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Customer Deposits Are Property of the Bank: Close Your Account NOW
Susanne Posel
These customer funds were used to “back up personal investments” which were part of “collateral for a loan from Bank of New York Mellon” (BNYM). This loan derived from stolen customer monies was “used to purchase millions of dollars worth of high-risk, illiquid securities, including collateralized debt obligations, or CDOs, for a trading portfolio that benefited Sentinel’s officers, including Mosley, Bloom and certain Bloom family members.” Fast forward to August 9th of 2012, and the 7th Circuit Court of Appeals (CCA) rules that BNYM can be moved to first in line of creditors over the customers that had their funds stolen by SMG. When a banking customer deposits their money into their bank account, the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SPIC) are in place to protect the customer from fraud or theft. The ruling from the CCA means that these regulatory systems will not insure customer funds, investments, depositors and retirees who hold accounts in banks. In fact, the banking institution is now legally allowed to use those customer funds deposited as collateral, payment on debts for loans made, or free use on the stock market to purchase investments as the bank sees fit. Fred Grede, SMG trustee, explained that brokers are no longer required to keep customer money separate from their own. “It does not bode well for the protection of customer funds.” Since the ruling gives banks the right to co-mingle customer funds with their own, no crime can be committed for the use of customer deposited monies. According to Walker Todd, former lawyer for the Federal Reserve Bank of New York and Cleveland: “Basically, there is a new 7th Circuit opinion saying that there is no reason to impose a constructive trust on a lender’s takings of customers’ funds from client commodity firms that were used (inappropriately) to secure the firms’ borrowings, as long as the lender can say that it did not know WITH CERTAINTY that customers’ funds were being repledged. Negligence and misappropriation (vs. knowing criminal intent) are now a sufficient excuse for letting the lender keep the money and go to the head of the line for distributions in bankruptcies of the client commodity firms.” When a customer deposits money into a bank, the bank essentially issues a promise to have those funds available when the customer returns to withdraw the deposited amount. When the same customer withdraws funds from their account (whether checking or savings) the customer assumes that the bank has enough funds to cover their withdrawal; including the presumption that their monies are separate from the bank’s assets. Now, those funds are up for grabs by the bank at their discretion without explanation to the customer – nor is the bank obligated to recoup the customer should they “lose” those funds due to bad loans, bankruptcy or stock market loss. In Texas, Pamela Cobb, manager of Bank of America (BoA), stole an estimated $2 million from customer funds for personal use. Cobb had been taking customer segregated funds since 2002. Customers have complained of fraudulent charges placed on their accounts that BoA cannot explain. When the customer brings these charges to the in-house fraud department, they are given the run-around until they acquiesce. Other customers have had their private possessions stolen right out of their safety deposit box held at BoA. The safety deposit box was drilled into and the contents shipped to the BoA corporate holding center in South Carolina. In 1992 to 2003, Citibank called their theft of customer funds “account sweeping” wherein they stole more than $14 million from customers nationally. Using computerized credit card processes to remove positive and negative balances from customers, the scheme included double payments or funds paid out on returned purchases that were then attributed back to the customer. At Chase bank, an anonymous employee opened an account under a customer name (targeting an Alzheimer’s sufferer), complete with a personal debit card. An estimated $300 per day was withdrawn on the fraudulent account. When family representing the victim alerted Chase, they brushed them off with an internal investigation claim – even as the family sought legal action. Banking fraud against the elderly has risen of late, since banks realize they can steal massive amounts of cash from their aging customers with little to no repercussions. The recent ruling on SMG has given the banking industry the legal backing they have been lacking when stealing from their customers. Our financial institutions have been planning for a financial collapse wherein the US government will not offer assistance. The resolution plans required by the Federal Reserve Bank, described schemes to have the major domestic banks remain afloat by selling off assets, finding alternative sources of funding, reducing risky measures that make a quick buck. These strategies were to be perfected with “no assumption of extraordinary support from the public sector.” The mega-banks, through Wall Street, are also acquiring firearms, ammunition and control over private mercenary corporations like DynCorp and ‘Blackwater” as authorized by the Department of Defense (DoD) directive 3025.18. DynCorp is a military-based private mercenary contractor that provides (among other services) intelligence training and support, international security, contingency plans and operations. Ninety-six percent of their funding is based on annual revenues from the US federal