Posted: 3/10/2005 8:35:02 PM EDT
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I have a savings account in Wa State. That being said, I received a letter from B of A today informing me I have made too many withdrawls from my savings account last statement cycle. I have known about the 10K rule for years, (I used to be a teller) but too many withdrawls? WTF?
This pisses me off the damn feds can tell us wtf we can do with our money. I'm tempted to just put my stash in a mason jar and No wonder people armor up a cat and doze city hall. Bastards. |
| It doesn't sound like the feds are restricing what you can do with your money but rather they are telling BofA that they must report certain activies to them and BofA is being lazy and saying "screw that we don't want to do they work so we'll just make it so our customers can't do something that we will have to report" |
Without honest weights and measures i.e. silver and gold coin this nation is doomed to total destruction. I have not used banks since the mid 90's, if the money is in the bank it is the banks money not yours. |
Where do you keep your money? Underneath the mattress? I don't have a problem with withdrawl limits on a savings account. If you are going to use your money, leave it in the checking account. Are you really that concerned about the 1% rate of return from your savings account? Money that you are going to be using down the road can be put in a savings account like Orange Savings bank which pays about 3.35%. Then longer term money should go into a mutual fund or VUL. Retirement money in a Roth, 401K, SEP, Keogh, Simple, VA, Real Estate, etc. In today's world, we have forgotten how to save. I'm working hard now not to be the 70 year old guy at McDonald's 35 years from now. |
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I had this explained to me once. As I recall the explanation, it goes back to the difference between banks and savings and loans. Under federal charters only certain types of banks can have checking accounts. Some more limited types of banking institutions tried to get around this by providing for "savings accounts" that permitted easy electronic transfers and payments directly to 3rd parties. This made them almost as easy to use as "checking accounts" that the institution could not legally offer. The feds dealt with it by creating banking regulations that limit the number of such transactions from a "savings account" during a month to 6. It is meant to create a clear and distinct difference between checking and savings accounts and who can offer each. Has more to do with controlling banks than monitoring customers. |
Thjats the whole point, an ounce of .999 fine silver will always have the same purchasing power, the fruadulent reserve note will be worht less than the paper it is written on, prewar bagdad it took a reem size stack of paper to buy a loaf of bread, the blank paper would have been worth more than the paper with ink on it denoting currency.
Paper money or debt notes in the case of FRN s' will always return to their intrinsic value. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. ~ Thomas Jefferson |
On top of that. Remember, your savings account is a LOAN to the bank, that is why you get intrest. They take your money and turn around and invest it for their own profit too. Your agreement with the bank possibly limits your withdrawels in order to keep the investment capitol you have loaned them from defaulting. ETA: W00T post 800 |
They may invest some, but the big banks trade in the forex market. There are lots of people trading in the forex making pretty good coin.
WaMu is teh suXX0r. I have had to send them 7 cancelled checks to prove I was not late on a payment. When I got my last credit report, I was like  due to all the reported late payments. They are teh suxxus imaximus. 
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