I hope the grievance bears fruit.

I’ve done two large deposits within the last six months (for medical expenses) and my bank has handled it this way both times.

M

Hi Michelle–

One can deposit a check for any amount without hassle.  It’s only when cash is involved.  And the law clearly states that the banks would be in major violation subject to criminal penalties if it divided the deposits into two days.  In fact, the law states that if a person brings in multiple cash deposits over a short period of time, these deposits must be aggregated and if found to be in excess of $10,000 must be reported to the feds.

MRE 

So… to me this is either a bunch of rhetoric or facts poorly presented as I fail to see much difference.

M

Hi Michelle–

You need to take the time to read the bill.

Cheers–

MRE 

The idea of a national ID like this is bad enough. The idea that all that data is going to be stored somewhere is even scarier. That data will be analized and collected and shared. Look at how your “private” medical information is handled….the pharmacies routinely and legally shares names and addresses along with prescription information.

In looking for more information, I found something on the NC DMV site. Apparently we’re in full swing, all new IDs and licences will comply with the federal rules. This I found interesting: “(4) There must be no dark shadows in the eye-sockets due to the brow. The iris and pupil of the eyes shall be clearly visible.”

There is also a requirement for your “Address of principal residence”.

Oh no….we want to know who you are, where you live, what you buy, where you go and we’re planning on using high tech equipment (eye ID technology) to make sure you are who you say you are…now why would anyone think that this should be considered a national ID.

It’s scary indeed! 

Hi Patricia–

How true.  The best commentary I’ve read on the bad guys improving their skills to compensate for out idiotic measures to outwit them was written in 1853 by A. C. Hobbs, a locksmith who wrote The Book on locks and safes, titled, logically enough, Locks and Safes:

Rogues are very keen in their profession, and know already much more than we can teach them.

Cheers–

MRE

Nope, checks are fine.  The problem is only with cash, which is strange since it is lawful currency from the good ol’ US of A.

I’ll be happy to take a small portion of the $12K to be your consultant on this situation.

Cheers–

MRE 

Hi Mike–

Governments just seem to rumble on destroying privacy and independence along the way.  The only people inconvenienced by all this stupidity are the people the governments don’t really need to worry about.

MRE 

Hi Mary–

You can indeed make a purchase for over $10,000 in cash if you want to as long as the other party agrees.  But many other parties don’t agree because of the IRS filings that will take place if that party decides to deposit the money in a bank.

Here is a part of the law:

A financial institution within the United States generally must file a Currency Transaction Report (CTR) Internal Revenue Service (IRS) Form 4789, for each transaction in currency over $10,000. Multiple currency transactions shall be treated as a single transaction if the financial institution has knowledge that they are by or on behalf of any person and result in either cash in or cash out totaling more than $10,000 during any one business day. In certain cases, transactions spread over a number of days may also constitute a reportable transaction. See “Structured Transactions” for details.

A transaction in currency is any transaction involving the physical transfer of currency from one person to another and covers deposits, withdrawals, exchanges or transfers of currency or other payments. Currency is defined as currency and coin of the United States or any other country as long as it is customarily accepted as money in the country of issue.

Information Required

All CTRs required by section 103.22(a) of the regulation must be filed with the IRS within 15 days following the date of the transaction (25 days if the financial institution files electronically). The financial institution must retain a copy of each report filed for a period of five years from the date of the report.

The regulations specifically require financial institutions to provide all applicable information. Each party to the transaction must be identified by name, address, social security number or taxpayer identification number, and date of birth. A street address is required. A post office box number is not acceptable. Additionally, the account number and the social security number or taxpayer identification number, if any, must be recorded for any person or entity for whose account such transaction is to be effected.

The method used to identify the person presenting the transaction must be recorded on the CTR. If the customer has no social security number or taxpayer identification number, the word “none” should be entered in the appropriate block. For an alien, or a person who indicates that he or she is not a resident of the United States, verification of identity must by made by passport, alien identification card, or other official document evidencing nationality or residence. For others, the identity verification procedures that would normally be used in cashing a check should be performed, e.g., driver’s license or credit card.

Financial institutions should designate one person to collect, review and file CTRs for all offices and keep the copies in a central location. These procedures will aid in internal control and auditing and will indicate to the reviewer which customers may be making large cash deposits at more than one office. These procedures will also aid in the uniformity and timely filing of reports.

The IRS, in processing the forms, edits all CTRs filed for accuracy and completeness. When certain critical information is incomplete, illegible or is not provided, IRS corresponds with the financial institution to obtain the information.

I’m not so sure I would want this type of reporting done on me.  Another part of this same law prevents you from taking out or bringing in over $10,000 cash without notifying the government.  All in the name of the War on Drugs.

MRE

Hi Mary–

The REAL ID act was passed in 2005, but a number of states are refusing to comply.  A portion of the huge new immigration bill (S.1348) will make – among other things – employers responsible for doing background investigations on anyone they hire to make sure these people aren’t illegally in the US, which, in my view, is a job for the government, not private employers.  What I’m worried about is the slippery slope effect of this bill.  It demands that people show a governmentally affirmed piece of ID before they can be hired.  One doesn’t have to do that today.  I’ve never had to she a driver’s license to get hired at any of the many jobs I’ve held in my life.  It’s a short step from this to having to have the right paper’s to do anything.  Right now the only way you can get your driver’s license jerked is if you grossly abuse your driving privileges.  If the point is reached at which the ID must be used for everything, then it could be jerked for any number of offenses.  When Social Security numbers came into being there was a hue and cry that they would be used to track citizens and be an invasion of privacy.  The government assured us that that would not be the case, that the numbers were private, and that they wouldn’t need to be given to anyone other than the Social Security department.  Now you can’t open a bank account, get a credit card, get insurance, get a loan, get a mortgage, in fact, you can’t do much of anything without giving your SS # to someone.  It’s your national ID#, not just a # used to track your Social Security account as promised.  And since it is a national ID# attached to everything, it is a target for identity thieves. And, although, the new bill expressly states that in no way should this be construed as a national identity card, I see the same thing happening as with the social security numbers that we were assured would never become national identity numbers.

MRE 

Several other states have also passed such legislation. When you’re contacting your senators, don’t forget to contact your state representation as well and remind them that REAL ID, amongst its other flaws, represents an enormous financial burden on the states that the fed isn’t offering to pay for.

Random

Hi Random–

Thanks for the update.  I may have to consider moving to Oklahoma.

Cheers–

MRE