Community Forums

twogypsies · 03-09-2020, 01:53 PM

Quote:

Originally Posted by Solo_RV_Guy

This is what happens when folks read the first 4 or 5 posts and then reply... I realize that our forum users have so much to do, see, and experience that they might not have time to read a whole entire thread... but they should.

I've thought this many times. I truly believe that many read the first post and then answer; not knowing the whole story.

Linda Bohr · 03-09-2020, 09:06 PM

I think most people don't know all the banking laws when they go to open an account. I knew you couldn't carry large sums of money over a national border but I did not realize that $10 grand in cash would trigger a federal law. I appreciate the knowledge and thank you, OP and the banker from Wa. It makes me very appreciative of the small bank in my small home town that knows everybody and everybody's business. My husband and I have certainly taken out CDs, and started trust funds of more than that amount and no one has said a thing. In this case, ignorance is not bliss. Again, thank you. I probably won't open an account in a big bank, I think it would be too scary. To them you are a number. Small towns have their advantages.

elite wa · 03-09-2020, 09:45 PM

Quote:

Originally Posted by VagabondDoug

I have had the bank I do most of my business with lock up an account that hadn't had any activity. They say it is a state law.. Any account that doesn't have activity for a year is to be locked and then at some point they have to transfer that money to the state.. I don't know if all states use these rules but Oregon does so I suspect most do.

I have had to deal with this 3 times over the years. So now I set up automatic transfers from one bank to another so that they all have automatic deposits every month.. Just a circus but one that I feel is necessary.

Oh, I don't really trust the banking system. I know but I have had issues with them over the 60 years I have had accounts. They can do all kinds of things, including locking your accounts, transferring money to the US Treasury or State without even notifying you. Block your ATM card and or CC. I am a good citizen and always pay my taxes but banks and government have rules that benefit themselves much more than you or I. Then there is a great possibility of this next great financial crisis to take some of them down.. And that means loss of access while they re-organize. It could be as bad as the 1930's. Yes it could. There has never been this much debt in our system. More than then, more than 2000 and more than 2009. There is no such thing as a free lunch. You can not borrow your way to prosperity by spending the borrowed money on consumption rather than investing in the future. I have cash, gold, silver and 4 separate banks. I have a safe in my RV. Nice to have a secure place to put things.. Like the keys and back up hard drives and money..

I say, why put all your eggs in one basket and then just hope no one trips you up on your travels.. So I try and cover all contingencies. I have multiple credit cards and multiple ATM cards and multiple bank accounts. This attitude has kept me and my wife from ever being stranded.. (Knock on Wood!)

It works for me as I am more of a plodder than a gambler. When traveling in questionable places I wear a money belt and carry a throw away wallet too. Being prepared for the bad things makes me not have to worry much about them.

My main bank is a regional bank (Umpqua) that gives me free ATM even overseas. Free checking and no service charges at all. I have been traveling for 40 years. Probably be staying home for a while now though. Glad I have a home this year away from the crowds. As an older guy, I don't need to be sick with a respiratory virus that can kill me. Even touching the fuel handle at a gas station could give it to me. Seems like a good year to just hang out and do some gardening.

I am just answering the inactive account status. All banks and credit unions in every state have this. If you have ever seen the commercials that say you may have money waiting for you. Or check with your state you might have some money. That’s where this comes from. You have to do at least one deposit or withdrawal, interest payments don’t count once a year. Basically it’s just making sure your alive. If you don’t then it goes dormant and then eventually is escheated. We hand the money over to the state to so they can find you or your next of kin. What it comes down to is because banks can go out of business, change names or be sold it’s a way to make sure you don’t lose your money. This regulation sucks and safe boxes are the worst because people forget about them all the time so we have to drill the box and hold onto the contents for 3 years. Which is really lame when it’s something like a fast food receipt or 20 year old bank statement that we have to hold on to and then eventually send to the state.

elite wa · 03-09-2020, 09:54 PM

For all the response about the cash over 10k. Let me just say it’s not a problem to take that much out or deposit it as long as it’s come from legitimate sources nothing will happen. The only issue is if you are trying to avoid the mandatory reporting. If you are buying something or selling something, hit it big at the casino there is already a paper trail.

For anyone that wants to be a full timer I would suggest having a large bank with locations in the states you would be in. As well as your favorite local bank or credit union. They all generally have the same regulations but have different experiences with them.

Just like you would have questions regarding your medical care when full timing you need to ask questions of your current bank. But you have to start early.