US Banking - US Homeland Security If you want to move your OWN money between banks you have to tell "WHY". Washington District of Columbia
I wanted to move some money from one bank to another today, and I was told that, besides sending my request in writing (which is OK with me), I was told that the US Government requires that I also include the REASON, or REASONS, that I want my money moved.
What will they do with this information? Tell me that I cannot move my money because they disapprove of the car I ordered? Tell me that I can't buy a new dock without their permission?
Or is this just one more stupid example of a government that has gone nuts obsessively collecting useless data for usless spying on its citizens?
Consider the practicality here; What terrorist is ever going to submit this:
NAME***** Jamal Abdulah Killauah
ADDRESS** 100 Death to America Lane, Moslemtown
Reasons for requesting that your money be moved:
I, Jamal Abdulah Killauah, wish to buy plastic explosives, blasting caps, prepaid cellphones, and some nuclear waste.
No, Mr, Killauah will write:
NAME***** James Abbot Killdare
ADDRESS** 100 America Lane, Republicanville
Reasons for requesting that your money be moved:
I, James Abbot Killdare, wish to buy a nice Sea Ray [or Cobalt] boat,.... or some other innoculous things..
More useless juvenile domestic government intrusions into our lives from the Twilight Zone; intrusions that will only impact the honest citizen...... what evildoer is ever going to admit what he/she REALLY wants to do....
Message to Government: You have to CATCH THEM doing evildoer deeds, not ASK them if they want to buy something to do evildoer deeds.
Meanwhile, we wallow on in Iraq and other fun places because our government people waste their time with requiring useless information from honest citizens.
Question to US Government: Will your next requirement be that we also submit our receipts?
Thomas
Anderson, South Carolina
U.S.A.
2 Updates & Rebuttals
Cory
San Antonio,Texas,
U.S.A.
Hate To Tell You But......
#3Consumer Comment
Mon, November 20, 2006
That old $10k rule doesn't always apply anymore. It can be much lower, as low as $4 or $5K. Any teller can submit a transaction he/she thinks is suspicious.
Stile
Phoenix,Arizona,
U.S.A.
Let me guess, your transfer was over $10,000
#3Consumer Suggestion
Sun, November 19, 2006
If this is the case, then your transfer is subject to reporting under the Bank Secrecy Act. All banks are required to report any transfer over this amount to confirm that IRS regulations are being followed, and to prevent money laundering.
What you fail to realize in your example is that money laundering is rarely so obvious as someone living on "Death to America" lane. An innocuous transfer to a charity, for example, may end up being redirected to a terrorist organization, or a large transfer to an offshore account could be a prelude to a payment to a cartel.