Why I'm Closing My Bank Accounts While I Still Can

Not long ago I walked into a local branch of my bank - the 13th largest bank in the U.S. based on consolidated banking assets, according to the Federal Deposit Insurance Corporation's (FDIC) second-quarter 2105 data. I wanted to cash a check for a few thousand dollars. It was a business check made out to cash; it was my business account and there was plenty of money in it. What happened next was, frankly, frightening. And it has profound implications for every American. That's because it means capital controls, courtesy of the government and the Federal Reserve, could be right around the corner. They're already in effect in some form. That means you might not be able to get the money you want out of an ATM. You might not be able to cash a check when you have plenty of money in your account. Or worse... your bank could take your deposited cash and convert it to shares of stock in that bank. In other words, if you think you'll always be able to get your money out of your bank, you're wrong. Here's what happened... Full Story Tags: Bank accounts , capital controls , close bank accounts To get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free . Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2015 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201. The post Why I'm Closing My Bank Accounts While I Still Can appeared first on Money Morning - We Make Investing Profitable .