The recent actions of mega behemoth Wells Fargo show us just why so many people are distrustful of large financial institutions. The bank, which claims it will help you achieve what’s important, has done exactly the opposite in the case of Rosemary Ronstein.
At the height of the 2009 financial crisis Ms. Ronstein was facing a home foreclosure. After her husband passed away that same year the widow was searching through personal records when she happened across a 30-year old CD purchased by her husband in 1984 for the sum of $18,000. The CD, which offered the bearer a 10.9% interest rate and renewed automatically until it was cashed in, was originally issued by First Interstate Bank, an entity that has since been acquired by Wells Fargo.
At the time, Ronstein faced the real possibility of having her house seized for failing to pay her mortgage. The CD was like a dream come true. All her problems would be solved, which is exactly the reason why her late husband originally purchased the CD and gave it to her for safekeeping.
But when Ronstein arrived at Wells Fargo to trade in her financial instrument, she says that not only did the bank refuse to make good on the Cash Deposit, they practically laughed in her face.
But when she tried to get the money that she believes is rightfully hers, she the bank “practically almost laughed at me.”
KPHO claims that Wells Fargo refused to comment on the story but claim in court documents that it had no records of the CD and believes it’s possible that it could have already been paid out at some point in the past, pointing out that First Interstate had a policy of allowing customers to retain paid-out certificates.
The widow insists that her late husband never cashed out the CD, while her lawyer notes that the CD states that it must be “presented and surrendered” in order to be redeemed. He claims that it’s not enough for Wells to cite a lack of documentation on its part as evidence that the CD had been paid.
“Given the passage of the time, the bank doesn’t have a record of it,” says the lawyer. “And so really what needs to be decided by the court is, what’s the import of the lack of a record in the face of the instrument?” (Source: Consumerist)
Video via KPHO:
According to Ronstein’s attorney, the accumulated interest and automatic renewals on the CD amount to over $400,000 today, a claim disputed by Wells Fargo which says it is worth only around $60,000.
In essence, Wells Fargo says that because it doesn’t have a record of the 30-year old legal financial instrument it doesn’t have to pay the sum owed. Moreover, they claim that even if the certificate was legitimate, First Interstate bank used to allow CD bearers to keep the CD after being paid out, so it may have already been paid. But Ronstein disputes this claim, noting that the CD clearly states the instrument must be surrendered to the bank at the time it is paid.
Wells Fargo, like many other large financial institutions, may claim they are looking out for the little guy. They may have vibrant advertisements telling you they’ll take care of you when you need help. But in reality, they are interested in one thing and one thing only – your money.
This isn’t the first time Wells Fargo has had some serious issues with paperwork and record keeping. Last year the very same bank actually showed up at someone’s home with the local police and claimed that the owner had failed to pay their mortgage. They seized everything in the home, boarded it up, and sold the delinquent homeowner’s possessions. Except there was one problem. They seized the wrong house. What’s worse, after they sold the owner’s possessions they refused to repay them the retail value of the goods! According to the homeowner the bank President told her, “We’re not paying you retail here, that’s just the way it is.”
I did not tell them to come in my house and make me an offer. They took my stuff and I want it back.
Now, I’m just angry… It wouldn’t be a big deal if they would step up and say ‘I’m sorry, we will replace your stuff.’ Instead, I’m getting attitude from them. They’re sarcastic when they talk to me. They make it sound like I’m trying to rip the bank off. All I want is my stuff back.
Ms. Ronstein’s case is just another example of how much you should trust your local banking institution to do what’s right.
The short answer? You can’t.
What you can expect is that they will take from you whenever they can and refuse to make good when they make a mistake.
Now, with the introduction of “bail-in” provisions which essentially turn your personal account deposits into bank assets (rather then your assets), should the bank make a mistake on the order of Lehman Brothers in the 2008 financial crisis you can fully expect to lose every single dime you’ve deposited. In fact, the Vice Chairman of the Federal Reserve recently warned that this is exactly what would happen to your life savings should your bank ever need to recapitalize itself:
The United States is preparing a proposal to require systemically important banks to issue bail-inable long-term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding–this cushion is known as a “gone concern” buffer.
You’ve been warned.
Your personal deposits and live savings are nothing more than investment vehicles for your bank. And if they screw up, you are the one who will get screwed.
Ms. Ronstein is just the latest example of how America’s large financial institutions are taking everything they can from the little guy to further enrich themselves.
If you have your money at a bank then you should fully expect it to be disappeared at the very moment you need it most.
THIS IS OFF THE SUBJECT, BUT… From Paul Craig Robert’s website, on WW3:
“The US wants to subdue Russia, to solve US problems at Russia’s expense. No one in history ever managed to do this to Russia, and no one ever will.” Vladimir Putin, November 17, 2014.
There is the very sad theory (and it’s probably true) that as long as we use the Federal Reserve Note, a note that is printed and actually owned by the Federal Reserve, that we never actually own the assets that we purchase with that note; and that the central banking cartel actually owns all the equity and value that the note allegedly represents.
I think its evil, but as long as we play the FED’s game, they always make us the slave and claim that in actuality, we consented to their ownership of our property (fruits of our labor) because we purchased property with their commercial paper instruments making the paper and the assets ultimately theirs.
Send Janet Yellen over to my place to collect on that .
We will see how it all works out.
If the Fed ever tried to collect everything that ever dolar ever bought , i bet a few more folks would pull their heads outta the sand .
But i guess its all part of the socialist/fascist Agenda 21 NAU plan thats being pushed right now .
SIGH , Im going back to sleep ……
Perhaps the well orchestrated anarchists venting their rage at Ferguson redirected their rage at the central and large banks as the real reason behind all our problems inherently..
add the majority of us to the equation
Mac, heads up:
There is a new video game coming out called “This war of mine”, about surviving in a war zone. The article mentions Selco.
it is not so good, in my opinion
The Demise of the American Dollar
The dollar as we know it is/was, primarily supported by the “petrodollar”. It gained in value every year since the Saudi gov, along with all OPEC, guaranteed that it would be used as the primary currency for oil exchange.
Later, when the dollar started shrinking, it was always propped back up by various means, but primarily by the Fed’s printing more of it as debt, and given to the Federal Reserve. Now, the Federal Reserve has used the taxpayers debt dollars to buy up their(taxpayers/debtors), mortgage backed securities; yes, with our own money. A scam in itself.
At this time the Federal Reserve has/owns/holds, 1.2 trillion $$ in US taxpayers mortgage backed securities.
China and Japan has about 3 trillion $$ worth of America’s debt. China is hedging it’s potential losses by buying astronomical amounts of physical gold. China knows the shell game the Feds are playing with the Jooster Bankers and have been quietly building oil refineries in the Middle East, Nigeria, and South America and elsewhere. Sometime next year they will have opened 20 “new” refineries in five years, and have plans for ten more by 2020.
Problem with that? They are now beginning to replace the petrodollar with the Yuan, that Saudi Arabia is now accepting.
As more and more OPEC countries replace their petrodollars with Yuan currency, the petrodollar dies along with the American domestic dollar, next year.
Eventually, there is no more printing or debt buying. The demise will ensue as an overnight implosion that is possibly generated by the collapse of the Japanese Yen.
Remember Cyprus? It was a test run by the World Bankster joosters. How did it happen? Over the weekend. Folks lined up to get their money out of the banks on Monday, and the banks didn’t open. Most were able to eventually get a mere $100.00 maximum from their ATMs. The banksters sucked up huge percentages of the citizen’s investments to remain solvent.
Most likely it will happen the same way here, and the poor pitiful banksters will have to retain a large percentage of depositors funds as a “bail-in”///bailout scam. Stock portfolios will collapse with savings and security deposits. CD’s??? What CD’s? We don’t have any records. “Your papers are not in order”!
Who can fight against the beast?
Physical gold will double overnight. Great! We have hedged our bets and we are rich again.
