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Thread: Is a bank required to have adequate cash (FRN) on hand to cash out a large check?

  1. #31
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    One hundred & forty thousand dollars, is that for real, Marcel? I think you set a record with that one. Most redeemed lawful money in a transaction - ever.

  2. #32
    We have a much broader history of redemption Lorne:



    Millions of dollars transferred through multiple trust accounts shut the whole chain down. Likely the OCC was on them for not entering the non-endorsements as special deposits.

    First they contacted the trustees and told them to quit making claim/demand. When the trustees said they would sign as they felt fit, they shut down the accounts just before closing shop for good.

  3. #33
    Yes, my $140k lawful money deposit was "for real." But millions redeemed has me beat. I recall reading here about that closed credit union but cannot find the thread. That's great evidence!

  4. #34
    Quote Originally Posted by David Merrill View Post
    Fine then; I am just taking this where my interests lie.



    My experience tells me that the real hurdle here is getting insurance for yourself as a member bank. Not becoming one. I have shown many times here an image of how the requirements are very lax, becoming a member bank. I believe simply endorsement of private credit works. But you have to follow all sorts of guidelines from the OCC to be insured against a run on your cash in the mattress, or theft while you go to the grocery...
    Here is an idea: why not combine insurance and banking into one entity as far as function?
    Last edited by shikamaru; 08-21-18 at 12:13 AM.

  5. #35
    In many ways this is already fractional and reserve banking.

    By endorsement you insure that the bills in your wallet will remain without claim to lawful money. You will pass these insurance policies on unclaimed.

  6. #36
    Quote Originally Posted by David Merrill View Post
    In many ways this is already fractional and reserve banking.

    By endorsement you insure that the bills in your wallet will remain without claim to lawful money. You will pass these insurance policies on unclaimed.
    Bills are notices of debt.

    Fractional banking is one thing. Reserve banking is something different.

    Fractional banking leads to boom and bust cycles of the money supply (and economy).

    Reserve banking is 1-to-1. A dollar doesn't go out that isn't linked to some security. Obviously reserve banking is more secure and stable than fractional reserve banking. I'm glad you mentioned reserve banking, thank-you. Reserve banking is soon to go into personal practice ....

    Insurance is about risk or rather the transfer and spreading of risk from an individual to a pool of insureds.

  7. #37
    Quote Originally Posted by shikamaru View Post
    Bills are notices of debt.

    Fractional banking is one thing. Reserve banking is something different.

    Fractional banking leads to boom and bust cycles of the money supply (and economy).

    Reserve banking is 1-to-1. A dollar doesn't go out that isn't linked to some security. Obviously reserve banking is more secure and stable than fractional reserve banking. I'm glad you mentioned reserve banking, thank-you. Reserve banking is soon to go into personal practice ....

    Insurance is about risk or rather the transfer and spreading of risk from an individual to a pool of insureds.
    You have me thinking...

    Thanks!

    Fractional and Reserve banking are different? I would like you to use this comic book by the Fed if it is adequate in detail. I have equated them in my mind and would like to get correct definitions.
    Last edited by David Merrill; 08-27-18 at 12:33 AM.

  8. #38
    All United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor.

    After visiting a doctor, I attempted to pay my co-payment with cash, as I’d done several times before. The receptionist told me, “We don’t accept cash anymore.” I was astounded. This was the first time anywhere that I attempted to make a payment in person and could not use cash. I read her the statement on a $20 bill: “This note is legal tender for all debts, public and private.” She said, “I’m sorry; we take only credit cards, debit cards, and checks.” What do you think of their decision to no longer accept cash? https://parade.com/433394/marilynvos...t-accept-cash/

    12 U.S. Code § 411 - Issuance to reserve banks; nature of obligation; redemption.
    https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

    Title 62 - Banks and Banking, Title 12 U.S.C. seventh, Title 18 U.S.C. §8.

    PBNBA Private Bankers National Banking Association. https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

    12 USC 411 of the federal reserve act states in no uncertain terms that federal reserve notes are for advances to federal reserve banks only, and no other purpose. That means you own a bank and are its authorized representative, principle, and owner of a federal reserve bank. https://www.youtube.com/watch?v=vEj4Tq1wsYg

    12 U.S. Code § 305 - Class C directors; selection; “Federal reserve agent”

    After all, those Federal Reserve Notes serve as a medium of exchange for goods, services and in settlement of debt. And Section 411 of Title 31 of the U.S. Code establishes Federal Reserve Notes as obligations of the U.S. government. http://www.signoraggio.com/signoragg...wfulmoney.html

    https://ru.wikipedia.org/wiki/%D0%A4%D0%B0%D0%B9%D0%BB:US_$20_1929_Federal_Reser ve_Bank_Note.jpgv


    https://www.google.com/search?q=the+...w=1366&bih=631
    "And if I could I surely would Stand on the rock that Moses stood"

  9. #39
    Quote Originally Posted by Chex View Post
    All United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor.

