ABSDOLUTELY STUPID New Rules

[coinman123]

 

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[Honest Samuel]

With credit cards, there is no need to have a large amount of cash on you, or in your home.

 

[ScubaDetector]

With credit cards, there is no need to have a large amount of cash on you, or in your home.

I don't feel like a grand is a large amount and I don't trust the government or the banks. So I will keep gold, silver and cash around for laughs and giggles.

 

[Tom_in_CA]

I could imagine someone turning in a solid gold colonial shoe buckle to the police as lost & found,....

All of us md'rs rationalize that most of the objects we find are years, or decades or 100+ yrs. old . Right ? Hence "no one's looking for it any longer, hence no need to obey lost & found laws". Right ? So I passed this question past an attorney, who said that .... technically , ... the law makes no distinction on when YOU think the item was lost. Otherwise, everyone would forever be rationalizing and turning nothing at all in. And besides: As we all know, sometimes an old object is shallow and a new object is deep. So you can't be 100% certain when an item was lost.

Also the law makes no distinction on how to value an item. Eg.: intrinsic melt value ? (in which case a late model apple phone only has .99c in silicone and plastic?) Or value when new-in-store ? The re-sell or collector value ? etc.... The attorney told me to turn in the items to the police, and let them decide valuation method (yeah right, haha)

And how about collectible coins that exceed your state's dollar threshold ? (A 1916D merc. worth $700, for instance). It's *possible* that a modern day collector lost that, eh ? There was actually a case here in CA where a nerdy 4th grade kid took his dad's coin collection to school for show & tell. He then passed them out to classmates during recess, to "make friends". The other kids lost them all over the school yard (treating them like play-money). Ok, you tell me: Do the coins now belong to the next lucky guy with a detector ? Since the value printed on the face of the 1916D merc is "10c", not $700, right ? If you were that coin collector, do you think the coins are still yours if someone else found them ? Or do you willingly tell the md'r "congratz on finding my coins you get to keep" ?

 

[Chadeaux]

View attachment 1424734

Weird writing on them screens you guys are showing ... shouldn't it look more like this?

 

[BosnMate]

This is the first I've ever heard of a bank wanting to know where the money came from. I've made some very large deposits over the years, but they all have been checks. When Mom died, I deposited 85 Grand in the bank, and the teller asked if it was an inheritance, I said yes and that was all there was to it. Thinking about it, most all my transactions are debit or checks. I haven't borrowed money to buy a house or a car for a long, long time, so this is all new to me. Welcome to the "land of the free."

 

[sprailroad]

And with credit cards, (and debit) cards, your every move can be tracked.

 

[diggummup]

I am not allowed to have a grand at home and use it for earnest money to buy a home. That is FEDERAL LAW.

Please show me this "law" in writing.

 

[ScubaDetector]

Please show me this "law" in writing.

I wish I could. I can't find it. My realtor said it was a new law put into effect by Obummer to help the war on drugs. However, they can only look back 60 days and no further into your finances. Pretty strange

 

[ChampFerguson/TN]

With credit cards, there is no need to have a large amount of cash on you, or in your home.

I'm gonna lay odds that you've never been skimmed by a credit card reader. Happened to my wife and she now pays cash for all but the largest purchases.
(and yes, she has her HCP and is well trained)

 

[Deft Tones]

Posession is nine-tenths of the law.

How would anyone prove he was not the golds owner after it's been refined?

He only need to shoulder the burden of proof because he wants something from the bank.

 

[ChampFerguson/TN]

I have an account with Bank of America so I can use their ATMs as I travel around the country. I often only use it every few years so I will go to my local branch in January and deposit $100 or so to make sure the account is still alive.

This January, I was told (very nicely) that I had to show my DL to make a deposit of any kind. They agreed it was beyond stupid, but insisted it was a "New Law'. They even had my BOA issued picture ID but that wasn't enough. I mean, for crissakes, they already have my SSN and DL from the account opening and my pic matches their own issued ID!

So I started asking friends to check with their banks. I asked my credit union where I do all my real banking and they had never heard of any such thing. Nor have any of 3 other banks that friends use. My conclusion is that it is simply a BOA rule and they lied to me. Next January I am going to deposit a quarter and see what they tell me. If they had a competitor that had as many and as scattered ATMs I would already have dumped BOA.

 

[Donsell]

$2853 is a large deposit?

The world has gone insane.

 

[ScubaDetector]

Ok... so,I'm not so sure this is a new rule, as much as it is an application of existing "documentation requirements." I've known enough loan officers that this question of "why do I need to document my income to this level of scrutiny?!" Has come up many times.

The short answer is that banks/loaners are trying to ensure you didn't come up with the cash by getting another loan. The 60 day requirement ensures a loan shows up on a credit report if through legitimate means.

I understand that. That is why I gave them the ARA receipt. However after that they came up with me needing proof the gold was actually mine to sell. So if I sold my scuba gear or my silver coins, HOW could I ever prove I owned them? I have way over a grand in silver. What proof would I be able to give to show I owned silver coins? IMPOSSIBLE

 

[Duckshot]

Make em prove the money they loan you is theirs to loan by demanding an account of all serial numbers of all bills borrowed- after they give it to you.

 

[coinman123]

Weird writing on them screens you guys are showing ... shouldn't it look more like this?

View attachment 1424765

Mine was photoshopped lol!

 

[SusanMN]

I am not allowed to have a grand at home and use it for earnest money to buy a home. That is FEDERAL LAW.

I absolutely agree this whole fiasco is STUPID. How does anybody prove they own anything they sell and make money off of unless they have a title or a bill of sale for it that they kept forever. I have absolutely no proof I own my scuba gear or detectors. So how do you prove anything you have was yours to sell? Mind boggling.

No, I don't think it is a law. Yes, the federal government does some lending via FHA but if you go conventional loan, that is a transaction between you and the lender, not the government. Banks may be intending to hold the loan themselves, in which case they set their own underwriting standards, or they may intend to sell the loan to others in which case they may use the intended mortgage purchaser's underwriting standards. If you are going conventional, then try another lender. Credit unions who hold their own loans are usually the easiest to work with and to get a loan approved.

 

[Bramblefind]

I don't know that this will work but if it were me I would just sign something like this before a notary (and have it signed and stamped). Then submit it to the bank and see what they say.

__________________________________________________________


At the request of Quicken Mortgage I hereby make the following statement to clarify the deposit in the amount of $......................... made into my account #..................... at ……….…………..... (Bank) on ……………., 2017.
This sum of $..................................... was the total of the melt value for …………. ounces of scrap gold which I sent to …………………..… for liquidation in anticipation of the closing on the property located at ………………………….……………

This scrap gold was owned by me free and clear of any lien or obligation. I accumulated the sum total of this scrap gold from various sources over the course of many years. I did not receive any portion of this scrap gold from any other party to the transaction for the purchase of the property located at …………………………………………………..

I certify the above statement as true and correct under penalty of law.


Dated:
___________________________
Signed:

State of ________________

County of _______________

Sworn before me this _____ day of ______________,2017


_______________________________
Notary Public Seal

 

[Duckshot]

It is none of their freaking business in my opinion.

Never sign your name to anything.

 

[G.I.B.]

For 2.5% and I'll send you a sworn statement that you bought it from me.