Its easy to get outraged about all the crap being done in our names, whether by the Warfare State or via Neoliberal economic policy. And impossible to do anything substantive about it. Besides the FDIC complaint link, here is the JP Morgan Chase language in their legal agreement on bail-ins wrt depositor funds. Note that the depositor is now a creditor and cedes all right to the funds once the debt instrument - whether cash, check, wire or online transfer - is in the banks hands. Essentially there is no recourse when banks steal your funds. F. Forms of Account Ownership I. Other Legal Terms 3. Restricting your account; blocking or delaying transactions Deposit Account Agreement Restricting your account; blocking or delaying transactions” We also may limit cash deposits to or withdrawals from your account (or all of your accounts collectively) in a single transaction or total withdrawals or deposits during any period of time, or who may make deposits, in order to reduce risk and/or enhance our efforts to comply with applicable law. We will have no liability for any action we take under this section. Funds from deposits of the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury checks) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit; and Funds from all other check deposits will be available no later than the seventh business day after the day of your deposit However J P Morgan Chase does not truly operate in accordance with the above, and uses other computerized algorithms and means (not publicly revealed) with regard to how a deposit or withdrawal may be treated.. The point being again, that the Consumer (Neoliberal definition for a customer of the bank) has essentially zero recourse when the Bank of Big decides to thieve depositor funds.
Posted on: Sun, 04 Jan 2015 18:23:23 +0000
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