Gonna be hard flying under the radar now

[FormerTeller]

Stopped by Chase today, to get a rare President's Day coin fix. While waiting my turn, I heard the teller tell the drive through customer that starting in March they'd have to show id to deposit money!

I figured I couldn't have heard her correctly, so I asked her about it. Turns out that all Chase banks - and presumably soon all banks everywhere - are going to require a photo id to either deposit or withdraw cash. I didn't ask her, but I suspect this will apply to people exchanging cash for coins or vice-versa. What she said was that this is being done in an effort to combat money laundering. Not only do they have to id the customer, but they have to enter the id in their computers - again, for each and every transaction. She was really b*tching up a storm, as it will mean a LOT of extra work for them.



For those of us who fly under the radar while coin roll hunting, this may throw a huge monkey wrench into the works. If nothing else, it will raise a lot more red flags for anyone who analyzes accounts, and may completely halt non-account holders from buying coin.

Sorry to be the bearer of bad news.

 

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[mr.landpirate]

I have accounts at all major banks in my town because they wouldn't sell coins to non account clients. If you can get major boxes w/o an account your darn lucky.

 

[Produce Guy]

You could always turn them into Coin star and get a gift card.

 

[Infowarrior]

Just more control, pushing us farther back in our cages...

People better start waking up to the police state soon.

 

[Treasure_Hunter]

Has nothing to do with laundering money and more to do with government control...






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[MIhunter]

Has nothing to do with laundering money and more to do with government control...



Agreed, what drug dealer or other criminal shows up with $1000-$5000 in coin?

 

[SilverFace]

My dump bank requests to see my debit card every time I exchange my coins for cash now so they can enter my acct. # each time - regardless of the size of the transaction. It used to be that the tellers that knew me wouldn't ask for my card if they knew I had an acct there. But now they have to keep track of every transaction. That's just the country we live in these days. Virtually everything in business (and increasingly so in our personal lives as well) is regulated and controlled and monitored and this trend will only continue to get worse in the future.

 

[SilverFace]

Has nothing to do with laundering money and more to do with government control...

Yes actually its the Fed and the Us government who are the real money launderers. The Fed continues to flood the world with worthless U.S dollars and the government continues to sell our worthless bonds to our creditors knowing full well that that money can never be paid back or if it is it will just be paid back in worthless dollars thanks to the Fed. The U.S bond market and the this Keynesian borrow and spend economy we've adopted in this country for so long now is the biggest Ponzi scheme in world history.

 

[FormerTeller]

Has nothing to do with laundering money and more to do with government control...


Agreed, what drug dealer or other criminal shows up with $1000-$5000 in coin?

Not disagreeing with you, but supposedly this is happening to EVERYONE - from coin roll hunters to little old ladies getting cash out of their savings accounts.

The teller also said that nobody will be able to deposit money into an account they're not on anymore. So you can't deposit money in your wife's account if you're not a signatory. Just think how much it's going to screw up parents who open accounts for their children - something else she mentioned. Boy, was she p*ssed! Can't say I blame her though.

Completely agree with Treasure Hunter's government control assessment

 

[Omega]

What a jokeeeee.......

 

[crhstreetwalker]

We already need an ID to withdraw money, but now to exchange and deposit? This will definitely screw things for me. I deposit money into peoples accounts all the time. I feel like they are also going to keep huge databases and make profiles for everyone and forward information to the IRS too.

Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks | Fox Business

I had to see it to believe it. Here are a few highlights from the article:

“It’s an excellent idea. I guarantee other banks will follow suit very shortly -- if they’re smart,” said Annemarie McAvoy, a former federal prosecutor who now teaches anti-money laundering and counterterrorism at Fordham Law School.

Great! Give it a year and a few months and all of the banks will be doing it.

Under the Bank Secrecy Act of 1970, banks must report cash transactions exceeding $10,000.
But McAvoy, former in-house counsel at Citi and Morgan Stanley (MS), notes that terrorist financing can often come in well below the $10,000 threshold.

Also, we now have the threat of potentially lowering the CTR requirement, which will destroy some CRHers volume abilities, thanks to "terrorism." There is no terrorism, it is a rouse that has been used since Sept. 11 to destroy our rights, just like Hitler did. $10000 in 1970 is worth $60000 today. The CTR limit should be $60000, not $10000, and now it will potentially go lower so they REALLY GET IN OUR FACES. Sorry for my rant, but this kind of crap REALLY pisses me off. This kind of crap is going to keep happening.

 

[Omega]

We already need an ID to withdraw money, but now to exchange and deposit? This will definitely screw things for me. I deposit money into peoples accounts all the time. I feel like they are also going to keep huge databases and make profiles for everyone and forward information to the IRS too.

Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks | Fox Business

I had to see it to believe it. Here are a few highlights from the article:

“It’s an excellent idea. I guarantee other banks will follow suit very shortly -- if they’re smart,” said Annemarie McAvoy, a former federal prosecutor who now teaches anti-money laundering and counterterrorism at Fordham Law School.

Great! Give it a year and a few months and all of the banks will be doing it.

