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The War On Cash?

serfserf Member Posts: 9,225 ✭✭✭✭
edited April 2015 in Politics
It seems this is being aimed at drug dealers however other parts of the article say differently!


What is a surprise is how little notice the rollout of Chase's new policy has received. As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans. Chase even goes as far as to prohibit the storage of cash in its safe deposit boxes . In a letter to its customers dated April 1, 2015 pertaining to its "Updated Safe Deposit Box Lease Agreement," one of the highlighted items reads: "You agree not to store any cash or coins other than those found to have a collectible value." Whether or not this pertains to gold and silver coins with no numismatic value is not explained.


  • bpostbpost Member Posts: 32,400 ✭✭✭✭
    edited November -1
    Screw big banking. The war on cash is in full swing. Of course it is for your own good according to your Federal Government.
  • serfserf Member Posts: 9,225 ✭✭✭✭
    edited November -1
    quote:Originally posted by bpost
    Screw big banking. The war on cash is in full swing. Of course it is for your own good according to your Federal Government.

    Yep and here's more!

    Fundamentally, the ELB problem comes down to cash. According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction?
  • Mk 19Mk 19 Member Posts: 8,170
    edited November -1
    The reason for the war on cash is very simple, the banks make more money off from you if you use credit. I even had a car dealer tell me that they preferred not to take cash because they didn't make enough money that way. The hope of the banks is that you will go into debt and pay a ton of interest and financing fees.

    I worked completely out of all debt for 15 years while paying for everything in cash. Then I decided to buy a house just to find out that I couldn't buy a house because I had NO Credit, not that there was bad credit, there was no credit. So to be able to buy a house I have had to open up a couple credit cards just to build my credit rating. I pay all of those cards off with cash every month though.
  • dakotashooter2dakotashooter2 Member Posts: 6,186
    edited November -1
    quote:"You agree not to store any cash or coins other than those found to have a collectible value."

    ALL my cash has collectible value...............[:p][:p]

    The more I collect the more value I have..........
  • gearheaddadgearheaddad Member Posts: 15,125 ✭✭✭
    edited November -1
    After 30 years I find it time to close my Safety deposit box.
  • select-fireselect-fire Member Posts: 69,479 ✭✭✭✭
    edited November -1
    I don't ever recall a banker nosing inside my safety deposit box. In fact they don't even come in the room.
  • gearheaddadgearheaddad Member Posts: 15,125 ✭✭✭
    edited November -1
    $25000.00 Max insurance on contents.
    Perhaps, I'll store my favorite Salmon Fillets in mine after I empty it.
  • 1911a1-fan1911a1-fan Member Posts: 51,193 ✭✭
    edited November -1
    drug dealers my *, its about controlling the flow of cash, it did nothing to thwart fraud and wrongful spending and trading when the switched from food stamps to ebt cards, the government has taken control of banks, car industry, insurance, even the ability to shut down the internet, with a cashless society they would be able to seize a persons ability to buy anything what so ever, and track you as an individual
  • bartman45bartman45 Member Posts: 3,008 ✭✭
    edited November -1
    A credit union is a much better place for the average bear to use for financial transactions of any kind. The fees are a lot less. I fired my bank of many years, and went with a local credit union and would never go back to any bank.
  • Ford 23Ford 23 Member Posts: 3,129
    edited November -1
    Several years ago we had a FBI agent as a customer, after a period of time guess he came to the conclusion we weren't bad guys straight up

    He said the FBI IRS and other Fed agencies hated cash, loved credit cards checks or any written document great paper trail. Cash no paper no trail hard to prove a case
  • 11b6r11b6r Member Posts: 16,725
    edited November -1
    A bank can set what terms they like for a safety deposit box. Legally they CANNOT refuse to accept cash.

    The Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

    Do that, they will get a letter from my law firm pointing out that we have offered payment in legal tender, they refused it, next refusal will be construed as cancellation of the debt. Pound sand, Yours truly.
  • catgunguycatgunguy Member Posts: 6,089
    edited November -1
    The Fed wants to eliminate cash for the same reason they eliminated gold for currency. Cash restricts the amount they can rig the trade with other countries. Besides the dollar has been inflated to a worthless value and they need another way so they can go farther under zero. Some day they will have a recall on all cash just like they did with gold.
  • skicatskicat Member Posts: 14,431
    edited November -1
    It is about total and complete surveillance . They want to monitor every aspect of your life. Big Brother is here.
  • chollagardenschollagardens Member Posts: 4,614 ✭✭✭
    edited November -1
    Total control of cash would give the banks +/- 3% of the GNP.
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