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Author Topic: Some interstate banks  (Read 5227 times)

TomAlciere

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Some interstate banks
« on: July 02, 2007, 11:37:02 am »

Here in Nashua, Hillsborough County, some of the interstate banks include Citizens, TD Banknorth, Sovereign and Bank of America.

There is an advantage to setting up direct deposit for any monthly checks you may get, and when you move, you are still near a branch.

Tom Alciere
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sj

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Re: Some interstate banks
« Reply #1 on: July 02, 2007, 07:43:37 pm »

Yes, but you need to keep in mind that interstate banks will be subject to the Real ID Act of 2005, meaning you'll need a Real ID (no longer available in NH  ;D ;D).  I don't know if that's only to OPEN an account or if you still need it afterwards. 

I'm planning on opening an account in a small, local bank so that it's not subject to the Federal legalislation since it's not engaged in interstate commerce.
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FreeBoB

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Re: Some interstate banks
« Reply #2 on: July 02, 2007, 08:07:41 pm »

A NH bank not subject to federal regulations and control... Does such a bank exist?
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sj

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Re: Some interstate banks
« Reply #3 on: July 02, 2007, 10:13:29 pm »

A NH bank not subject to federal regulations and control... Does such a bank exist?

I don't know.  I just remember in AFTF, Russo said about not accepting the Real ID that he was going to put his money into a "small, local bank."  I figured that meant not all banks were subject to the Real ID Act.  I don't know any of the specifics though.  I may have to open an overseas bank acct or something
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CA_Libertarian

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Re: Some interstate banks
« Reply #4 on: July 02, 2007, 11:29:36 pm »

I'm sure any bank wishing to carry federal deposit insurance (FDIC) will be required to participate in the Real ID.  I'm sure most established, local banks can be trusted, so that shouldn't be an issue.
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Ron Helwig

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Re: Some interstate banks
« Reply #5 on: July 03, 2007, 07:04:10 am »

A NH bank not subject to federal regulations and control... Does such a bank exist?

By legal definition, a 'bank' is subject to feds. Same thing with 'coin' - the Liberty Dollar rounds can not legally be called coins because the government has decided that only the government can create coins.

One reason to work with local banks is that they aren't immediately owned by big corps. Theoretically they should be more responsive to locals and you would be giving less power to the "big banks".
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FreeBoB

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Re: Some interstate banks
« Reply #6 on: July 03, 2007, 07:59:05 am »

At this point, I only use my local bank for my checking account. I prefer to use a mutual fund money market checking account for my cash balance - now at 4.9% and has no FDIC insurance, which has too many strings and higher risk to my cash. It seems much safer to me.
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GhengisConrad

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Re: Some interstate banks
« Reply #7 on: July 04, 2007, 09:40:19 pm »

Yes, but you need to keep in mind that interstate banks will be subject to the Real ID Act of 2005

2005? Something like thats in place? Im stuck with the bank I have now? No more bank accounts? Im confused.
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sj

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Re: Some interstate banks
« Reply #8 on: July 05, 2007, 08:02:40 pm »

Yes, but you need to keep in mind that interstate banks will be subject to the Real ID Act of 2005

2005? Something like thats in place? Im stuck with the bank I have now? No more bank accounts? Im confused.

2005 is the year the Real ID Act was enacted.  It was set to take effect in 2008 and was pushed back to 2009.  So it was passed in 2005, and will take effect in 2009.  The Act prevents people without Real ID cards from flying on planes, opening bank accounts and other such stuff.  The thing is, the Feds don't have the power to regulate things that don't engage in interstate commerce.  Really though, I'm not sure that there will be ANY banks that aren't subject to the Real ID Act b/c I think they all rely on the Federal Reserve on some level.  In any case, I'm not getting a national ID card.
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GhengisConrad

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Re: Some interstate banks
« Reply #9 on: July 05, 2007, 10:12:09 pm »

Im sorry to say that I would get one.... probably. Not sure. Probably end up having to. If a man points a gun at me I act accordingly...(and other such cowardly remarks)

But if Dr.Paul gets elected he would veto the hell out of that thing no?
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"I will not help you to pretend I have a chance. I will not help you to preserve the appearance of righteousness where rights are not recognized. I will not help you to preserve an appearance of rationality by entering a debate in which a gun is the final argument. I will not help you to pretend that you are administering justice."- Hank Rearden page 443

freedomroad

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Re: Some interstate banks
« Reply #10 on: July 06, 2007, 01:05:51 am »

Well, NH already has stopped it, as have other states.  We will see what happens in 2009 but it looks like the whole Real ID thing has been defeated by many states to some extent and to a greater extent by NH (because it rejected all future Nationl IDs).
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CA_Libertarian

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Re: Some interstate banks
« Reply #11 on: July 06, 2007, 03:15:01 am »

I hate to say it, but I think this is how this will end up:

States like NH ban the Real ID Act requirements.  Citizens go to the airport/bank, are denied access.  Citizens sue, circuit court finds in favor of the state.  Feds appeal, US Supreme Court overturns on the grounds that commercial flights and all banks are interstate commerce.

So, in the long run (after 5-10 yrs in the courts), I'm guessing that you will have to have a "Real ID" to bank or fly commercial airlines.
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sj

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Re: Some interstate banks
« Reply #12 on: July 06, 2007, 10:25:18 pm »

Im sorry to say that I would get one.... probably. Not sure. Probably end up having to. If a man points a gun at me I act accordingly...(and other such cowardly remarks)

But if Dr.Paul gets elected he would veto the hell out of that thing no?

But no one's pointing a gun at anyone.  They're just saying you won't be able to do certain things...it'll just be a little inconvenient.  NH is making it MUCH less inconvenient by saying you can still have a driver's license and not have the Real ID
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Power Penguin

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Re: Some interstate banks
« Reply #13 on: July 07, 2007, 12:53:51 am »

Let's start our own financial services. It might not solve all problems, but it could handle day to day activities that constitute 90%+ of the average person's daily life. Thoughts?
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CA_Libertarian

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Re: Some interstate banks
« Reply #14 on: July 07, 2007, 03:56:18 am »

I'm not sure how employers pay employees out in NH.  Here in CA I've only found 1 employer that pays cash, and that's a temp agency that pays daily (and employs mostly drug addicts).  So, here in CA I have to choose between using bank services or paying 5% of my pay to a check-cashing business.

Now, I'm learning new things every day about the way things work in NH.  Please let me know if there's some other way around this I'm not aware of.
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The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of his country; but he that stands it NOW deserves the love and thanks of man and woman.
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