33 sats \ 1 reply \ @freetx 17 Jan \ on: Why I'm Bullish 4: Becoming Your Own Banker bitcoin
I had my biz bank account shutdown and was due to employee "error" that I got thrown under the bus for.
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I did a job for a client that runs a retail store, the total came to about $14K and the client wanted to pay me in cash
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I went to bank - with invoices, my ID, associated business papers, etc to deposit money
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I knew about $10K limitation on deposits, so I expected some type of questions, forms to fill out, etc - to my surprise there was nothing. The teller simply took money and didn't even ask me for me ID. Well thats a relief I thought....
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About 2 weeks later I receive frantic call from bank manager telling me that "higher ups" were insisting that my account to be closed at end of the month. During the call, it becomes apparent that what happen was this: The teller was supposed to fill out the form, but forgot to do so, by the time head office started investigating the missing paperwork somehow it was decided to close my account? wtf? The manager was super-guilty sounding and very apologetic....of course I was very angry at this: I had done everything that I was asked to do, yet I was being punished?
But the good news is this (well besides existence of bitcoin):
The $10K limitation was put into effect in 1970. At the time, $10K was conservatively about $90K today....so it was a rather "large cash transaction"
Point being: more and more bank customers are going to encounter this as the currency devalues to the point of $10K being a new iPhone in coming years....and this is going to force these customers into looking for other solutions....
A huge part of the rational for all these types of rules is the war on drugs. Which is what most of the so called money laundering prevention is targeting. My guess is that these rules only catch the dumb criminals. Like most freedom restricting laws they mostly affect normal people just living their lives.
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