Wait a minute. With the dollar dead or on it’s last leg, you ain’t getting much for all that gold, and banks and markets don’t want something that smells of death. Besides, martial law will probably take care of all that gold, of which you have records of buying. What to do? What to do?
No worries mate. After the demise, and after the Federal Reserve has informed you that you are in “default” of your mortgage, that they own; TPTB will come up with a new “domestic” currency that may or may not, be called the Amero,(pennies on the dollar), that interchanges with Canada and Mexico. Not an international currency. Therefore a “New world order, in the order of the North American Union. Well, the Chinese will pay quadruple for that “undocumented” gold, in Yuan; but, the USA businesses and gov, plus the Federal Reserve ain’t accepting the Yuan.
So, you leave your mortgaged house to the joosters, or become “slave labor” for the NOW. BTW, property taxes will go thru the roof. Even if you own F & Clear, A 1000.00 $$ annual tax bill, now goes to $4000.00.
Got Beans? Got Bullets? Got balls?
Think it can’t happen. When the $1.5 Quadrillion Derivatives Collapse hits, it just ain’t USA and it’s dollar, it’s worldwide. The entire Financial System will Implode within One Hour. “In one hour, their riches come to naught”. Let the wise man do what the wise people have done for centuries; read and heed the warnings, and plan accordingly.
The writing is on the wall for that hour to come about this next September, 2015. I won’t say I follow the date set by some, of Sunday Sept. 13th; but, I won’t be waiting until a few days before then to make my financial moves either.
Forget Banks, They are a total ripoff. Move all your business to your local Credit Union. I have worked with the banks since the early 90’s. In the Mid to late 90’s began the great bank consolidation, which meant bank mergers kicked all the local people in their own communities and banks lost that personal trusting image. Then it was all about numbers and you and a debt slave to profit off of. Then the deregulation of banks then allowed banks to sell other financial instruments like insurance and risky investment banking and why the banks got us into the financial disaster we are in today. Forget banks and stop rewarding them with your businesd. Go to your locsl credit union. WWTI.
That is why some of us in Georgia put our money in Credit Unions since the mid 80’s. At least the ones with a few brain cells. But it still makes one wonder if they are safe also?
But everyone needs to have thier assets in different investments, so if one goes down, others go up.
King Solomon even stated to have your assets in at least eight different catagories.
Lots of wisdom in that babble book, all you have to do is read a chapter a day, it will open your eyes….
WWTI, 25+ posts a day??? Really??? And most of that is dribble. What happened to the truce? Which is worse, Jews, Nagers, or Liars???
Sounds like yall need a joke….
Open My Account
A guy walks into a Bank of America and says to the teller at the window, “I want to open a fuckin’ checking account” To which the lady replied, “I beg your pardon, what did you say?”
“Listen up dammit, I said I want to open a fuckin’ checking account right now.” “Sir, I’m sorry but we do not tolerate that kind of language at Bank Of America!” The teller left the window and went over to the bank manager and told him about her situation. They both returned and the manager asked, “What seems to be the problem here?”
“There’s no damn problem,” the man said, “I just won 100 million in the MegaMillions lottery and I want to open a fuckin’ checking account in this damn bank!”
“I see sir,” the manager said, “and this bitch is giving you a hard time?”
Thanks for the laugh, eppe.
That one was like crossing a donkey with a slice of onion.
You get a piece of ass that will bring tears to your eyes.
I got tears from laughing so hard.
Amen Passin, it seems some do NOT like to see jokes here, but well, what can one say. Please excuse the vulgarity, that was the way it came to me from my mother in law. And she does not care. That’s why I love her. And it is best to stay on her good side, if you know what I mean.
And I agree with your post above, makes one wonder where we will be in 10 years, scary thought…
eppe and passing are the same person talking to himself or imaginary space friend. So what did God tell you today eppe? Thou shall not swear or steal jokes? 🙂
WTTI, there are some out there who are for real, since you are fake to the n’th degree, well what can one say?
Its what do you get when you mix a donkey and peanut butter? A piece of ass that sticks to the roof of your mouth. 5th grade jokes for a slow night Nt in GA.
No Jokes this us about financial business. You are on the wrong site dipstick.
Thats very apt. All bankers morals will be sacrificed for big bucks. Suddenly it wasnt the bad language that was the problem it was that prudish “bitch”. Funny stuff.
I loved both jokes. this is what made “voting” so much fun. 🙂
Oh man I am still laughing about this. Cracks me up. Thanks
Eppe no investment is safe.I could withdraw what usds I have but at the end have nothing.STOP THE BULL SHIT.When it folds it is game over.
Tacoma, agreed. Even if you own multiple properties, (as I do) try not to pay taxes, and what happens? They put your property up for auction. I guess we are always in dept for something, the kicker is to try to minimize those debts as much as possible. And no investment is safe. But to get ahead, it is the only thing to try and do….
But I get your drift….
Thanks, WWTI, since you come on as ANON, WELL WHAT CAN ONE SAY????
You are a piece of excrement…
And I have to say, I do not my girls date anyone, but since you are so full of shit, what can one say?
or are you the liar who said youself you would not gig me anymore???
Howdy again, my jawja friend, on this glorious day before Thanksgiving.
First of all, I send a heartfelt Happy Thanksgiving shout out to you and yours. We have a lot in common and i feel a connection that will probably bring us into contact during the Millennium, which isn’t all that far away. We may be a few hundred miles apart now, but our spirits are closer than you think. See, i am no ordinary christian. i have always been a jokester and love to laugh. God created me this way. I do cuss a little more than i should sometimes but, I do try to be respectful of women and children. I said, “try”.
WWTI is full of more shit than a thanksgiving turkey just before his head is lopped off. he can’t get over himself. I’ve never known an atheist who could. I was cautiously optimistic when you extended the olive branch to him; but, A snake will always show their true poisoned fangs when cornered. He is about worthless.
On the deal about land and taxes. We too have multiple properties and the key there is to make them “productive”, in case the Lord tarries and we have to endure many more years under the rule of the NWO, or NOWNAU= new order of the world of the north american union, better known to me, as the united socialist states of abortion and gaymorrah=USSAG.
Productive can mean anything that gives us something to use and barter with. Trees for firewood or lumber. Improved soil for farming and gardening are just a couple biggies. Grass fields for hay production, that may be done with horse/mule drawn implements or by hand with sickle and pitch fork.
Land that has no intrinsic or productive value will just be a burden, and huge expense. Large houses with empty rooms equals “square footage” tax expense, without any return value.
Another example of land with intrinsic value is a piece that has a good flowing spring or creek/river, or gives access to such.
Anyway, the big land barons in our county will be wishing they had got out of holding so many deeds when they could have. Townships, counties, and municipalities will still be needing operating money, no matter what it is called, and taxes will grow bigger.
Passing Gas or eppe, your split personality shill co-personality. What ever, you got busted. Case closed. Then you spew this threat you are going to come down here and straiten me out. Go for it punk, I will send your remains back to your kin in a body bag. Keep it up. I know who you are and where you are located. What an idiot.
Oh now there is sound economic advice King Soloman from the Babble to me where to spread my money out on the roulett wheel of foetune. Try that comment on CNBC biz channel sometime. A real hoot around the dinner table.
I have two daughters, and I would hope they would consider character rather then color.
You, Anonymous, are rude, and ignorant. May you find somewhere else to troll.
