When Your Bank Fails, Don’t Walk …Run!

So. The US economy is just fine. The post-recession 2010 Dodd-Frank legislation has cured all. Banks have lots of cash. Congress is your friend and that certain-to-pass Tax Cut and Jobs bill will finally allow you, your family and America to… MAGA.

Really?!

“I’m sorry, Sir. We are unable to cash this check,” were the ominous words delivered to me by a fresh-faced, none-too-friendly, Wells Fargo Bank manager. He had just kept me waiting ten minutes while in consultation about my requested transaction. Returning to his cubicle he sat down quickly, now looking at me intently through narrowed eyes.

Three feet away, between us and in front of him, were three forms of my personal identification face up. However, he gazed down glowering at two personal checks also laying before him, written to me by a client and drawn on his bank. Not being a “Wells” customer I had expected a shake-down, hence the multiple forms of ID.

These two checks totalled a seemingly paltry sum of almost US$8,000.00. Not expecting this much difficulty I insisted on a reason, to which he now looked up from considering the two checks and replied, “I’m sorry, but the bank does not have sufficient funds on-hand to cash these checks.”

Really?!

Naturally, like the majority of incorrectly indoctrinated US bank depositors I assumed that, as is traditional with banks, this one would have lots and lots of cash.

Au Contraire.

Unapologetically he informed me that he was “sorry” but he…

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