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In reply to the discussion: Holy Mother Of God... You KNOW It's Bad When The NSA Tech Director Resigns Over Wire Tapping !!! [View all]dixiegrrrrl
(60,181 posts)for the simple reason to have everything..EVERYTHING.....tracked, all expenditures, no matter how small.
Every bank has been asked to take part in the Know Your Customer program in which they will report to the Feds
any deviance in your banking habits. ANY change in the "usual" deposits or withdrawals.
So when I took out my retirement funds in cash,in 2008, they reported me.
Google "Know Your Customer" and see what pops up.
TPTB have been working with Chambers of Commerce across the country to develop a community version of
Know Your Customer, so that any "unusual" purchase will be reported, esp. a large cash purchase.
Supposedly to defeat those terrorists, ya know.
If you spend more than 600.00 for precious metals, you are supposed to be reported.
France had a limit of 2,000.00 dollars(francs) of purchases that had to be reported, then dropped it to 1500.00 and recently, I read, dropped it to 1200.00. I think that was for precious metals, not sure.