Under the Bank Secrecy Act of 1970, banks must report cash transactions exceeding $10,000.
But McAvoy, former in-house counsel at Citi and Morgan Stanley (MS), notes that terrorist financing can often come in well below the $10,000 threshold.

Also, we now have the threat of potentially lowering the CTR requirement, which will destroy some CRHers volume abilities, thanks to "terrorism." There is no terrorism, it is a rouse that has been used since Sept. 11 to destroy our rights, just like Hitler did. $10000 in 1970 is worth $60000 today. The CTR limit should be $60000, not $10000, and now it will potentially go lower so they REALLY GET IN OUR FACES. Sorry for my rant, but this kind of crap REALLY pisses me off. This is going to keep happening until we we wake up in a cage as a slave of the state.

Deep breaths, deep breaths. Its going to be ok

 

[silverdollarbill]

Has nothing to do with laundering money and more to do with government control...

American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

Agreed. HSBC laundered more drug money than anyone. The powers that be make all kinds of money on drugs, both illegal and legal ones.

http://motherboard.vice.com/blog/wh...ail-for-money-laundering-while-big-banks-walk

 

[golden sluice]

Boycott bitcoin.

 

[FormerTeller]

I feel like they are also going to keep huge databases and make profiles for everyone and forward information to the IRS too.

Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks | Fox Business

I had to see it to believe it....

This kind of crap is going to keep happening.

They may not automatically forward the data to the IRS, but you can bet the IRS will be able to subpoena it!

The thing that ticks me off is that if this really is to counter money laundering, it's complete overkill. Photo id for cash deposits of $10,000 or more? Great! Photo id for multiple cash deposits of $3,000 - $5,000? Might be justified. Photo id for cash deposits of $50 - $100, or even less? Asinine!!!

No way will other banks copy these measures to this extreme. Will alienate their customer base even more, which the article stated is already set to hurt the banking industry.

 

[SilverForBrains]

Those of us that hold onto the core American principles of freedom are being pushed further and further to the fringes everyday as morons who love big data, technology, and government issued - babysitting continue to control the direction of the country. I, for one, am very sad about this

Remember folks it is up to us who have their head on straight to speak up, and the only way to do that these days is with money (another sad fact). The second they ask you for that ID, say "OK", up the withdraw amount to your entire account, close your account and firmly state why you have done so. Tell them where you are taking your business and why, then drive across town to a bank that doesn't make these types of freedom-crippling decisions. Tell the new bank also why you brought your money to them, and let them know if they enact mandatory IDs for withdraws you will be taking your business elsewhere.

 

[SilverForBrains]

The other reason why this bothers me so much is, who is really laundering money and avoiding paying taxes to the IRS? Simple answer to that question, millionaires and huge corporations that have the money and resources to find tax havens. But of course, they never come down on those people because those are the same people who make/influence the laws half the time. Instead they S$%T on the little guy trying to collect some silver before the dollar is worth toilet paper. That way they can look like they're doing something and can continue to do the exact thing they tell us they're trying to stop.

 

[LooseChange]

It started for me a couple of months ago at one branch of one bank, except worse. They recorded every SN of every FRN that I used to get my $2k in halves and tied that record to me via Driver License. Cash has SNs, coins don't. Eventually, our elected jackholes will make it illegal to have more than a pocket full of change so that we can't buy ecstasy with nickels.

http://www.treasurenet.com/forums/coin-roll-hunting/390640-yet-another-end-crh-thread.html
http://www.treasurenet.com/forums/coin-roll-hunting/390745-anyone-hear-fincen.html

 

[AgentX]

We already need an ID to withdraw money, but now to exchange and deposit? This will definitely screw things for me. I deposit money into peoples accounts all the time. I feel like they are also going to keep huge databases and make profiles for everyone and forward information to the IRS too.

Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks | Fox Business

I had to see it to believe it. Here are a few highlights from the article:

“It’s an excellent idea. I guarantee other banks will follow suit very shortly -- if they’re smart,” said Annemarie McAvoy, a former federal prosecutor who now teaches anti-money laundering and counterterrorism at Fordham Law School.

Great! Give it a year and a few months and all of the banks will be doing it.

Under the Bank Secrecy Act of 1970, banks must report cash transactions exceeding $10,000.
But McAvoy, former in-house counsel at Citi and Morgan Stanley (MS), notes that terrorist financing can often come in well below the $10,000 threshold.

Also, we now have the threat of potentially lowering the CTR requirement, which will destroy some CRHers volume abilities, thanks to "terrorism." There is no terrorism, it is a rouse that has been used since Sept. 11 to destroy our rights, just like Hitler did. $10000 in 1970 is worth $60000 today. The CTR limit should be $60000, not $10000, and now it will potentially go lower so they REALLY GET IN OUR FACES. Sorry for my rant, but this kind of crap REALLY pisses me off. This kind of crap is going to keep happening.

But hey, you don't need an ID to vote! Apparently that's ok.

 

[kawika18]

But hey, you don't need an ID to vote! Apparently that's ok.

Of course not. Demanding ID to vote is racists. Dontcha know?