Australian Politics Forum - Banks, Cash and Banking Services Denial

MeisterEckhart

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Banks, Cash and Banking Services Denial
Nov 23^rd, 2023 at 12:46pm

Across the world, banks are becoming increasingly more strident with their iron-fisted war against cash.

The banks’ public reasons for this are uniform: they insist they're acting in their clients’ and buyers’ best interests and refer to precious metals online scams or scammers who ask online victims for cash deposits.

However, if that were true, or the only motive, banks should not have a problem with bullion dealers transacting in cash with their customers – they are legitimate businesses that have always been subject to thorough oversight from government security agencies, the ATO, insurance companies, courier services, audit services, customs authorities, and banks.

But the banks do have a problem with bullion dealers.

Here’s one story highlighting what banks are doing to discourage bullion dealers from accepting cash as payment – irrespective of whether the transaction is legal.

A bullion dealer regularly sells gold bullion over $10,000 in a cash transaction.

The bank sends a ‘letter of concern’ about these cash transactions.

The bullion dealer decides to structure these cash sales – e.g., instead of 1 transaction totalling $12,000, they make it 4 transactions for $3000 each.

The bullion dealer receives a letter from the bank advising that it has decided to terminate its business relationship with the dealer.

In the letter the bank offers contact details to discuss further but, as the dealer will find out, the bank will not review its decision nor state in writing its reasons for its decision. Appeal is pointless.

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Belgarion

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Re: Banks, Cash and Banking Services Denial
Reply #1 - Nov 23^rd, 2023 at 4:35pm

Banks and other large institutions are acting as social engineers and moral authorities instead of simply running their business. If a client has broken the law there are mechanisms to deal with this, however with decisions like the one above and the recent decision by a UK bank to shut the accounts of UK politician Nigel Farage because they disagreed with his politics shows an unacceptable level of overreach.

The Chinese social credit system is slowly working its way through western society.

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"I may not agree with what you say, but I will defend to the death your right to say it."

Voltaire.....(possibly)

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Bobby. Gold Member Offline Australian Politics Posts: 120794 Melbourne Gender:	Re: Banks, Cash and Banking Services Denial Reply #2 - Nov 23^rd, 2023 at 4:40pm Any link for this story?
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MeisterEckhart

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Re: Banks, Cash and Banking Services Denial
Reply #3 - Nov 23^rd, 2023 at 4:52pm

Belgarion wrote on Nov 23^rd, 2023 at 4:35pm:

Banks and other large institutions are acting as social engineers and moral authorities instead of simply running their business. If a client has broken the law there are mechanisms to deal with this, however with decisions like the one above and the recent decision by a UK bank to shut the accounts of UK politician Nigel Farage because they disagreed with his politics shows an unacceptable level of overreach.

The Chinese social credit system is slowly working its way through western society.

To be fair to banks' executives, the drive for this is coming from governments.

Banks, themselves, I'm sure would just be happy to profit from legal cash transactions and only have a problem with very large cash transactions due to its management overheads.

National law has always required banks to exercise due diligence with the business they conduct.

Given that AI can now red-flag deposit patterns in a fraction of the time it once took auditors to manually trawl through bank records, banks are increasingly being forced to terminate their business relationships with those customers who deal in cash where their withdrawal/deposit patterns are similar to those used to launder cash or move it around in an effort to obscure the trail.

Failure to act and the bank runs the risk of being legally liable if the customer is actually laundering cash or attempting to evade tax.

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MeisterEckhart Gold Member Offline Australian Politics Posts: 17122 Gender:	Re: Banks, Cash and Banking Services Denial Reply #4 - Nov 23^rd, 2023 at 4:55pm Bobby. wrote on Nov 23^rd, 2023 at 4:40pm: Any link for this story? That was an actual account of a bullion dealer I know personally. But, ask around. It's happening across Australia and worldwide.
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MeisterEckhart

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Re: Banks, Cash and Banking Services Denial
Reply #5 - Nov 23^rd, 2023 at 4:59pm

Belgarion wrote on Nov 23^rd, 2023 at 4:35pm:

the recent decision by a UK bank to shut the accounts of UK politician Nigel Farage because they disagreed with his politics shows an unacceptable level of overreach.

And it didn't end well for the bank executives with the Farage affair, who were exposed as being 'managed' by politicians.

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Bobby. Gold Member Offline Australian Politics Posts: 120794 Melbourne Gender:	Re: Banks, Cash and Banking Services Denial Reply #6 - Nov 23^rd, 2023 at 5:02pm MeisterEckhart wrote on Nov 23^rd, 2023 at 4:55pm: Bobby. wrote on Nov 23^rd, 2023 at 4:40pm: Any link for this story? That was an actual account of a bullion dealer I know personally. But, ask around. It's happening across Australia and worldwide. But how do we know that it's not you making up bullshit?
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MeisterEckhart

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Re: Banks, Cash and Banking Services Denial
Reply #7 - Nov 23^rd, 2023 at 5:10pm

Bobby. wrote on Nov 23^rd, 2023 at 5:02pm:

MeisterEckhart wrote on Nov 23^rd, 2023 at 4:55pm:

Bobby. wrote on Nov 23^rd, 2023 at 4:40pm:

Any link for this story?

That was an actual account of a bullion dealer I know personally.

But, ask around. It's happening across Australia and worldwide.

But how do we know that it's not you making up bullshit?

Is it that hard for you to believe?

There are hundreds of stories online. Start with this:

https://www.thegatewaypundit.com/2023/09/what-is-going-three-separate-coin-shop-...

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Bobby.

