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Thread: Notice and Demand to the Fed

  1. #11
    Thanks again for that link. I can appreciate destiny and heritage in coherence.

    That vault is located on the SE Corner:


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  2. #12
    Quote Originally Posted by David Merrill View Post
    That would likely be an electronic Signature Card then? They should be able to show or print it. Get online and look at the electronic form.

    Get both sides of the checks, especially after you begin redeeming lawful money.
    Will do. I have only non-endorsed 2 checks so far. That according to navy federal they are able to provide me with front and back copies. But going forward I will also keep front and back copies of my own.

    Come tax season next year I will not include paychecks that have been non-endorsed. Unfortunately, I will have to pay taxes on any income prior to that.

  3. #13
    Quote Originally Posted by allodial View Post
    Its to keep you from keeping a court of record of your own and to save on office supplies--of course they could scan everything and put it on flash drive --but then they would actually have to...

    She might be trying to tell you that the person opening the account not "true name". A simple alternative for 'signing':
    Hmmm, I will give that a try. basically john = true name and john doe = legal name? correct?

  4. #14
    Hmm, Just noticed something odd.

    I just made a payment on my auto loan online.

    I saw my payment was posted immediately after. Before it used to take the money out of my checkings account then 2 or so business days post to my auto loan...

    Now it's immediate. Probably co-incidence. HOwever, it is my first time making a payment since non-endorsing paychecks.

  5. #15
    Quote Originally Posted by enlightened View Post
    Hmm, Just noticed something odd.

    I just made a payment on my auto loan online.

    I saw my payment was posted immediately after. Before it used to take the money out of my checkings account then 2 or so business days post to my auto loan...

    Now it's immediate. Probably co-incidence. HOwever, it is my first time making a payment since non-endorsing paychecks.

    I am not saying it is so but that makes perfect sense within context of my above images. Your non-endorsed paychecks constitute special deposits. Therefore that amount of funding is sitting in the vault. It is a specific set of bills that the bank cannot touch and it is immediately available to you for use.

    Before, when you made regular deposits it took a few days to extract the funds from the system of fractional lending. Maybe it would be better viewed as Basil III risk management and final rule, that was holding things up.

    That is an interesting observation! Thank you. - And I mean interesting in the original sense of PAY ATTENTION. You have just revealed something very useful.

  6. #16
    Another thing I'd like to point out.

    Is that credit unions are insured by the NCUA. Also due to being a credit union funds deposited are lent out to existing customer base instead of investments like in regular banks. Is this still considered elastic trading?

    Can credit unions still serve as non-endorsers? Navy federal does not have any checking account product that does not accrue interest. I even asked for mine not to. They said they couldn't do it.

    Should I open an account at a regular bank instead?

  7. #17
    Quote Originally Posted by David Merrill View Post
    I am not saying it is so but that makes perfect sense within context of my above images. Your non-endorsed paychecks constitute special deposits. Therefore that amount of funding is sitting in the vault. It is a specific set of bills that the bank cannot touch and it is immediately available to you for use.

    Before, when you made regular deposits it took a few days to extract the funds from the system of fractional lending. Maybe it would be better viewed as Basil III risk management and final rule, that was holding things up.

    That is an interesting observation! Thank you. - And I mean interesting in the original sense of PAY ATTENTION. You have just revealed something very useful.
    I see.

    Thing is. The deposits were made into my checkings account which already contained endorsed funds. So essentially there is a mix of lawful money and elastic money.

    I highly doubt the existing elastic money has been converted to lawful money simply due to my first non endorsed check.

    Maybe lawful money is used first for any and all purchases then it defaults to elastic money once that is depleted?

    EDIT:

    just made a small payment to one of my credit cards. It did not post immediately. Maybe Credit cards are viewed differently then collateral loans...
    Last edited by enlightened; 10-18-13 at 03:14 PM.

  8. #18
    Yes! You are worth your weight in gold already, having just been cleared to post outright!

    Some US Bank (I believe) employees were fired and ten (suitor/trustee) accounts were closed down without explanation. A likely explanation is that the bank was caught by the OCC treating special deposits like regular deposits. So my presumption is that your bank or credit union is treating all funds in your account as non-endorsed special deposits, just to be safe.

    We (brain trust) have noticed that credit unions have much less concern about non-endorsement. I did not consider why carefully until you gave me some details. I figure that all you need for fractional lending is insurance for a "run" on the vault. Either the FDIC or the NCUA will run an armored car over should that ever happen. I suspect that the Credit Unions are not bound to federal risk management nearly as strictly as Banks. However the authority would likely be the insurance company?

  9. #19
    hmmm,

    I am concerned on why the teller couldn't see any restricted deposits for the last 2 checks...

    Maybe tellers can't and it is all done on the back end when they see the non-endorsement. ( I confirmed with the teller that all checks are scanned front and back into the sytem when sent to the actual bank holding the funds ) so it may not matter what the teller says it is all done in the back end. since after all checks deposited at other instutions other then the originating one has to go to the orignal institutional first for release of funds. So when you make your demand the originating institution PAYS in lawful money rather then elastic currency and the record stays with the originating bank.

    IF the receiving bank does not acknowledge the lawful money demand and funds... when clearly demanded. They are in breach of contract with federal government. Perhaps rendering them unable to place liens or litigation against you after you show proof paid for by lawful money and can actually in turn sue them for pains and grievances.

    I'll try to find the online signature for my account. If I don't have one then I haven't signed and given them the right to report anything to the IRS, or levy, place liens on my account.

    I'll go to another branch and update my signature card as I originally intended if that doesn't work. I'll serve them a notice with my intention to demand lawful money.

    It's funny, because when she said she didn't see a restricted deposit I said " well, you (the credit union) can get in trouble for that since you are lending out my money when I am clearly not endorsing it" she said " I am choosing to accept your check; we are not required to. I can return the check to you. If you'd like." I told her no I made my demand, you already accepted it and deposited it. it's the credit unions problem if you do not comply.

    When I left the bank everyone including people nearby were listening very carefully and looked at me like what did just happen.. lol
    Last edited by enlightened; 10-18-13 at 04:08 PM.

  10. #20
    I tend to avoid being concerned about what is happening on even the other side of the counter.

    IF the receiving bank does not acknowledge the lawful money demand and funds... when clearly demanded. They are in breach of contract with federal government.
    I do not think that is true. It is probably the actions that they do with non-endorsed funds that might get them into trouble.


    P.S. Keep your eyes pealed though. I surely appreciate you posting the details that you have observed!

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