    After visiting a doctor, I attempted to pay my co-payment with cash, as I’d done several times before. The receptionist told me, “We don’t accept cash anymore.” I was astounded. This was the first time anywhere that I attempted to make a payment in person and could not use cash. I read her the statement on a $20 bill: “This note is legal tender for all debts, public and private.” She said, “I’m sorry; we take only credit cards, debit cards, and checks.” What do you think of their decision to no longer accept cash? https://parade.com/433394/marilynvos...t-accept-cash/

    12 U.S. Code § 411 - Issuance to reserve banks; nature of obligation; redemption.
    https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

    Title 62 - Banks and Banking, Title 12 U.S.C. seventh, Title 18 U.S.C. §8.

    PBNBA Private Bankers National Banking Association. https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

    12 USC 411 of the federal reserve act states in no uncertain terms that federal reserve notes are for advances to federal reserve banks only, and no other purpose. That means you own a bank and are its authorized representative, principle, and owner of a federal reserve bank. https://www.youtube.com/watch?v=vEj4Tq1wsYg

    12 U.S. Code § 305 - Class C directors; selection; “Federal reserve agent”

    After all, those Federal Reserve Notes serve as a medium of exchange for goods, services and in settlement of debt. And Section 411 of Title 31 of the U.S. Code establishes Federal Reserve Notes as obligations of the U.S. government. http://www.signoraggio.com/signoragg...wfulmoney.html

    https://ru.wikipedia.org/wiki/%D0%A4%D0%B0%D0%B9%D0%BB:US_$20_1929_Federal_Reser ve_Bank_Note.jpgv


    https://www.google.com/search?q=the+...w=1366&bih=631

    Very nice! Pay particular attention to Footnote 4 of this Treatise. I think the paper describes the distinctions between reserve banking and fractional lending. I had lumped them together by 1913. Thanks again for causing me to reconsider.

    Now...

    Do you consider there to be any distinctions between "member bank" and Federal Reserve Agent?
    Last edited by David Merrill; 08-27-18 at 04:34 PM.

  10. #40
    Senior Member Michael Joseph's Avatar
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    Quote Originally Posted by Chex View Post
    All United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor.

    After visiting a doctor, I attempted to pay my co-payment with cash, as I’d done several times before. The receptionist told me, “We don’t accept cash anymore.” I was astounded. This was the first time anywhere that I attempted to make a payment in person and could not use cash. I read her the statement on a $20 bill: “This note is legal tender for all debts, public and private.” She said, “I’m sorry; we take only credit cards, debit cards, and checks.” What do you think of their decision to no longer accept cash? https://parade.com/433394/marilynvos...t-accept-cash/
    I think it is time to find a new doctor. As for the one mentioned hereinabove, I would say his services are free, at least to you. Else his firm is in breach of the public trust. A "can I have your business card" should do nicely for a judge to render judgment in your favor - should it come to that. What I mean is one who is registered to make a use of the State and, for that matter, is operating under a license issued by said State in capacity of a Professional Corporation, is naturally subject to the laws of the State. And that is why I relate there is a public trust concern.

    A couple years back we were on a trip from North Carolina to Indiana. When I go on such trips I usually carry a minimum of 2500 in cash in case something happens that is unexpected. That year I forgot to change some of the 100's into 20's before I left. Finding that we were almost out of gas in Kentucky we stopped at a large gas station. I told my wife that I would pump the gas if she went in and paid the clerk so it was a deal. I was waiting and waiting and waiting in the cold until finally I got frustrated. I told the children to hang tight and I would be back shortly. So when I went inside, my wife was shaken and the clerk was adamantly demanding that he was not going to take a 100 for gas.

    I tried to be humble and peaceful so I told him we were fueling up and most likely it would take around 60 so he should not have any concerns. He just dug in deep and would not move off his position. We had no choice as we don't have credit cards but to pay in the cash that we had. So that clerk got an unwanted education that most likely gave him diarrhea for the rest of the day. I wheeled on him and said so you are intent on breaking the law?, in that case the gas is free - the police will be here shortly to enforce the free gas. So I called the local police department and explained myself.

    They got on the phone with the clerk, most likely annoyed, and just like that the clerk accepted the 100 for gas. It is a shame that one must go to such lengths but then again, if one does not stand for one's right, then one has no right. When we got back on the road, my wife asked me "how do you do that?" I responded because God allows me. There is not other answer. And experience has shown me that this is true.

    I carry a mobile phone with me in case I need to record a conversation for evidence sake. Let's say that some corporation tried to push me with the argument that FRN's are not money of the United States or some other such non-sense, then that is easily defeated by LEGAL TENDER - therefore non-acceptance is breach of the public trust.

    Said doctor-tator is your creditor if services were rendered without payment being first received.
    The blessing is in the hand of the doer. Faith absent deeds is dead.

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