawal so badly in my life!!!
(http://www.unicyclist.com/forums/attachment.php?attachmentid=28572&d=1221170016)
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Yes.
The government reserves the right to confiscate anything in safety boxes.
Not doubting you or anything, but do you have anything to support that? And I mean in a legal way, not just some abusive government take whatever they want way.
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Not doubting you or anything, but do you have anything to support that? And I mean in a legal way, not just some abusive government take whatever they want way.
http://abcnews.go.com/GMA/story?id=4832471 (http://abcnews.go.com/GMA/story?id=4832471)
http://www.creators.com/lifestylefeatures/business-and-finance/taking-stock/keeping-your-safe-deposit-box-as-safe-as-possible.html (http://www.creators.com/lifestylefeatures/business-and-finance/taking-stock/keeping-your-safe-deposit-box-as-safe-as-possible.html)
http://www.washingtonsavings.net/personal-services/safe-deposit-boxes/FAQs-about-safe-deposit-boxes (http://www.washingtonsavings.net/personal-services/safe-deposit-boxes/FAQs-about-safe-deposit-boxes)
http://www.infowars.com/department-of-homeland-security-can-seize-gold-silver-guns-in-safety-deposit-boxes/ (http://www.infowars.com/department-of-homeland-security-can-seize-gold-silver-guns-in-safety-deposit-boxes/)
And that's just a few.
Would be interested in learning what your counter argument would be, but I already suspect it will consist of the following:
- We are wrong to hide stuff from the government
- The IRS is a good organization that benefits America
- How the government would NEVER abuse it's power to confiscate items from a safety deposit box
O0
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http://abcnews.go.com/GMA/story?id=4832471 (http://abcnews.go.com/GMA/story?id=4832471)
http://www.creators.com/lifestylefeatures/business-and-finance/taking-stock/keeping-your-safe-deposit-box-as-safe-as-possible.html (http://www.creators.com/lifestylefeatures/business-and-finance/taking-stock/keeping-your-safe-deposit-box-as-safe-as-possible.html)
http://www.washingtonsavings.net/personal-services/safe-deposit-boxes/FAQs-about-safe-deposit-boxes (http://www.washingtonsavings.net/personal-services/safe-deposit-boxes/FAQs-about-safe-deposit-boxes)
http://www.infowars.com/department-of-homeland-security-can-seize-gold-silver-guns-in-safety-deposit-boxes/ (http://www.infowars.com/department-of-homeland-security-can-seize-gold-silver-guns-in-safety-deposit-boxes/)
And that's just a few.
Would be interested in learning what your counter argument would be, but I already suspect it will consist of the following:
- We are wrong to hide stuff from the government
- The IRS is a good organization that benefits America
- How the government would NEVER abuse it's power to confiscate items from a safety deposit box
O0
I wasn't going to make a counter argument because I wasn't taking a position of disagreement, I was just looking for the details of what you claimed.
However after reading the links you posted I am going to make a counter argument. Did you even read the links you posted? The first 3 did not support your premise. The 4th one you posted claimed the premise to be true but it is disproved by your 2nd link.
You statement comes off as a blanket statement, that they have the power to confiscate anything they want, but your own links paint a different picture.
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Haha I'm sorry all I could think of while reading your story was this :rofl:
https://www.youtube.com/watch?v=eOi6c3NPYms&t=1m24s
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No apology necessary, that's just the point I was trying to get across. :thumbsup:
Besides that you have TOTALLY given away your age bracket and being so old and wise (because we don't get this old by being stupid :sleeping:) is probably why you knew exactly what I was talking about.
:shaka:
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Last week I tried to cash what I considered a "moderate but substantial" check at the bank where the check was drawn.
I'm not talking down payment of a house here, but over $10K
I needed the cash for a pending transaction. ::)
Said they didn't have enough. :wtf:
When I said 'you're a bank and you don't have this much cash ( loud enough for the 5 people in line to hear) ?
They replied " well maybe, but we'd have to pay you all in $20 bills (that would be just short of an 8") stack of bills). :crazy: :grrr: and more :wtf:
"Well you can open an account." :wacko:
OK, I go to the MAIN branch off of King St.
"Nope, we don't have that much cash on hand". :wtf:
"Well you can open an account." :wacko:
Tell them why would I open an account when I wouldn't be able to get my cash out ! :crazy:
Went to my bank where I have more than enough to cover the check, and after a bit more haggling, I mange to get the bulk amount of cash (minus a 25% deposit ). :grrr:
This kind of confirms what I've recently read about statements from Scotland banks the current events happening with the bearish Dow and S&P, plunging oil prices, China (the bear aka the new JP Morgan) the rise in gold and silver etc...
SELL, SELL, SELL ! ! ! :shake: :shake: :shake: :shake:
May want to grab a few bucks out of the bank, empty your safe deposit box, restock them dry goods then sit down and start reloading all that empty brass you got laying around. :thumbsup:
Elections coming up. :popcorn:
JMHO
:shaka:
I work at a bank
What bank was this? how much cash was it? Banks don't carry a lot of cash on hand for security reasons. we send and receive cash a few times a week. We prefer to have customers call ahead of time to let us know if they're going to be getting a large amount of cash just in case so we can order if needed.
It's not that the bank doesn't have money, they just didn't have much cash on hand.If it's a smaller bank, like a credit union or something, then it's understandable they didn't have enough. They still have to service other customers until their next shipment. I'm guessing they're a small bank by that "$20 bills" remark. A strap of $100's is already $10k and any bank should have that IMO
btw. if you do a cash transaction over $10k, the bank files a report for the govt to track it. If it's only once in a while, then you have nothing to worry about.
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be careful when withdrawing near that reporting limit. the feds love to steal your money and freeze your accounts just because they can.
http://ij.org/case/north-carolina-forfeiture/
Lyndon McLellan has spent more than a decade running L&M Convenience Mart, a gas station, restaurant, and convenience store in rural Fairmont, North Carolina. Then, one year ago, without any warning, agents from the IRS seized his entire bank account, totaling more than $107,000.