This page provides the reader with an overview of banking privacy and bank secrecy options as a part of a total financial privacy plan.
Commercial banking and the money center bank versus the regional bank and small banks
During my ongoing and continuing bank secrecy research, I called two Midwestern community banks for business and personal banking information. I am sorry to report that the two high-level bank managers are as brain washed and brain dead as the money center bankers. Both groups have misinterpreted Patriot act I and Patriot act II “know your customer” provisions and use these unconstitutional laws to attempt to inflict painful, privacy invasions upon their customers and apparently love to try to intimidate new customers into giving up their most private and confidential data for the “privilege” of opening an account with a commercial bank.
I don’t get it. What is the attractiveness of a commercial bank in the first place for routine, personal banking purposes? Personally, I don’t bother with them for this purpose and prefer to use only those banking services as required for business services. My personal financial affairs are almost entirely free of commercial banks.
At this point in time with rare exceptions, commercial banks-big, small, and medium sized all salute the same Federal Reserve System dictators who order them to treat their customers-especially the new ones with no less tracking and tracing scrutiny that Hitler’s henchmen treated German citizenry during 1942. Believe it. In fact, you know all of this unless you’re of the typical, dumbed down variety American who thinks its okay for government to know his/her financial affairs.
Trust bank account
While personal banking is becoming a real pain as far as personal privacy and banking privacy are concerned, the trust bank account may provide a mid-level degree of bank secrecy within your financial privacy program. Use a trust checking account and do it right as I have outlined in Privacy Crisis because if you do it as bankers are trained to set up a trust bank account, your banking privacy will be nil, and your efforts will be wasted. See Chapter 15, Anonymous Banking of the book as the chapter outlines the details which are beyond the scope of this article.
Business banking requires a commercial bank account in most cases. Certain proprietors and small businesses I know manage fine without one, however. In fact, I have met managers of two service companies with seven figure annual revenues that do not use commercial banks.
Expert communicators have been able to do better than the masses privacy-wise as they open business bank accounts. It matters greatly who you are as you navigate your way around in today’s policed financial services industry.
You can benefit from a review of the entire six chapters of the book in the Finances section. Also, see the article I wrote for www.LewRockwell on bank secrecy.
Stock brokerage firms can fulfill many traditional banking services and I have found the brokerage industry to offer substantially more latitude than commercial banks as far as privacy is concerned.
A Nevada Limited Partnership is a choice of many investors for holding liquid investments.
Some investors use an Offshore Asset Protection Trust as an entity to offer additional asset protection. Further, there can be exceptional privacy opportunities offered with this privacy/asset protection structure.
Readers of my book know the principles I have outlined empower one person to control the partnership and manage it anonymously through the use of the anonymous General partner entity and the Trust Manager principle. All business entities must be registered anonymously when bank secrecy is the financial privacy goal.
Check cashing stores for financial and banking privacy the old fashioned way
While check cashing stores charge 1.9% to 2.9% for the cashing of most checks, I use them, build these fees into my business expense plan, and feel most secure while taking possession of my cash. Otherwise, a business man or lady can have their company and cash seized as was the case with NORFED Corporation as outlined in the aforementioned Lew Rockwell article. The check cashing service acts as your clearing agent/bank and deposits your personal or company check into their house account while giving you your cash on the spot, minus the fees, of course.
I have never provided a Social Security number or Employer Identification number, U.S. drivers license, home address, home telephone number or finger print to a check cashing establishment, and I have been using them for some years.
Are you gutsy enough to hold your cash yourself while telling the banks to shove it?
There are those who maintain their anonymous safe deposit boxes or rent them in separate entity names. I believe keeping cash in your possession and under your control on site or off the business or living premises requires some mental toughness. Try holding most of your net worth in your possession and see how you feel. Sometimes, I notice one getting antsy as they hold several thousand dollars on their person and typically the masses cannot wait to get to the bank to turn the responsibility over to the agent of big bureaucrat to keep it for them-regardless of the privacy invasion they are subjected to when they bank with a commercial bank.
Author, Privacy Crisis; Identity Theft Prevention Plan and Guide to Anonymous Living