Comment by walterbell | Hacker News Reader

Comment by walterbell | Hacker News Reader

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https://wallstreetonparade.com/2020/09/3-count-felon-jpmorga...

> ... secret documents leaked from FinCEN, the Financial Crimes Enforcement Network, a unit of the U.S. Treasury. The documents “show that five global banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.”

https://insightcrime.org/news/chinese-money-launderers-mexic...

> While the involvement of Chinese money-laundering rings in handling drug proceeds from Mexico is nothing new, a number of recent court cases in the United States have revealed crucial information about how these schemes work ... weekly pick-ups from representatives of Mexican criminal groups, made in cash ranging between $150,000 and $1 million, with an average of $500,000. These were made in large cities including Chicago, New York and Atlanta ... network of Chinese-owned businesses in the United States and Mexico ... transfer a correspondent amount of money through Chinese banking apps. This happened entirely through the Asian country’s domestic banking system ... “It’s the most sophisticated form of money laundering that’s ever existed,” one of the US sources told Reuters.

Netflix series, "The Laundromat", https://youtube.com/watch?v=wuBRcfe4bSo

And yet my super regional bank will only allow me, a customer of over 20 years, to ACH $5000 per day or $25000 per month. I read that Citibank has ACH limits of $2000/$10000.

There are credit unions with higher Zelle limits, nevermind actual ACH limits.

Switch to a credit union that values your business, they are much more motivated to hook you up with high ACH limits, and I've repeatedly seen them issue loans at rates well below market.

I do have investment accounts with much much higher limits but I wonder for how long.

Just checked my Zelle limits are $1,000 day, $2,500 per week, or $10,000 per month

Ha they actually only say it’s for kyc aml or security measures but really it’s because they don’t have the money and can only stem a bankrun by gating withdrawals at all times

First republic bank imploded so fast because their niche was convenience in not having limits

All the banks have the same problem, they’re holding us treasuries with customer deposits at a huge loss right now. the regulations say they don’t have to disclose the current market value of government bonds like us treasuries, so as long as they never need the money they’ll get it all paid by the government over time, but if they ever do need the money sooner they’ll have to liquidate the bonds at their current market value and never have enough to pay everyone.

My advice, have accounts at minimum 2 banks at all times. Doubtful you will lose money, but you can lose access to your funds\paying bills for a short time, plus any bank, at any time can choose not to do business with you.

There’s a liquidity angle, but there are other angles, too. A bank owes no duty to, and thus cannot commit negligence against a non-customer.

How many bank accounts you want depends on you, but two seems awfully few to me.

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