You are entirely right! I have been a bank consultant since 1977; for several hundred years banks carefully reviewed individuals history and character before loaning them money – especially in the South, where agriculture was king and crop loans a huge business. Oftimes the banker was as good a farmer as was the loan recipient – able to judge to weather and crop markets and predict the success or failure of the loan recipient. His kids went to school with your kids; he knew your family back to the third generation. There was no FDIC insurance; if the banker had good judgement, his bank (and your Deposits) were safe, and his stockholders and he prospered. If not, you all lost. Banks failed every year; people lost their money. During the nineteen-twenties the nation-wide stock market began to draw the savings of millions of Americans, and the local bank lost ground. Then came the Crash of ’29 and the Nation went into the Great Depression. Everything was wiped out. Over the years, huge banks “Too Big To Fail” grew from the consolidation of hundreds and thousands of small local banks. Citibank, JP Morgan, Wells Fargo and Bank of America now hold 90% of the money. And they do business by the “book” – if you have a degree from Harvard, Yale or Princeton, you get the loan. If not, you do not.
Credit Unions – if they stand in the way of the Big Banks – will either be bought up by those Big Banks, or they will be legislated out of existance by Congressmen who are owned by the Big Banks. Don’t think that being a member of a Credit Union will save you in a crash! And don’t think that Gold or Silver will save you either – in 1933 Roosevelt passed a law that prevented all citizens from owning Gold – ten years in jail, $10,000 fine (Executive Order 6102 – Google it).
Suppose you take a Krugerand to the supermarket, after SHTF – how will they give you change after you buy a quart of milk and a loaf of bread?
Prepping is your only hope!
Who says they are going to have to give you change after you pay. That is probably what it will cost for said items
Credit Unions will act the same way.
Cds have to be renewed on their maturation date. You will receive a notice from the bank as to that. No response means it stays in effect as is. She should have some of these notices.
There are a few people that would take their money back by force. They should if this happens, but the best thing to do is not keep much in there to begin with and fuck wells fargo anyway.
…and by force I mean blow everyone in the buildings fucking head off that attempts to stop you without saying a word and extract whatever belongs to you. You from the hood with your slang, homey? Just say shut the fuck up like a man.
Hyperbaric bomb IEDs made with common materials and yielding mini-nuke forces. Buildings? What buildings? I only see a hole 500 feet deep by 500 meters wide. So friggin simple with knowledge and determination. That’s why asymmetric warfare is such a bitch. Everything you have is a potential weapon by your enemy. Ask the Nazis about the Free French.
If they steal big there might be big “repercussions”. A great word.
@Anon, the Soviet Union collapsed already once. Is Putan talking only about the last 25 yrs only? The world economies are like 2 bleeding boxers in the last round. Both are swinging but nobody is landing any punches. It may all come to a draw as we all go down together in a big bankrupt spiral.
Since WWTI is so full of bullshit, what can one say???
eppe take economic advice from King Solomon from the Babble. bwhaaaaaaaaaaaaaa. That’s what one could say and the joke of the day. You crack me up eppe snail.
Dirtbags. I don’t trust them at all. I keep a little bit in my account to cover bills and such. Otherwise, I withdraw it and save or get more preps. People are going to have a rude awakening when the next bank crisis hits and all their money is gone.
Oh wait, all of our accounts are insured by the FDIC. Nevermind it’s all good.
Underbankers unite. I do the same.
“In essence, Wells Fargo says that because it doesn’t have a record of the 30-year old legal financial instrument it doesn’t have to pay the sum owed.”
According to the above statement, that means if a person doesn’t have a record of a debt owed, then the person doesn’t have to pay it. Free from the bonds of debt slavery!
Good point zzzulu; that would be the implication. But just try that with the IRS or any fractional reserve creditor. Obviously Wells Fargo defies reason and sense, as its a basic given that he who has the most paperwork in court wins. But when you’re WF, and you’re part of the corrupt oligarchy that controls the courts, then you realize the dividends as the ruling class usually does.
I hope things go well and quickly in court for that poor widow! I have never trusted banks ever! Had a bad run in with them when I was in my twenties and that did it for me. The bank makes a little mistake on thier part and are complete jerks when you try to get fixed, they try to blame the customer every time!
Wells Fargo may be required to pay in the end, but they are certainly not at fault. 🙂
OK , i give up .
How can Wells Fargo not be at fault ?
HH: See my post below. Comment ID: 3274607 that should clarify it; the facts of the claim to be verified and contested in a Court of competent jurisdiction.
That said, I hope she prevails. The bank could write if off and it would make a big difference in her life. 🙂
Google about the guy who foreclosed on Bank of America. They owed him money and he filed a lien the set into motion a foreclosure. Sheriff arrived to confiscate the branch bank and contents of the building and all the sudden the bank paid the guy off. I thinknit wad BoA. In Florida.
Link: Florida Man Forecloses on Bank of America
Naples, FL- It isn’t often you see trucks pull up to a bank ready to foreclose on their property– the roles are usually reversed– but last month in Naples, Florida, a retired police officer did just that in an attempt to execute a foreclosure judgment against Bank of America.
What happened to Warren Nyerges and his wife Maureen Collier is a great example of how horribly some lenders handled foreclosures during the housing crisis.
In 2009, Nyerges and his wife paid cash $165,000 cash for their retirement home. They were free and clear, they owed no money to any lender, but the local Bank of America branch moved to foreclose on their home in December of 2010, Time magazine reported.
When Nyerges received a foreclosure notice, he was shocked and did the next logical thing; he hired a foreclosure attorney. The bank eventually gave up their ridiculous fight to seize Nyerges’s home, but he had already accumulated $2,534 in attorney’s fees.
Nyerges and his attorney Todd Allen asked Bank of America to pay those fees since they were accrued because of their serious mistake. They tried informally for some time, until they turned to the courts, but after five months of letters, and despite a court order, Bank of America still hadn’t compensated Nyerges or his attorney.
After being ignored by the bank, Nyerges took the next course of action; they moved to foreclose on the Bank of America branch and pulled moving trucks up to the bank ready to execute the court order. The media was in tow to view the spectacle.
“They’ve ignored our calls, ignored our letters, legally this is the next step to get my clients compensated,” Allen said an interview with CBS News.
Allen instructed sherrif’s deputies, who were also present, to remove cash from teller drawers and load up furniture and computers onto the awaiting trucks. That caused the bank to react quickly and within an hour the branch manager had produced a check for over $5,000 to compensate Allen for his fees and offer Nyerges some compensation for his troubles.
Even these alternate news websites cherry pick news for the sensational value.
The spotlight is always on the speck of dirt even when the vast majoity of the floor is clean.
I get it KULA ,
But remember that the grain of truth from this story and all the other grains of truth will someday make a pile.
I noticed an unnecessary charge on my account at Wells Fargo just last week. I called my banker, pointed out the error and it was reversed immediately.
Just saying. My experience with that bank as a customer and as an ex-employee has been outstanding. I have been with Wells Fargo for my personal banking since they bought out the Citicorp branches in Arizona 26 years ago.
Garbage in; garbage out. 🙂
People will trust these criminal enterprises until they wake up one morning and realize their money is gone. Safe deposit boxes are also not a good idea. I’ve read where very valuable gold coins have disappeared from paid up safety deposit boxes.
Judging from this post/comment
Your mother was wrong called you out a long time ago..
I thought she was wrong
She was right
I have way too many friends and acquaintances that were royally screwed by your buddies/ex employers at Wells far go..never mind this particular woman..
and you deeply(falsely) convey belief in Jesus..who despised the money changers
Fuck you Posse!!! 🙂
Every bank clerk is not the enemy “banksters”. The guilty are the executive officers, board members, and the FED.
“Screwed”, like beauty, is in the eye of the beholder. A lot of people bring their problems upon themselves and then blame the other guy for their failures. Every instance is different with its own set of facts and circumstances.
People get crewed every day and in every walk of life; whether it is your neighborhood mechanic, the butcher with his thumb on the scale, or the cook who burns your toast. That’s reality. Quit whining!!! I hate whiners!!!
I cannot address the individual experiences that you have cited, because you have not specified them and there is no way to verify them if you had. So I will just give you a general …. fuck you!!!
