11–20 of 85 posts
You should always have assets at multiple banks and have lots of cash stored outside of the banking system (in a safety deposit box, at home, in car, etc). *note: be careful about how you accumulate said cash. CTRs are generated if you withdraw too quickly.
You should always have assets at multiple banks and have lots of cash stored outside of the banking system (in a safety deposit box, at home, in car, etc). *note: be careful about how you accumulate said cash. CTRs are generated if you withdraw too quickly.
That said, I highly recommend anyone with significant assets open a bank account in a foreign country where seizing assets is much more difficult. Keep a reasonable sum there and know how to transfer the rest quickly if you fear legal action.
Well, there's yet another good reason to stick with local credit unions whenever possible. If they have no presence in another jurisdiction, they're unlikely to comply with any of that nonsense.
The advice I was given (not by the CU): either withdraw all my money from the account and put it in a safe deposit box, or wire it to a (very) close relative ASAP -- before the lien is officially issued.
My personal and business banking is done at Chase. I've found them to be fantastic and managed to avoid pretty much any fees by following the guidance of very helpful employees. I know everyone loves to bag on big banks, but Chase has been great. Bank of America is another story - their website barely works. That said, I highly recommend anyone with significant assets open a bank account in a foreign country where se…
shouldn't they not have useless fees to begin with?
Well, there's yet another good reason to stick with local credit unions whenever possible. If they have no presence in another jurisdiction, they're unlikely to comply with any of that nonsense.
I use a credit union, and I have been the victim of a similar problem as the author, and the credit union folded in exactly the same way. Notably, the credit union is local to a state different from the one that tried to shake me down. I don't especially blame the credit union, though: they were upfront and communicative with me, and told me that their hands were tied. The advice I was given (not by the CU): either w…
IT is generally too late. Both are problematic and can be clawed back relatively quickly (the timing looks suspicious, etc). Yes, they would have to take you to court, but the defense costs usually exceed the asset value (and the author notes this).
Earlier quoted context omitted.
I use a credit union, and I have been the victim of a similar problem as the author, and the credit union folded in exactly the same way. Notably, the credit union is local to a state different from the one that tried to shake me down. I don't especially blame the credit union, though: they were upfront and communicative with me, and told me that their hands were tied. The advice I was given (not by the CU): either w…
"withdraw all my money from the account and put it in a safe deposit box, or wire it to a (very) close relative ASAP -- before the lien is officially issued." IT is generally too late. Both are problematic and can be clawed back relatively quickly (the timing looks suspicious, etc). Yes, they would have to take you to court, but the defense costs usually exceed the asset value (and the author notes this).
I'm a little too paranoid to say exactly what I did, but I will say that I'm glad I was given that advice. (I was younger, and had much less money saved at the time; obviously that amount would affect any similar decision now.)
My personal and business banking is done at Chase. I've found them to be fantastic and managed to avoid pretty much any fees by following the guidance of very helpful employees. I know everyone loves to bag on big banks, but Chase has been great. Bank of America is another story - their website barely works. That said, I highly recommend anyone with significant assets open a bank account in a foreign country where se…
My personal and business banking is done at Chase. I've found them to be fantastic and managed to avoid pretty much any fees by following the guidance of very helpful employees. I know everyone loves to bag on big banks, but Chase has been great. Bank of America is another story - their website barely works. That said, I highly recommend anyone with significant assets open a bank account in a foreign country where se…
When I moved to Canada a few years ago this all got rather hairy and ensnarled. They keep introducing new requirements as well - my Canadian retirement savings account was re-classified as a foreign trust which necessitated additional filings.
Good advice, but mind the details.