14 votes

Is it time to close your bank account?

Lately there has been a lot of discussion in that the Nation of Cyprus had froze all bank accounts... within the Island of Cyprus. The Cyprus bank has over 400 branches. Nearly half of those branches in Russia and in mainland Europe. It is important to note these institutions outside of Cyprus are not closed.

Interestingly, the Richest depositors who are "suppose" to be taking a slice of the levy are right now withdrawing there cash from these institutions. Meanwhile the average folk living in Cyprus are not allowed to take out their cash from these banks.

SO, the banks are being kept closed in Cyprus so the Richest can take their cash out first outside of Cyprus while the citizens are being held in financial hostage. Not only that but there will be a cap on the maximum amount of cash the citizens of Cyprus will be allowed to take out per week!

We know these banking institutions are all intertwined and interconnected and that they all operate the same way.

My point is that I truly do not believe we have seen the end to this. As a matter of fact, I do not believe we have seen the beginning as a result of this either. It is without a doubt the citizens of Cyprus are going to be very upset in the following weeks ahead, fear will start to take hold and thus We may start to see more Bank Runs in the near future.

With this in mind I am considering on beating the crowd and closing my bank account ASAP. perhaps leave a little to pay bills, but in no way leave my cash in the current state we are in. Your money is not doing anything in there in the first place since you are not earning interest on your deposits.

Please do not listen to the MSM, as they are consistent on playing softball on this issue. This is not a light issue. Please consider closing your bank account in the near future. I would even suggest putting on your shoes and take a trip to your bank after you read this post. I would hate to see a patriot wait in line with the average american to withdrawal his/her's cash when this bank run arrives.

You must stand for free speech in the streets.~Mary Harris Jones

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The actions taken by Cyprus

The actions taken by Cyprus were largely forced by the "Troika" (EC, ECB, IMF) authorities as a condition of providing bailout funds to Cyprus. Many believe, and I agree, that this was a EU test case, and that "solutions" such as this are possibilities for other over extended EU nations. If I had money in an EU country's bank, especially if it were in a bank in one if the PIGS countries, and especially if the amount were greater than the insured €100K, I'd have already pulled out my money.

Should depositors in US banks be worried? Some point out the difference between the EU and US financial system and political structures and suggest that it could never happen here. I'm not so sure. I can think of a coupe of events that could trigger similar actions here.

One would be a state going bust. Like Cyprus, a US state can't print it's way out of trouble, and I can easily imagine the US govt and Fed forcing a bust state to raise taxes on it's citizens as a condition of any bailout. One way to raise taxes would be a one time confiscation from the wealthy.

The other scenario is the dollar being threatened. The present US govt and the bankster elite essentially have death grips on one another. One can't exist without the other. When there comes a time that the Fed can no longer bailout the US govt's deficit spending we WILL see large scale wealth confiscation, of this I have no doubt. Wealth confiscations will be necessary to prevent riots. How that confiscation takes place is anybody's guess, but siezing of bank accounts would likely be one of the first moves.

I must be willing to give up what I am in order to become what I will be. Albert Einstein

Push to close bank accounts.

Hi,

I usually don't like to fear monger, but a push to get money out of the banking system is fine with me. Tell people to pull there money out, let us bankrupt the banks that should of been bankrupt to start with.

Difficult to Do

Most people get payed by their employers through direct deposit. Even if you receive a physical paycheck, during a crisis there may not be any place to cash it.
One possible option is to try to have your employer payroll direct deposits split and sent to several (or more) different accounts at different banks. In the event that capital controls limit daily withdrawals one might be able to withdraw the maximum from each bank instead of just one. Just a thought.

With my meager income...

Not only do I keep very little money in the bank, but I use credit cards for regular expenses and purchases. I figure by using the credit cards then immediately transfering the money from the bank account to the cards, it creates "new money" literally out of nowhere.

The process of creating money out of nowhere is what will eventually crash the corrupt system, so I figure I'd help them hurry it along a little...lol

ATM withdrawal caps are for

ATM withdrawal caps are for damage control in case of theft or other activity. But if you can't go inside and empty your account during business hours, that's a problem. And it's also kind of f'd up that they don't keep enough cash on hand to do large withdrawals in cash. A freer market in banking and elimination of the FDIC would help that.

Odds of the US government "pulling a Cyprus" are slim to none.

Cyprus can't print euros, the US government can print dollars - and it will, as many as needed to keep the banks afloat. The threat facing US bank depositors is not default or seizure but rather inflation. The same with Japan, Britain, Switzerland. Euroland is a different matter. If I had bank deposits in Italy, Spain...I'd be thinking about making a change.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Why would....

the US govt, get excited about stealing 10% of your bank account once. they steal 10% of your purchasing power every single year wether the money is in the bank account or not.

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

Two reasons

Inflation is less obvious that outright confiscation, and so it's easier politically. That's the reason they prefer to finance their spending by inflation rather than taxes. People notice a big chunk of change missing from their paycheck or bank account and blame the politicians, but people either don't notice inflation or don't lay blame where it is due.

Secondly, raiding bank deposits undermines confidence in the banking system. If the government starts seizing bank deposits regularly, they'll cause a bank run and then the game is up. They don't want that.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

What is cash

like a tiny fraction of deposits. No way to cover it all. If banks go boom, best have more than a little cash stashed away. Even if it's virtually worthless, there won't be near enough to go around once the digital dollars begin evaporating.

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//><\

Fidelity

I have a few accounts with them, they only allow me to pull out $500 per day via ATM and $2400 per day via advance.

=not happy customer.

I moved my business accouts to Arizona Federal Credit Union.
Then hey said if I did not remove my hat and sun glasses they would have me removed from the premise.

Now I moved my business accounts to Desert Schools FCU so far so good but still have my personal at Fidelity that will change soon. Then I"ll move to metals in the near future.

#its a process.

Screw the FED and the fractional reserve piracy.

Hat and sunglasses means....

...their facial recognition tech wont work.

I'm a big supporter of CUs, but most keep their deposits in one large commercial account in a banker's bank like Citi, BoA or Chase, unfortunately.

WOW

Thats interesting. IT looks like there are already banking caps here in America and the Busts have not even started yet.

His name is Edward Snowden

What is Capitalism?
http://youtu.be/yNF09pUPypw