FUCK YOU!!! 🙂
Thank you for your kind words
Probably the nicest you’ve ever been to me over the years
Enjoy the day
Wow! You must have hit a raw nerve possee.
The durango kidd is a real class act.
Classless act that is.
Yes he is a sensitive one..
especially when anyone disagrees wholeheartedly
or calls him out on anything he believes wholeheartedly.
I don’t know him personally
and I don’t give a rats ass what he,or anyone , thinks of me
Enjoy the day
Wells Fargo started charging my minor children 10.00 a month to have a savings acct in their bank. When I went to talk to them they reversed the charges, but they had an attitude. So did I, I walked out with every penny My kids were owed and told them to kiss my ass. That was 15 years ago, never looked back.
You inherent a company you get its assets and you should also be responsible for its liabilities. The sad reality is that is not the case. Fiat did not assume the liabilities of Chrysler.
“An uneducated man steals a train, an educated man steals a railroad”.
President Teddy Roosevelt
MORPHEUS: You can feel it when you go to work…when you pay your taxes. It is the world that has been pulled over your eyes to blind you from the truth.
NEO: What truth?
MORPHEUS: That you are a slave, Neo. Like everyone else you were born into bondage. Into a prison that you cannot taste or see or touch. A prison for your mind.
The anglo-zionist empire has enslaved you into a system that controls you by coercion at the point of a gun. Refuse to comply to the rules and they will try to kill you.
Power down, reduce your footprint, stop the endless “shopping” for junk and I-trinkets. Get out and get your hands dirty. Reduce your W-4 to “exempt” or at least “0”. No refunds and no free loans to .gov. Stop buying a “privilege” to travel the roads you pay for. It is unconstitutional.
Another thing Never Never keep any valuables in any bank safety deposit box. Look what happened in Greece. They opened up everybody’s box and took everything. Buy your own home fire proof floor safe. Or a heavy Gun Safe.
If you don’t know why the income tax return has a deduction for deposit box rentals, it’s so they can come and get what’s in it if you don’t pay your taxes.
Never take the writeoff, ever.
Smokey it wouldn’t make a difference. When an investigator checks your bank account, they ask if you have a safety deposit box. Its on the bank record.
Bury any valuables under the dog house. 🙂
The post didn’t take my full comment. First Interstate Bank hasn’t been a viable entity for about 30 years. I use to bank there. No business, or acquiring entity is required by law to retain records for 30 years.
Unfortunately for this widow, she should have had a better understanding of her husband’s (and her own) financial affairs. Snooze you lose is a very basic life lesson.
This is also why we have Courts and trial by jury. Can you say, “Michael Brown Jr” ? 🙂
My bank has been sold and bought out by bigger banks many times.
Each time the buyer promises to honor prior agreements and financial instruments.
Snooze n lose dont fly here.
HH: I don’t believe that it is a “snooze you lose case”. I was just pointing out that people have a personal responsibility for their financial affairs. She should have discovered this CD decades ago.
In the era that she has lived it has been commonplace for the husband to handle the family finances while the wife cooked, cleaned, and managed the children. That is just the way it was. A tragedy yes, but this isn’t the first instance of a widow with no knowledge of her family finances
Don’t jump to conclusions. The facts of this matter to be determined at law and in Court. Cop haters were quick to blame the officer for the death of young Michael Brown. The evidence and ballistics proved otherwise.
Likewise, Liberty Lovers are quick to jump on the Bundy Ranch band wagon, ignoring the legal facts that Rancher Bundy has been trespassing on almost 500 square miles of Taxpayer land for 20 years, ignoring two Court orders; and refusing to pay his just grazing fees: unlike the other 150,000 ranchers in America who pay to graze their cattle on taxpayer forage. 🙁
DK – My point is rule of law .
If the rule of law is not respected in this instance , how can i assume the it wil be respected elsewere?
Money is personal property , my wealth (so to speak) is in the land that i walk on everyday , it is MY personal property. Who is to say that it will be mine tommorow if personal property rights are not being respected.
Just sayin , How many times have you heard the old saying ,I got nuthin to hide,so why worry about a search?
Its all relavent .
Freedoms and rights are eroded over time , and we are all standing on a really slippery slope right now.
HH: I agree and concur, which is why I take the time to point out the absurdity of supporting Rancher Bundy by the Liberty Lovers whose blind allegiance to this guy is EXACTLY THE SAME as the irrational exuberance of inner city black people for young Master Brown.
Just saying. 🙂
So what if it was your land you just purchased and soon found out the Bundy ranchers were moving 300 head of cattle on your land to graze. And he was doing it way before you bought the property. Does he owe you money?
WWHTI: No. Once I purchase any land it is my personal responsibility that no one is trespassing upon my land in an “open and notorious” manner as defined by Arizona law; or at best they can obtain an easement over my land, and at worse claim my land as their own.
the US Government gave notice to Bundy to vacant the land many times and obtained two Court Orders with which he has refused to comply.
The US acquired the land from Mexico in the War of 1848. The Bundy family acquired their Homestead from the US Government in the 1880’s (160 acres at that time). The Bundy family does not have a “homestead’ upon almost 500 square miles of Nevada.
The Bundy family had been in compliance with US rules and regs since then and up until 20 years ago when this idiot put the prosperity of his entire family at risk. Before this is over, and the longer it takes to resolve, the bigger the financial penalty that will be imposed upon his children, grandchildren, and great-grandchildren.
And that is the saddest part of this story, until stupid but well meaning Liberty Lovers die for his theft. 🙁
That’s a dumbass comment DK
What eles would one expect, Walt.
Stupi is as stupi does.
Walt; Explain to me why supporting Rancher Bundy is any different than supporting Michael Brown Jr. You are an intelligent man.
Please, explain your rationale to me. I’m all ears. 🙂
Um, DK, its really hard to call it trespassing when you have the deed…
Are you retarded or something?
Net Ranger: I have explained it to you before. I will gladly do so again. Everyone needs to understand the real issue in Bundyville. Ranches in the West have two components.
One component is the Fee Simple land actually OWNED by the rancher which includes all of the land, water, and minerals on the PRIVATELY OWNED land. Ownership in FEE SIMPLE conveys ALL rights of the bundle of rights associated with land ownership: meaning it includes all of the land, water, and minerals.
In the Bundy case that OWNED land represents 640 acres acquired by Homestead by his forebears. The “deed”, as you say, is to the 640 acres of his Homestead. The “deed” that Rancher Bundy has to HIS land does not represent ownership of almost 500 square miles taxpayer land.
That almost 500 square miles of land represents leased land. And it is land leased from the American taxpayer through their governing manager. In the case of Rancher Bundy that governing manager is BLM.
The second component to ranches in the West is the Leased Fee portion of Taxpayer land managed by BLM or the Forest Service. To lease taxpayer land a rancher must pay annual grazing fees to the American people through the governing manager. This is commonly accepted practice by all ranchers leasing taxpayer land, and it was common practice by Bundy, until it wasn’t.
This lease is a commercial lease between the federal government on behalf of the American people and a rancher. It is no different than anyone renting space in a Federal Building or other Federal property: like a launch pad.
The lease is only valid for the term of the lease and must be renewed as required by law, under the terms and conditions of the lease. In the case of Rancher Bundy and all other ranchers, the term of the lease is one year and must be renewed annually.
The lessor has a right to change the terms and the conditions of the lease after the term of the lease has expired (annually) or after the lessee has voluntarily terminated the lease by his failure to pay his lease fees. In the case of Rancher Bundy he ceased making lease payments (voluntary termination) but refused to vacate the land.
This is no different than if you had a rental house and rented it furnished, and then after the annual lease expired you decided that you wanted to lease the house unfurnished because the previous tenant’s cats and dogs had ruined the furniture.
Bundy complained that the BLM cut the number of cattle units allowed to graze the taxpayer land, but the BLM has a fiduciary responsibility to manage that public land to maintain its sustainability.
