Featured Articles Jim Sinclair The Bankster War on Cash; JPMorganChase Begins to Prohibit the Storage of Cash in Its Safety Deposit Boxes Letters are apparently going out to some JPMorganChase customers announcing that cash will be prohibited from being stored in the bank's safety deposit boxes. At the Collectors Universe message board, a commenter reports: No copy paste by rule. Copyright, you can delete this and add url.
I heard about this on the John B. Wells radio show. Boycott Chase. Also banks are starting to put a cap on how much you can withdraw. Let's say you withdraw 5000 or more dollars, they are supposed to report you. You know just in case you're a terrorist. It's getting so out of hand. Bleh.
What was that line from one of the mass-market magazine ads? "These valuable collectable coins are GUARANTEED to retain their FULL FACE VALUE!" Seems to me that every piece of paper money ever issued is collectable, considering that its series/serial number combination is absolutely unique. "I'm working to collect the entire set!"
The "report" is called the SAR, or Suspicious Activity Report. In our land of the free and home of the brave, you now have to prove that you are innocent.
Those reports have existed for a long time, and my SDB agreement has always prohibited cash. This is much ado about nothing.
Yes most SDB contracts have a clause in them about not storing cash in your box. But how are they going to enforce it? You don't have to tell them what you are putting in your box, and most banks will not allow their employees to ask you what you have in it. And they don't hang around to look in your box when you open it. I have to woder though about the "report" due to the date on the notification letter
Do that twice in a row and all Hell falls on you from the Government. Never mind have to file a report Do that twice and all Hell will come down on you from the Government. The same is with 5k But do the same with a Bank transfer , CC check no problem the Government know were it came from and went to The home of the free
While this has been my experience as well, I understand during the Great Depression that bank managers did check SDBs for gold and any found over the allowable limit was confiscated. I could see a situation, although I think unlikely, where the next time you want to get into your box it's with a bank manager looking over your shoulder.
And, if you ask the teller anything about the limits or the procedure to avoid the report, they are bound to report this also. It would pay you to make very good friends with your favorite teller.
So if I go to my Banco and withdraw $5000 in cash the goobers are gonna scrutinize me? Man-o-man the paranoia perceived..........
That is the point at which they HAVE to report. The are also encouraged to report lesser amounts especially if the transactions seem related or are withib a close time period. No guideline though as to what constitutes a related transaction, so to be safe they often report lesser amounts. (Less the government decides they should have and fines the bank.) As far as I know there has never been a confirmed report of gold or other valuable being takesn from SDB's during the 1933 bank holiday. (Why would they, that was before the gold recall order.)
Same here. Both of my banks prohibit cash in the SDB's and have for the 40 years I've been a customer. They've both also reported on cash withdraws over a certain amount (varying by bank, perhaps a state reg.?) for as long as I've been banking there. Nothing new.
They also report large deposits as well. I go through this every February when I get my profit sharing from my employer and I go to redistribute the funds to other accounts. It's to prevent money laundering, supposedly, though why I'd be laundering funds from Wells Fargo by placing it with BofA and Chase is beyond me.
This should not surprise us at all. Between new laws trying to track our gold and other PM purchase, gun laws and this, George Orwell could not have hit the mark much closer. Even J.R.R. Tolkiens LOTR series alluded to much of this as he wrote the books.
