Is Bank Confiscation Of Our Accounts A Possibility?

paoli2
  |     |   2,603 posts since 2011

Yesterday and today I read more reports about the possibility of banks being able to confiscate accounts especially $10,000.00 and over. I could not find it was from anyone selling gold. Does anyone know more about this or if it includes checking accounts? Since interest rates are so low, I keep larger amounts in certain checking accounts to pay bills for ourselves and family member. Does this mean I have to lower those amounts to protect them from being seized. What has our country come to when we can't trust our banks with our money?? This is very concerning if it is true. Thanks for any info.



Answers
alan1
  |     |   449 posts since 2015
This seems similar to the scam you asked about here:
https://www.depositaccounts.com/community/ask/42081-doddfrank-protecting-savings.html

I think you may have wound up on lists of targets of scams. I don't know how you got on them, and I don't know if you'll be able to get off them. But your life might be a little bit calmer if you completely ignored them.

And regardless of your political beliefs, do not provide contact information to anything connected to Ron Paul. That's a major way for names to wind up on these sorts of sucker lists. It's not unreasonable for someone to agree (or disagree) with his political views, but don't give him your name.
paoli2
  |     |   2,603 posts since 2011
Ron Paul seems to be the key to what is going on! Our local senator never responds to all my emails so we have been just sending them to Ron Paul since he seems more active with issues. Well, I guess we have to figure out a way (if any) to get off his list. Thank you for wising me up and I won't be posting anymore posts about this subject. Ignorance can be bliss, sometimes!
Choice
  |     |   152 posts since 2020
Diversity and return of principal! Banks et al have closed or curtailed access for various reasons around the country. One example is closure of branches (and thus access to safe deposit boxes, etc) w/o notice! Spread the assets safely around...the emperor is really...
beecia
  |     |   11 posts since 2019
Are you saying that despite high ratings and FDIC, our principal is still at risk in banks?
Choice
  |     |   152 posts since 2020
Only as good as the insurance and like in 2008-2009 (worst case) long lines to get funds. Difficult to believe but someone (we won’t mention names to get pass the censor moderator) doesn’t issue a hold on payments and good lieutenants also salute and follow their leaders! Proper prior planning prevents ...poor performance (the 7Ps).  The decision makers want to “save” the FIs!  We are way down in the food chain!
blazer9
  |     |   75 posts since 2019
unnecessary fear mongering

beecia, only read the first 6 words of above choice reply
beecia
  |     |   11 posts since 2019
Thank you, blazer9. :)
GreenDream
  |     |   39 posts since 2019
Yesterday and today I read more reports...

You need to be more selective in what you read/what mailing lists you get on. This isn't the first time you posted bunk starting out with "I read..." without so much as a link to what it is you supposedly read.
paoli2
  |     |   2,603 posts since 2011
GreenDream: Your point is well taken and understood. I do have a bad habit of reading a lot of info and getting concerned without jotting down where I read it etc. Many times I have wanted to return to the info for myself and cannot find it because of this negligence on my part. I thank you for bringing this to my attention and now keep a pad and pen by my computer to make these important notations for myself and when I want to ask for additional info from this group or others. Much appreciation for bringing this to my attention.

Please understand that what you may consider "bunk" can be a concern to myself or even others if they don't understand if it is legitimate or not. We have readers and posters in this group who have great knowledge of these subjects and I am grateful for their help and willingness to share.
deplorable_1
  |     |   76 posts since 2020
Let me first say that I'm no alarmist or paranoid but there is reason for some concern. Most of these articles you see can be traced back to GSI exchange(trying to sell you gold/silver etc.) although I have found a few independent articles on the subject. I did a bit of research on the bail-in laws and Dodd-Frank a while back and there is some truth to these claims. It involves Title II - Orderly Liquidation Authority where in a crisis the depositors would be treated as creditors to the bank and be last in line to receive funds. Where this all gets confusing is the $250,000 of FDIC insurance and under what exact circumstances the OLA would be initiated in the first place. Trump has made some changes requiring that it would have to be a last resort crisis after everything else including bankruptcy has failed before the OLA could be used. I believe the president would also have to give the ok so it's not automatic. Never the less it's still there and has not been removed.
In conclusion I still keep my money at banks and credit unions under the $250,000 FDIC/NCUA cap.
I don't keep more than $250,000 at any one financial institution and spread it out among banks and credit unions and even corporate debt accounts without FDIC coverage stocks/bonds/funds/ETN's/ETF's etc. I find that diversification eases the fears IMO.
Choice
  |     |   152 posts since 2020
The GE collapse
https://fortune.com/longform/general-electric-ge-lights-out-book-thomas-gryta-ted-mann/
I repeat, “The decision makers want to “save” the FIs!  We are way down in the food chain!“
paoli2
  |     |   2,603 posts since 2011
Thanks for sharing the link. Of course we are way down in the food chain. We are non-brand dog food to them and lucky to be any place in the chain these days! My mantra also is "keep diversified and make sure it's insured!" May we all survive financially best we can these days.


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