As an Amazon Associate I earn from qualifying purchases. and then where do you put it…under the bed or the back yard buried. Even in a collapse parents still need to buy their kids a christmas present & the elite will be interested, right? When banks sell their assets to another bank, they keep it secret and will withhold your money, denying your transactions and bouncing your checks because they want their assets to be the same at agreement of sale to the closing sale date. Safety deposit boxes are not safe either. Watch out for Chase and BofA banks refusing withdraws, it has already started. I so agree with you and I too have direct deposit and I too withdraw my money. When (not if) the SHTF that’s going to be a very very bad place to be. All Banking and Finance Law Articles. From the most “uncivilized” population to the supposed most civilized, war (whether it be financial, physical fighting, intellectual, …) has and it seams will always be the way of man. never heard of this “they have to watch”…sounds a bit dodgy….. I’ve never heard of a case where the bank required someone closing a safe deposit box to have a bank employee observe the process; indeed that is entirely contrary to how it used to be. They don’t gamble like banks but liguidity is the issue not gambling. The insolvent bank is to be made solvent by turning our money into their equity — bank stock that could become worthless on the market or be tied up for years in resolution proceedings. Your “money” is not your money if you have it in a bank, it is now classified as an “unsecured loan” to the bank that they do not have to pay back if the banks crash. So if I withdraw all of my money, and then they deem the dollar as obsolete? An Act to consolidate and amend the law relating to banking 1 [***] WHEREAS it is expedient to consolidate and amend the law relating to banking 2 [***]; It is hereby enacted as follows.- PART I . Under the new rules (for example), if the derivatives bubble begins to burst and you rush to the bank to withdraw your money (or assume that you will be protected by FDIC insurance), now apparently there are rules in place whereby your money (deposits) will no longer really be YOUR money. Banking Laws. I have 1 mo. I need to see some real evidence that these so called “rules” exist. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. They are not beholden to the same ‘system’ that banks are held to (and controlled by). I closed two deposit boxes a few months ago. US Banking Law: Overviewby Practical Law Finance Related Content Maintained • USA (National/Federal)This Note analyzes the legal and regulatory framework governing US banking activity. BTW, there is not $303 trillion on the whole planet. Most notably, the 1999 legislation is opening the door for banking, securities, and insurance activities to be merged together. I was left alone, but when handing the boxes back to the bank employee, he opened and made sure they were empty. A traditional law firm with non-traditional approach. ELECTIVE PAPER 9.1 : BANKING LAW AND PRACTICE The students may refer to the given books and websites for further knowledge and study of the subject : READINGS 1. I will pay utilities in cash. Cooperative Research Projects make large compliance projects more affordable. Shirk Law will produce and provide deliverables to participating clients. Banking and Finance Legal Issues. as Canadian weather doesn’t allow year round grazing. In a worst case scenario, banking workflow becomes receptive to mistakes, as relevant and confidential data are being keyed into the forms manually. And there might not be any money left to be paid out. ha! What I understand is you will only be allowed to withdraw a certain amount of money, and if you want more you need to contact them at least seven days notice prior withdrawal.They may refuse your withdrawal if they ( credit union) feels it is a security risk or undo hardship to the credit union. Admitted to bars of: Connecticut, Colorado, District of Columbia, Idaho, Montana, New Jersey, New Mexico, Oregon, South Carolina, & Washington. Read the six steps below to learn how it works. (2012) The Banking Law Committee has prepared a guide to clawback of security in insolvency in the form of a questionnaire, with chapters from more than 25 countries. 2008) 3. It’s just a matter of time before we’re treated the same way as the Cypriots were. Plastic is too easy to use whereas Cash makes you think…do I really need this? If a currency collapse does occur, what happens to the price of the Common We recommend using the following key words to narrow your search. As much as I would like to see banking as it currently exists disappear, it won’t. That is the law. I have direct deposit of my payroll check. That’s pretty funny Bohica, but oh so true! It hasn’t been safe to keep money in a checking or regular savings account for a number of years now. (multiply by 300 for derivatives exposure). If it is in a bank, it is not yours. It’s all very personal – there are lots of ways to diversify one’s paper currency into other assets. There is just so much wrong with the new laws. Get rid of the Cards and it gets rid of all your 18% buying. M.L.Tannan, revised by : Banking Law and Practice, Wadhwa & Company, Nagpur C.R. The Husch Blackwell law firm is a leading provider of legal services to the banking and finance industry. In addition, you may search Key Words that are not listed, and that may be used in specific areas of the industry. When a bank shuts down for any reason, a run on the bank etc. Note: The derivatives exposure is said to be (at a minimum) $300 Trillion. Thus, missing documentation in the application packets is made. Your 401k is not safe. PROJECT TOPICS FOR BANKING LAW [2009] Sl. will produce and provide deliverables to participating clients. We will obtain information and provide our terms of engagement. foreign currency? If you think that your money is protected with your bank account’s FDIC backing, think again. Cooperative Research Projects make large compliance projects more affordable. