I needed to hire a lawyer to scan that article and give me a two sentence summary. I tried reading it for a while,but drove off the road a few times and eventually hit a tree.
jerry pdx That was the reasoning for the Currency Transaction Report (CTR) which was enacted in 1970 under Nixon (another reason to hate him). If you withdraw over 10,000 of your money the bank will file a report letting the government know what it going on. If you try to bypass it by withdrawing smaller amounts in a certain space of time, it will still trigger a report. It was supposed to stop money laundering and other financial crimes, but that's what they always say. "It's to stop crime, it's for your safety". I remember when a check became cash upon signature, you could take it in and any bank would cash it but then they stopped doing it because of potential fraud, now you must take it to the bank you bank with. Yes, sometimes there was fraud and I didn't mind some extra security measure to prevent somebody from cashing a fraudulent check but to stop cashing checks altogether? I remember asking the drones at my bank about why they wouldn't cash checks from other banks anymore and they gave me those false smiles with blank faces while reciting "the customer safety mantra". I'd rather keep those little freedom's in life and deal with a little risk instead of watching them fritter away under the pretense of saving us from ourselves. Of course, when the government moves to a cashless society it's all moot because they will be able to monitor every transaction we make. They can't wait for it to happen.
I needed to hire a lawyer to scan that article and give me a two sentence summary. I tried reading it for a while,but drove off the road a few times and eventually hit a tree.
ReplyDelete--GRA
jerry pdx
ReplyDeleteThat was the reasoning for the Currency Transaction Report (CTR) which was enacted in 1970 under Nixon (another reason to hate him). If you withdraw over 10,000 of your money the bank will file a report letting the government know what it going on. If you try to bypass it by withdrawing smaller amounts in a certain space of time, it will still trigger a report. It was supposed to stop money laundering and other financial crimes, but that's what they always say. "It's to stop crime, it's for your safety". I remember when a check became cash upon signature, you could take it in and any bank would cash it but then they stopped doing it because of potential fraud, now you must take it to the bank you bank with. Yes, sometimes there was fraud and I didn't mind some extra security measure to prevent somebody from cashing a fraudulent check but to stop cashing checks altogether? I remember asking the drones at my bank about why they wouldn't cash checks from other banks anymore and they gave me those false smiles with blank faces while reciting "the customer safety mantra". I'd rather keep those little freedom's in life and deal with a little risk instead of watching them fritter away under the pretense of saving us from ourselves. Of course, when the government moves to a cashless society it's all moot because they will be able to monitor every transaction we make. They can't wait for it to happen.
Right,Jerry--in other words,it's too dangerous to give someone their own money.
ReplyDelete--GRA