For high-level financial privacy, business managers and individuals who manage an entity should consider the banking privacy advantages offered by what I have coined the ultimate bank secrecy account.
The account is not understood by most who seek financial privacy and banking secrecy because it has not been popularized as have the offshore accounts in banking havens.
These so-called banking havens are now considered banking hells if the unfortunate customers who depended on the countries with “banking secrecy” had their secrecy agreements breached by those bankers who promised to keep their money secrets mum. What a disaster for these customers!
The beauty of the ultimate bank secrecy account is that it is quite simple to open and is entirely legal. Management at the financial institutions must be flexible-and some are more than others, in order for the ultimate bank secrecy account to be opened.
Prepaid debit cards sold through check cashing stores have a bank sponsor that provides online bank accounts to customers who purchase the card. Cash may be loaded onto the card, currency may be withdrawn at automatic teller machines, deposits may be received into the account from third party credit card processors, and the account is managed completely online without a messy paper trail of bank statements or cancelled checks. In fact, checks are not a feature of this account. Who concerned with bank secrecy wants to write checks anyhow?
The account has been opened by business managers in their company name for privacy and security. Individuals have opened the account as well. The ultimate bank secrecy account is secret when Social Security numbers, true names, and Employer identification numbers are not associated with the account, and all of these identifiers have been eliminated as certain banking privacy advocates have opened accounts without providing these identification numbers and names. Once this is accomplished, one has control over the ultimate bank secrecy account, a current account as private as any account Swiss banks ever offered, and it is completely legal.
Look for details of the ultimate bank secrecy account in Grant Hall’s new book, Bank Secrecy: Financial Privacy Crisis Plan and Resource Guide.
James Clark King, LLC