your bank account

[Mortblanc]

I would be much more concerned about this if I had not been reading/hearing the same predictions of IMMIDIATE FININANCIAL MELTDOWN for the past 50 years.

The situations are always the same, the conditions never change, the expectations have never changed and the final results have always been the same....people worried to insanity over nothing.

I am still waiting for the "inevitable financial meltdown" which has been an immediate threat since I heard the first prediction back in the mid 1960s.

It has turned into one of those running jokes about the weather forecast; if you predict snow every day you will eventually get it right!

However, if you predict bright and sunny weather you will eventually get that right also.

[Straight Shooter]

It will not matter to you MB you seem to be sorted........it will not matter to me either cause i to am sorted to a degree....the only difference is you can blow any would be assailants away with your guns, so you are better fixed on that score....me i will be hiding in the bushes with my bow n arrows....and a tin of Callard & bowser toffee,s laying in wait.....pro active ......but i am jealous of your guns all the same.

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P.S. now is a good time to remove one,s head from the bucket !

[Jace]

The Australian govt recently siezed around $10 million from a few accounts set up by non-Australian nationals, as they were just putting money in and not taking any out, meanwhile couldn't account for where it came from. While this happens a fair bit under money laundering laws, this time it was under a new law, which doesn't mention money laundering at all, and basically just says that if the govt sees due to cause to empty your account, they can.

There was a fair bit of press about it for a while, so wonder how many Asian investors in the same boat in Aus repatriated all their funds back to Asia?

[bigpaul]

this is a good reason, among many, to have a cash "emergency fund" available as a back up in case of emergencies that envolve power down/atm's non functioning.

[NorthernRaider]

If the BANK or the POLICE or the GOVERNMENT believe that if you have more than £9000 ( used to be ten) in a bank account and YOU cannot give THEM a good reason as to why you have your OWN PRIVATE MONEY, in YOUR OWN PRIVATE ACCOUNT they can under I think its the Proceeds of crime act SEIZE your cash. The onus is on YOU to prove to them that its legal money not proceeds of crime. So if you for example have been saving your pocket change or 50 ps or £1 coins for years in a few jars and cashed in it and put it in your account, If you cannot prove its source they can ( and do) take it.

Use banks for transactions like receiving your pay / pension and or paying bills but don't trust em with your savings.

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Above is what I honestly believe to be the truth as cited by a friend who used to work in a bank, I have not confirmed this as solid fact so if any one knows better please feel free to correct me.

[Skean Dhude]

If Plod visit your house and see £4K, or pull you up and you have £4K, they can confiscate it and you have to claim it back with proof of where it is from.

The government is made up of a bunch of thieves.

[Devonian]

(4 December 2014, 12:06)NorthernRaider Wrote: If the BANK or the POLICE or the GOVERNMENT believe that if you have more than £9000 ( used to be ten) in a bank account and YOU cannot give THEM a good reason as to why you have your OWN PRIVATE MONEY, in YOUR OWN PRIVATE ACCOUNT they can under I think its the Proceeds of crime act SEIZE your cash. The onus is on YOU to prove to them that its legal money not proceeds of crime. So if you for example have been saving your pocket change or 50 ps or £1 coins for years in a few jars and cashed in it and put it in your account, If you cannot prove its source they can ( and do) take it.

Use banks for transactions like receiving your pay / pension and or paying bills but don't trust em with your savings.

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Above is what I honestly believe to be the truth as cited by a friend who used to work in a bank, I have not confirmed this as solid fact so if any one knows better please feel free to correct me.

(4 December 2014, 15:10)Skean Dhude Wrote: If Plod visit your house and see £4K, or pull you up and you have £4K, they can confiscate it and you have to claim it back with proof of where it is from.

The government is made up of a bunch of thieves.

So if you are fortunate enough to have some cash, your options of where to keep it are pretty restricted.

I assume in this context building societies are treated in the same way as banks?

But at the same time, I guess they have to have some kind of justification or suspicion of wrong doing.......maybe!

[bigpaul]

large amounts of cash now seem to be viewed with suspicion, say like buying a car from a garage with cash, at one time you could get a "discount for cash", my ex father in law(a bluff yorkshireman) only dealt in cash and carried a bundle of notes in his spectacle case, now it is given a strange look if not an outright refusal, how times have changed.

[NorthernRaider]

Dev wrote
1 So if you are fortunate enough to have some cash, your options of where to keep it are pretty restricted.
2 I assume in this context building societies are treated in the same way as banks?
3 But at the same time, I guess they have to have some kind of justification or suspicion of wrong doing.......maybe!

1 Yup, cached cash or convert into other stuff
2 Any registered bank or building society especially those that have electronic transfer systems are treated the same under the law
3 NO, the onus is on the moneys owner to prove its legitimate, not the police or banks.

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Recently they found a woman leaving the UK with £12,000 hidden in her knickers, she could not prove it was legit so they kept it AND charged her with aiding terrorists.

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The good old adage from the US survivalist forums still stands good, if you have cash pay off bills and taxes, if you think trouble is coming spend it on useful stuff because you cannot eat cash. In the US ( on SB I think) there was an article where people with ash savings who were worried about taxes and inflation invested all there money in petrol they bought a load of petrol knowing its less likely to be eroded by inflation. Others invest in precious metals, other grain, others property. if your rate of interest in the bank is lower than the rate of inflation then your money is simply being eroded in value if its laying in a bank.

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In the US a tiny one horse township in the middle of the US stopped a car with out of state plates, when they checked it out it had millions of dollars in cash hidden in compartments, drug money, the feds let the one horse town police dept keep the money. This incentivises many US agencies to encourage seizure of unaccounted for money.

[bigpaul]

I have been trying to "convert" the cash in my ISA(very low interest) into some land(preferably woodland or a mixture of wood and field) (possible BOL) but the prices they ask are just crazy and the price gets even sillier the smaller the parcel of land is.