Wednesday, October 03, 2018

You're retired and have assets, and suddenly your bank account is frozen. Can this happen?

Retirees who have parts of their wealth in trusts and other portions in their own name should be cautious in moving money around and “follow the rules” in their documents, even if no one is watching (like an attorney or executor).
Banks can freeze accounts for suspicious activity, as “Investopedia” explains here.   Unusually large deposits from suspicious sources (overseas) could trigger freezes.  It sounds reasonable that large deposits from trusts to individual accounts could be viewed as laundering in some cases.

Of course, sometimes debt collection or IRS collection can cause freezes of accounts. 
I found a site called “Daily Reckoning” that sounds a bit like Porter Stansberry, with supposedly “elite” to freeze the financial system, this time in case the Chinese suddenly greatly devalue their currency. I’m not sure I buy the logic of this.

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