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Bank of America’s New Economic totalitarianism


January 13,2018
the staff of the Ridgewood blog

Ridgewood NJ, since the first of the year Bank of America has instituted a series of new policies . One that is particularly disruptive is that you are no longer able to deposit cash in someone else’s account . Those of you with older relatives understand the issue .The old folks sometimes need a little extra cash for issues that arise .

According to a bank representative the bank has been inundated with money laundering and fraud . Many even point to the cryptocurrency movement and Bitcoin as the culprit .

Its funny because several years ago the “coin boy” in Ridgewood toted out of Village Hall over 50 lbs a day worth of quarters and cashed them in at local banks and no one knows anything . So the “coin boy ” could effectively steal close to $1million dollars , yet the writer of this article can not put $500 bucks into his elderly mothers account . The irony was not lost on the bank representative .

So yesterday , I had a day off and “mom” hit me up for $600 , I had to take her with me in the car , there was a line at the ATM machine ,that took 25 minutes and then with only one car in front of us on the drive thru line it took another 45 minutes . By the time I got her home it was a little after 1pm and we had left at 10am . Yuup you herd me 3 hours to make a deposit .

While many curse the creep of Economic totalitarianism , for others its is inching forward at a slow enough rate that people aren’t noticing it.

In the 1960s, you could carry whatever money you wanted in cash on planes, buy houses and cars with cash, or deposit it with no worries.

In the 1970s, $10,000 (then worth $62,000+ in today’s dollars) became the number. Inflation made that number worth less and less without the government needing to change the law.

The US government now requires banks to report transactions as small as $1000 to $2000 if they are “suspicious.”

Then you look at cash seizures. It used to be that cash was only seized from big time criminals. Now half of seizures in Washington D.C. are less than $150. People are getting pulled over and the police will seize $20.

Now Bank of America and Chase need to see ID to process $50 cash deposits.

Imagine 10 years from now. I wouldn’t be surprised if cash is banned entirely in at least one country.

19 thoughts on “Bank of America’s New Economic totalitarianism

  1. Just switch banks. BOA have the worst rates and are always adding fees and worst customer service.
    I know……you’ve had the account there forever, they don’t care about you!

  2. The worst rates?
    So your actually doing business with a bank that is well know to be criminals themselves and your doing what, buying a CD?
    And your bitching about their rates?
    When your a dinosaur and you go to the local bank run by global criminals you get dinosaur rates.
    Let’s get with the program shall we?

  3. Sometimes the older folks also have to transfer money into younger folks accounts, particularly those with college kids. I did notice the last time I did it I had a little more trouble than I’ve had in the past. it was not with any BOA either. “New rules” I was told.

  4. James – you have to upgrade your ride…

  5. Quite the rant. Have you considered having your mom add your name to her account? That would solve your problem in under 5 minutes. By the way, most of these banking changes have been pushed by the feds since Trump took office.

    1. wrong , its called hang over from Dodd Frank and the (CFPB) The Consumer Financial Protection Bureau

  6. James. Check the facts rather than continuing to bloviate about “regulations”. Dodd Frank has zero bearing on your ability to deposit money in your mother’s account:

    1. lol Dodd-Frank was an attempt to control and regulate the banking sector ,it forces taxpayers to bail out banks , the CFPB (created by Dodd Frank) has been ruled unconstitutional ,in fact the CFPB can actually break a trade and claim you are too stupid to buy a certain stock, the money grabbed from fines has been siphoned off to liberal special interest groups , it is already partially repealed and destine to the junk heap of history, Dodd-Frank and the CFPB regulate everything about banking , you must have been a member of the FAC to not know that .

  7. None of which has anything to do with your issue depositing money in your mom’s account.

    I guess you will be happy when your bank will once again be permitted to lie to you about its investments, mislead investors about the quality of the mortgages it holds, and keep insufficient funds on hand. Those are the failings and abuses that caused the new regulations, regulations that grew out of gross abuse. And no. I am not a member of the FAC, despite your attempt to use that acronym as an insult. Try using direct evidence rather than conflating issues based on your political beliefs.

    1. economic illiteracy is the number one threat to Americas future , I would suggest a simply econ 101 class ,everything you just repeated can be attributed to politics and cronyism ,banks, rating agencies ,regulators, wall street, politicians and borrowers , they all contributed the long term engineered eroding of credit quality and the dysfunction of the credit markets. Dodd Frank missed the mark and failed to fix any of these issues.

  8. Dodd Frank still has absolutely nothing to do with your post about your inability to deposit money in your mother’s account at a local bank. You seem to have chosen that issue, one you could have solved in 5 minutes, as an opportunity to post another complaint about regulations. We get it. You disapprove of the regulations. You make that crystal clear in your posts, but please have the intellectual honesty to pick a relevant example before throwing the local branch of a bank, and by implication, the employees of that bank, under the bus in your displeasure.

    Please explain why you chose a public attack on the bank rather than attempting to solve your own particular situation. And please try to do that without resorting to further attempts at insult. The insults do not strengthen your arguments, nor do they cast the insulter in a positive light.

    1. the “no cash rule” is a Bank of America rule ,not the local branch , the local branch has almost ZERO decision making power

  9. We certainly agree on that point, yet you chose to use a local branch photo to illustrate your point. Was there any need to bring them into the story if they are not responsible for your difficulty? Certainly other photographs might have served the purpose without implicating that particular local branch.

  10. OMG too funny. OK 99 so we should post a picture of a BOA branch in say, Glen Rock? What makes you think “they” are not responsible?
    The branch IS the bank and it was In these branches that employees took complete advantage of their customers to line their pockets under the directive of LOCAL executives. Yea but that only happen at Wells Fargo.
    WRONG. It happened at every bank large and small and it continues to this day. People were ROBBED blind and your worried about photographs? Really?

  11. How in the world do you make the jump from not allowing you to deposit money in your mother’s account to “employees took complete advantage of their customers to line their pockets under the directive of LOCAL executives”? No one at the bank profits from a refusal to allow you to deposit money. Please explain how you can connect those points (without veering off into charges of how cronyism is somehow responsible).

    You went from placing zero blame on the employees to accusations of robbery. Really?

  12. James, Do some research please. The CFPB has not been ruled unconstitutional. It exists, although its current head, Mulvaney, will probably work to render it toothless.

  13. Sorry 99 (bank of America employee)
    I’ll speak slowly so you get it.
    You jumped the shark ( follow?) at 3:18
    Your bent because pictures of the local branch are posted.
    The RIDGEWOOD branch…we live in RIDGEWOOD. Follow?
    And to top it of you can’t follow a train of thought with regards to the rampant criminal activity within the industry. Profits from the refusal to deposit money? What planet are you on?
    I went from placing ” zero” blame to robbery? Hello?
    I place ALL the blame on the banksters and YOU because it’s painfully obvious your one of them.

  14. Banks are losing whatever advantage they had in the market when they do this garbage. Another solution to the money transfer would be to simply use Paypal or one of its dozens of competitors to send the money. Or if you both are Bank of America, you can use their app to pretty easily transfer money as well.

  15. 11:02. Assumptions lead you down a faulty path. I do not work with or for any bank, let alone BOA. James started this string complaining about needing an ID to deposit money in his mom’s account, and you have somehow converted that into accusations of robbery and personal enrichment by bank employees without offering any evidence. Show us evidence of criminal activity by the employees of the local branch. If, on the other hand, you feel that the fault lies in the national headquarters, then perhaps a photo of BOA’s Charlotte headquarters building would have been more appropriate, although any accusation of criminal activity should include evidence.

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