Big Brother's Next Step: Monitoring Credit Card Transactions

[skorpion]

It seems as if Big Brother has no bounds these days. Remember the old saying, "Cash is king"? It's more relevant than ever before.

http://washingtonexaminer.com/cfpbs-...tm_medium=feed

Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner.

[alismith]

I thought they were already doing this.

[Schuetzenman]

The concept of Gov. looking at CC use is very old. Cash is the only way to buy and not create a trail. But withdraw 5K and the banks are required by law to report you to the Fed Gov.

[silentkilla]

The concept of Gov. looking at CC use is very old. Cash is the only way to buy and not create a trail. But withdraw 5K and the banks are required by law to report you to the Fed Gov.

why is this Shuetz? so your telling me i can't withdraw my own (HARD EARNED TILL MY FINGERS BLEAD) cash from the bank without getting reported(if it over 5k) to the gov..?? thats some shit right there!

[LAGC]

The government instituted that rule because they figure the only folks who deal with large cash withdrawals any more are drug traffickers.

After all, why would a law-abiding citizen not just write a check for something that much versus risking carrying that much money around on their person?

One of the byproducts of everyone forsaking the security of anonymity for convenience.

[L1A1Rocker]

This is how they plan to catch any troublesome "preppers". Think of all the things you purchase online tied to a credit or debit card.

parts kits
scopes
gold
silver
dehydrated food
mylar bags and 02 absorbers
solar panales

and the list goes on. Now the .gov will have a perminate data base to go back and see what folks have purchased that have 'come up on their radar'.

Now I'm thinking about those credit card like things you can get at WalMart - just pay cash for them and use those.

[FunkyPertwee]

This is how they plan to catch any troublesome "preppers". Think of all the things you purchase online tied to a credit or debit card.

parts kits
scopes
gold
silver
dehydrated food
mylar bags and 02 absorbers
solar panales

and the list goes on. Now the .gov will have a perminate data base to go back and see what folks have purchased that have 'come up on their radar'.

Now I'm thinking about those credit card like things you can get at WalMart - just pay cash for them and use those.

You can add guns to that list for me. Most of mine in the last 5 years have come from online.

[cootertwo]

Good luck withdrawing $5000 from your bank. Most now require a 2 or 3 day notice for anything over $3000. Cwazy chit going on for sure!

[raxar]

Now I'm thinking about those credit card like things you can get at WalMart - just pay cash for them and use those.

You need an SSN to get one of those.

[Dr. Gonzo GED]

They've been doing this for years.

A lot of crimes have been solved because some idiot bought items discovered as evidence with their CC or debit card.

[N/A]

You need an SSN to get one of those.

But not necessarily a real number...and certainly not your own.

[L1A1Rocker]

You need an SSN to get one of those.

Crap, did not know that. Will any number do, or does it have to mine?


A lot of crimes have been solved because some idiot bought items discovered as evidence with their CC or debit card.[/QUOTE]


But that's after they have a suspect and subpena the records. With the massive data collection and storage you can run an algorithm and THEN have a list of suspects spit out of the Bat-Computer. (Adam West would be so proud)

[silentkilla]

The government instituted that rule because they figure the only folks who deal with large cash withdrawals any more are drug traffickers.

After all, why would a law-abiding citizen not just write a check for something that much versus risking carrying that much money around on their person?

One of the byproducts of everyone forsaking the security of anonymity for convenience.

so an hk91 is out of the question huh? you just about need 5k for one now days. or a barrett 50 cal.

[LAGC]

so an hk91 is out of the question huh? you just about need 5k for one now days. or a barrett 50 cal.

Just make two withdrawals of $4999.

[silentkilla]

Just make two withdrawals of $4999.

lmao! might just try that!

[Gunner1558]

Just make two withdrawals of $4999.

Any transaction of $10,000.00 must be reported to the feds.

Anysuspicious pattern of multiple transactions must be reported to the fed.

Federal banking laws require the reporting of most large cash sums being moved, either as a deposit or withdrawal.

I remember the manager of one of NCYs largest banking institutions being questioned by a congressional panel regarding the twice per month deposit of some $7,000,000.00 by a drug mule for the columbian combine.
Said mule supposedly carried two suitcases of money into the bank, twice monthly, total weight of some 70#, and why were these deposits not being reported?

The manager replied that there was no possible way that he would be able to monitor every transaction that happened in his bank.

My conclusion was that there must be an awful lot of cash in and out of that office every day, that $7,000,000.00 in cash would be an unremarkable amount to deposit.

[L1A1Rocker]

Any transaction of $10,000.00 must be reported to the feds.

Anysuspicious pattern of multiple transactions must be reported to the fed.

Federal banking laws require the reporting of most large cash sums being moved, either as a deposit or withdrawal.

I remember the manager of one of NCYs largest banking institutions being questioned by a congressional panel regarding the twice per month deposit of some $7,000,000.00 by a drug mule for the columbian combine.
Said mule supposedly carried two suitcases of money into the bank, twice monthly, total weight of some 70#, and why were these deposits not being reported?

The manager replied that there was no possible way that he would be able to monitor every transaction that happened in his bank.

My conclusion was that there must be an awful lot of cash in and out of that office every day, that $7,000,000.00 in cash would be an unremarkable amount to deposit.

First, the reporting has changed a bit. 10K is reported on a CTR's immediately. SAR's are collected for anything over 3K and reported on a monthly basis. Also, SAR's are reported for a multitude of other things, asking "is this going to be reported" or "what is a suspicious activity report" are but two examples that generate SAR's.

Second, the guy testifying is LYING. There is a department at banks that does nothing but pour over data daily to see what needs to be reported. For some reason, people think that they can fool the computer by making structured deposits at multiple branches of the same bank. Some, when caught, really think they had thought of something new - like trying to kit accounts between banks.

[Oswald Bastable]

I thought they were already doing this.

This is a bit different.

A newly created fed agency (probably due to the machinations by traitors Dodgy & Fag in their financial overhaul bill) will now be monitoring up to (probably all) 80% of CC transactions...ostensibly to protect us...while they sell us out...

http://www.foxnews.com/politics/2013...house-hearing/