As you know, the West is 15 years into a 30 year(?) drought. The taxpayer land in Nevada cannot provide the same amount of vegetation and support the same number of cattle when there is little or no rain in 15 years. Ask the cattlemen in Texas about drought if you do not believe me.
Ranchers like to look at their ranches, which are primarily leases of taxpayer land as their property or their ranch, when in fact they don’t own SHIT except for the Fee Land of their Homestead.
Rancher Bundy is a multi-millionaire rancher who is in principle, a parasite upon the American taxpayer as much and as bad as the welfare cheat or the Federal Reserve. I hope this helps you put the Bundy case in the proper legal framework. 🙂
I think Bundy has a generational grazing easement that has been used for more than 7 years without a single dispute like a squatters rights. In this case for hundred+ yrs. In this case they stole Bundys cattle and shot some of them. And the Ugly face of the despot Govnt is all over it. Just watch all the world Fresh Water Wars coming up. Corporations buying up Underground Aquifers like oil deposits. Will be interesting.
As usual Bullshit from bullshiters…
Typical comment by a hick from GA with an IQ of 65.
eppe, why are you such a hateful spiteful little person. If you cannot add anything productive to the conversation then go chop some wood or something. Go to a different site, cause you add nothing what so ever to any meaningful conversation on this board. What a hick from GA. This article is about financial institutions. Not your drivel 5th Grade posting jokes or stupidity of hate.
WWHTI: There is no such thing as a “generational grazing easement”. ZIP. Zero. Nada. The leases are for ONE YEAR. After the lease terminates, the Lessor (US GOVERNMENT)is under NO obligation to even renew the lease if it chooses not too.
The seven year period you mention is usually the time frame necessary for adverse possession to occur; using the land “openly” and “notoriously” in public view. However, BLM notified Bundy many times and he received eviction notices prior to the seven year time lapse.
Therefore the requirements for Adverse Possession were not fulfilled.
Leasing taxpayer land is a privilege, not a right and that privilege can be revoked at the end of the lease term; or even during the lease if the terms of the lease are not followed.
IE: If the lease allows one cattle unit (a cow and calf) for every 40 acres, and a rancher is leasing 4,000 acres, the rancher can graze 100 cattle units on the lease. They will wander to and fro, but overall only 100 cattle units can lawfully occupy that lease.
If he blatantly grazes many more cattle units than allowed, the BLM is well within their rights to terminate the lease DURING the term of the lease and notify the rancher to remove his cattle. In most cases, I do not believe the BLM bothers to count cattle; but could do so with chips or satellite photos if they notice the land degrading.
The BLM has been EXTREMELY lenient with Rancher Bundy which has only encouraged his reckless and unlawful behavior. So much so, and for which leniency, those responsible BLM employees should be fired.
The end results in Bundyville are predictable. It will eventually culminate in the death of brave, but stupid Liberty Lovers, and the destruction of the Bundy Generational Prosperity. And like young Michael Brown Jr. he will have brought it upon himself, and his progeny. 🙁
Wells Fargo is nothing but a criminal organization. Three times I tried to get a pink slip for my paid for van. Had to get a judge to order the document be given to me. I no longer keep money in any bank. My security is much better anyway. Besides, in case you don’t know, thanks to frankendodd none of you own your money in the back. Read the documents they give you in exchange for your deposits. You are now given an IOU not a receipt.
Wells Fargo now owns Wachovia which illegally laundered somewhere between $300 and $400 Billion (yep with a B) and pled No Contest receiving a fine of $160 million. No one was criminally charged nor convicted.
Too big to fail, too big to jail.
You betcha Kevin.
HSBC laundering drug money, JP Morgan manipulating LIBOR and Forex and on and on. No prosecution.
I get sick to my stomach when I hear Congressmen and DAs talk about “the rule of law”…esp in cases that involve lowly workers, taxpayers and pawns of the system… and NO bankers get indicted for “financial terrorism” because TBTF.
Hang some bankers.
Hang a lot of bankers.
While there is no excuse for criminal activities, and many bad decisions are made at the Regional level by local VP’s to protect their end of year bonus, the FED forced Wells Fargo to assimilate Wachovia and Bank of America to absorb Countrywide where the real abuses occurred, after the 2008/2009 collapse.
The Chairmen of these to BIG Banks didn’t want to assimilate them but were forced to by the FED. They and their shareholders have been paying the price ever since. 🙁
Wells Fargo was FORCED by the Treasury Dept. to buy Wachovia. Keep that thought.
With that in mind I would not be surprised at all due to the laughable lenient treatment by the Justice Department that Wachovia was “allowed” to launder drug money knowing full well that no real prosecution of it would occur. Rich bankers have no desire to spend time in prison even one as nice as Allenwood Federal Correction Facility.
No accusation, just a theory based upon connecting the dots as presented.
K2: Considering that the CIA controls the drug trade and the drug money, it is no wonder that the banks cooperated with the major drug lords.
For this same reason, the major IT companies did too. 🙁
Well, Ms. Ronstein, as the Obama’s big gov’t cronies would say, “Close enough for government work!”
On the other hand, at least you didn’t lose $1.6 BILLION that Obama crony Jon Corzine lost a year ago, and NEVER did time for (just don’t try stealing fo $30 trinket from Wal-Mart, or you’ll be doing 10 – 20 breaking rocks at San Quentin
“We can’t afford to have that money go to the private sector – the money has to go to the federal government because the federal government will spend that money better than the private sector will spend it.”
– Hillary Clinton, as quoted from the American Spectator
(And I’m SURE we can all agree! The money discussed is MUCH better going to Obama crony Jon Corzine to make up for that $1.6 billion he “lost,” or perhaps to “invest” in Solyndra, or maybe even fund Michelle-Marie Antoinette Obama’s latest uber-luxe vacation du jour (I hear she is renting out the country of Lichtenstein for just her and 800 of her closest cronies for Christmas…errr… Kwanzaa.)
Or maybe we can just “invest” that money in paying for “broke” Hilary’s massive speaking fees.
Somebody show up and try to seize anything of mine and you will read about it in the news,
One of the things that can be done to the banks is for everyone to attend your town meetings and request that NO FUNDING be provided for protection of the banks. That means, no part of the police budget be used to protect the banks. If the banks want protection, they must fund it themselves.
A second thing that can be done is to talk to your local state government representatives about implementation of a state banking regulatory committee that governs bank fees in much the same manner as state utility commissions. This way, they can’t simply raise their fees to support their increased expense that they will incur if they have to fund their own protection at the local level.
Because they offer 0% on their consumer bank deposits, they’re pinned in. Hit the banks in the only place that matters….in their wallets.
Cellar Spider: A third thing that can be done is to change State law to require Banks in possession of Foreclosures to be taxed on the property. In Arizona they are currently exempt from property taxes.
I don’t know, but I suspect that would be the case in all 50 states. 🙁
If they must absorb the cost of property taxes, they would move more aggressively to sell them.
“exempt from property taxes”
Well, yea they are. The taxing authority or whoever has a claim against the “real estate” puts a lien on it and the subsequent buyer has to pay it.
I suppose that if they had to absorb property taxes they couldn’t bundle them up as MBS and sell them to your friendly pension fund and screw granny and me. They would have to hold the deed and debt on their books. lol…as if they would ever go along with that. That’s why they unload that debt as soon as they can.
JRS: Not how it works. Property taxes for banks are exempt when they become the debtor in possession. The subsequent buyer does not have to pay back taxes.
Back taxes are paid by the owner whose property is repossessed as a “deficiency judgement” and tacked on to the bill if the eventual resale of the foreclosed property is not equal to or greater than the amount owed after foreclosure.
If your state law allows a deficiency judgement on foreclosed property, then the foreclosed owner will be billed. Some states are different in this regard.
