Who's Money is it Anyway?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
It is MY money, I earned it, I'll do what I like with it!
-- MArktheFart (email@example.com), March 20, 1999
-- Watchful (firstname.lastname@example.org), March 20, 1999.
Mark the Fart, Why don't you do your ranting and raving somewhere else! This is a Y2K site and we don't care about your money! Go home to mother!
-- Old Fartski (email@example.com), March 20, 1999.
Something smells around here.
-- Cheese (firstname.lastname@example.org), March 20, 1999.
Warning! Warning! Sweep Accounts Reduce Your Funds for Cash Withdrawal Purposes
Gary North says:
Pay very close attention to your bank statements. Be on the lookout for notification of a policy called the sweep account. The sweep account authorizes your bank automatically to sweep excess funds in your checking account into a savings account. All the bank must do is notify you.
The bank moves your funds from an account that pays no interest into one that does. Yes, your bank wants to pay you money. Great, isn't it? Those bankers -- always the charitable ones.
What's the catch? The bank can wait 7 days before allowing you to withdraw cash from an interest-bearing account.
Ah, as they say, ha!
This was notification sent by a large New York City bank.
* * * * * * * * * * Effective with your next statement, a special linked savings account is opened with every checking account except for the [bank] Sweep Account and the [bank] Asset Management Accounts.
At the beginning of each statement period, funds in each checking account that are in excess of a threshold balance as established by the bank from time to time in its discretion, are swept automatically into the linked savings account.
If during any statement period the funds in a checking account fall below the threshold balance then the funds in the savings account, if any, are automatically swept back into the checking account to restore the threshold balance. On the 6th such sweep during a statement period all funds in the savings account will be returned to the checking account.
You cannot directly access the linked savings account. Each checking account and its linked savings account are treated as a single account for purposes of record keeping and fees. The linkage of the accounts will not affect your use of the checking account.
Please note that as required by federal regulation, the bank reserves the right to require 7 days written notice from you of intended withdrawals from any savings account." (Stamped "January 1999")
-- this should be illegal (email@example.com), March 20, 1999.
In just one sentence?
Fractional Reserve System.
It is your money, don't be embarrassed to ask for it.
-- MarktheFart (firstname.lastname@example.org), March 20, 1999.
Mark the Fart, why didn't you say so in the first place? Be straight forward, to the point, and don't play games.
-- jambo (email@example.com), March 21, 1999.