The Federal Reserve Board says I cant have my money

Warning...serious rant ahead:

Okay, I have ranted before about how terrible the Federal Reserve and our banking system is. People just do not pay in cash which means you must be paid in a check and to cash a check you either must pay to have it cashed (pay to get your money you earned) or get a bank account where fat cat bankers can use your money to enrich themselves further and do as they wish with what is yours. Just the first step in the feeding frenzy on my money.

THE FEDERAL RESERVE BOARD CONSISTS OF THOSE MEN WHO RUN AND OWN THE BANKS. THE FEDERAL BANKS ARE PRIVATELY OWNED INSTITUTIONS AND MAKE THE LAWS THAT GOVERN THEMSELVES

So they they have developed a system that anyone who wants to work and live in this society must use their system they have set up which means you mush actually pay to get the money that your check represents or you must have an account at one of their banks.

Now I have a LONG STANDING account at one of their banks so I can cash my paychecks for free and not pay a fee for being paid for my labor...already I dont like it but oh well, they made up this system and force it on us so I gave in. This is a system THEY have set up, operate, and govern which puts our money in their hands so they can invest and make money off my money they have done their best to force me to give to them.

Well here is a new twist I was previously unaware of that has now effected me. I did work for a company (a large one) and they paid me in a check for 12,000 USD. I decided to use that money to pay off a loan and some other things. I waited until it showed up in my account as available funds and then I made the payment.

Well, the bank refused to make the payment and because they ATTEMPTED to make the payment and could not, they charged me a fee. I get a letter telling me that because of the below federal banking dictate that they will be holding on to the money for 7 days and although my account will say it is there, it will not be able to be used.

Now I called asking why they did this and the first lady I talked to said the check had not cleared yet...when I started questioning this as the statement shows it was there and the company that gave me the check said that the check cleared they passed me on to a supervisor.

Let me say also that I tried to pay my mortgage from this account, the mortgage is WITH THIS BANK and they denied payment TO THEMSELVES even though I had previous funds available for this showing me that now, not only are they denying me the money for the check but have denied me funds I have in the account already...

Supervisor tells me that this is because of the failed attempt to transfer the 12,000 dollars which caused them to effectively freeze payments from this account over a certain amount!!

Supervisor tells me that they will refund me the charge for the failed payments then and there (I was flustered and not happy) but was simply unable to release my money to pay the larger amounts until the 7 days.

Now I thought that maybe they were REQUIRED to do this by law for checks over a certain amount but they arent. The article below is what they federal reserve has allowed themselves to do at their own discretion, and we have allowed them to do to us. They did not have to freeze this money for 7 days, they just choose to do so, the federal reserve leaves this up to the bank itself to do this and of course since the federal reserve is controlled by these privately owned banks, they of course do this when they wish. Here is the law these banks have made for themselves to allow them to refuse to give you your money:

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Regulation CC: Availability of Funds and Collection of Checks
12 CFR 229


The Expedited Funds Availability Act (EFAA), enacted in 1987, addresses the issue of delayed availability of funds by banks. The EFAA requires banks to (1) make funds deposited in transaction accounts available to their customers within specified time frames, (2) pay interest on interest-bearing transaction accounts not later than the day the bank receives credit, and (3) disclose their funds-availability policies to their customers. The EFAA is implemented by Regulation CC.

Section 229.10 Next-day availability
States that the regulation requires that cash deposits, wire transfers, and certain check deposits that Congress believes pose little risk to the depositary bank, such as Treasury checks and cashiers checks, generally be made available for withdrawal by the business day after the banking day of deposit.
Section 229.11 [Reserved]

Section 229.12 Availability schedule
States that proceeds of local and nonlocal checks must generally be made available for withdrawal by the second and fifth business day following deposit, respectively. A local check is a check deposited in a depositary bank that is located in the same Federal Reserve check-processing region as the paying bank, and a nonlocal check is one deposited in a different check-processing region than the paying bank.

Section 229.13 Exceptions
Provides certain safeguard exceptions to the availability schedule for new accounts, large deposits, repeatedly overdrawn accounts, emergency conditions, and other circumstances. A depositary bank that invokes one of the exceptions to extend the availability schedule generally must provide notice to its customer.

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My case comes under the heading of 'large deposits'.

The check I deposited was not from an individual or even a small company but a multi-million dollar well known company so certainly they couldnt have thought this was drug related or terror related...because of course when a drug dealer scores 12,000 dollars they cant justify the first thing they do is deposit it to create a nice long paper trail

So in essence the bank told me that although they are not required by law to do this, they have done it and they refuse to lift it once they have done it...regardless of whether I have bills to pay or need this money...they dont care, whats done is done, they will hold on to my money for 7 days...period.

Now do you think this concerned bank is right now investigating me? diligently making sure that this multi-million dollar company and myself arent up to no good? I certainly haven't receive any inquiries about the money nor has the company that gave me the money...they are just holding on the the money and maybe they can make a buck or 2 in that time before they release it...they figure if I put 12 thou in their banks they should have at least 7 days to play with it...on paper its more for them to leverage in investments and Fat Ass Bankers can make a few more bucks off me and hell, I can wait to pay bills.

At one time our money was worth its weight in gold and silver...now it is worthless The federal reserve system is a huge secretive system propped up merely on their word...the money is back by nothing but the word of this small group that it is worth something, much like the monetary system of post WWI Germany...

So these bankers have concocted a convoluted system and given us paper and cheap tokens and tell us it is worth something and have artificially hiked the value of gold and silver so that many simply couldn't get their hands on it, more for them.