MBS prices are based upon the mortgage income of the “bundle” within the various tranches of the bundle; the underlying credit of the borrowers of the mortgages in the bundle; and any credit enhancement (derivative) that may have been added to the bundle for the end buyer, like a pension fund, who may require an A or AAA credit for the bond.
Being exempt from property taxes is just another undeserved benefit that the banks have passed through our legislatures. The general public is typically unaware of this fact.
Engage your employees or be enslaved by them, one law, rule, and 3400 new regulations at a time. 🙁
I’m sorry, folks, “debtor in possession” was the wrong term. That term applies to the foreclosed owner who has not moved. I should have said “bank in possession”.
My bad!!! 🙂
I heard HSBC has been divesting all their banking business in the USA now for a couple of years. Maybe they know the US Collapse is coming, or are loooking for a more corrupt country to operate in. Or both.
A more corrupt country than the USA??? LMAO!!! I’m rolling on the floor!!! 🙂
I have a question to you. Do you know if the foreclosed housing inventory the banks have on hand are counted as assets on their balance sheet?
And if so, do they leverage against that as well?
Totally serious questions.
CS: I have been out of banking for some time so I am not sure what current regulations are in effect for the banks in this regard,
BUT the foreclosed properties would be counted as assets according to GAAP, and might (or might not) be written down (marked to market with a paper loss until these properties are actually sold and disposed of )against other income so that the banks can show a paper loss (or not) while generating free cash flow for other bank uses: ie end of year bonus’ and operations.
Hope that helps. 🙂
CS: the “MERS” System has also confused the issue and if bank mortgage ownership is questionable, the banks might be able to avoid the write down altogether; and that may have been a reason for MERS in the first place. 🙁
I have been reading that the foreclosed properties are NOT being written down to market, because that would reduce the aggregate assets of the bank. I’m friends with a RE agent out west who has been trying to sell “bank in possession” properties, and she says it’s a friggin’ nightmare. She’s got buyers, even buyers with cash, but the banks won’t sell at actual market, because they take a hit if they do. So they just sit on the properties and let them deteriorate.
So what you are saying is that the whole foreclosure ball of wax is optional. In addition, they can apply marked to market rules adjusting the value of the foreclosure assets willy nilly…as they see fit.
What a friggin deal. They can get by leverage requirements by bringing properties on and off the books at their discretion.
Unfriggin believable. We don’t stand a chance.
Thanks for the info.
CS: ” In addition, they can apply marked to market rules adjusting the value of the foreclosure assets willy nilly…as they see fit. ”
I am not saying they can …. I am saying they probably do apply the rules “willy nilly” as it suits them or until a regulator (who’s that???) notices their “inadvertent non-compliance”.
Accounting is as creative as painting. 🙂
CS: My guess is that banks do write their foreclosures off but only partially; that is, not down to real market value, but only enough to apply paper losses to suppress their real revenue and therefore their profit margins, and therefore their Net Income after depreciation (profit)but before taxes on their profit, increasing their IRR.
With the coming Crash, banks will be forced to dispose of these foreclosures and write the losses down all the way. I expect another 20-25% decline in market value for most property, or more depending upon the severity of the Crash and the specific property location.
It may happen quickly, or it may be dragged out slowly like torture, as per the thirties. 🙁
Cashing in a 30 year CD?
Trying asking your bank for $5000.00 cash, OF YOUR OWN MONEY, already on deposit, at any time. See what happens.
I have…And they asked me how would I like it. I said Hundreds would be fine. And down the shoot it came, and away I drove off.
Your point ?
You are so full of shit it is coming out your mouth.
You are a troll, and a lousy one at that.
Not your own money, in law. Never has been. You are a lender to the bank, nothing more. Not even a secured lender in most countries. The last time you could get your own money back was prior to the very existence of “banks”, when goldsmiths and money-changers would secure your bags of coins in their vaults for you. For a fee. In the medieval years.
I’m from Romania, and many people would say it is a 3rd world country, not true, we have problems but are not as great as advertised, but honestly I would not want to live in the United States, to get to the point. … I had a personal loan in 2008 (the amount does not matter) and since 2010 I have not been able to pay. The law in our country say that if the institution that has to recover money from you fail to get any money during this period, after 3 years the institution has no legal right to foreclose you (not to mention that I had during this period no car and no house in my name). the same law applies to state debt, just as the period increases to 5 years. It is further noted that any company, institution or state has no right to seize your property without economic value (refrigerator, TV, furniture, jewelry, electronics, etc.). So in conclusion if you do not pay the loan in Romania and you prove that you do not have salary, house or car in your name after 3 years you are no longer obliged to pay (5 years if you have debt to the state). still send letters or notices, the only thing they can do legally
I had a Credit Card at WaMu Bank that went bankrupt. That should have also wiped out any CC debt I owed. NOPE. They sold my debt to Chase and without any explanation they closed my credit card. Which actually harmed my personal credit since my buying credit power was reduced. So I paid off the balance and went elsewhere to help my credit score. Banks are theiving predators. You ever want to get your way at a bank? If they screw you over threaten them that you will file a complaint with the FTC and SEC for “Predator Lending” watch them quickly solve and remedy the problem. And you will report that bankers Mgr’s name in your complaint who’s giving you a hard time.
Maybe i should move to Romania, i am Romanian and German, and after looking at pictures of Romanian men in a National Geographic years ago, i saw myself,
Work on a farm in the countryside of Romania, hmmm maybe not such a bad thing?
Dang it Kula! Who wudda thunk it?
You messed up my visual of you. I had you pegged as a dark-haired, bronze skinned,w/ mostly Polynesian blood linage. a little on the fleshy side with muscular arms and legs from all that working the farm.
I still see a wide smile and a “better not fuck with me grin”.
LOL! A freakin’ haole on Maui!
Willie Nelson and Woody Harrelson lives on Maui. lol
In Arizona, unwritten promises to pay must be enforced within three years and written contracts within six years of failure to pay.
After that these contracts, verbal and written are not enforceable at law. Other states may vary. 🙂
My paychecks from my last job had to be negotiated within 90 days or they were void. The company would issue a new one, but only out of the goodness of their hearts. My current retail bank requires my checks to be negotiated within a year or “poof”.
CDs have a specific term, do they not? I know that when I had one a few years ago the bank would contact me at the end of the term requiring me to authorize a rollover, or to take the face value to another account.
Who would keep money in a bank anyway? Savings accounts gain nothing. What a corrupt bunch of criminals running everything into the ground.
Well, when the old man bought that CD, interest rates were reasonable, and QE had never even been though of.
When banks paid 5% to 10% interest it made sense to keep money in the bank. Now you can buy gold/silver or even guns/ammo, which I doubt will ever go down in price.
AR-15’s have declined in price over the past few years. Its all about supply and demand. Most Americans are locked and loaded. You can only shoot two guns at a time. 🙂
Durango. Hold on to the ARs. When the shooting starts, the value will pop ten fold. Same with Ammo. Buy low sell high.
Holding on to any cash these days is fruitless. Unless you are making 10 to 15% annually on your money your wealth is being reduced with cash savings, just due to inflation. Tangable tradable assets are the best investment. Not phony paper fiat IOU’s.
Off topic, sorry
Just watched this video, is a little ways down the page linked here,
Is an excellent video and I salute and applaud this father that CNN reporter speaks with.
This guy gives me faith in my fellow man and faith that so many see the truth and light and are teaching their kids good things,
Wish i could shake this guys hand and thank him for being a good role model to his kids.
Dont know you brother but God bless and wishing you and your family a good holiday season!
Kula, I had to explain to my two girls last night about what is going on. It is tough to not be negative in the talk, they have black friends in theatre that come over to our house for get togethers, and have a ball.
Just tonight on the way home there was 3 blacks walking in the turning lane, seeming to just to want to stir up shit.
