Alert: It's Open Season On Customer Funds

[Ron Mauer Sr]

From http://barnhardt.biz/ dated August 10, 2012

“In other words, all customer funds in the United States are now the legal property of JP Morgan, Goldman Sachs, BNYM, or whichever megabank is the counterparty on the loans the FCM or depository institution takes out in order to fund its mega-levered proprietary in-house trading desks.

For the love of God, I don't know what more there could possibly be to say to snap you people out of your normalcy bias trance. You have GOT to get ALL MONIES out of the financial system NOW. This ruling sets precedence for every depository institution, not just futures brokerages. It is now legal in the United States for any financial institution to steal customer funds, borrow money against those funds for the uber-levered proprietary trading use of the financial institution, and the customers have ZERO CLAIM TO THEIR OWN FUNDS once they are in the custody of the financial institution. “


I think this means that money placed in a U.S. bank or any other institution can be used by that institution to gamble. If the institution loses your money, you do not get it back. Pension funds included.

[lightseeker]

rmauersr, I assume this equally applies to Canadian financial/bank institutions as well and not just in the US, hell this might also include the EU.

[sandy]

WOW!!! Should be interesting to see where this goes>>>>>>>>>>>>as a frog I feel the water getting hotter but don't know where to jump to get out of the "financial" boiling pot other than dig a hole and bury the paper stuff!!

[Czarek]

Ann Barnhardt, love that woman. Her comparison to this south park video is so true:

Qb_eXbsmyAU

[we-R-one]

I don't know if this really matters, but it could be relevant to setting the stage as to what's really about to come around the corner.....I was cashing a check at the bank it had been drawn on, and as I was leaving, I noticed a sign on the teller's counter in reference to the FDIC. Since when has FDIC insurance had date parameters? Maybe I just never noticed that before, but that's what caught my attention. Of course it's probably irrelevant due to the fact that we all know if the banks collapse no one is getting their money regardless of the so-called protection of the supposed FDIC, which is merely a facade.

Here's what it said- I pulled this off of US Banks website:

Notice of Changes in Temporary Insurance Coverage for Transaction Accounts by the Federal Deposit Insurance Corporation
All funds in a non-interest-bearing transaction account are insured in full by the Federal Deposit Insurance Corporation (FDIC) from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "non-interest-bearing transaction account" refers to a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and/or money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit fdic.gov.

FDIC Deposit Insurance Coverage
The FDIC is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and Certificates of Deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities. There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured bank. The chart shows the standard insurance amounts for FDIC account ownership categories, and assumes that all FDIC requirements are met.

FDIC Deposit Insurance Coverage Limits
(by ownership categories)
Single Accounts (owned by one person) $250,000 per owner
Joint Accounts (owned by two or more persons) $250,000 per co-owner
IRAs and certain other retirement accounts $250,000 per owner
Revocable Trust Accounts $250,000 for each beneficiary up to five (more coverage available with six or more beneficiaries subject to specific limitations and requirements)
Corporation, Partnership and Unincorporated Association Accounts $250,000 per corporation, partnership or unincorporated association
Irrevocable Trust Accounts $250,000 for non-contingent, ascertainable interest of each beneficiary
Employee Benefit Plan Accounts $250,000 for the non-contingent, ascertainable interest of each participant
Government Accounts $250,000 per official custodian
For more detailed information from the FDIC about deposit insurance visit myFDICinsurance.gov
call the FDIC at 877-ASK-FDIC (877-275-3342)
for TDD call 800-925-4618

Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transactions accounts will be fully insured regardless of the amount in the account at all FDIC insured institutions.1

New Temporary Deposit Insurance Category for Noninterest-Bearing Transaction Accounts


All funds in a noninterest-bearing transaction account are fully insured by the Federal Deposit Insurance Corporation from December 31, 2010 through December 31, 20121. The temporary unlimited coverage is in addition to and separate from the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. Noninterest-bearing transaction accounts encompasses only traditional noninterest-bearing (or checking) accounts that allow for an unlimited number of transfers and withdrawals at any time, whether held by a business, an individual or other type of depositor. Noninterest-bearing transaction accounts must meet specific requirements to qualify for unlimited coverage:
A deposit or account on which interest is neither paid nor accrued
A depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawals, telephone or other electronic media transfers, or similar items for purposes of making payments or transfer to third parties
A depository institution does not reserve the right to require advance notice of an intended withdrawal. (NOW Accounts are accounts in which the depository institution reserves the right to require advanced notice of intended withdrawal and may or may not earn interest. NOW Accounts do not qualify for this unlimited coverage)
In addition:
A trust account established by an attorney or law firm on behalf of a client (commonly known as an Interest on Lawyers Trust Account) does qualify for unlimited coverage.
Note: Unlimited coverage does not include money market deposit accounts ("MMDA")
How does this apply to your U.S. Bank Transaction Accounts?

