Thanks to all of those who responded. I will address each response in separate posts.
Merriam-Webster definition: 'negotiate - to transfer (as a bill of exchange) to another by delivery
or endorsement'
It is my understanding that I am negotiating my check (not negotiating currency), not by endorsement but by delivery, so that the bank can make the funds/currency available to me for deposit or withdrawal. When I deliver my check to the bank, the check being a bill of exchange which is a negotiable instrument, I negotiate the check or transfer the check to the bank so they can obtain the funds/currency which are required by the negotiable instrument/bill of exchange/check.
Yes, I made a deposit in my bank account. I cashed my check in lawful money at my boss' bank, took the US Notes which appeared to be FRNs, and deposited them in my bank. I already have lawful money in my bank account.
Whenever you sign for cash though, that will be an endorsement.
Are you suggesting I take a withdrawal slip with the demand and redeem the amount of FRNs currency I had in the account prior to depositing lawful money? Say I had $10 of FRNs in my account and deposited $50 of lawful money. Should I withdrawal $10 with the demand on the withdrawal slip? I could then deposit the $10 of lawful money at the bank the next day and would therefore have $60 of lawful money in my account instead of having both lawful money and FRNs in my account as I do now.
You are looking at lawful money as a noun; not a verb. It gets kind of rediculous to consider FRNs US notes if you get too physical. What is really happening is you are making a demand, and you got your bank all wrapped around the axle about the legal details. What I must do then is show your bank's response letter and pick through it line-by-line. I am glad to do that but will have to find time. It is a real treasure at this particular juncture of American History. My advice is typically that you don't get into the law enforcement of the bank, that it has to keep your funds separate from what it has in reserve for loans. Don't worry though, this is good to explain clearly - for everybody. You being educated about redeeming lawful money, but not being a suitor, you have them looking at the crimes they would be committing by treating your funds like they are bonded by you, when you demanded that they carry only the obligations of the US government, and nothing by endorsement of private credit from you.
They have attempted to wrap me around the term negotiate. I do agree that I am depositing funds not negotiating funds. An example of a time some one would need to negotiate funds would be if they received FRNs for payment. They would then need to negotiate, or redeem, the FRNs into lawful money. However, I will never accept FRNs as I will make a demand to be paid in lawful money if I am to receive currency as payment.
Think about it. Negotiating is an act of trading. You are not there to trade. You are there either depositing into your account, or you are cashing the instrument for the value on its face - or depositing some, cashing some. You are not negotiating - except if you endorse. Then you are involving yourself in the creation of money like that graphic novel by the Fed - and you are reaping the benefits (national debt), having to pay the price (Return of Income - Income Tax). In that case - endorsement - you are turning the instrument over to your bank for negotiation.
This will be clearer when I dissect the letter.
Yes. Fortunately sophistry will be overcome by the Truth.
Karl Nathan