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which the bank agrees to conduct an account. Now there is a lot of other discussion on the “banks” actually taking your possessions, that’s anyone’s guess, BUT I’m not one that trust the banks, OR the government, to not take anything/everything if they can. We will discuss how your project can become a cooperative research project. Well….it seems that we missed a golden opportunity a few years ago, to let the economy correct itself when we bailed out the big auto makers that were “too big to fail”. A current account should mean the funds I have in that account are not at risk as the bank has not been given any permission by me to invest these funds and put them at risk. Still no guarantee. Like you said, there will always be property taxes and federal taxes (and state taxes depending on where you live), but that is simply unavoidable in today’s modern world. These tangible assets vary for everyone. I’m sure that’ll be worthless on day 2 of the end of the world. I closed my account there and went to a local hometown bank and I don’t keep savings in any bank institution. I would love the author of this article, to post another article about specific details on becoming “your own banker”. I am still laughing!!! To me it all sounds like some scares from some “Bears”. If you have money in a Credit Union I believe the rules are different.You might want to check this out. They were caught. Hi No Joke: Good move….I don’t spend nearly as much now that I do most buying using Cash. 1. These laws impose reporting requirements for banks and other financial institutions, govern securities and other transactions, and regulate taxes. When it became a requirement to have automatic deposit of our Social Security checks, I began online bill paying as soon as the money was there in my account, and then go to the bank the following morning and withdrawing my cash. I cannot say with absolute certainty, but the rules are significantly different for credit unions. I doubt bitcoin will be worth anything for a while (& in the case of a EM attack or sun burst it’s worthless). I’m not so sure Europe is any better off than the states. How they will exercise it remains to be seen. Retirement accounts such as 401Ks are required by law to invest only in such safe rated funds. From other discussions here on MSB, I believe the consensus is your probably not going to be ably to “physically” get into your SDBs until the bank actually opens the doors again. Who knows how long it would be before you would be able to, if ever, should it really hit the fan. So much for safe investments. When a bill is paid electronically by an entity taking money it is a “pull”. In your hands. After the Cyprus incident,they did the same thing in Canada ,as most other Western nations,.In Canada if you have money in any bank you are protected up to $100,000.00 .Other than that ,given a collapse,you will be robbed. R.K. Gupta, Banking - Law and Practice (2nd ed. Ever heard of “bank holiday”? Certain su… ok this is the first im reading about…this is the credit union new rules. They can take everything. The Impact Of The CBN’s Cashless Policy On The Development Of The Banking Sector Of Nigeria. As someone commenting on a preparedness site, I would expect to read about how you want to be more prepared, and have more control of your circumstances, not relinquishing them. However if the U.S suffers a nuclear strike then all bets are off. Answer: because the banking system is a private entity which will do whatever it can to transfer the wealth from YOU to THEM during a crisis. It explains the basic principles governing US banking regulation and discusses important banking law issues affecting US banking institutions and activities. He is a self-described democratic socialist, which is not a real thing as far as I know. Like all our money, it is leveraged to the hilt. My understanding (but I’m not sure) is that whatever is in a bank’s safety deposit box may become the bank’s assets during a banking collapse. Funds are deposited into Shirk Law's clients' trust account. I might be proved wrong when the DOW hits 20,000 or more, but who knows how long they can really hold it together. Even though the FDIC isn’t there to support a derivatives failure, the FDIC insurance does not and will not (ever) have even a tiny portion of the $300 trillion among the banking losses of a derivatives crisis. Contact us if you have a project need. Most likely you need to ask your actual bank. Cyprus-style confiscations are to become the law. It just got a whole lot less safe. And if you think that all it will take is for the government to print the money (enough to save the banks) – all that will be left (after currency devaluation due to massive printing) will be a small fraction of what your dollar was once worth. They can not confiscate my jewelry and my property titles/pink slip/bonds. We had lots of consumer debt, too many investors who thought the markets would never go down, and plenty of construction and business debt as well. I give thanks to the Lord and to my wife who has done such a great job of managing our finances. Citing some paper from the IMF is not evidence that these rules exist for US banks. They are not loaded with derivatives like the banks. Banks have been practicing this from my experience since 2007. Now for my question, have I missed anything or made some kind of mistake somewhere? These outdated banking process systems make bank employees less productive due to the procedure’s susceptibility to errors. & if they ever find it you’ll be dead. I was told that a bank representative would have to watch me remove all my items “to make sure I did not leave any items”. again I do NOT trust them. View the project portal and determine if you want to subscribe to posted projects. Good luck collecting when the shtf, I asked my credit union about removing cash from my savings. The new rules essentially change the status of you as a depositor (of your money) to that of an investor in the bank. Where do I put my money? Within the ‘Executive Summary’ of the (IMF) International Monetary Fund paper, “From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions“, we find one definition of ‘bail-in’ as follows: bail-in, which is a statutory power of a resolution authority (as opposed to contractual arrangements, such as contingent capital requirements) to restructure the liabilities of a distressed financial institution by writing down its unsecured debt and/or converting it to equity. What I want to know are the trading companies like Scott Trade, TD Ameritrade, E-Trade, Etc. Throughout