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Regulations for confiscation of funds at banks :(
BikerBob
Member Posts: 2,745 ✭✭✭
Related to a topic about safe deposit boxes, but a little worse...
There may be some more you want to read before dismissing the concept... This article indicates that the way the US &UK have written regulations that allow banks to confiscate you funds on deposit at banks should there be another huge downturn rather than a bank bailout. In the article it indicates you may not be ale to get you money back, even on FDIC insured accounts, but be paid in bank stock.
http://www.ritholtz.com/blog/2013/03/bank-confiscation-scheme-for-us-and-uk-depositors
Take a look, interesting read.
There may be some more you want to read before dismissing the concept... This article indicates that the way the US &UK have written regulations that allow banks to confiscate you funds on deposit at banks should there be another huge downturn rather than a bank bailout. In the article it indicates you may not be ale to get you money back, even on FDIC insured accounts, but be paid in bank stock.
http://www.ritholtz.com/blog/2013/03/bank-confiscation-scheme-for-us-and-uk-depositors
Take a look, interesting read.
Comments
Another dig on people that have money, the welfare recipients, probably most don't have bank accounts, their lives won't change, but the people with money in the banks will suffer. Again, they can't take what's not there!
I can make more off lottery tickets than from bank interest.
History here in the U.S. durring the 1800's couldn't possible happen again, nor could the great depression ever be repeated, next I guess someone will claim habeas corpus could be suspended
Sorry cant do green font on a tablet very easy
http://investmentwatchblog.com/u-s-department-of-homeland-security-has-told-banks-in-writing-it-may-inspect-safe-deposit-boxes-without-warrant-and-sieze-any-gold-silver-guns-or-other-valuables-it-finds-inside-those-boxes/
I have a friend that is a VP in bank. He told me that if you have a bank loan for $10,000 and $10,000 in your account in the same bank and this bank goes belly up, you still owe the bank $10,000. You can't swap what they owe you for what you owe them. That sure sounds fair to me. Don't know how to do the green thingie.
Never put physical silver/gold, jewelry, stock certificates in bank vault..As soon as this s**t hits the fan in the situation of the PIGS (Portugal, Italy, Greece and Spain)...and France going bully up. We, USA are going to be next...Just a mater of time[:(!]