first libraries, now banks, whats left public toilets?

[Vajurewi]

news article from Bankrate.com patriot act that states that banks will be monitoring any newly opened accts with large sums of money or existing accts with large cash shifts and report this to the gov't under regs of the Patriot Act.

libraries, banks, whats next, public toilets and cinemas?
seems like the KGB has found a new life in America and a new leader in John Ashcroft

how long before we're issued national "identity cards" to prove we're not Al-Queda?

remember "Papers please, bitte" from Hogans Heroes?:disgust:

 

[Witling]

I'm usually on the flaming left and I've got the posts to prove it. But I fail to see the big danger in "monitoring any newly opened accts with large sums of money or existing accts with large cash shifts." Let's say you're legit. You sold Swartly Manor to a Chinese mogul who wanted to pay in cash. That takes five minutes to straighten out. I really don't have a problem with the government checking on the movement of large amounts of cash. Please give some examples of why that might be a big problem.

 

[PatboyX]

Originally posted by: Whitling
I'm usually on the flaming left and I've got the posts to prove it. But I fail to see the big danger in "monitoring any newly opened accts with large sums of money or existing accts with large cash shifts." Let's say you're legit. You sold Swartly Manor to a Chinese mogul who wanted to pay in cash. That takes five minutes to straighten out. I really don't have a problem with the government checking on the movement of large amounts of cash. Please give some examples of why that might be a big problem.

i would like to agree with you for the most part. i just dont like the idea of allowing such things now for what may be monitored at a later date.

 

[daniel1113]

This just seems like smart business for a bank, regardless of the Patriot Act. However, I would like to read some more before making any judgements.

 

[Vajurewi]

if youre name isnt John Smith or Charlie Brown, and you sell your house
or say you re-finance your mortgage and get some extra money for home
improvement, and put into the bank, will the bank send up a warning flag
under these regs? they're not requested to use their judgement, theyre ordered by law to
report the transaction.

its about invasion of your privacy by government. Dont you have a right to doing routine things in your life without having anyone call you up or drag you in & question you without due process of what youre accused of.

when the DOJ has such heavy handed tactics and uses "fight terror" as a shield
to monitor all aspects of your life, thats a problem. Fighting terrorism is
obviously a correct priority, but should Americans have to worry about being
under Big Brother's microscope all the time?

 

[xxxxxJohnGaltxxxxx]

Originally posted by: Vajurewi


.

its about invasion of your privacy by government. Dont you have a right to doing routine things in your life without having anyone call you up or drag you in & question you without due process of what youre accused of.

Have they set guidelines, or explained the parameters they will set to determine what constitutes are "large sums?" If not, I don't think the sky is falling just yet. If so, please let me know how much "large sums" are...

 

[Vajurewi]

From the article:

Background checking
Here is what is required when a new account is opened:

A. The institution must verify the identity of any person seeking to open an account by obtaining customer identification that includes:

1. Name
2. Date of birth
3. Address
4. Identification number -- a taxpayer identification number for American citizens or a government-issued document for noncitizens.

For instance, Dalbar says institutions could include questions about:

Other accounts with links to the customer
Nature of the customer's business and occupation
Name and address of employer
Customer's wealth
Source of customer's income
Customer's tax status
Source of customer's funds used to open account
Customer's investment objective


the article states that the bank is under no obligation to notify you that you are
being reported.

You may go about your business as usual, but smaller banks have to report
your activity and the article gives an example that customers may walk away when
they see the sign "Come open your large bank account w us and we'll throw in
a background check on you for free"


-the point is, any loan officer can look up your credit history with your SSN when
you apply for a loan - but YOU are granting permission in that process. Is it the bank's
business or the govt's to know what my wealth is and how I got it?

I dont know all the laws/regs regarding the banking industry, but to prevent
money laundering by criminals, all banks have to report any transaction you make over $10,000
already.

being anti-money laundering is fine, being anti-terror is fine, but again my point is when is it
okay to come under government scrutiny for your normal activities of life and how much of your
private information should be examined?

 

[tk149]

Originally posted by: Vajurewi
From the article:
I dont know all the laws/regs regarding the banking industry, but to prevent
money laundering by criminals, all banks have to report any transaction you make over $10,000
already.

Actually, it's only transactions involving more than $10,000 in cash. But they are supposed to also report any Suspicious Activity. This much, at least, is nothing new.

 

[SuperTool]

If I go buy a car for Cash, I don't think it's anyone's business but mine. I keep my cash in the bank for interest and protection, not so the Feds can track my spending habits.
This kind of nonsense just makes me want to open an offshore account.

 

[Torghn]

Originally posted by: SuperTool
If I go buy a car for Cash, I don't think it's anyone's business but mine. I keep my cash in the bank for interest and protection, not so the Feds can track my spending habits. This kind of nonsense just makes me want to open an offshore account.

So it's a huge problem when the government tracks your money? WHAT ABOUT THE IRS? They collect so much information about you and your money it's not even funny, but I rarely hear any complaints about that.

I personally don't like the government watching everything I do, but what the IRS has been doing for years is much much worse than this.

 

[BOBDN]

Banks have been reporting any transactions over $10,000 for years.

I don't like the idea of banks reporting my private financial information to the government for any reason. If there is probable cause established the government can subpoena any records it wishes. They are overreaching their authority by demanding automatic reports on sums over a certain amount. No probable cause a crime is being committed and it's none of their damn business how much of MY money I move around.

 

[Zebo]

Originally posted by: SuperTool
If I go buy a car for Cash, I don't think it's anyone's business but mine. I keep my cash in the bank for interest and protection, not so the Feds can track my spending habits.
This kind of nonsense just makes me want to open an offshore account.

You damn well should if you invest at all in the market. Foriegn Corps pay zero capital gains when trading on the US markets if you know what i mean. Go to belize or antiqa for vacation.. they have great seminars over there for "minimizing" tax burden in USA. It's about 8-10 K to do all the proper paperwork and set up so unless you investing around 150K it's not worth it. There are other benefits too like asset protection. When you own nothing hard to sue you.

 

[Tab]

Doesn't matter to me. Oh no this guy is over due on his water bill!

 

[xxxxxJohnGaltxxxxx]

Originally posted by: SuperTool
If I go buy a car for Cash, I don't think it's anyone's business but mine. I keep my cash in the bank for interest and protection, not so the Feds can track my spending habits.
This kind of nonsense just makes me want to open an offshore account.

...then write a check, or use a cashier's check, as these are perfectly acceptable forms of payment and non-reportable...there is no reason to pay 'cash-money' when you could pay cash in another, safer, form.

 

[tk149]

Originally posted by: xxxxxJohnGaltxxxxx

Originally posted by: SuperTool
If I go buy a car for Cash, I don't think it's anyone's business but mine. I keep my cash in the bank for interest and protection, not so the Feds can track my spending habits.
This kind of nonsense just makes me want to open an offshore account.

...then write a check, or use a cashier's check, as these are perfectly acceptable forms of payment and non-reportable...there is no reason to pay 'cash-money' when you could pay cash in another, safer, form.

Galt's hit it on the head. Only large CASH transactions are automatically reported. Keep in mind that these regulations were originally promulgated to fight money laundering. Unless you buy a new car with cash a couple of times a year, you have nothing to worry about.