Tags

, , ,

Savings

Savings (Photo credit: 401(K) 2012)

If you have a personal savings account in a traditional commercial bank, such as Wells Fargo, you might want to consider getting your money out of that account now.

Why?

Because these banks can, at any time, strip all or most of your hard-earned money – and it can happen in an instant at the request of anyone out there for any reason who presents them with an “order to withhold.”

Essentially, you can go to bed one night comfortable with the fact that you have a small nest egg and wake up the next morning to pennies or zero in your account.  And once it happens, there is nothing you can do about it except kiss your money goodbye.

Your bank will act without notifying you, their customer.  But they instead will comply with debt collectors – whether the debt is bogus or not.  They will strip you of your money for alleged debts going back 19 years or older – beyond the statute of limitations and beyond when you usually retain your records.  They will act claiming an old state tax debt even from states you have never worked in.

Where is your money really going?  Who knows – anyone from hackers to criminals or whatever.  But some are claiming that savings accounts are being stripped to help bail out bankrupt states.  (Read They Stole His Money, Her Money & Mine Too | Strike-The-Root: A Journal Of Liberty.)

The reason your commercial bank, like Wells Fargo, can do this is because the personal savings account is considered “disposable income” and is not lien-free.  For those who only have a savings account and no checking – from which you pay your rent or mortgage and bills, you are in constant jeopardy of being wiped out overnight unless you make some changes.  If you have a checking account, move your money over to it now – evidently laws prevent these banks from wiping out your checking account because it is considered the “working” account.  But also call your bank and make sure that your checking is “lien free” meaning that no one can impose an “order to withhold” without your notice.  If you don’t have a checking account, get a lien-free checking account now and move your money out of your savings.

In the old days, we thought that a savings account was a safe place to put your money.  Of course, that was also when banks actually paid interest on your deposits that was more than one or two cents.

Knowing now that your savings money will not go to your future goals and dreams but instead will go to bail out welfare-overburdened states, that combined with earning no interest, should be motivation to move your out of the account – perhaps even putting under the proverbial mattress.

Advertisements