Consumer transaction accounts at U.S. Bank are Consumer NOW accounts and therefore do not qualify for the temporary deposit insurance category.2
Certain business transaction accounts at U.S. Bank are Business NOW accounts or interest-bearing Demand Deposit accounts and therefore do not qualify for the temporary deposit insurance category (sole proprietors, government agencies and nonprofit business enterprises may open Business NOW accounts).
Effective July 21, 2011, as a result of the repeal of the prohibition on the payment of interest on demand deposit accounts in Section 627 of the Dodd-Frank Act, for-profit businesses previously not eligible for interest-bearing checking accounts will be eligible. Those business checking account product options that offer the payment of interest do not qualify for the temporary deposit insurance category and are not fully insured. Please contact your account officer for clarification.
Commercial Zero Balance Accounts (ZBA) where funds are transferred across multiple accounts automatically will follow the eligibility rules for the transaction account where the balance resides after the daily ZBA transfers are completed.
Automated sweep services transfer funds between insured deposit accounts and investment products. To understand the status of swept funds in the event of bank failure, please refer to disclosures specific to each sweep program and investment product. Investments are not a deposit, not FDIC-insured, not guaranteed by the bank, not insured by any federal government agency and may lose value.
Information on FDIC Insurance of Merged Banks
When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.



Beginning January 1, 2013, such accounts will be insured under the FDIC's general deposit insurance coverage rules.

Back to Text
Consumer NOW accounts and Business NOW accounts may or may not pay interest. In addition, although we have no intentions of exercising this right, we reserve the right to require at least seven day's written notice prior to withdrawals or transfer of funds on these accounts. For completed details, please refer to the "Your Deposit Account Agreement," Section - Checks, Checking Accounts and Savings Accounts with Draft Access."

[Snoweagle]

Now this is what I consider a "hotty". Damn think I'm in love roflmao
I wish there were more women like this prepared to research, articulate and present with clarity whilst applying good reason to difficult problems of humanity today.
q2ugh_DuYMM
Ann is perfectly correct, in that the without the understanding the etymology (history of words), of our vocal noises, we foolishly accept as language rejects the majority of humanity to slavery. And indiscriminate death.

Furthermore, on topic by implementing these changes provides the platform to implement a cash less and micro-chipped society. Things are moving forward according to the Elites plan. Amazing is'nt it:-)

[Lazlo]

Barnhardt makes a few leaps that are not justified, but there is a real issue here with segregated accounts and hypothecated funds.

The FDIC discussion is missing the point that traditional accounts that have fallen under the program have not changed. The expiriation was because the FDIC stepped in to cover other types of accounts for a short period of time.

This doesn't mean that your money still can't disappear from a trading account, even a 401k or IRA, but your good old fashioned checking and savings accounts will be protected as long as there is a functioning government. Not that it'll be worth much if we enter an infaltionary spiral. In fact, you lose money evry year in your savings account because the interest paid on it by the bank is less than the rate of inflation. If you put $100 in savings 30 years ago, it would have bought a tank of gas and a cart full of groceries. Even with interest, that $100 deposit wouldn't buy nearly that much today.

What this means in essence is that, if you have any assets, your choice is to put it in a savings account where the value is whittled away by inflation, or invest in the markets and play their game.

[Ron Mauer Sr]

Barnhardt makes a few leaps that are not justified, but there is a real issue here with segregated accounts and hypothecated funds.

The FDIC discussion is missing the point that traditional accounts that have fallen under the program have not changed. The expiriation was because the FDIC stepped in to cover other types of accounts for a short period of time.

This doesn't mean that your money still can't disappear from a trading account, even a 401k or IRA, but your good old fashioned checking and savings accounts will be protected as long as there is a functioning government. Not that it'll be worth much if we enter an infaltionary spiral. In fact, you lose money evry year in your savings account because the interest paid on it by the bank is less than the rate of inflation. If you put $100 in savings 30 years ago, it would have bought a tank of gas and a cart full of groceries. Even with interest, that $100 deposit wouldn't buy nearly that much today.

What this means in essence is that, if you have any assets, your choice is to put it in a savings account where the value is whittled away by inflation, or invest in the markets and play their game.

Or invest in dehydrated food, a water filter, simple gardening tools, a composting/sawdust toilet, a wood stove and other non-paper assets that would be useful in a failed economy. Gold and silver would be my investment choice if there were any money left after prepping.

My gut feeling is that all fiat money, stock and other paper assets will become almost worthless.