It looks like you're using an Ad Blocker.

Please white-list or disable in your ad-blocking tool.

Thank you.


Some features of ATS will be disabled while you continue to use an ad-blocker.


Can the Patriot Act block legal access to your money?

page: 1

log in


posted on Feb, 1 2008 @ 05:21 PM
I was speaking with my brother over the phone today, he lives in New York, and I here in California. He told me that he has started the process of taking $2,000.00 out of his personal retirement investment account. He was told (over the phone) by the individual handling this process that a certain amount of time has to lapse according to the Patriot Act before he can receive his money. My brother was shocked and confused as to why the Patriot Act has anything to do with withdrawling some cash from his account.
He then asked the individual what the Patriot Act has to do with him getting HIS money out of his account? The man on the phone became and remained quiet and would not answer his question. My brother is funding terrorism with a mere $2,000.00? This is so obsurd!

posted on Feb, 1 2008 @ 05:24 PM
from what i understand, the patriot act can do just about anything, to anyone, without giving any reasons.

If I'm mistaken, please let me know. It would make me feel much better.

posted on Feb, 1 2008 @ 05:25 PM
Yes it can they can not only block acces to it they can seize it. If your worried about it keep some cash around just in case. And remember, just because your paranoid doesn't mean they are not after you.

posted on Feb, 1 2008 @ 05:41 PM
They can't seize your money if you don't have any... a bank.

There are advantages to being of modest means.

posted on Feb, 1 2008 @ 05:44 PM

Originally posted by ItsHumanNature
Yes it can they can not only block acces to it they can seize it. If your worried about it keep some cash around just in case. And remember, just because your paranoid doesn't mean they are not after you.

Just as long as it's not over $9999

Having $10k or more in cold hard cash at anytime is illegal under the RICO laws.

posted on Feb, 1 2008 @ 05:54 PM

I found this link trying find info on the Patriot Act, as it has to do with banking. It does explain a bit about the Bank Secrecy Act and the Patriot Act. I can't find anything, on various sites, that says there's some kind of time limit on withdrawing money from a retirement account, that has to do with the Patriot Act. Maybe someone who works in the banking industry can tell us more.

Scroll down a bit and read: The Definition of Domestic Terrorism, from an FBI brochure..

[edit on 2/1/08 by kattraxx]

posted on Feb, 1 2008 @ 05:55 PM
I was just doing a search and ......

Patriot Act makes banks pry into new accounts
By Laura Bruce •

"To deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes."
-- From the Patriot Act, Congress, Oct. 24, 2001

The anti-money-laundering provisions of the Patriot Act are about to be noticed by consumers who open new accounts with financial institutions. Even if you have a checking account with a bank and you decide to open an IRA or a savings account with the same bank, you can expect to be asked some prying questions that may make you uncomfortable.

Banks, savings associations, credit unions, brokerages and mutual funds are expected to comply with the provisions as of Oct. 1.

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.

B. The institution must maintain records of the information used to verify the person's identity.

Originally, the regulations required financial institutions to keep a photocopy of whatever document was used for identification. That rule has been changed; they will only have to keep a written record of the document.

C. Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.

I guess we all are fair game to be investigated .... It's something that one never really thinks about ....

new topics

top topics


log in