government. The international branch of DynCorp has operated as a “police force” even assisting local law enforcement during Hurricane Katrina. Named as investors for the amassing of gun and ammunition manufacturers are Citibank, BoA, Barclays and Deutsche Bank who are pouring money into Cerebus and Veritas Equity who have taken over private corporations involved in the controlling riot situations. The Federal Reserve Bank, one of the heads of banking cartels, has their own police force which operates as a protective security for the Fed against the American public. As part of the Federal Reserve Act signed in 1913, the designation of a Federal Law Enforcement – special police officers that are exclusively regulated by authority of the Fed (whether in uniform or plain clothes. These specialized police officers (who train with Special Response Teams) can work in tandem with local law enforcement or US federal agencies. These officers are heavily armed with semi-automatic pistols, sub machine guns and assault rifles as well as body armor. Of recent, when withdrawing cash from an ATM, the daily allotted amount has decreased with some banks, thereby forcing the customer to go into the branch and extract the difference with a teller. At this point, according to anonymous informants, the customer is taken into a backroom to be questioned as to why they want the cash, what they are purchasing with the cash, why they are not choosing to use a debit card or another form of digital trade to make the purchase. These questions are not only intrusive, they are illegal. Some anonymous sources have said that banking representatives who conduct the integrations are directed to keep a record of customer responses on an online application that will be sent to the FBI in conjunction with Patriot Act mandates on tracking banking activity. Customer funds are no longer secure, no longer backed by the FDIC or other insurance corporations, and banks are legally allowed to co-mingled customer money with other funds of the bank. The only safe place for your money is with you. Now is the time to close your bank account. Delivered by The Daily Sheeple Contributed by Susanne Posel of Occupy Corporatism. Susanne Posel is the Chief Editor of Occupy Corporatism, an alternative news site dedicated to reporting the news as it actually happens; not as it is spun by the corporate-funded mainstream media. You can find Occupy Corporatism on their Facebook page . Please share: Spread the word to sheeple far and wide
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v.8
another pack of lies from the daily sheeple, who is deceiving who?
I know people with millions in the bank. They laugh and say I am negative. I will be laughing when they loose all.
As much as I believe there are a lot of things going sideways with our beloved country this isn’t one of them as depicted.
This article is incorrect. The funds customers lost had nothing to do with their checking/savings accounts in banks and credit unions but rather their investment accounts. It’s a pretty quick google check to confirm.
It also isn’t a far reach for the bank fraudsters to go after other saving/checking acounts when they have destroyed other deposits and if they do! WTF are we gonna do to them? NOTHING! DoJ will protect them.
But money is drying up. New sources will have to be stolen. Not so far fetched to me.
FDIC-Insured
Checking Accounts (including money market deposit accounts)
Savings Accounts (including passbook accounts)
Certificates of Deposit
Not FDIC-Insured
Investments in mutual funds (stock, bond or money market mutual funds), whether purchased from a bank, brokerage or dealer
Annuities (underwritten by insurance companies, but sold at some banks)
Stocks, bonds, Treasury securities or other investment products, whether purchased through a bank or a broker/dealer
For More Information from the FDIC
Call toll-free at 1-877-ASK-FDIC (1-877-275-3342) from 8 a.m. until 8 p.m. Eastern Time, Monday through Friday.
For TDD call 1-800-925-4618.
All of the above is insured, but dont they change the rules at will?
Someone I know who works in a bank said you do not want to put your money into a bank that might fail. Even if it is insured, it will,not be easy or quick to get it from the gov.
One thing I would watch is how things are changing.
In my state, a store would hand out $500 for a lottery winning of or less the amt.
Now you have to take a money order for anything over $100.
When the lottery machines stop accepting cash, I bet a cashless society will be closeby.
(O_o) Ya Evie, a cashless society is what every America needs to absolutely put their foot down against & flat out refuse! Biblical teachings refer to it as “the mark of the beast”, which is referred to as being part of the end days for mankind here on earth. All I know is that once we enter into a cashless society…that’s it…end game…the world bankers win…we lose everything…everyone would be a slave to them far far far far far worse than we already are! There would be little to no hope of having it ever reversed. At that point, nothing & I do mean absolutely positively NOTHING short of a real full scale civil war right here in downtown America would have ANY hope of ever getting it reversed once it’s been put into place! Just think…even then, the bankers would simply turn off all our chips & we’d have nothing to buy things with & zero access to all our savings! Everything everyone owns here in America essentially becomes their property the second those chips get activated & your wealth is transferred to it & they’d have absolute control over it all!