history, when a banking crisis has unfolded, depositors rush to the bank to get their money. Plus, as you say, you won’t be getting into your safety deposit box during a banking collapse…. So if you get a diagnoses of cancer from 3 doctors and later discover that they in fact all lied about your condition only to make money it is your fault for not being able to see through that lie by becoming a doctor yourself? and the abominable, and murderers, and whoremongers-, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death. A. statement of work describing the scope will be provided. For a little more elaboration on this subject (including avoiding global thermonuclear war) see: The Outlook for the New Year by Dr. Paul Craig Roberts. Ask the poles in Poland what a government will do with your supplemental retirement fund. These agencies have the power to make rules and enforce laws. (yes, I know, they haven’t really paid us, it’s our money they are returning to us, and I’ll not live long enough to collect all that I’ve paid in.). Donate for my efforts, Copyright © 2010-2020 ModernSurvivalBlog.com, Get notified when new comments are posted, (will not be published or viewable by others), From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions. During the recent G20 meeting (mid-November), the member nations decided that your bank deposits will become property of the bank if a crisis takes it down. Whenever a politician speaks of, and actually tries working for the everyday citizen, such as Bernie Sanders (like they all should be), they’re called an evil Socialist! Prime this morning is 3.5%. The state of California has been robbing dormant deposit boxes. Step 4. Since bank depositors money is now considered to be ‘unsecured debt’, the deposits will essentially be converted to bank equity – which means that the depositors will become last to be paid out. away from my savings acct. My 401 is safe. Our economy is too big and dependent on the banking system for it to be shut down for long. Important Announcement. I can also remove $500 from the ATM. Good question. It is a great feeling to owe no one for anything, except the obvious fleece fee taxes you have already mentioned. I’m taking my saving out. Roger that! Datta & S.K. Submit a preregistration form. Some banks will allow you to put an ACH lock on the account. Credit Unions are MUCH safer than banks in my opinion. Proverbs 27:1 KJVS Or does it only apply to companies like Bank of America, JP Morgan-Chase, Citibank Etc….???? I owe no creditor. Shares of Regional Banks? That’s why when you want to close your safe deposit box, you clean it out the week before you close it. Good luck with that one. My credit union, for example, makes everyone an owner of shares in the operation, and the more money you have in it, the bigger your slice of the pie. Appreciate all comments. Also, safe deposit boxes are no longer guaranteed private. I thank Christ everyday that my household is debt free too. No mainstream press. by Ken Jorgustin | Dec 30, 2014 | 87 comments. This Block contains Thirteen Units. The board is made up of elected regular folks who are required to hold accounts at the credit union. A.B. BTW, I have a couple extra Zimbabwe $100 trillion bills left from last Xmas and would be more than happy to pay off the US debt. We will discuss how your project can become a cooperative research project. My Social Security and Pention will still go in. I still have to pay property taxes and federal taxes. Thus you advocate the US becoming a land of war lords and petty kings where the so called ‘strong’ (drug dealers, rapists,bank crooks) prosper and everyone one else suffers? I know this because it happened to me. Saw this coming… there have been WAY too many PSAs encouraging people to put money in a savings account lately. Good thing it wasn’t stuffed full of cash, or silver, or gold – you may have been reported to the ‘authorities’ . View Project topics for banking and finance final year student Research Papers on Academia.edu for free. I’m looking with interest at where this whole mess will take us. Banking law is the broad term for laws that govern how banks and other financial institutions conduct business. Get a home safe, it’s a bit better. First thing every payday I remove MY money from the bank. The Polish government DID NOT “nationalized” every citizens IRA and 401k accounts to pay off their national debt. Apparently, the depositors are now responsible for bailing-in the banks for any losses during a banking crisis (can you say, ‘derivatives’?). If the Banks get in trouble, and they will, the Bills are to be picked up by you and me. Any one knows a good place in Europe to put my savings? These are not like the voluntary IRAs and 401ks as is common in the U.S. Personally, we must admit that any power they have then they will most certainly exercise to our hurt and their gain. Wake up and see the real history of nature, especially, human nature. May be things may change with the new administration. Fortunately, I had only paper in my box. So, if you are so stupid as to take out a mortgage you can not repay, buy a vehicle you can not afford, take out a student loan you will never be able to repay, don’t blame the rest of us responsible hard working population for your troubles. They are anonymous. Even though the stock market has been going up and up and up (as it must to maintain the proper perception of recovery) – I know that it’s hot air (mostly) and I don’t trust ANY of my money there. Because we have the best government money can buy and it is completely bought and owned by wealthy special interest, such as the financial industry, being one industry of many. During bank failure, creditors will have first priority for any funds which may be available for pay out. So I don’t lose my car because I can’t access money. Have a nice day.”. [1] Boast not thyself of to morrow; for thou knowest not what a day may bring forth. Sorry for the rant, but many of the problems of this country are brought on ourselves. I would like to know if this recent Bail-In law applies to a current account. Tangibles. A statement of work describing the scope will be provided. You may see my own inquiry earlier above where I am uncertain as to CDs with a bank and if they would be part of the “bail-in”. 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