Believe it or not at one time our money WAS silver and gold...Just like that gold British sovereign that is very worn, its hard to believe but at one time people used gold as money in circulation...now gold isnt even a part of our monetary system...I couldn't pay with gold even though the gold is worth more than most things I buy, now if you even want to use gold you have to give it to them and take their paper which they WILL NOT in turn cash in for gold and silver at face value...you would again have to BUY it like a product (with axtra for transaction)...amazing.

I have now decided to keep an account with the bank that has 100 dollars in it so my employer can transfer funds into and I will liquidate this immediately into cash and precious metals and keep everything in my safe...they will not enrich themselves off me anymore and I will not allow them to take and hold my hard earned money arbitrarily...what a joke.

rant over...

 

That's absolutely correct. One serious rant.

 

Tell them that you are going to close your account and re morgage elswhere and that you intend to inform all your freinds, relatives etc of the manner in which you have been treated by this bank, emphersise that you are bringing this to the attention of your local media, senetor & congresperson Send the letter to the president of the bank LOL

De Orc

 

Perhaps try a credit union. You may still run into problems like you have just described, but the worry of fat cat bankers is alleviated. My CU is a non-profit organization and its elected board of directors are not paid for their positions. This results in higher dividends paid to members... as compared to banks. When I make deposits, I always put the money into savings and then transfer the money to checking online as I pay my bills. Except for the time between the point when I send a payment and when the payment actually clears, my checking account rarely holds more than $.05. Now, of course I won't get rich off the monthly earnings, but it's something in my pocket and is a whole lot better than paying fees.

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. -Thomas Jefferson

 

Drusus,have you thought about opening an account with a credit union or a building society? I know that in England,building societies are allowed to exercise all the functions of a bank,even to the extent of issuing their own cheques.The building society is actually owned by the customers,as opposed to being owned by a board.

Aidan.

 

I have told them that, did no good.

My wife has an account at a credit union where my wife keeps some of our money and you are right, that is probably a better way to go. Me and my wife discussed this and she brought it up. We are thinking that we might close down everything and use that exclusively.

That quote of Jefferson's is so true...gives me just that much more respect for the man that he forsaw the horrible mess our monetary system would become.

 

Drusus,

You completely understand the situation. It should also be noted that many banks put a hold on the balance when you deposit a check from the US Treasury for a tax refund. Maybe they think it will bounce. I use a credit union for the types of services you describe, which is better than a bank in my opinion, but by no means perfect.

 

Chuckle, how long have you been banking??? Seriously though, this has irked me many times when I deposit large checks from various institutions and private citizens. One reason I always place checks like this in savings. At least I can make a little while I wait.

Direct deposit is best I think when dealing with the IRS though.

Take Care & Merry Christmas
Ben

 

Drusus,
I feel your pain. I recently deposited a substantial check from one of my relatives. Bank of America told me the funds would not be available until 10 days later. The bank this check was written from, requires a minimum balance of .5 million dollars. The funds cleared from the account the check was written within hours, yet my money still isn't available to me. And why, because the jerks at bank of america are using it to make money I'm sure. This should be illegal. It doesn't take 10 freaking days to verify the funds have cleared.

I can't even describe how angry this situation has made me. I spent hours trying to get this resolved to no avail. I was even told by their incompentent, uneducated, idiotic customer service, that if I went to the actual bank, they could call the other bank, verify the funds, and then have the ridiculous hold released.

Nope, I went into work 4 hours late, so I could go the bank before work, and was told, that only customer service could help me, and not the bank manager. I could go on, but just thinking about it is making me too angry, and I almost NEVER get angry. grrrrrrrr.

 

Oh, I also sent an email to Bank of America yesterday, explaining that the funds cleared immediately from the other account, the other accounts minimum etc, and I asked in light of all that, why are my funds not available?

The response, federal law allows us to hold funds for x business days.

That didn't answer my question!!! I hate Bank of America.

 

Just wait until you try to close an account with B of A. You can't. You can take all of your money out, but the account will remain open forever. I've made multiple attempts to close out an old B of A account that hasn't had a cent in it for years, but I still get my statement every month with the zero on it. They are terrible.

 

If that is the case leave 1c in the account and let them wast money sending you statements LOL after all it will no longer be your money that they are wasting.

Nadolig Llawen a Blwyddyn Newydd Dda


De Orc :whistle:

 

thats exactly what they said to me, no help, just stating what the law 'allows them to do'. I asked if EVERYONE who puts in a large check has to wait 7 days and he said 'I cant speak for others accounts, only yours'...I worded it differently 'Is it your policy to deny everyone their money for 7 days on a large check' he said 'It is our policy to follow (insert policy to keep money here) when appropriate.' so I ask 'Did you just pick me for some reason then? You didnt HAVE to hold the money thus I assume you CHOOSE to hold my money and CHOOSE not to hold others money' he said 'I cannot say we happens to others, it IS case by case basis' so I ask 'what about this case caused you to do it to me'...he says 'we sent you a note explaining why'...the note said 'its a large check' ....what a joke.

Oh well...go figure, I will remove myself from that bank.

 

That would be a waste of 1 cent because they will apparently send the statements forever even if there is no balance and no activity for years.

 

just an update, since I attempted to make the 12000 payment online (once it told me I had the money but apparently I didnt) it seems that the bank automatically attempts to make the payment again after a day. This time it seems that they had released 5,000 of the 12000 of my money and the payment went through in overdraft of 7000. Since I have overdraft protection, it drew 7000 out of my credit card and left me with 0 in my account for the holidays...nice of them. Since I had maybe 100 or so left in there I tried to order a pizza and was declined which is how I found this out.

I will, when this is over, liquidate this account...I will also attempt to lodge a complaint to the highest level I can about what they have done to me, it will do no good but I want some record of it somewhere to at least say I tried.