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by superbatfish
1746 days ago
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Yes, it’s I’ll-advised to keep one’s savings in cash, but a shockingly large number of people do it.[1] It’s not surprising that some people would also choose to keep the money “safe” by keeping it with them when they travel. The fact that it’s irrational is irrelevant. It’s quite common, and therefore this is a great example of abusive civil forfeiture. Corrupt cops have surely become aware that such behavior is commonplace. They’ve learned how to sniff out such victims and prey upon them. I can’t think of a better example than this case. [1]: https://slate.com/business/2015/02/keeping-cash-at-home-way-... |
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Try doing a stint in Fintech, and then get back to me once you realize how the number of ways for you to be deprived of access to your savings, and the nigh impossibility of finding out why or who to talk to to remedy the situation. Note how how account freezes only freeze withdrawals, and will allow continued deposits all day long. Note how no one will be straight up with you about compliance requirements, and in fact, how knoeledge of reporting requirements instantly elevates you in terms of compliance risk, possibly requiring a SAR to be filed out of an abundance of caution.
Once your money is in the financial system, you'd best plan on it being in adversarial hands. You are suspicious by default. If you use your money in ways the government deems unusual, they are obligated to report it to stay in business.
This is not paranoia. I know the implementation details of these policies and systems. It is, in fact, creepy as all hell. It makes me sick, and I don't even have anything to hide.