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[Migalot]

WTF?

https://www.youtube.com/watch?v=kLqHVKVuBaw&t=106s

[Doctor Gollum]

Well, Lloyd's have always been a bunch of shysters.

[Sir Tigger KC]

Leilani Dowding is always worth a watch!   

https://www.youtube.com/watch?v=N6w16q8DWug

[Migalot]

Leilani Dowding is always worth a watch!   

https://www.youtube.com/watch?v=N6w16q8DWug

Brilliant video, thanks. 

However, it's worrying and everyone should watch and take note.

[Sir Tigger KC]

It's not just your money that they are taking control of but our thermostats as well! 

During a recent heatwave in Colorado, USA around 22,000 people found that they couldn't adjust their thermostats which displayed a message 'Energy Emergency', which is food for thought this winter if you have a Hive or other 'smart' wifi/internet type thermostat. 

https://www.zerohedge.com/technology/power-company-seizes-control-thermostats-colorado-during-heatwave

[STEMO]

If I, and most others on various forums, have been aware of KYC (Know your customer) and AML (Anti money laundering) regulations for years now, why haven't the really intelligent people at GB News?
Or maybe they have, but just love a shit stirring rant.


As for the earlier one about banks limiting the amount you can hold in any account, it's in the T&C's of most banks. There is no mention of freezing, as is mentioned in the title of the video, and you will never be charged if you transfer any excess out when requested to do so.

So, basically, the videos are horse shit.

[Sir Tigger KC]

Freezing people's bank accounts to control their behaviour has already happened in Canada when they did it to participants in the Truckers protest earlier in the year and they even froze the accounts of people who donated to the cause. 

Of course it couldn't possibly happen in Barnsley. 

As to the GBNews vid, what's wrong with a discussion about taking money out of your account?     I totally agree with them that you shouldn't have to face an interrogation if you take cash out of your bank account.  Money laundering you say? 

[Migalot]

As for the earlier one about banks limiting the amount you can hold in any account, it's in the T&C's of most banks. There is no mention of freezing, as is mentioned in the title of the video, and you will never be charged if you transfer any excess out when requested to do so.

So, basically, the videos are horse shit.

These are new T&Cs. Surely, you can understand that any bank thrives on having your money, it's their basic business after all. So, why would any bank suggest you might have too much money in your account? Supposing, in the future, I have £40k in my bank and they then send me a letter saying that the maximum is £30k. Do you really think they would ask me to withdraw the "excess" £10k?

No. They would either seize it or convert it into the Central Bank Digital Currency system (and the Bank of England is trialling such a system), over which the central bank would have control over your expenditure.

You may like to dismiss this all as horseshit – it's your prerogative but don't complain if it all comes true.

 

[STEMO]

Freezing people's bank accounts to control their behaviour has already happened in Canada when they did it to participants in the Truckers protest earlier in the year and they even froze the accounts of people who donated to the cause. 

Of course it couldn't possibly happen in Barnsley. 

As to the GBNews vid, what's wrong with a discussion about taking money out of your account?     I totally agree with them that you shouldn't have to face an interrogation if you take cash out of your bank account.  Money laundering you say? 

Yup, AML

https://thehedge.io/articles/can-a-bank-ask-where-you-got-your-money-in-the-uk

That bit is about identifying where you got your money from. One of the reasons they ask what you're using a withdrawal for is to make sure you're not being scammed. This is not an act of kindness, they know that they could be on the hook for it further down the line.
We all know that all of these regulations, to stop the movement of illegal money, will eventually lead to a cashless society where the government knows exactly what you're doing on a daily basis. I just hope that's a long way off. If it happens during my lifetime, I'll be shouting as loud as everyone else. But, at the moment, they'll just deny it, and say it's.......AML.
And it's pointless shouting at a bank teller, the government really do set the rules.

[STEMO]

One thing that i find very scary, much more scary than either of those videos, is the fact that once money becomes completely digitised it will be vulnerable to the very clever hackers from China and Russia. I don't subscribe to a dystopian future where you fall out with the government and wake up one morning to find you've been deleted, but I do subscribe to a dystopian future where you wake up to find that no one can log into their bank accounts. Any bank, anywhere, and that's not too hard to imagine.

[Varche]

Add crypto hackers from North Korea to that list. They are very good at it.

[Sir Tigger KC]

With all that in mind have a read of this thread.

https://twitter.com/MorganBroadcast/status/1564178676874448896

[Migalot]

With all that in mind have a read of this thread.

https://twitter.com/MorganBroadcast/status/1564178676874448896

I feel sorry for her. Must be an inside job, surely?

In reading all the comments in that thread, I came across this one from "Alejandro":

So sorry this is an awful thing to happen. My mum recently had her card cloned and funds frozen and it took 2 weeks before Barclays came to their senses and refunded her the stolen cash. The bank couldn’t explain how their fraud team had missed the anomaly of a lady based in Dorset suddenly pulling out thousands in cash at 3am in Barnsley.

Dorset, Barnsley. Hmm.... 

[Sir Tigger KC]

     Sir Tig runs off to check his accounts!   

[Lizzie Zoom]

The truth is that our wealth, either in cash, digital money or possessions have, and always will be, a target for the dishonest.

The difference between cash under the mattress and in the electronic bank system, is that if stolen the latter can usually be traced up to a point of it disappearing across the world.  But then, unlike cash, if the holder of that money has not been stupid and ignored the ways of properly protecting themselves during the transaction, the bank system will often agree to reimburse the lost cash because their security systems have failed to act when it is obvious a fraudulent act has happened. 

With the cash under the mattress, valuable jewellery, gold, art work, etc stored in the home, once it’s stolen it is 99% certain to be untraceable and therefore unrecoverable.  It is then you down to the mercy and small print of your insurance policies!

From a commercial point of view, it is far easier and safer to handle digital transactions rather than cash.  I remember the days when in our retail company we were handling 100’s of thousands of pounds in purely cash, which had to be kept secure at our stage in the handling process, until some security firm like Securicor collected the money for banking.  Even then, the risks of a armed robbery was high, as indeed the banks used to experience themselves.

Before the days of Securicor collection, retail managers had to travel to the bank with thousands of pounds, in cash, on them………..!,

So, although there are the understandable concerns about the banking systems to handle our wealth securely, on balance the digital system is superior to the previous cash only system of yesterday.  How many times do we now hear of the “police officer instruction” scams where a poor sole is duped into withdrawing large sums of CASH for a courier to collect and “make safe”?  Still it is mainly when an individual holds sums of money in cash that it is hugely at risk of it being taken and disappearing into the mist.  So in summary, I would suggest that with the digital systems our wealth is far more secure overall than ever before.