Rumor has it that Congress will vote before Christmas to limit cash withdrawals to $200 -$500 per month. Any truth to this?

-- Rob (lfarnswo@conc.tdsnet.com), December 13, 1998

Answers

Where are you getting this information (rumor)?

-- Bobbi (volfnat@northweb.com), December 13, 1998.

You are probably refering to legislation proposed by the FDIC. Details are not specific yet, but it sure looks like a plan to spy on your financial activity and eventually place limits on transactions (in anticipation of Y2K bank runs?).

See this link:

http://www.fdic.gov/banknews/know.html

-- (infoman@web.com), December 13, 1998.

Rob: I have changed when I post from Robert to Rob in the interest of avoiding confusion with Robert. Now it seems there are two of us Robs! Any suggestions?

-- Rob Michaels (sonofdust@net.com), December 13, 1998.

Rob (lfarnswo@conc.tdsnet.com),

Chances are they can only place "legal" cash withdrawl limits, without threat of massive lawsuits, if the country is "legally" in an announced "State Of Emergency." Right know the banks soon to be imposed "Know Your Customer" program is about "reporting" off-pattern withdrawls, not limiting. If an emergency is declared, it will be a whole different ball game and rationing will most likely be instituted, as well.

Take your pick. Dicey waters up ahead.

Diane

-- Diane J. Squire (sacredspaces@yahoo.com), December 13, 1998.

No, the FDIC has proposed no legislation and in no way has moved to limit cash withdrawals. This is nonsense. The proposed regulations are disturbing, sure, but criticize them for the righ reasons. I wrote about the "Know Your Customer" regs at www.wired.com. More at www.well.com/user/declan/politech/

-- Declan McCullagh (declan@well.com), December 13, 1998.