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Re: Banks, Cash and Banking Services Denial
Reply #8 - Nov 23^rd, 2023 at 5:15pm

MeisterEckhart wrote on Nov 23^rd, 2023 at 5:10pm:

Bobby. wrote on Nov 23^rd, 2023 at 5:02pm:

MeisterEckhart wrote on Nov 23^rd, 2023 at 4:55pm:

Bobby. wrote on Nov 23^rd, 2023 at 4:40pm:

Any link for this story?

That was an actual account of a bullion dealer I know personally.

But, ask around. It's happening across Australia and worldwide.

But how do we know that it's not you making up bullshit?

Is it that hard for you to believe?

There are hundreds of stories online. Start with this:

https://www.thegatewaypundit.com/2023/09/what-is-going-three-separate-coin-shop-...

Thanks.

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MeisterEckhart

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Re: Banks, Cash and Banking Services Denial
Reply #9 - Nov 23^rd, 2023 at 5:22pm

With some of the reports of account closures, you will find that the customer is attempting to evade scrutiny from banks by depositing cash in multiple accounts and across multiple banks.

Deposit structuring.

It may have worked once, but now not...

And if the banks determine that's what you're doing, you'll get a 'Dear John' letter from them.

But, mostly it's ordinary customers who are either trying to withdraw large sums of cash or are regularly depositing large sums of cash as part of their business practice.

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Bobby.

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Re: Banks, Cash and Banking Services Denial
Reply #10 - Nov 23^rd, 2023 at 6:06pm

MeisterEckhart wrote on Nov 23^rd, 2023 at 5:22pm:

With some of the reports of account closures, you will find that the customer is attempting to evade scrutiny from banks by depositing cash in multiple accounts and across multiple banks.

Deposit structuring.

It may have worked once, but now not...

And if the banks determine that's what you're doing, you'll get a 'Dear John' letter from them.

But, mostly it's ordinary customers who are either trying to withdraw large sums of cash or are regularly depositing large sums of cash as part of their business practice.

The Banks are only trying to avoid massive fines from the Govt. for money laundering.

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MeisterEckhart

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Re: Banks, Cash and Banking Services Denial
Reply #11 - Nov 23^rd, 2023 at 6:17pm

Bobby. wrote on Nov 23^rd, 2023 at 6:06pm:

MeisterEckhart wrote on Nov 23^rd, 2023 at 5:22pm:

With some of the reports of account closures, you will find that the customer is attempting to evade scrutiny from banks by depositing cash in multiple accounts and across multiple banks.

Deposit structuring.

It may have worked once, but now not...

And if the banks determine that's what you're doing, you'll get a 'Dear John' letter from them.

But, mostly it's ordinary customers who are either trying to withdraw large sums of cash or are regularly depositing large sums of cash as part of their business practice.

The Banks are only trying to avoid massive fines from the Govt. for money laundering.

That's the most obvious motivating factor.

But it's intrusive when banks flat-out refuse to allow a withdrawal or suspend accounts when a customer attempts to make a legitimate purchase that the bank doesn't like.

https://www.youtube.com/watch?v=JCr8N9Kcypw

Or, even worse, when bank executives are manipulated by politicians into shutting down accounts of people they don't like, such as Nigel Farage or Konstantin Kisin in the UK.

Or the bank CEO/executives decide they don't like your public comments and order your account with their bank to be closed.

And it's not only banks: credit card companies and PayPal have also been closing or suspending peoples' accounts due to political pressure.

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Bobby.

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Re: Banks, Cash and Banking Services Denial
Reply #12 - Nov 23^rd, 2023 at 6:21pm

MeisterEckhart wrote on Nov 23^rd, 2023 at 6:17pm:

That's the most obvious motivating factor.

But it's intrusive when banks flat-out refuse to allow a withdrawal or suspend accounts when a customer attempts to make a legitimate purchase that the bank doesn't like.

https://www.youtube.com/watch?v=JCr8N9Kcypw

Or, even worse, when bank executives are manipulated by politicians into shutting down accounts of people they don't like, such as Nigel Farage or Konstantin Kisin in the UK.

Or the bank CEO decides he doesn't like our public comments and orders your account with their bank to be closed.

And it's not only banks: credit card companies and PayPal have also been closing or suspending peoples' accounts due to political pressure.

Yes - that happened to Max Igan - the political commentator -
he had all his Bank Accounts and credit cards closed down
so he moved to Mexico for a while.

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MeisterEckhart

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Re: Banks, Cash and Banking Services Denial
Reply #13 - Dec 30^th, 2023 at 8:01am

Rejoice and be glad? For the end of cash is at hand?

By 2025, cash will either be obsolete or will only be held as a 'Plan B' to cover disasters and/or other digital downtime events.

Will consumers have to pay to access cash or face a future without banknotes?

According to the RBA, in 2007, 69 per cent of Australians said they would use cash to transact. By 2019 this had fallen to 27 per cent, and by 2022 just 13 per cent.

https://www.abc.net.au/news/2023-12-30/will-consumers-have-to-pay-to-access-cash...

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greggerypeccary

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Re: Banks, Cash and Banking Services Denial
Reply #14 - Dec 30^th, 2023 at 8:49am

MeisterEckhart wrote on Nov 23^rd, 2023 at 5:10pm:

Bobby. wrote on Nov 23^rd, 2023 at 5:02pm:

MeisterEckhart wrote on Nov 23^rd, 2023 at 4:55pm:

Bobby. wrote on Nov 23^rd, 2023 at 4:40pm:

Any link for this story?

That was an actual account of a bullion dealer I know personally.

But, ask around. It's happening across Australia and worldwide.