The 10,000 Dollar Bank Rule Just Got MUCH WORSE

[Fiendish Thingy]

15. Seniors get bilked out of millions and these regulations seem reasonable for the most part

I didn’t watch the whole clickbaity scaremongering libertarian video, but got through the first anecdote about buying a car, and it seemed to be reasonable- perhaps the 72 hour hold could be waived with a purchase order from the dealership.

Canada has similar guidelines- I was at the bank today and the staff were questioning a senior man about several large withdrawals he had made recently. He said he was having Reno’s done, and had some travel expenses. I have seen other times where seniors were withdrawing money to avoid being arrested after being told in scam calls that warrants had been issued. In stores I have seen seniors trying to buy hundreds, even thousands of dollars worth of gift cards to send as “service fees” to claim non-existent prizes they have won. The stores refused to sell them the cards, even when the seniors insisted they weren’t being scammed.

I retired in 2019, and regularly move thousands of dollars a month from my US bank account to my Canadian bank account (it’s the one thing I can’t do online - I have to write a check from the US acct and go to my Canadian bank and deposit it). I have never encountered any hassles, holds, restrictions or investigations. I do my own Fin-Cen/FBAR reporting each year, in compliance with the law.

Reminder- these regulations were rewritten while Biden was president.