Patriot Act Incidental?

[Dudesky]

My lady goes down to the bank the other day to roll a CD that became due. She does what's required and two days later, the bank calls and tell her that under the Patriot Act (signed by Obama) she is required to tell them her employers name and her yearly salary, she gave them her emp's phone number and told him not to disclose anything regarding her salary.

And then on another note, her Mother has a money market account which basically is sitting there....well (not the same bank) told her if she didn't start making withdrawals to show activity, the US Gov't could confiscate the account due to inactivity and she'd have to fight to get her monies back.

I know some of you are in the legal arena, have you heard of anything like this?

I can see the gov't monitoring your account and questioning deposits above your means......so we are now here Comrade?

[kerry]

Wow!

[LaRondo]

Republicans Sound Alarm on Administration Plan to Seize 401(k)s - HUMAN EVENTS

http://washingtonexaminer.com/opinion/op-eds/2010/10/mark-hemingway-unions-target-your-private-retirement-savings/37124

http://www.irs.gov/retirement/article/0,,id=255127,00.html

[TnBob]

Is the bank inferring that if she isnt employed she has no control over her funds ?

[Dudesky]

Originally Posted by TnBob

Is the bank inferring that if she isnt employed she has no control over her funds ?

All they said was it was a requirement under the Patriot Act.
I can see the gov't pulling some crap like this and sometime down the road having you answer how you deposit more than you make. Not that she does.
I don't think its any of their business.

Then her Mothers account is one of those money markets where you can cut 3 or so checks a month...the bank said if it doesn't show activity and they said that means withdrawals not deposits, for 5 years I think, it can be confiscated. That sounds like a crock.
I wonder if thats in Dodd-Frank.

Makes one wonder whats going on in DC.

[strelnik]

Originally Posted by Dudesky

All they said was it was a requirement under the Patriot Act.
I can see the gov't pulling some crap like this and sometime down the road having you answer how you deposit more than you make. Not that she does.
I don't think its any of their business.

Then her Mother's account is one of those money markets where you can cut 3 or so checks a month...the bank said if it doesn't show activity and they said that means withdrawals not deposits, for 5 years I think, it can be confiscated. That sounds like a crock.
I wonder if thats in Dodd-Frank.

Makes one wonder whats going on in DC.

All they said was it was a requirement under the Patriot Act.
>>> BUNK! Make them show you that. I bet it's a "bank policy."
Banks will do anything to get away with stuff like that.
Tell your mother to move the money out or call up the FBI.

I can see the gov't pulling some crap like this and sometime down the road having you answer how you deposit more than you make. Not that she does.
I don't think its any of their business.

The bank said if it doesn't show activity and they said that means withdrawals not deposits, for 5 years I think, it can be confiscated. That sounds like a crock.

That's bank policy. Time for a change! Or add 5.00 and that's "activity."

Which bank is this?

This needs to be elevated all over the Internet.

[layback40]

Here down under when you do a cash transaction at a bank, deposit or withdrawal over $10,000 you have to fill out paper work explaining where you got the $$ from or what you are going to do with it. I always say its for a drug transaction. never had a visit or query.

[spdrun]

Getting a employer tax ID # is free, even if you barely ever use it. Correct answer: "self employed."

If you're buying and selling (legit) things, deposits "above your means" happen all the time since gross income can far exceed your net profit.

[spdrun]

Originally Posted by layback40

Here down under when you do a cash transaction at a bank, deposit or withdrawal over $10,000 you have to fill out paper work explaining where you got the $$ from or what you are going to do with it. I always say its for a drug transaction. never had a visit or query.

Sounds like the Aussies may have a bit more of a sense of humo(u)r than the mother****ing pricks running DC, then.

[jplinville]

Originally Posted by layback40

Here down under when you do a cash transaction at a bank, deposit or withdrawal over $10,000 you have to fill out paper work explaining where you got the $$ from or what you are going to do with it. I always say its for a drug transaction. never had a visit or query.

My uncl had to pay a rather stiff tax bill one year. In the memo section of the check, he said "For sexual gratitude". He ended up getting audited that year. When asked about the check, he said it was done because he's been getting screwed by the IRS for so long, that it seemed fitting.

[tbomachines]

http://en.m.wikipedia.org/wiki/Bank_Secrecy_Act google is your friend. I also didn't know that Obama was president in 2001. He merely extended some portions of the patriot act but not all of it. This also has nothing to do with Dodd or Frank but I'm not surprised you assumed that given your political views

[Dudesky]

Originally Posted by tbomachines

Bank Secrecy Act - Wikipedia, the free encyclopedia google is your friend. I also didn't know that Obama was president in 2001. He merely extended some portions of the patriot act but not all of it. This also has nothing to do with Dodd or Frank but I'm not surprised you assumed that given your political views

Duh....he signed it into law or it would have expired.

[tbomachines]

Originally Posted by Dudesky

Duh....he signed it into law or it would have expired.

Did you miss the part about 2001?

[Dudesky]

Originally Posted by tbomachines

Did you miss the part about 2001?

Google is my friend that's what the goog said he did.

[Dudesky]

The bank is required under the Pat Act to ask where you work, the request for her salary amount was a creative move by the bank manager, according to First National.

The other account after no activity for a year is considered dormant. The bank will notify you by mail and if you fail to respond, they notify Geithner and he confiscates it.

That smack at First is a chooch, I pitched a ***** but there's little other than a complaint that can be done.