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Think the Major Banks are not worried in North America regarding Cyprus? Read and judge for yourself

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posted on Mar, 23 2013 @ 04:23 PM
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This is what happens when you try to remove physical funds from one of the top banks in Canada.
After we heard the breaking news of what was going on in Cyprus last week we immediately removed 5K in cash from one of our accounts.
I would guess that equals about 2500 Euros or so give or take.

It was not really a big deal but we did have to phone in ahead of time to make an appointment to get our own cash out.

This particular bank started this appointment policy for anything over a $3000.00 cash with drawl about 3 years ago and that made us wonder a bit but did not set off any alarms right away.

So after the bank holiday in Cyprus was extended two more times in one week and as best as we can ascertain they are still closed we decided to get another 10 K out pronto.

So we moved some funds from here to there to prepare for the appointment to get our own money out, sounds easy right?
The money transfer was without pain and we had the scheduled appointment for this morning at 11 am.

It did not go as smooth as you might think......First off arriving at the bank they asked the wife if she wanted a draft and not cash. I was not present for this following tale but my wife is a former bank teller and knows the in and outs.

The next questions were as follows, Why are you taking money out today when you just took out 5K last week?

The wife (YogaGinns) a member here, told them we do not like what is happening in the banking sector today.
They then went to great lengths to assure her our money was both insured and safe in their bank.

The wife then stated that this is not the case in Cyprus and could happen here at any given moment.
Then the wife asked the teller how much interest has my 15K earned in the last 3 years.....good on the wife because the teller just shrugged and looked like a deer caught in the headlights at night.

So now it looks good for this transaction to actually take place. Next the wife had to provide 3 forms of ID with a photograph, answer 8 to 10 questions which were very personal. They asked these questions to verify her identity as if 3 pieces of ID with photos were not enough.

Next the said she had to sign a Waiver to absolve the bank of any Liability if she were to be robbed of the cash on the way home!

As the wife says to me " Why would I blame the bank for getting robbed of my own cash?"
Now it took them about 10 minutes to find this certain form and I suspect that amount of time was allotted to give my wife pause and change her mind.

She held fast and after much more time than necessary left the bank with our money that was earning ZERO interest successfully dodging the muggers waiting in broad daylight on a Saturday morning in a very populace neighbourhood.

Some things come to mind here for obvious reasons, first is why the defense mechanism in place all of a sudden?
This bank has the information of our whole portfolio and they know what we are worth on paper anyways.
We own our home free and clear, we some major stocks in the energy sector which we do not have faith in.

Why make a big production about signing the waiver and this was done right at the teller in front of all the customers within hearing distance.

We are talking about 10K not a lot of money today, Lots of folks don't seem to blink an eye at dropping that amount on cars/plasma tv with surround sound/a cruise on a ship/new kitchen or bathroom.
We have the ability to charge up to 20K on our one and only credit card and I can assure you that if we did the charge would be uncontested......Hell yes charge to any amount you want just don't ask for cash.

But when you want it out in cash all of a sudden there are the "Cash Police" popping up in you local bank.

This story is factual and occurred this morning......

My point is the banks are very aware of their own faults but yet convey positive thoughts in a storm.

To the mods, I thought this forum best but do move it as you see fit.

Looking forward to any input positive or negative......

Awareness just might save you some money.

Regards, Iwinder




posted on Mar, 23 2013 @ 04:31 PM
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I have said it before, I will say it again. They will give everybody with cash in the banking system a "haircut". How much is up for debate, not that we get a vote, but it is going to happen. Get out of the system while you still can.



posted on Mar, 23 2013 @ 04:33 PM
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I wonder if this is why almost any deposit account requires a large minimum balance these days.
Maybe that creates some kind of "reserve" that the government has access to in an emergency?
I realize there are other reasons - that the bank needs to make money off of your account, to keep their business going.
But considering they are paying hardly any interest, it seems like a waste to let them hold onto a large minimum balance.
edit on 3/23/13 by BlueAjah because: (no reason given)



posted on Mar, 23 2013 @ 04:34 PM
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reply to post by Iwinder
 


Not sure if you are aware of this, but in the US it is the same way and has been for awhile. Try to take out 10k or more and paperwork, questions the whole deal. I wanted to withdraw 3k and was told I had to wait three days, because "they had to order it!"...

Not to mention, try flying OUT of the States and have to "claim" you have 10k!!!! Better yet, if the police pull you over and you have 10k or more on your person................

I am sure a celebrity, wouldn't have much of a problem with this kind of tyranny, but good luck to a measly Serf, who might have his/her life savings in their pockets!!

I am sure the banks are nervous, but just letting you know that this kind of behavior is and has been quite common in the past here in the states.



posted on Mar, 23 2013 @ 04:40 PM
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This is just common sense - but whatever you do - if you are keeping large amounts of cash, tell NO ONE.

