You might have heard the news that Dennis Hastert, former Republican Speaker of
the House, was indicted this week for 'structural withdrawals' from his bank
account. The whole story is yet to come, but it appears that he was paying
blackmail to a unnamed person with whom it is alleged that he had some
inappropriate behavior while he was a high school wrestling coach.
I'm not going to try to analyze the situation regarding Speaker Hastert's long-ago conduct. My aim here is to examine the cash withdrawals and how they affect not only the accused, but what it portends for all of us. There is a lesson to be learned here, and I believe that we all had better pay attention!
The withdrawals in question were for slightly less than $10,000, An amount that triggers a bank report to the federal authorities. However, any unusual cash transactions can also trigger the same notification if the bank employee finds it suspicious, regardless of the amount. And once the government gets involved, it is possible that the entire account can be confiscated without any recourse.
That's right, you're in jeopardy of losing all the money in your account, quite possibly your entire life savings, and the chance of recovery is nil. You May not even be charged with a crime, but your property is forfeited nevertheless.
I'm not going to try to analyze the situation regarding Speaker Hastert's long-ago conduct. My aim here is to examine the cash withdrawals and how they affect not only the accused, but what it portends for all of us. There is a lesson to be learned here, and I believe that we all had better pay attention!
The withdrawals in question were for slightly less than $10,000, An amount that triggers a bank report to the federal authorities. However, any unusual cash transactions can also trigger the same notification if the bank employee finds it suspicious, regardless of the amount. And once the government gets involved, it is possible that the entire account can be confiscated without any recourse.
That's right, you're in jeopardy of losing all the money in your account, quite possibly your entire life savings, and the chance of recovery is nil. You May not even be charged with a crime, but your property is forfeited nevertheless.
The same is true when you carry large amounts of cash with
you. A recent case in point involved a
man who was carrying several thousand dollars with him to purchase a car he
bought online. He was pulled over by
the police for a minor infraction and the policeman either saw the cash or the
man volunteered that he had it. Once it
was identified, it was confiscated as 'suspicious activity' and he never
recovered it.
I listen to the Dave Ramsey Show, and I know he advocates for debt-free living, but when you pay cash for everything you run the risk of triggering the above scenario. So, while it is great to live debt-free, be aware and careful how you transact business. Use check or (Ramsey forbid) credit card, which you always pay off within the grace period. Try to avoid large cash deposits and withdrawals and withdrawals and request a money order or cashier check, if you do need to do so.
I don't want to alarm you, but the incidence of government confiscations is becoming highly intrusive and the Patriot Act has made it much easier for such invasions of privacy and fortune to occur. Beware and be prepared.
I listen to the Dave Ramsey Show, and I know he advocates for debt-free living, but when you pay cash for everything you run the risk of triggering the above scenario. So, while it is great to live debt-free, be aware and careful how you transact business. Use check or (Ramsey forbid) credit card, which you always pay off within the grace period. Try to avoid large cash deposits and withdrawals and withdrawals and request a money order or cashier check, if you do need to do so.
I don't want to alarm you, but the incidence of government confiscations is becoming highly intrusive and the Patriot Act has made it much easier for such invasions of privacy and fortune to occur. Beware and be prepared.
