Interesting article against checking accounts, semi-shady

[MrsBugi]

But a curious read nonetheless.

Excerpt:

A caveat: Be aware that the fedgov now requires all businesses to squeal on ?suspicious? customers. Prior to 2001, every financial service business, including storefront check-cashing services and money wiring operations, was required to report cash transactions above a certain dollar figure?$3,000 for postal money orders, $5,000 for transactions at a bank, $750 for overseas wire transfers, $10,000 in cash business at ?non-depository? financial institutions. Other ?suspicious? transactions and patterns of transactions also trigger reporting, for instance, ?structuring? your transactions in smaller increments in such a way that some clerk guesses you?re trying to evade the reporting limits.

Now, while those same requirements still apply, the USA-PATRIOT Act further demands that every business?from your furniture store or car dealer to (presumably) your bookie and your drug connection?report you if you 1) make any cash purchase of $10,000 or more, 2) make any series of cash purchases that adds up to $10,000, or

3) make any cash purchases that look as if you might be trying to avoid the $10,000 threshold by coming in just under it. (Columnist Vin Suprynowicz has pointed out that this is like fining you for going 43 mph in a 45 mph zone. But It?s Not Just a Bad Idea; It?s the Law.)

 

[FoBoT]

tinfoil hat wearers, UNITE!

 

[Runes911]

Boo-hoo the government is gonna know I am buying a car! Gasp furniture too! OMG! *dies*

 

[ISAslot]

Damn, I guess I'm gonna have to stop all my illegal activities

 

[Jzero]

Who would choose to deal with an institution that so abuses the very people on whom its survival depends?

Of Comcast, T-Mobile, Verizon, the electric company, the water company, the garbage company, and my bank, my bank probably abuses me the least.

 

[MrMaster]

The article is right on many points but blows way too much out of proportion. The federal government is still very very inempt at stopping crime. All these new rules and regulations just makes for more paperwork. That is all.

 

[tfinch2]

Originally posted by: FoBoT
tinfoil hat wearers, UNITE!

http://www.minionware.com/KAIA/COPYRIGHT-2005-2006-MINIONWARE-DOT-COM.jpg

 

[Trey22]

I believe it... ever since I cashed a check from a trader in the middle east, everytime I fly I get the latex glove treatment.

 

[MisterJackson]

Thanks for the heads up! I'm shutting down my gambling, prostitution and drug rackets right now! Whew, that was close! I had no idea the government was watching!