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Originally posted by CALWEST
Did you know that if one receives $10.000. or more in cash from a banking institution this information must be reported to the IRS?
Originally posted by Silverkiss
My suggestion to everyone intending to close their accounts with BoA is to make Nov 5 their deadline. Try to have the job done before that date...short odds their system will be overloaded that day and no-one will have access to their money!
Originally posted by Tripnman
The manager was pleasant enough and very direct. After introducing herself she flat out asked "What can we do to change your mind?" "We don't want to see you go" she emphasized.
Originally posted by UserUser
On seeing the responses here and the 'idea' of the 5th of November is a good idea but ultimately pointless. The reasons for this are:
1) The vast majority of banks are interlinked not just nationally but internationally, so switching money between banks is generally switching between fat cat to fat cat. Some offer better services than others but in my opinion the difference in service is negligiable.
2) If a big bank looks like failing the government will ALWAYS ensure they do not, quite simply because some banks are just to big to fail and its in the governments interest to not let them fail. If a large bank was to fail all staff would lose jobs, savings would be lost (unless protected), mortgages would be under threat (unless the bank is bought out by yet another giant bank), businesses would not be able to get loans which would cost the government.
I agree that something needs to be done, to stop greedy bankers making risky investments with our money, but all transferring money from one bank to another is not the answer. If on the 5th of November everyone transfers their money from bank to bank, it will make the banks look up for a few months and offer some good short term deals to get people back to them and then back to business as usual.
What actually needs to happen is a change in legislation to stop banks becoming to big to fail or to split the high risk elements of banks from 'standard' banking reducing future risk.