F the Patriot Act
Anon
Posts: 11,175
Today I went to the bank to withdraw a sum of money greater than $10,000 out of my savings account. Not only did Chase take 40 minutes to get the money to me, they asked for two ID's (not a big deal there), and had three people question me.
The last was the bank manager, he stated that they were counting the money and that it was taking longer than usual. He then asked me what I did for a living. I asked him why that was any of his business. He said the Patriot Act required him to ask. My reply was I pick up aluminum cans along the side of the road and recycle them. He was not amused. I then, out of time management, told him what I did.
This irritates me, this is my money and I was not asking for a loan where I would need to provide proof of income. No wonder why people distrust banks and the government.
Not like it will do much but tomorrow my Representative will be getting a phone call.
The last was the bank manager, he stated that they were counting the money and that it was taking longer than usual. He then asked me what I did for a living. I asked him why that was any of his business. He said the Patriot Act required him to ask. My reply was I pick up aluminum cans along the side of the road and recycle them. He was not amused. I then, out of time management, told him what I did.
This irritates me, this is my money and I was not asking for a loan where I would need to provide proof of income. No wonder why people distrust banks and the government.
Not like it will do much but tomorrow my Representative will be getting a phone call.
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Hail Hail HIPPIEMOM
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Maybe if more people were pulling $10,000 out of their bank more often it would cause an uprising!
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
Dr. Hunter S. Thompson
"If I wanted you to understand, I would have explained it better"
Johan Cruijff
I'm in the nuclear power industry. The amount was not that large, just more than $10k.
Should have asked to see his copy of the appropriate clause in the act stating why you were getting hassled?
How about it. Personally I don't understand how it took 40 minutes to count some cash when I did it in front of the guy twice in about four minutes. I'm thinking they must have also run some type of check with the feds to see if I had anything going on where I was suspected of being a baddy.
I'm working on the emails that my elected representatives will be receiving in the morning.
In Australia, any cash transactions that you do over $10,000, are recorded and reported to Austrac, which is a government agency who look at the transaction report, and then they pass the information on to other government departments who monitor things like tax evasion, organised crime, money laundering, and welfare fraud. This has been happening for years.
Say you go buy a car for example, and you use more than $10k in cash, then the seller is technically required to fill out this significant cash transaction report. I'm not sure if everyone does it, but i know there are big penalties in place if they are caught not doing it. It only applies if you are using cash..not cheques or electronic funds.
I guess next time it might be easier for you to get a cheque
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
Probably did run a background check on you... if it took that long, they might have even recorded the serial numbers on the bills.
It is annoying that it's your money and they have to run a background check to give it to you... what if they found something? could they have not given it to you?
Was this money just accumulated over time? I can understand checking you out if someone wire-transferred $10k to you and you went to withdraw it, but if it's been just accumulating over time in small increments, I don't see how the gov't has any standing to investigate you.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
it started as a way to stop drug dealers, so they say, and was adopted into the patriot act. under Clinton banks started monitoring their customers and if you make a deposit or withdrawal for a large amount or an amount larger than you normally do they have to notify the authorities
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
I understand checking people out if they want to deposit a large amount, or withdraw a large amount that was just deposited or transferred to them, but if I put in $100 a week every week, and down the road a couple of years take out $10,000, I can't see how the gov't has any right to check me out... I don't know... i guess the gov't does all sorts of things that they really don't have a right to do.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
R.i.p. My Dad - May 28, 2007
R.i.p. Black Tail (cat) - Sept. 20, 2008
All banks are required to compile information, including asking you about your occupation, etc. for the purposes of completely a document known as a Currency Transation Report (CTR) on certain transactions of $10,000 or more. CTRs are submitted to the IRS upon completion.
CTRs have been in existence since 1970 with the passing of the Bank Secrecy Act. The USA PATRIOT Act was passed in 2001.
Believe me as a banker, all of these rules surrounding anti-money laundering and monitoring of terrorist financing create a lot of work for us. The government uses banks as its police officers. In addition, bank employees are not always at liberty to be completely forthcoming with customers per regulatory requirements.
Please try not to take out your frustrations on bank employees. They are only doing their jobs, and banks are only trying to follow banking laws.
"You need the patience of like a National Geographic photographer sitting underneath the bush in a tent, trying to get a picture of zebras fucking or something for the first time." -Eddie Vedder
I sent an email to my Representative but I have not heard anything back yet, not sure if I will. I don't really expect to.