Could you be FORCED to leave your money in a bank?

[bodecea]

One prominent investor says he foresees this regulation on the horizon...

Hendry said that he could imagine the instatement of a new regulation that might prevent people from withdrawing their money.

“My fear -- and I do not say this lightly -- given the present peril with regard to the magnitude of losses on security portfolios held within predominantly the regional banks, you have to cast your mind back to 1934 and the Gold Reserve Act,” Hendry said. “I can actually conceive of a federal or treasury rule coming in and saying ‘for the next 180 days, you can’t pull your money out of the banking sector.’”

https://www.thestreet.com/money/notorious-investor-has-dire-prediction-for-people-with-money-in-banks

From a certain perspective I can see the utility of this kind of regulation. People are panicky...and just rumors of a collapse can become self fulfilling prophecy...

On the other hand...seems awfully authoritarian...

What are your thoughts?

In the military we were REQUIRED to get direct deposit on our pay checks. Have to have a bank account for that. (said too many sailors were getting rolled after payday)

 

[iku]

Be aight.

Ugh! Lemme guess, that 7.62 X 39 has steel cases.

Yes, correct and I can't shoot them indoors because the bullet is steel core coated with copper wash. I use those outdoors.
I have brass, but I don't use it.
I have more steel case with lead core bullets and copper jacket and they let me use them indoors.
I have about 15,000 rounds of 7.62 x 39.
I am getting a Ruger Ranch that shoots 7.62 x 39 as well.

 

[iku]

Because most leftist shills are are anti anything Constitution.

I am not leftist. But people keep saying I am. I am not right either.
I am down the middle.

 

[The Duke]

Yes, correct and I can't shoot them indoors because the bullet is steel coated with copper wash. I use those outdoors.
I have brass, but I don't use it.
I have more steel case with lead core bullets and copper jacket and they let me use them indoors.
I have about 15,000 rounds of 7.62 x 39.
I am getting a Ruger Ranch that shoots 7.62 x 39 as well.

Ehh..I have heard of not-so-good accuracy rumors about those.

You're probably not OCD about accuracy like me anyways, carry on. Yeah, I'm weird like that

 

[iku]

Ehh..I have heard of not-so-good accuracy rumors about those.

You're probably not OCD about accuracy like me anyways, carry on. Yeah, I'm weird like that

Uhh don't worry about that one bit. I hit 100 yards easily with open sights with a 10.5" barrel
and I shoot my friends Ruger Ranch and It goes 175 yards on target no problems. One MOA, no. 3 MOA yes.
I don't need to shoot any farther than that for now. If I want farther I will use a different caliber.
Oh and I set mine up with an adjustable gas piston and the cases exit nicely and no longer hit me in the face.

 

[fncceo]

shall I show you a box of my ammo?

Only a box? Meh.

 

[iku]

Only a box? Meh.

 

[Flopper]

It’s my money. I should be able to withdraw it at any time, for any reason. Smart people keep a stash of cash on hand as a hedge against tyrannical government.

Banks typically lend about 10 times as much as they have. So if everybody that has money in the bank show up the same day to draw out all their deposits, a lot people will not be able to get there money. Here is where the Federal Reserve steps in. They insures all accounts up to $250,000 per depositor. Of course there are many ways to increase this mount such as opening multiple accounts with different ownership and opening accounts at different banks, etc.

The Federal Reserve has set up ways banks can avoid failure. The soundness and safety of FDIC member banks are tested periodically. Also Banks can make overnight loans from the FDIC to overcome shortage and they can also negotiate loans from member banks.

If a bank fails and customers adhere to the the maximum deposit insurance limit, they do will not lose any of their deposit. At worst it may take a few days for the Fed or another bank to take control. The Federal Reserve protects depositors not the bank. Since the Feds monitors banks, they watch the weakest banks for signs of possible failure. So it failure comes the FED auctions off the bank to the highest FDIC member bank. Only if there is no interest will the FDIC take control of bank. The depositors lose nothing but the owners of the bank lose almost everything.

 

[Flopper]

I'm pretty sure $7k is a "safe" amount.

I think it's really a thousand or so higher, but it's best to err on the side of safety.

If you withdraw $10,000 or more in currency or a cashiers check , federal law requires the bank to report the cash withdrawal to the IRS in an effort to prevent money laundering and tax evasion. I believe if the total of cash withdrawals exceeds $10,000 within a 24hr period it will be reported. In addition to withdrawals, purchases for over $10,000 cash are also reported. This is a good law it makes money laundering in the US difficult.. What government looks for is a steady stream of large cash withdrawals. Unless you are systematically making large cash withdrawals, it is unlikely to raise any red flags.

 

[westwall]

.

That's why the dollars have been slowly marching their way out of my bank account and into real tangible wealth.

.

Yup. Mine too. I'm cashing out of the stock market too.

 

[westwall]

If you withdraw $10,000 or more in currency or a cashiers check , federal law requires the bank to report the cash withdrawal to the IRS in an effort to prevent money laundering and tax evasion. I believe if the total of cash withdrawals exceeds $10,000 within a 24hr period it will be reported. In addition to withdrawals, purchases for over $10,000 cash are also reported. This is a good law it makes money laundering in the US difficult.. What government looks for is a steady stream of large cash withdrawals. Unless you are systematically making large cash withdrawals, it is unlikely to raise any red flags.

Wrong, it is 2,000 dollars. Has been for years.

 

[westwall]

You don't own any guns, leftist shill dorkwad.

Okay, name 2 guns that you own. I'll go 1st:

Lee Enfield #1 Mark III and a Remington 20-gauge breakbarrel shotgun.

No, you have to show pictures with the dumb asses name on a piece of paper next to it.

That's the only proof that is acceptable.

 

[multivita-man]

Cash is freedom, people!

So do you keep your life savings under your bed?

 

[Blues Man]

One prominent investor says he foresees this regulation on the horizon...

Hendry said that he could imagine the instatement of a new regulation that might prevent people from withdrawing their money.

“My fear -- and I do not say this lightly -- given the present peril with regard to the magnitude of losses on security portfolios held within predominantly the regional banks, you have to cast your mind back to 1934 and the Gold Reserve Act,” Hendry said. “I can actually conceive of a federal or treasury rule coming in and saying ‘for the next 180 days, you can’t pull your money out of the banking sector.’”

https://www.thestreet.com/money/notorious-investor-has-dire-prediction-for-people-with-money-in-banks

From a certain perspective I can see the utility of this kind of regulation. People are panicky...and just rumors of a collapse can become self fulfilling prophecy...

On the other hand...seems awfully authoritarian...

What are your thoughts?

most of my money isn't in a bank

 

[westwall]

So do you keep your life savings under your bed?

Of course not. It's in a safe.

Duh....

 

[OhPleaseJustQuit]

Yup. Mine too. I'm cashing out of the stock market too.

.

I wish I could as well, but I am relying on my broker to protect my holdings. He's a friend of the family. My late husband really trusted him.

.

 

[OhPleaseJustQuit]

Of course not. It's in a safe.

Duh....

.

That weighs 300 pounds and is bolted to a concrete floor and wired to alarm very loudly on the third failed attempt at the combination.

.

 

[westwall]

.

That weighs 300 pounds and is bolted to a concrete floor and wired to alarm very loudly on the third failed attempt at the combination.

.

Mine weighs a bit more......

Quite a bit, in fact.