(Topic ID: 313545)

Cash transactions and the bank

By mbrave77

1 year ago


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  • 123 posts
  • 63 Pinsiders participating
  • Latest reply 9 months ago by Crash
  • Topic is favorited by 4 Pinsiders

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    #39 1 year ago
    Quoted from Zitt:

    And they asked for an ID, right?
    My bank started requiring an gov ID to prove I'm the person who is making the deposit or some such bs.
    Even though; it's my account... I'm using my deposit slip... and probably used their bank card to "sign into" the account at the teller.
    I was quiet angry when the did that to me.. I actually made the bank manager come out to my car (in the drive thru) making it clear I wasn't happy that I was depositing cash (less than 600) - the currency of the united states into my account with my deposit slip. And they had the gall to require my id?
    When did it become "ok" for banks to require an ID to transact currency in the account you own?
    I think they made some bs comment about criminals laundering money or some such jazz. I'm sure someone here will point to a "law" which the government enacted that this policy is based upon... but honestly, I'm with the op and others that it's BS.

    Sounds like big bank bs like bank of America or Santander.
    Smaller local banks don't do this crap. At least mine doesn't.

    #43 1 year ago
    Quoted from SNES:

    My credit union doesn’t keep large sums of cash on hand. They require 48 hour notice if I’m taking out more than $3k. I’ve never had an issue getting cash when following their guidelines though.

    This is standard practice in our Fractional Reserve banking world we find ourselves in.

    Fractional Reserve Banking simply allows the bank to lend the money in your checking and savings accounts to other customers.

    The bank must only keep a small fraction in reserves and the bank can (generally) lend up to 10 times the amount in your bank account. For example, the $1,000 in your savings account can be leveraged into $10,000 of debt. A $10,000 savings account can be leveraged into $100,000 of debt.

    The fact is Fractional Reserve Banking can be used to help your community–by lending money to start a business, or finance the purchase of a home. This is an example where your “saving” can actually help your community, when the savings is used to fund debt.

    Unfortunately, big banking has lost it’s way and “helping” your community will only come in the form of sending more credit card applications in the mail. Serving your community becomes second to profit on Wall Street.

    Fortunately, there are many books you can read to fully understand the devastating results of Fractional Reserve Banking–specifically to the poor and middle class. The good news is that you have the power to cause change, simply by moving your money away from big banking.

    I was asked the other day by an acquaintance who has lots of money in one of the Big Four (banks), “Why should I move my money to a credit union when my bank doesn’t charge me any fees?

    I think it is important to stop asking, “What is in it for me?” The better questions is, “What is the bank doing with my money when I give it to them?” If you support the destruction of the middle class with debt, then keep supporting your local big bank. But when the bank suddenly requires “7 Day written notice” before they will give you your money, you'll wish you had your money in a small local bank.

    #44 1 year ago

    A good video describing the how's and why's of fractional reserve banking:

    #56 1 year ago
    Quoted from radium:

    There's also the whole "war on cash" thing, and there is a lot of political momentum behind forming a digital currency. Seems like a terrible idea to me.

    What could go wrong?

    #73 1 year ago
    Quoted from Mr_Tantrum:

    After a long holiday weekend, the retail and restaurant customers were swarmed with cash. I'd have hundreds of thousands of dollars laying around the commercial window (drive up only) because I couldn't catch a break to check it into the vault. Funny thing is, after handling so much cash it lost its mystic (just looked like work when I saw it stacked up or when it came in with a large deposit).

    They are but merely Babylonian magic squares after all.

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