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

[David Merrill]

David, au contraire, my unwitting mentor. I have followed your work casually for a couple years now, and I endorse EVERYTHING of a fiduciary nature with "REDEEMED IN LAWFUL MONEY PER 12 USC 411" and then my signature.

However, you just clued me in to something I obviously missed along the way: by demanding lawful money I am not subject to unspoken rules regarding availability of funds on hand? If this is the case, it is something I will definitely pursue the next time. I will be earning more 4&5 figure checks in the future, and will be happy to do some experimenting. A pointer to what I should be studying is welcome.

Of note was that the upper level fixer that rounded up the money for me volunteered some additional information that was interesting: she said when she spoke to my hometown branch she asked if they could handle cashing the check and she told me that they told her yes; she then said she asked them if it would impact their reserves at all and she told me they said no. So it would seem the only reason they gave me grief was not because they didn't have the cash but because (speculating) their policy did not allow the cashing of such a check to a non-customer without prior arrangements. Otherwise, their reserves can handle it.

Adjusting to the new information then...

If you had been endorsing the FDIC would have had it covered. So the waiting and grief they gave you was probably because you were outside the scope of fractional lending with your Demand?

I love how very revealing this is.

[Chex]

Interesting subject on ID cards. Googled ID card looks like a driver license, but is used for identification purposes only.

Here is what some had to say

http://www.michigan.gov/sos/0,1607,7...668---,00.html

http://www.dds.ga.gov/drivers/DLdata...47740603&ty=dl

http://www.dds.ga.gov/secureid/accepteddocs.aspx

http://www.gathergoget.com/

There are two types of identification licenses which may be obtained for identification purposes only. No testing is required (LOL) Why thank you. http://tn.gov/safety/driverlicense/idonly.shtml

Identification (ID) cards. DMV issues ID cards to persons of any age. The ID card looks like a driver license, but is used for identification purposes only. A regular ID card is valid for six years, and a senior citizen ID card is valid for 10 years. To qualify for a senior citizen ID card, you must be age 62 or older. http://www.dmv.ca.gov/dl/dl_info.htm#idcard

[Moxie]

Browsing one of the above links, I found this quote:

Any applicant who does not have a Social Security Number (SSN) shall complete an affidavit, under penalty of perjury, affirming that the applicant has never been issued a SSN,

If someone has been issued a SS, how does one get around this?

Or, if the SS is already on the drivers license application on file, how does one get around the clerk to correct it?

[keith]

hello all,

iam new to this forum as of today, but with many years now of studying you all's hard work and research.
i was wondering if any could help with a question i have regarding SSN being required to cash paycheck as i have read in this thread
it would not be required. although this thread is of an older sort, could there have been changes to law that does now require such(SSN)?
i am having issues with getting my paycheck paid at a local institution for it being an amount over 3000$. i do not work for a foreign entity
and the owner of bank has known me all my life but still insists on the SSN to get my payment. i am posting a copy of email sent from one of his lackeys
as per his supposed regulation to ask for SSN. i cannot find where any legislation has been changed in the past year as to these purtaining to me.


Keith,



I have come up with the following information for you….



“Pursuant to the Federal Code of Regulations 31 CFR Chapter V, all banks (not just AimBank) are required to comply with regulation written and enforced by OFAC. This includes regular screening of bank transactions and customers in order to prove compliance with these rules. If AimBank (or any financial institution) did not prove compliance with OFAC and similar identification requirements, considerable penalties would most likely affect the bank’s ability to support its customers and community.”



This is one of the many rules/laws the banking industry has to follow as a result of 9-11-01 that we all have to live by.



Let me know if you have other questions on this.


am i wrong but would their customer need to be vetted for suspicious activity under these rules? and are they perhaps suggesting their customer is of some nefarious organization? this company i work for is one of the biggest in my small town, which no one is considering the company a bad group. im sure it is just more run around because banks are notorious for but why in just the past month have things changed? as i say i cannot find any chanes that would effect me in this . could any of you all help in this regard if you have any insight or experience dealing with this type of situation?

thank you for your consideration
keith

[David Merrill]

It probably falls into "identification requirements" of the bank.

Your post seems to lack an important piece of information. Do you have an account? Or are you cashing the check at your boss's bank? I think that either a trust account # or SSN is required to open an account. If you supply a trust account # the First Trustee must provide the SSN too.

I came across something when declined for a fishing license due to not providing a SSN.





Now if you look up that citation you find the Sporting Goods store is responsible to provide that information. Then you look even closer to find that the SSN is not for identification purposes but that the SSA has been allowed by Congress to share the number for "identification purposes".

So there you have it. At least this smacks of it. The OCC and Homeland Security have the bank manager, not you. "Your" SSN still remains private. But you need that paycheck and if your pal at the bank cannot help you through your privacy issues then I doubt the bank on the other corner will.

Learn trust law. I have found that I came to peace with these things and am much, much happier after doing so. Another approach is my Lesson Plan. We have developed novel process in central banking, outside the scope of central banking - Redemption. So far, so good. If you look at the Albany Remand keep in mind please that for these several "incidents" there are probably a thousand successful lawful money refunds of withholdings. Plus that we can find the mistake that any IRS attorney would have seen in the demand/return process for these "incidents".

The frivolous penalty stalls. We have only seen one 2645C Letter and that is always good news! It usually means full refunds are on the way. Even including penalties and interest for the delay after your claim was made.

Attachment 5154

[keith]

forgive me for not putting those critical pieces of info in the post. no i do not have a bank account and it is boss's bank. i have been getting paid through this same bank now in the same process i've used for years now until recently (about a month ago) when i was refused payment. i did clearly ask them to provide what law made it compulsory for me to provide an SSN. if no recent changes to law then i am thinking i am dealing with an over zealous "patriot fool" or am i being foolish to not give in as my wife would call it? i do have reservations with doing so, in fact the owner of bank asked me
" what do you do when your doctor asks for your SSN?"
to which i replied "its none of his business", his surprised look was one for the ages. is this just conditioning on their part? or is this really lawful?

[lorne]

Cashed this one a week ago or so at a bank where I had no account. If I don't have the SS card on me ... then I can honestly say: I don't have a SSN. If the check is made out to LEGAL NAME then I can provide IT's SSN and still owe no tax on the income because I've redeemed lawful money. LEGAL NAME only used the Federal Reserve system as fiscal agent of the government to demand U.S. notes in the form of FRNs - lawful money. By law. See https://www.law.cornell.edu/uscode/text/12/411

[keith]

ok thanks for the responses, so i am to go ahead and supply SSN since the name on check is to B_-_-_-_ Keith B_-_-_-_-_ lower case (if that means anything)? i am not too familiar with trust law so i will spend some time studying these topics in the future. i have read some of te posts in that area but they seem so cryptic for my shallow mind to comprehend but i will sure give it a look.
thanks again

[marcel]

The larger issue is ... will you endorse private credit (of the Federal Reserve)?

[keith]

marcel, no i do not , i do not have a stamp i just write my demand. have been since mid year 2012 with no bank account. but as far as SSN goes and agencies asking for same, is it not a violation of privacy act ( 42 usc 408 (8) )