Results 1 to 7 of 7

Thread: I just created my first lawful money account.. I think

  1. #1

    I just created my first lawful money account.. I think

    Hello all!

    I just opened an account with a local bank a couple weeks ago with the redemption verbiage added in the signature card. I feel like I have been studying lawful money pretty thoroughly for the past few months, and that I have a firm understanding, but I still have doubts. These doubts could just be because I am nervous/excited.

    It was quite the learning experience! I walked into the bank and asked to setup an account. They sat me down with an employee who helped me get everything in order. When handed the signature card, I used one of the examples found in this video - "All transactions redeemed in lawful money per. 12 U.S.C. 411" -

    I admit I should have used my own words instead of "copying and pasting" and this means I was probably not as prepared as I had thought. Regardless, the employee looked everything over without expressly acknowledging the signature card, and we proceeded with getting the account established. After the account was setup, and I was on my way, a different employee (likely the manager/supervisor of the employee helping me) stopped me and asked about my signature card. She was concerned by it, and asked me to explain what I meant by it. I told her that it was the type of endorsement I wished to use for the account. I think she was more concerned with "All transactions" more so than she was with the lawful money aspect of it because she responded by telling my that the bank was not liable if any transactions did not abide by my demand. What she told me (paraphrasing) was that the Check 21 Act Public Law 108-100 allowed the bank to process digital checks and to convert paper checks to digital checks, which results in group, or rapid, processing. This means that there is not someone looking at each individual check. She also said that banking has changed since 9/11, but did not give any further examples of how. So, it seems to me that she was clarifying the bank not having liability if a check went unnoticed, and not redeemed for lawful money. Also, in my contract with this bank under the DEPOSIT RULES they state that "[W]hile we may accept non-conforming endorsements, you will be responsible for any loss incurred by us due to the delay in processing or returning the item for payment."

    I understood lawful money, and the redemption thereof, to be more of an accounting and tax issue instead of something more tangible like actually receiving different notes. Having the redemption verbiage on my signature card makes this account a lawful money account, correct? Further, all deposits into this account will be redeemed in lawful money regardless of paper check, remote deposit, direct deposit, etc., correct? I receive paper checks from work and will write the redemption on the rear with my signature for the sake of being thorough.

    I truly appreciate the people at StSC! You all are such intelligent people, and very generous with what you know. I hope to be able to contribute, and be a productive addition to this group soon!

    Thank you all very much, Ryan

    Name:  Screenshot_20180624-131430_1.jpg
Views: 102
Size:  114.4 KB

  2. #2
    I deposited $40 right after the account was opened, so it is active and exists!
    Are the 40 dollars (2 $20 dollar bills) that were deposited now lawful money since they were deposited into the lawful money account?

    Thanks again, Ryan

  3. #3
    Senior Member Michael Joseph's Avatar
    Join Date
    Mar 2011
    Location
    peaceful inhabitant on the Earth
    Posts
    1,419
    Quote Originally Posted by Soulution View Post
    I deposited $40 right after the account was opened, so it is active and exists!
    Are the 40 dollars (2 $20 dollar bills) that were deposited now lawful money since they were deposited into the lawful money account?

    Thanks again, Ryan
    Remember language matters. The prefix "de" means to abandon. So de-posit is in a sense an unsecured loan. Consider the term delivery. Now consider this statement " I made the livery of widgets upon the client". One who makes the livery of property has rights retained in said property.

    Demand is made for Lawful Money is a claim upon which relief may be granted of the existing Trustees who occupy in government.

    Best regards,
    MJ
    The blessing is in the hand of the doer. Faith absent deeds is dead.

    https://www.lawfulmoneytrust.com

    ONE man or woman can make a difference!

  4. #4
    Thanks MJ!

    Teaching is learning, so we create when we speak.

    The clerk notified Soul that special deposits might not be. But the demand is made.
    Last edited by David Merrill; 06-25-18 at 10:04 PM.

  5. #5
    I have not done this yet as to changing my bank signature card for the accounts I have. However, I have sent a notarized sworn affidavit to the U.S. Treasury Department with no rebuttal or refusal with the return receipt in my possession. Would this step supersede the step for the bank as it's the U.S. Treasury and it's still following the law as stated per Title 12 ss 411? I demanded all lawful money " nun pro tunc" for all my banking with this affidavit. Should I proceed with this method as Soulution was successful, or do I only need to inform my bank of said affidavit?

    Congrats Soulution on your success!

  6. #6
    Quote Originally Posted by DTBA View Post
    I have not done this yet as to changing my bank signature card for the accounts I have. However, I have sent a notarized sworn affidavit to the U.S. Treasury Department with no rebuttal or refusal with the return receipt in my possession. Would this step supersede the step for the bank as it's the U.S. Treasury and it's still following the law as stated per Title 12 ss 411? I demanded all lawful money " nun pro tunc" for all my banking with this affidavit. Should I proceed with this method as Soulution was successful, or do I only need to inform my bank of said affidavit?

    Congrats Soulution on your success!
    If you have proof of service just keep stamping paychecks with your demand. I use mine for my signature anymore.

    Thank you for your redemption. Things are getting better.

  7. #7
    Junior Member
    Join Date
    Sep 2014
    Location
    FEMA Region VIII, formerly Denver, CO
    Posts
    12
    I also just created a new LM account at WF very recently. I'm excited to start using direct deposit again after a few years of frequenting the bank and losing an occasional check in the mail. Congrats to you for taking this step.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •