Speaking of "cash" ... I wonder how many members caught this from last month (April) ... if you have won the lottery and decided to get the cash and just work with cash as you buy things ... storing it could be a problem. The government seems to want a record of everything ... I read where they would like to make "paying with cash" illegal in the future. They want a record of all transactions ... so having lots of cash just to spend could be a problem and then there's storage.
Last month JP Morgan banned cash from being put into safety deposit boxes ... don't know if other banks are doing this ... so cash is suddenly a "terrible" thing ... just where all this is going, we'll have to wait and see.
If a person doesn't trust their money in a bank ... could be a problem. Also they are wanting to stop large purchases with cash ... they want records of everything. Maybe living in the Cayman Islands or Switzerland might be the place to be.
The average person has no criminal motive ... it's their money as cash but now there may be problems with good honest cash from a lottery win.
Report: JPMorgan Chase Bans Storage of Cash in its Safety Deposit Boxes
War on cash intensifies
by Paul Joseph Watson | April 22, 2015
Some JPMorgan Chase customers are receiving letters informing them that the bank will no longer allow cash to be stored in safety deposit boxes.
The content of a post over on the Collectors Universe message board suggests that we may be about to see a resurgence of the old fashioned method of stuffing bank notes under the mattress.
My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this:
“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”
Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future.
The letter, entitled “Updated Safe Deposit Box Lease Agreement,” was sent out to customers at the beginning of the month.
“Hide your wallets, the banksters are on the move,” warns the Economic Policy Journal.
As of last month, Chase has also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans,” writes Professor Joseph Salerno of the Mises Institute.
The news arrives on the back of comments by Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates”.
Last month we also reported on how the Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more.
Efforts to impose restrictions on the use of cash by banks are seen by many as an attack on anonymity and an example of how financial institutions are positioning themselves to handle the fallout of the next economic crash – at the expense of customers.
According to reports which emerged last year, HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Banks in the U.S. are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
In October 2013, we also covered policy changes instituted by Chase which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.
Last month, French Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over €1,000 euros.
... also I found this about safety deposit boxes - I just posted the number 12 and 13 section:
12. When I opened up a safe deposit box the banker told me that it was illegal to store U.S. cash in your box. The banker said this is considered taking currency out of circulation which is against federal law. I read an online post by another commenter whose attorney and banker confirmed this. However, I don’t believe it is widely known that you are not allowed to store cash in your safe deposit box. I asked my banker if you could store foreign currency in a safe deposit box but she didn’t know. I assume it’s ok.
13. Many people use safe deposit boxes to store precious metals like gold and silver. In the 1930’s it became illegal to own gold and it was confiscated by the U.S. government. When you went to your box a bank representative would have to make sure there was no gold in your box. If there was, they confiscated it and paid you the prevailing price for your gold in cash. I don’t believe this will happen again, for one thing, back in the thirties the dollar was pegged to gold which was the primary driver of the policy. We have since gone completely off the gold standard and the dollar is no longer pegged to gold.
Get the cash now and enjoy while you can ... just thought some members might find this interesting.