(o_O) Let’s all have a “what if” scenario here in this thread & everyone’s welcome to comment their ideas about this hypothetical spinoff scenario. (O_o) Let’s say our government went ahead & passed the national ID act-(I think they already did!) & several years passed & Americans didn’t like it. Say allot of people wanted to buy & hoard allot of gold & silver…etc etc. I theorize that at one point they’ll have to enact a new law to prevent Americans from being able to own real gold, silver & other precious metals & minerals, or at least make it illegal to use them as legal tender to buy & trade with. They’d have to because it would threaten their monopoly on our money & their absolute control over it. I predict that this new law would be disguised as a way to stabilize the market in relation to those particular investments. (0_o) So what’s that leave us with? There’s always bartering, right? There are already several websites that allow people to barter using a point system verses a tit-for-tad trade. This allows a person to barter something off to someone that doesn’t have the exact item he or she wants, but get’s him or her the points they need to get what they want without having to meet the other person’s exact specific needs. Now this sounds great right? I just happen to know a little about this because last year I almost launched a new website to do this. Well, that was until I did some research into it. Seems the government doesn’t like the bartering system much…go figure, huh…lol. You’re now required to pay taxes on anything you barter for that amounts to over $600.00 in one year! The websites are being closely watched/harassed & are require to report all users to the government if a user goes over that $600.00 benchmark. Taking into account that they just recently tried to pass legislation criminalizing the trade of your own garden’s vegetables that you grow out in your back yard, I predict that they’ll simply make bartering illegal, or so heavily taxed that it would be impractical to use the system on a widespread scale. Sure, you can still trade your potato for Joe’s shovel without Big-Brother ever knowing about it, but this is not a practical & effective means of currency trade because it requires both parties to have the exact item that the other party is looking for & that takes far too much time & energy to put together to make work efficiently on a large scale, not to mention that I predict that they’ll simply make bartering illegal & try to fine & or arrest all those who are participating in the criminal act. They could then use those confiscated proceeds or the money they bilk the tax payers for incarcerating you to help the newly formed War-Against-Bartering, exactly like they’re doing right now in the War-on-Drugs. (O_O) So now lets just skip right on ahead to the day the sheeple FINALLY figure out that they’ve all been BAMBOOZLED! In the early days of the civil war Rioting & looting is wide spread throughout America & groups of people start to slowly organize & pick strategic targets that they think has harmed them in some way, or by it’s destruction…will help to topple their corrupt government. Martial law has already been enacted & their is a curfew. Anyone caught out past curfew without a pass is instantly arrested, interrogated & sent off to a detention camp/concentration camp/labor-camp & forced to work for the government-(whereabouts & treatment unknown!). Anyone caught with a weapon is subject to “Summary Execution”-(they shoot you right on the spot without a trial!). (o_O) The interrogation has yielded the government a list of several rebels & their whereabouts! The banks instantly turn off the money cards to all of the known suspects & their known associates/friends/family etc etc, so running is made much much harder because they now have no money & their ID will no longer allow them to freely travel withing the United States-(new checkpoints everywhere!), see a doctor, pay bills, buy anything etc etc. The government arrests & interrogates everyone on that new list of suspected rebels & or sympathizers. Some come in to see what’s wrong with their card & just start blabbing all they know in an attempt to clear their good name. Now the government has a very clear picture of who’s who, their support system, a new list of leads & this goes on & on until all are eventually arrested, executed, or sent off to labor camps. (O_o) Welcome to the “NEW Nazi America” sheeples!!!
I believe we are on the way there. Tried to get into dc years ago the toll booth would not take cash, had to use a friends credit card. Tracking people on the web is a,way for the gov to make money.
Soon there will be a big push to use your cell phone as a debit credit card.
Consider this, the gov can come into your home and seize cash, no questions asked.
Counterfeiting is big in other countries, sometimes you get fake cash at atms. This happened to someone I know who took it back to the bank who said they could not prove it came from them ???
I think the elite will steal as much as they can befire the system is closed down. After which the economy will take a big hit.