I think residents of KY already know what to do at this point.
(www.thegatewaypundit.com)
🧠These people are stupid!
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This is BS. It's MY money, I can do what ever I want to do with MY money, and a bank has NO business telling me that I cannot purchase a particular piece of merchandise. They are only in business to keep hold of my money and make sure it is available for me WHEN I WANT TO USE MY MONEY!!!
This bank needs to go out of business by either its customers making a run on all its branches or the FDIC or FED should revoke its liscense to operate.
Most likely your money in the bank has been loaned out 10 times over. They would not be able to let everyone withdraw their money, the main location would not be able to meet the demand. I transferred $60,000 from an IRA. 2 days later I could only remove $4000 and had to wait 4 more days to remove the $56,000. That was after three questions from the bank what I was using it for and one from my broker who was angry I was removing it. Then three people at the bank tried to dissuade me from removing it.
What you're describing is called 'fractional reserve lending'. Its something all banks do since its an easy cash-flow when you lend out assets that are not yours, rather than simply have them sit in a vault. They get angry when you want your stuff back, because it exposes the sham, and makes them vulnerable to eat the risk and losses from the lack of the asset that they had come to rely on to keep a flow of dollars coming in.
So that explains all the delay and runarounds and belligerence on behalf of the bank. Think of them as bums trying to sneak out of the casino without paying the house the $ they lost, and you wont be far wrong.
I dont know why a broker would give a shit about what you do with your $ however, as long as you keep using their services. And it takes a dumbfuck broker to get angry at the guy you want to keep around... since thats a pretty sure way to get even less business and commissions/brokerages on trades.
Maybe the broker has to report to the government, just like the banks, why money is being withdrawn. Also less money in the account, less profit for the brokerage company? Who knows anymore what payoffs occur.
Same happened to me. Sold a very nice vehicle and didn’t want all that money lying in the bank. Close to 40k. Told them my ass would be camping out in that damn place since they were holding my property. This is complete BS
How did that resolve? Did they cough it up, make you wait for days, or have you removed from the premises? After that experience, I keep little in the bank now.
They gave me my money and I keep less than 500.00 in that account now. If I need to pay a bill I take cash out of my safe and make a deposit to cover it. I don’t trust any financial institution
I just signed up to be on the waitlist for John Rich's Old Glory Bank. I do business with two tiny banks in two tiny conservative towns. Pretty sure my money is safe from this stupidity, but I am going to ask them next week.