If you dont understand some of the ramifications of Dodd-Frank on your banking? Let me fill you in on just how intrusive government has become!! A family member tried to deposit a $100 cash Christmas gift into my checking account. The bank wouldnt let him, because he was not a signatory on my account. Remember when you used to be able to pay off peoples bills, for instance a payment on a car or house loan, as a gift? Well, generally speaking, if the bank is a big bank? You cant do that anymore either! They say its to prevent money laundering... But what it is, even on small money transfers, like $20 deposits? It is government tracking every single dime that goes in and out of your account. Its actually metadata, transactional information that is automatically collected and stored. Recognize that word? So eventually that person was able to deposit the money because he had a joint account with one of my other family members at the same bank and then authorize a transfer from that account into my account. So now there is a money trail on three American citizens, when all the first person was doing was just trying to give me a cash gift to buy some jewelry tools!! Could it be anymore inefficient or intrusive?!! Well, I shouldnt be surprised, the definition of inefficiency and intrusiveness in the Websters Dictionary lists both words as synonymous with US Government.
Posted on: Mon, 15 Dec 2014 20:48:52 +0000