A woman and her daughter who lived near me were murdered last year. It was common knowledge in town that she walked around with large quantities of cash and had more at home. I believe the murderer was some guy who came to do some maintenance work in their home.
I'm very sure this is not the only story like that - but just a harsh reminder to hide it, lock it up, and tell NO ONE.

The banks warning that she could be mugged on the way home was not probably not for no reason. Perhaps they did get sued at one time, if someone saw a person receive the money in the bank and followed them home. Perhaps the person then blamed the bank for not keeping it secret enough. People are very litigious these days. And there are people who are so desperate for money that they could have very well followed your wife from the bank.



posted on Mar, 23 2013 @ 04:43 PM
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I think the OP is confused about what is going on here. The "money" he claims is "his" is not in fact his.

"In most legal systems, . . . the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a deposit account (a checking or savings account). That deposit account is a LIABILITY of the bank on the bank’s books and on its balance sheet. Because the bank is authorized by law to make loans up to a multiple of its reserves, the bank’s reserves on hand to satisfy payment of deposit liabilities amounts to only a fraction of the total which the bank is obligated to pay in satisfaction of its demand deposits."

If you take out the money, there are less reserves, which, means less investor confidence in the bank. The bank is concerned with its shareholders, not the depositors.



posted on Mar, 23 2013 @ 04:45 PM
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reply to post by Iwinder
 


This makes me think that the article I read today was happening, not in response to Cyprus, but everywhere else in the world.

Bank Manager Verifies Cash Withdrawal Limits & Reduced Hours Coming To US Banks Within 60 Days

To me, this may be a good or bad step... Good that the government sees certain institutions that are "to big to fail" as a liability, but bad because... well, that is putting my trust in the government and seeing what they allowed to happen unfold.



posted on Mar, 23 2013 @ 04:47 PM
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I really don't think they can back all the money they "owe" to the people. Especially the rich.

Think about all the money people believe banks are keeping safe for them. Then think about how big the vaults would need to be to hold all this cash.

I'm 99% sure what people think they have in cash in the bank is an illusion. Just digits on a system, with no value whatsoever. As long as we are good citizens, we may take it out in dribs n drabs as long as it is deposited in drips n drabs.

I'm skint, but feel for those who stand to lose hard earned savings put by for a rainy day. Those hoarding actual "wealth" are causing the problems and stand too lose more than those that are not.



posted on Mar, 23 2013 @ 04:50 PM
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Originally posted by BlueAjah
This is just common sense - but whatever you do - if you are keeping large amounts of cash, tell NO ONE.

A woman and her daughter who lived near me were murdered last year. It was common knowledge in town that she walked around with large quantities of cash and had more at home. I believe the murderer was some guy who came to do some maintenance work in their home.
I'm very sure this is not the only story like that - but just a harsh reminder to hide it, lock it up, and tell NO ONE.

The banks warning that she could be mugged on the way home was not probably not for no reason. Perhaps they did get sued at one time, if someone saw a person receive the money in the bank and followed them home. Perhaps the person then blamed the bank for not keeping it secret enough. People are very litigious these days. And there are people who are so desperate for money that they could have very well followed your wife from the bank.


As well watch out for fishing attempts on forums like this
wink wink



posted on Mar, 23 2013 @ 04:53 PM
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Originally posted by DarthMuerte
I have said it before, I will say it again. They will give everybody with cash in the banking system a "haircut". How much is up for debate, not that we get a vote, but it is going to happen. Get out of the system while you still can.


Just what we are doing now, great minds think alike.

Star
Regards, Iwinder



posted on Mar, 23 2013 @ 04:55 PM
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reply to post by Wifibrains
 


This is very true, and has probably always been that way.
That is how banks work.

I remember years ago, before direct deposit was the norm, and people actually took their checks to the bank to cash...
Our company had to always call the local bank to warn them a few days in advance if our company was doing a second payroll for the week, which we did twice a year before a vacation "shutdown", when we paid employees in advance. If we did not warn the bank, they would not have enough cash on hand to cash the paychecks when employees brought them in.

Now with direct deposit, we never even see our cash. It is kind of an illusion that the "money" even exists, if you think about it. It goes directly into the bank, and from there directly to our debtors. And maybe we get a little cash allowance out of it from an ATM machine once in a while.

The "cash" does not really exist.



posted on Mar, 23 2013 @ 04:56 PM
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Originally posted by BlueAjah
I wonder if this is why almost any deposit account requires a large minimum balance these days.
Maybe that creates some kind of "reserve" that the government has access to in an emergency?
I realize there are other reasons - that the bank needs to make money off of your account, to keep their business going.
But considering they are paying hardly any interest, it seems like a waste to let them hold onto a large minimum balance.
edit on 3/23/13 by BlueAjah because: (no reason given)


Right you are, our account requires a minimum balance of 5 K or your account is depleted very quickly due to the fees just for leaving your money in a "safe and guaranteed" account.

