banks -its my money, page-3

Received my tax cheque on Fri so went down to the bank to "cash" it. Sorry you must have an account to deposit it - your not allowed to cash cheques from the ATO. So my question is - "what happens if you dont have a bank account?" response - blank stare with associated shrug. Geesh

some interesting posts re. banks from another forum

"When you deposit your money in the bank the contract says they now own it and they get ten times your money from the Federal Reserve (which is not federal nor do they have any reserves).

But your bank makes 10 times the interest they charge (between 8 to 10 percent) on your money. You get 1 to 3% interest and they get 80% to 100% interest charge lending it out including the reserves they manufacture by the loans.

So when you take out your money you hurt the bank and they feel you violated your contract with them. That's why they are banks to make money more ways than one, two, or three - try TEN!"

"Typically, any bank can invoke a bank holiday,and it will not effect any other bank except that banks own branches.But,If it is a National Bank Holiday....The Markets will also be closed and if you own stocks .....
You are stuck with them till the market opens for trading again.A lot can happen by that time...your stocks could suddenly become penny stocks.
A National bank Holiday can happen if the Federal Reserve requests it,or if the President orders it to maintain order in the financial sector in the event of a national emergency."

And from Zimbabwe

Bank failures

"The propaganda presently suffocating Zimbabwe about mercenaries and British Plots to take over the world have done nothing to help cloud the real issues consuming Zimbabweans this week. We are again a country crippled without petrol. The capital city still has some fuel queues but in smaller towns like Marondera there is nothing to even queue for. We are also a country gripped by panic about the safety of our money in banks which are collapsing, being closed or going into receivership. This week I have met three people who had their life savings in a building society which used to be called Founders before it was taken over by a bigger company. That company has been closed and the money belonging to ordinary men and women is lost, savings are gone and no one knows who to turn to for help or how to survive. Recently an American writer on matters Zimbabwean said that what had frightened her was to see how much people here bend as the situation deteriorates. We bend, and bend and then bend some more and surely the point must come when, like a green stick, eventually we will break?"

http://africantears.netfirms.com/thisweek.htm