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Patriot Act Incidental?
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? |
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Wow!
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
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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
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Is the bank inferring that if she isnt employed she has no control over her funds ?
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1985 300D 198K sold 1982 300D 202K 1989 300E 125K 1992 940T "If you dont have time to do it safely, you dont have time to do it" "The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." |
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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.
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Grumpy Old Diesel Owners Club group I no longer question authority, I annoy authority. More effect, less effort.... 1967 230-6 auto parts car. rust bucket. 1980 300D now parts car 800k miles 1984 300D 500k miles 1987 250td 160k miles English import 2001 jeep turbo diesel 130k miles 1998 jeep tdi ~ followed me home. Needs a turbo. 1968 Ford F750 truck. 6-354 diesel conversion. Other toys ~J.D.,Cat & GM ~ mainly earth moving |
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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. |
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1987 560SL 85,000 miles Meet on the level, leave on the square. Great words to live by Were we directed from Washington when to sow and when to reap, we should soon want bread. - Thomas Jefferson: Autobiography, 1821.
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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. |
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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
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TC Current stable: - 2004 Mazda RALLYWANKEL - 2007 Saturn sky redline - 2004 Explorer...under surgery. Past: 135i, GTI, 300E, 300SD, 300SD, Stealth |
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Patriot Act Full title Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 Acronym The USA PATRIOT Act (commonly known as the Patriot Act) is an Act of the U.S. Congress that was signed into law by President George W. Bush on October 26, 2001 ~~~~~~ He (Bush) was a REPUBLICAN, in case you forgot, in your rush to be all Hyper partisan about this. Comrade.
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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ... 1995 E 420, 170k "The Red Plum" (sold) 2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp 1967 Mercury Cougar, 49k 2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold) Last edited by Jim B.; 04-12-2012 at 09:54 AM. |
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I don't see how that bank secrecy act applies to rolling over a CD. Does anyone else? It's main focus is cash transactions and then other transactions which could be designed to evade taxes etc. How would rolling over a CD do that? I've rolled over CD's and never had to supply that infol.
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
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I recently rolled some CDs, no such questions were asked. It's probably because I'm a Democrat and we get special treatment. Same with money market accounts. Assuming they're money market checking accounts, all deposits and interest are insured to 250K. The bank can charge inactivity fees if the acct. stays dormant for a period of time. If the acct. were small enough, inactivity fees could conceivably empty it out. MM deposit accounts are not a good place to put long term moo-la anyhow.
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You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold 04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting |
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>>> 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.
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