Regards, Iwinder



posted on Mar, 23 2013 @ 04:59 PM
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Originally posted by seeker1963
reply to post by Iwinder
 


Not sure if you are aware of this, but in the US it is the same way and has been for awhile. Try to take out 10k or more and paperwork, questions the whole deal. I wanted to withdraw 3k and was told I had to wait three days, because "they had to order it!"...

Not to mention, try flying OUT of the States and have to "claim" you have 10k!!!! Better yet, if the police pull you over and you have 10k or more on your person................

I am sure a celebrity, wouldn't have much of a problem with this kind of tyranny, but good luck to a measly Serf, who might have his/her life savings in their pockets!!

I am sure the banks are nervous, but just letting you know that this kind of behavior is and has been quite common in the past here in the states.


But why when for the last 40 years of my life (when I actually had the funds) is it so difficult now to travel with money or just have it in hand?


When you use cash the "Big Boys" have no idea of what you are up to in my opinion only.

Regards, Iwinder



posted on Mar, 23 2013 @ 05:02 PM
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reply to post by BlueAjah
 

Perhaps you are correct but our small city begs to differ, We are more concerned about the restrictions imposed by the banks here than getting mugged or worse.

If we fear the banks more than street crime...(which we do) then something is way way off here in happy land.

Regards, Iwinder



posted on Mar, 23 2013 @ 05:04 PM
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You know the reason they are doing this, if even 2% of most banks depositors decided to withdraw all their money the same day most banks would be insolvent. The myth that your money is safe with them is the only thing keeping them in business.

The other reason they are told to do this, is they really do want to eliminate cash, the banks would love everything to be electronic, their ability to commit fraud, take fees, and cut costs improve if it goes away.

I really need to withdraw a fair amount of cash myself, but am dreading the hassle, so I guess at least on me their tactics are to some degree working.



posted on Mar, 23 2013 @ 05:04 PM
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Originally posted by crankyoldman
I think the OP is confused about what is going on here. The "money" he claims is "his" is not in fact his.

"In most legal systems, . . . the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a deposit account (a checking or savings account). That deposit account is a LIABILITY of the bank on the bank’s books and on its balance sheet. Because the bank is authorized by law to make loans up to a multiple of its reserves, the bank’s reserves on hand to satisfy payment of deposit liabilities amounts to only a fraction of the total which the bank is obligated to pay in satisfaction of its demand deposits."

If you take out the money, there are less reserves, which, means less investor confidence in the bank. The bank is concerned with its shareholders, not the depositors.



Agreed and a big star for you sir/madame

Regards, Iwinder



posted on Mar, 23 2013 @ 05:07 PM
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reply to post by BlueAjah
 





Now with direct deposit, we never even see our cash. It is kind of an illusion that the "money" even exists, if you think about it. It goes directly into the bank, and from there directly to our debtors. And maybe we get a little cash allowance out of it from an ATM machine once in a while. The "cash" does not really exist.


Yep, I think most is in circulation, the rest in reserve and juggled between branches. My guess is there is less than 10% cash available, than there is in actual digital "wealth".



posted on Mar, 23 2013 @ 05:07 PM
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Originally posted by Catalyst317
reply to post by Iwinder
 


This makes me think that the article I read today was happening, not in response to Cyprus, but everywhere else in the world.

Bank Manager Verifies Cash Withdrawal Limits & Reduced Hours Coming To US Banks Within 60 Days

To me, this may be a good or bad step... Good that the government sees certain institutions that are "to big to fail" as a liability, but bad because... well, that is putting my trust in the government and seeing what they allowed to happen unfold.





Amount of withdrawal will be held to $500-2000 per day per customer account--not customer.


Why does this ring a bell so loudly?

Regards, Iwinder



posted on Mar, 23 2013 @ 05:10 PM
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Originally posted by Wifibrains
I really don't think they can back all the money they "owe" to the people. Especially the rich.

Think about all the money people believe banks are keeping safe for them. Then think about how big the vaults would need to be to hold all this cash.

I'm 99% sure what people think they have in cash in the bank is an illusion. Just digits on a system, with no value whatsoever. As long as we are good citizens, we may take it out in dribs n drabs as long as it is deposited in drips n drabs.

I'm skint, but feel for those who stand to lose hard earned savings put by for a rainy day. Those hoarding actual "wealth" are causing the problems and stand too lose more than those that are not.


You are correct, that is why the wife got stonewalled today. Perhaps somebody more important than us wanted much much more money out this morning at the bank.

Nothing surprises me anymore.

Regards, Iwinder



posted on Mar, 23 2013 @ 05:11 PM
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reply to post by IntelRetard
 

I am not sure how to respond to your post, so I will just say thanks for nothing.

Regards, Iwinder









 
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