Banking question

[kingskid]

I wasn't sure how/if to ask this question, but FRNs can't be used for everything so do people use banks/credit unions for the deposit of their cash?  Digital gold is not feasible for everybody or everything, and I just don't know what else people would use, unless a group of wealthy, non-statist people with high moral integrity got together and created a private bank. 

KK

[MamaLiberty]

I'd like to see FSW folks come together and form a private credit union. Nuts to "banks."

[kingskid]

ML:  I'd like to see FSW folks come together and form a private credit union. Nuts to "banks."


It would be much preferable to deal with a local, private credit union or private bank, but haven't the faintest idea what kind considerations would have to be addressed.  Has this been addressed among FSWers? 

[Foundit]

ML:  I'd like to see FSW folks come together and form a private credit union. Nuts to "banks."


It would be much preferable to deal with a local, private credit union or private bank, but haven't the faintest idea what kind considerations would have to be addressed.  Has this been addressed among FSWers? 

Credit Unions still have follow the Fed's rules and the requirements of bank reporting, FINCEN laws, and the NCUA.

However, I know two people to start banks.  I would actually be up to working on such a project.

[kingskid]

re:  Foundit:  However, I know two people to start banks.  I would actually be up to working on such a project.

If that ever becomes a work in progress, I'd be interested in knowing more about it!

KK

[Foundit]

re:  Foundit:  However, I know two people to start banks.  I would actually be up to working on such a project.

If that ever becomes a work in progress, I'd be interested in knowing more about it!

KK

Once I get to town next week, I will start sorting out what opportunities I will be working on business-wise.  There is always an opportunity.  If I were to venture into banking, I would probably do an internet only type of bank or CU.   I would love to have a bank that keeps reserves in gold and silver, however, I don't the feds would allow that.  I know such a bank would explode. 

[KTKEWW]

Would you consider a bullion store with a very secure vault/storage business next door that would store people’s purchases in said vault? Both businesses would be separate entities, to keep any threat of “forming a bank” in the IRS’s eyes.  If one of your “depositors” wanted to “withdraw” from the vault, they could move the contents of the account next door and receive a money order for the balance. All FRN's brought to the table would be converted to metal and NONE would cross the threshold into the storage business.

If I thought I could not store my wealth privately, that is the type of business I would look for to help keep it secure/diversified.

[Foundit]

Would you consider a bullion store with a very secure vault/storage business next door that would store people’s purchases in said vault? Both businesses would be separate entities, to keep any threat of “forming a bank” in the IRS’s eyes.  If one of your “depositors” wanted to “withdraw” from the vault, they could move the contents of the account next door and receive a money order for the balance. All FRN's brought to the table would be converted to metal and NONE would cross the threshold into the storage business.

If I thought I could not store my wealth privately, that is the type of business I would look for to help keep it secure/diversified.

I think anything that competes with the Fed will be in "violation" of banking laws and subsequently raided and shut down.

[KTKEWW]

Oh shoot, I forgot we're still living in the modern day. I guess we’ll have to wait for freedom and true capitalism to reign again.  It was fun to day dream though! 

[kunkmiester]

No, it really just needs to wait for a proper temporary autonomous zone(see John Robb).  Once we're effectively independent, reality will take it's toll on the illusion.  We still have a ways to go before that point too though.

[Cyclonesteve]

I wasn't sure how/if to ask this question, but FRNs can't be used for everything so do people use banks/credit unions for the deposit of their cash?  Digital gold is not feasible for everybody or everything, and I just don't know what else people would use, unless a group of wealthy, non-statist people with high moral integrity got together and created a private bank. 

KK

For privacy, some go to stores that sell gift card/credit cards & pay cash, but they are expensive.

If you just want a credit card without a bank account I don't think PayPal has many requirements as a bank & they have debit/credit cards (I think) I haven't dealt with them in a while but they used to accept money orders for deposits. Once you get the card you might be able to deposit cash in your account at an ATM. (Damn, now you've got me thinking about it & I'll spend hours looking it up!  )

Good luck!

[Foundit]

I wasn't sure how/if to ask this question, but FRNs can't be used for everything so do people use banks/credit unions for the deposit of their cash?  Digital gold is not feasible for everybody or everything, and I just don't know what else people would use, unless a group of wealthy, non-statist people with high moral integrity got together and created a private bank. 

KK

For privacy, some go to stores that sell gift card/credit cards & pay cash, but they are expensive.

If you just want a credit card without a bank account I don't think PayPal has many requirements as a bank & they have debit/credit cards (I think) I haven't dealt with them in a while but they used to accept money orders for deposits. Once you get the card you might be able to deposit cash in your account at an ATM. (Damn, now you've got me thinking about it & I'll spend hours looking it up!  )

Good luck!

PayPal reports to the gov't too.

[MamaLiberty]

PayPal reports to the gov't too.

They also will not allow any "gun related" transfers, last I knew. That's why "gunPal" came into being, but I don't know if it ever really got off the ground. PayPal also plays fast and loose with your money at times. I lost a little money over a disagreement and had no recourse (without an expensive lawsuit, of course)  and so won't have anything further to do with them.

[manfromnevada]

Here's what I do. Your mileage may vary.

I have a Wells Fargo checking account and credit card. I use CASH for everything I can. I use the account very little.
The only things I pay with CC are the things I must, like my AT&T bill, and it gets paid with a transfer from the checking account.
For food, gas, property tax, auto repair, road repair, home improvement projects, contractors (when I was still building), I use cash.

The electric bill can be paid in cash in Sundance or over the counter at some local banks.

This balance works for me. I don't have to go crazy with alternative financial systems, yet all (nearly) my purchases and transactions are private. But different folks have different needs.

Mac

[kingskid]

Thanks all for your input.  I, too, do not trust PayPal after an issue of funding the Constitutional Sheriffs and Peace Officers Assn. conference in Vegas last Jan.