I hope this will cool off, but I feel it will not, but I will protect my family at all costs…
Bless you too…
Eppe, you just recognized your weak point. Kids who invite their frienfs over to spy on your prepping. Those blacks will go home and tell their brothers who’s got a .22 with poison tips. They just reconned your whole property. Back later to loot and shoot. Your kids just broke the # Rule to prepping OPSEC.
WWTI, you must be a real loser to think that I show off my preps, or an idiot from FLA with zero brain cells. I guess you think everone is as stupid as you. You have no fucking idea about me or my friends. We are a close knit group, rather than a lone wolf, who has no back up.
How are the green shoes?
Are you really that stupid? Are are you just blowing smoke out your ass as usual?
That screaming lady across the street knows more about you than you know yourself.
But then again, you are a legend in your own mind.
GOD BLESS YOU, YOU WILL NEED IT….
And I mean that in the most caring way, but my buddy ‘me’ thinks we should come down to FLA, and set things straight, but I keep us at bay. You are lucky I have a good streak in me.
GOD BLESS YOU….
Sure Mike, I mean Epps I will email you at your comcast addy for the directions. Be ready to play. I don’t take too kindly to punk ass threats.
Yeah come on down punk. Say your last goodbyes to your kinfolk. The Gators love greasy fat pigs here for a snack. Bring your imaginary friend if you like.
Whatever, WWTI, YOU are so full of shit, but whatever…
You are in a world of hurt, but you are to STUPID TO SEE.
Get ready, your world is ready to collapse.
Oh. I’m so skeeeered lol.
I believe that the widow will win her case……that being said something that most people overlook when talking about and dealing with banks…..when you deposit your money in one you are effectively becoming an investor……yipper that piddly annual .6 % you get is your return…..no really worth it I’d say as at these rates you are paying them to hold your money when inflation is factored in……think about it
Invest in tangible commodities & keep your cash at home. If it is in your physical possession it is much harder to confiscate and the banksters can’t refuse to give your money to you. Gold, silver, guns/ammo, real estate/land, preps
If you are gullible enough to TRUST in a bank…any bank, then you DESERVE exactly what happens to you!!!!!
Our whole American economic economy is in collapse. The great robbery is taking place right now with foreclosures. The great wealth asset transfer to the powerful. Once they collapse the dollar they win and we all lose and any financial account with digital accounting tied to nothing but “Thin Air,” Guaranteed by the Bankrupt Federal Reserve and fictitous In God We Trust.
Hey WWTI how you liking those new green sneakers. And by the way that sure sounds like a good idea, those work gloves with suction cups on the palm. Where can I get a few pair of them, they might come in handy for climbing up a rock face as well as for fishing. Trekker Out.
WWTI is so full of himself, it will be a wonder that a 10 year old kid will cap his ass. Or the old lady across the street. Or some meth’ed out punk who knows he keeps a pistol on the toilet seat when he showers.
Must be scary to know everyone is after him in some way or another.
And it is a hunting invention that has garnered a few people to invest in, but what does WWTI know, he rents a concrete block house with a tin roof that was an old chicken coop….
Have a blessed day…
That tourques his butt up too…
I already found Mike E on property records searches. And that Google Map terrain and zillow just fills in all the blanks, and weakpoints. You sleep well and have a blessed evening.
Come on up, it would be a shame for a teenage girl to take you out…
And by the way they shoot better than me, and I can hit a tennis ball at 400 yards, so be ready…
BTW, What is your fucking problem???
What about credit unions? They safe?
They are safer than banks due to the rules and laws regarding cash reserves and such, but everything boils down to the value of the dollar. If it crashes, it won’t matter if it’s in a bank, credit union, or under your mattress, it crashed.
You want to know how good your credit union is? Go up to a window with a withdrawal slip for say, 5K, or better yet, 15K and see what happens.
They will do EVERYTHING to dissuade you from removing any money from your account. And I would venture to say you would NOT get the money…even if you threatened to close the account.
Now, that’s the true test of your particular credit union.
Full disclosure: I have an account that I use ONLY to pay bills. No more than a few buck is ever in there after bills are paid. They will NOT give any customer “thousands” of dollars without a knock-down-drag-out fight.
If you like your bank, you can keep your bank.
I know this for a fact. I’ve lived my life and it’s been pretty good. If any bank did to me what these banks have done to these people – I swear I’d take out every damn employee and literally destroy the bank where it’s standing.
Back in the “old days”, when a certificate of deposit was cashed in, we would stamp VOID or PAID on the CD and return it to the customer. However, there were also times when the customer lost the original document and we had to pay and close the CD after getting them to sign some affidavit regarding the loss. That may well have been the case with this person’s account. If that CD was still in existence, she would have been getting 1099-INT statements each year so she could pay taxes on the interest.
Another thought regarding this account: after a certain number of years with no customer contact, banks are required to turn the funds over to the state in which the money was placed on deposit. Then the person has the opportunity to redeem it from the state….if not claimed within a specified time period, the STATE KEEPS THE MONEY.
As a final thought…if that certificate of deposit actually existed on the bank’s records, they would most likely have the legal right to apply it to her delinquent mortgage balance—-instead of giving her the money. It’s call the Right of Offset and that happened to my brother many years ago when two banks merged.
I’m not saying that I agree with all these bank rules–just wanted to share with you what I know about how banks operate, based on my many years in the industry.
Just a question goatlover…
If this CD was held in an IRA, would she still have received 1099 INTs since the interest is not taxable until withdrawal?
If it WAS an IRA would the offset still apply? I was under the impression retirement accounts are not attached for things like that.
I used to have an account at First-Citizens Bank & Trust Co. back in the 1980s. They bounced some of my checks and charged me NSF fees on every one of them. I brought in statements and deposit slips to show that I had plenty of money in the bank and the checks should have cleared. They refused to refund the NSF charges, so I told them I wanted them to close out my account and give me all my money right then.
Now I use the state credit union. They have never done me wrong. I still keep only enough in it to pay bills. Any extra is kept out and spent. They have free notary service and a no-cost change counting machine. A friendly reminder to everyone: make sure there is no ammo accidentally mixed in with your change. Someone I know let a 22LR slip in. It discharged within the change machine. Somehow nobody in the bank seemed to notice the gunshot noise.
Remember when banks would just use deposits to make insanely risky investments, and then have the Federal Reserve buy those (now worthless) investments from the bank at full book value with money pulled out of thin air, which the banks used to buy US Treasury bonds – both enriching themselves, and shifting the consequences of their stupidity and incompetence onto the back of the average person?
Those were the days.
Just further illustrates that banks cannot and shouldn’t be trusted at all. Starve the beast and keep minimal amounts of cash deposited.
With so much direct deposit go to the bank first thing (if you can or as soon as possible) and cash out. Leave only what is needed to keep the account active for direct deposit. If you need to pay by check use money orders. Look the choice is yours, but don’t cry when the doors are locked on the branch where you bank. Cash all the way, like I said it’s your call.
MTCFMF!! RIP America.
Here we go, the commander of Katrina is now saying this protesting can’t go on at night. Watch the roll out of a cerfew and then Marrial Law. They are letting this happen on purpose. Ferguson is a launching pad dor more Tyranny.
“Ferguson” is the rightful response to a mob incited by outsiders (Sharpton and others) who have exceeded their lawful right to judicially protest against an erroneously perceived wrong.
The law is clear. The forensics and ballistics are science. No crime was committed against young mister Brown. He was stupid. He caused his own death. And as I said several times here, the officer likely ordered Michael Brown to the ground, as that would be standard operating procedure. He didn’t comply and now he is dead.
The officers GJ testimony states that order.
The real tragedy of Ferguson is that these blacks are clearly wrong and are willing to double down on their error in judgement; not unlike the Trayvon Martin episode or the coming Bundy Ranch shootout.
The results are totally predictable, and well deserved. 🙁
I’m afraid the riots in Ferguson are about a whole hell of a lot more than the death of Michael Brown
Its about hoodie looters that will burn their own town down for a few packets of stolen skittles. America just salivates for the order to shoot to kill any looters.
Satori: That is probably true, but the death of young Michael Brown Jr is the excuse they use to justify their vandalism, theft and looting.
Not unlike the lame excuse that Liberty Lovers use in Bundyville. Real Liberty Lovers who believe in the rule of American Constitutional law should repudiate their actions; which are NOT based upon any Constitutional or lawful right of any kind.
Unfortunately, these people in Bundyville do a great disservice to the Liberty Movement, by claiming to be Patriots and supporting American Constitutional Rights.
There is NO violation of American Constitutional Rights occurring in Bundyville. Zip. Zero. None. And I challenge ANYONE to dispute that statement. Anyone.
Including RANCHER BUNDY himself; or Sheriff Use-The-Women and Children-As-Shields-and-Put-Them-In-The-Line-of-Fire !!! 🙂
another one of my always popular movie reviews !
yer gonna love this
we’re a sad,sad country
As far as I can tell, no one in my town has heard of Ferguson. I went to the grocery store today. There were more black people than white, and they were as happy as could be, filling up their shopping carts for Thanksgiving. Everybody was polite, saying “excuse me” and making way for others to get by. It would be nice if it could stay that way on and on.
You’d be happy to if everything you got was from the govt. (i.e. my ,yours, and everyones working taxes.)and a bright shiny EBT card. LOL……Thanks for the turkey, whitey.
Arch, would it be a nicer world if every one treated each other with respect? I try all the time to talk with others of a different flavor (color).
I am not a racist, I hate everyone equally…
You have to prove to me you are worth being a friend of mine, then you are a friend for life, no matter which color, background, or world you come from….
Steely Dan; Any world I come from….
And while I am at it, listen to this…
Steely Dan gonna take me alive….
Just for you WWTI…
eppe you may be in jail soon after the ruckus of finding out your daughters are dating black boys behind your back. Hurry down here first for your knuckle sandwich smackdown. So do they bring them over after school? I’d be pissed if I were you.
Considering you have no idea, as usual, it seems to be your thinking…
and you bash me for telling jokes, but everyone seems to love them.
Have you not figured out it out yet???
What a stupid mofo….
HELL while we are at it, here is a song about the stock brokers who commit suiside for thier doings…
Just take out the space in http, which should be the standard here, easy to do…
Show Biz kids: Steely Dan.
Talkng about the priviledged kids in Califorinia…
Josie; Steely Dan…
Gotta listen, will bring back memories from the 70’s…
To all you Steely Dan heads out there…
I think you will enjoy this…
If not, don’t listen…
take the space out from the ht tp
Let me get this straight. Police cars in Ferguson burn for the second night in a row, da boyz n the hood are back at it, and the posting today is about trusting banks?
as I’ve said
the problems in Ferguson go a whole lot deeper
“I couldn’t hold it in yesterday. I just started crying, because there is no hope for us.”
“there is NO hope”
the authorities may stop the riots
but,as usual, they will fail to address the bigger issues
Court rules Michigan has no responsibility to provide quality public education
this is what our country has become
this is US
I’m thankful as hell that I am as old as I am
I can see what is coming
and I don’t want to be around for it
BTW, WWTI, DO YOU NOT THING WE HAVE YOUR ADDRESS?
What a stupid asshole?
If yo think so, go ahead, it would be a shame for a teenage girl to take you out?
Wow,eppe Threatens me with harm to”Take Me Out” and the coward even says his daughter will do it. How about you? Man up eppe-snail you do it Punk.
The sad part is they don’t get it, that is these same people probably send their own kids to school thinking that too will help the kid, when in reality it was this exact same mind fuck that resulted in them becoming guzzlers of Jim Jones Kool Aid promises.
Freaking idiots, oh yes, give me your money and I’ll take care of it for you, and then in 30 or 39 years you can come and get it back with interest and tax free!
It isn’t education, it’s indoctrination, and it’s designed to produce idiots. Idiots who cannot think for themselves, who are going insane because their entire life has been built upon the lie sold from 1st grade, and that lie is the idea that if you follow the program you will be rewarded.
Well, you got your reward imbeciles. Good luck on those 401’s and IRA’s.
Always keep a credit card linked to your checking and savings accounts and hold a larger balance than your bank balances. You can use the card to make everyday purchases and the points accumulated will almost match the interest you owe. Your bank bails you in? stop auto deposit on your paycheck and demand a paper copy sent to your house, and tell the bank to go pee up rope. Never pay them a penny more. sayonara suckers!
Servile tax paying slave’s. This is all we are. Land of the free? Not as long as you’re the one on bottom.
It is kept this way not only by our banker’s, but by our government, and corrupt court system.
Jury Nullification. Read about it and use it, it is the only way common man can reverse the “law’s” that bind us.
Any program the bank offers is NOT for your benefit, it is designed with making money off of you. They come up with clever program names to basically fleece you, one way or another.
If you have ONE PENNY in a vile filthy Corporatist Fascist evil shit stain bank in the collapsing shithole of fascist Murica, you are one head up your ass COWARD coddled pussy boot licking trash, who is dumbed down brain dead and scared shitless of the truth about the collapsing fascist vile disgusting shithole of EVIL filthy Corporatist Fascist Murica.
Sigh. I hope they win the lawsuit and take it out of the ceo’s personal salary.
I had trouble with bailed-out us bank when I closed my account. They refused to pay me my cash left in the account, and made out a check, then refused to cash it because I didn’t have an account with them.
My advice is go with a local small bank or credit union who never took a bailout from the government.
Wells fargo? LOL That said everything. My small town bank was bought up by wells. Then wells never bothered to send me a new ATM card, my old card died and I called wells up for a new card.. “It will be 10 business days to send you a new card”. I told the snooty bitch on the phone that that was not good enough, to expedite it because I use it a lot. No can do. No problem. I went to the local wells fargo and withdrew my accounts. They offered a cashiers check, I told them “no, I don’t trust you, make the withdrawal in 100’s” They started to him haw around that did not keep that amount of hundreds on hand.. I told the teller if they didn’t give it to me in 100’s I was going to scream that the bank won’t give me my money. I looked around at the people waiting in line and smiled at the teller. In quick time, they got my cash together in a paper sack and told me they were not responsible for it when I left. I grabbed the bag and went down the street to a credit union. Was in and out in less then 30 minutes with new accounts and card.
Even now, I’m starting to distrust them. I take a third of my pay checks in cash. I use that to pick up preps and other things that don’t need to be tracked on a credit card.
US: save yourself a heart attack and lower you blood pressure, man. If you go into a branch you can get a temporary replacement card IMMEDIATELY that is good for thirty days, while a new card is sent out from where ever they send them.
They say “ten days” but it only takes a couple of days in the mail. I know, I just replace my check card last week. My debit card had been exposed to the Home Depot hack so I was watching it carefully and moved all the extra cash to savings where it could not be touched.
Can you say “Cyprus”? 🙂
Home Depot was obviously a Russian hack and they didn’t get one thin dime because Wells Fargo called me about the suspicious activity on my card.
I LOVE that bank!!! 🙂
Whatever the case, the bitch on the phone was not helping matters. Wells were being insensitive turds and I went to a credit union where the service is much better. As to other purchases, it’s in cash. I’ve not been affected by any of the hacks that have happened.
Wells Fargo’s position is flabbergasting. It should take the briefest reading of the case for a judge to validate the certificate and order payment. And further specifically declare that the payment order is cannot be stayed because of the high likelihood of Wells Fargo losing any appeal they might foolishly pursue.
I don’t agree with the high claim though. CDs don’t roll over at a fixed rate, they roll over at the current rate. So it’s probably worth more like $100,000 since it’s been compounding at a much lesser rate than 14% for most of the time.
Well said in the article.
The entire Financial System could Implode within One Hour.