Would you use a bank with these rules?

In order to keep its bankrupt banks from collapsing, Cyprus is voting on these new rules, called "capital controls".
Pay special attention to the last item on the list.
Source:
http://theprodigalgreek.wordpress.com/


* Restrictions in daily withdrawals
* Ban on premature termination of time savings deposits
* Compulsory renewal of all time savings deposits upon maturity
* Conversion of current accounts to time deposits
* Ban or restrictions on non cash transactions
* Restrictions on use of debit, credit or prepaid debit cards
* Ban or restriction on cashing in checks
* Restrictions on domestic interbank transfers or transfers within the same bank
* Restrictions on the interactions/transactions of the public with credit institutions
* Restrictions on movements of capital, payments, transfers
* Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary
for reasons of public order and safety

Notice how the checking accounts will be turned into timed accounts, like Certificates of Deposit,
EXCEPT, like the Hotel California, "you can never leave" the accounts which will have automatic rollover at the end of the time period.

the banks are saying..we are keeping all your money and will ration it out to you as we see fit.

think it can't happen elsewhere?......... New Zealand is already discussing the idea, as is Spain.

I hope a lot of people become aware of this.

Bernanke does it again!!!! " the Cyprus problem with "be contained" to Europe."

"The continuing Cyprus banking meltdown reverberating across the euro zone likely will be contained on that side of the Atlantic, Federal Reserve Chairman Ben Bernanke said Wednesday.

Mr. Bernanke is “not seeing a major risk to the U.S. economy” due to the crisis, he said at a press conference,
though he acknowledged Cyprus faces a “difficult situation.”
http://blogs.wsj.com/economics/2013/03/20/bernanke-doesnt-see-major-risk-from-cyprus/

remember when he said in July 07 that "the subprime crisis is contained"?????
and
" we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited,”
http://www.forbes.com/2007/05/17/bernanke-subprime-speech-markets-equity-cx_er_0516markets02.html

Cyprus has Plan B:

steal the state pension funds
conduct an emergency bond sale ( sell bonds to whom? I would wonder)
AND
STILL tax the bank deposits, at lower rate.
see here:
http://www.nytimes.com/2013/03/21/business/global/after-deal-is-rejected-cyprus-scrambles-to-find-funds.html?pagewanted=all&_r=0


Oh, and fire the Finance Minister, Sarris...check.
Here:http://ekathimerini.com/4dcgi/_w_articles_wsite1_1_19/03/2013_488623

"banks in Cyprus may never re-open if a bailout is not agreed."

"German Finance Minister Wolfgang Schaeuble warned Cyprus that its banks might never be able to reopen if it rejected the bailout."
and
"Some businesses are now refusing credit card payments, our correspondent reports."
and

Options for Cyprus
Declaration of insolvency
Revised bailout but still with bank levy
Bigger EU bailout
Increased Russian funding

http://www.bbc.co.uk/news/world-europe-21855163

Did Bank of American sell the servicing rights to your mortgage yet?

We just a letter telling us that BOA will no longer be servicing our mortgage, that starting April 1 we send checks to Green Tree LLC.
So of course I looked them up, and found all sorts of horror stories on how they try to rip off home owners.
Here is some info on Green Tree and Finch ratings:
http://www.reuters.com/article/2013/01/08/idUSWNB287320130108

It seems, from everything I have been reading, that the big banks are getting out of the mortgage servicing business.
Seems to be part of the recent Gov't settlement deals.
Here is coverage of that aspect, from this Jan:
Exclusive: Bank of America to sell service rights on $100 billion of mortgages
http://www.reuters.com/article/2013/01/08/us-bankofamerica-mortgages-idUSBRE9070ML20130108

This is the 4th change of mortgage servicers I have had in 7 years.
Really speaks to the fact that collecting mortgage payments is a lucrative business.

Cyprus vote delayed again, protestors tear down flag @German Embassy,

and Russia not happy with new bank "tax" plan.
Vote delayed once again, Cyprus folks are demonstrating, and the Euro bosses have told the Cyprus flackey...errr...Prime Minister, to float the idea of now taking 15% from depositors who have more than 100,000
in the banks....these depositors include a LOT of Russian money.

I am following Twitter@Cyprus.
Zero Hedge and Twitter are keeping up with events in Euroland/cyprus.

Eurogroup Folds: Tells Cyprus To "Safeguard" Depositors Under €100,000 Euros;
Angry Russians To Get Even Angrier
http://www.zerohedge.com/news/2013-03-18/eurogroup-folds-telld-cyprus-safeguard-depositors-under-%E2%82%AC100k-euros

Russia will dispatch a permanent group of five to six combat ships to the Mediterranean Sea, Russian Navy chief Admiral Viktor Chirkov said.
http://rt.com/news/fleet-mediterranean-russia-ships-390/
( I am sure this was only by co-incidence)

This is taking on the signs of a major clusterfuck called "how NOT to steal money from depositors."
Amazing to watch as events unfold, plans go awry, and the whole troika of IMF, the Europe Central bank and Cyprus gov't lurches around the world stage,...making up the playbook as they go along,
while Cyprus and most of Europe throw tomatoes at them.

betcha the next country that wants to steal the people's money won't announce FIRST and THEN try to vote on making the theft legal.

Got any updates? How about posting them here.

Cyprus banks to be kept closed until Friday

to stave off bank run, says NYTimes..............

Cyprus bank holiday extended to Tuesday, maybe Wed.

Cyprus banks were scheduled to open Tuesday.....

But...

In light of Cyprus banks taking depositor's money, how do you feel about USA banks?

see:
Stunning Bailout For Cyprus —Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week

Stunning Bailout For Cyprus —Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week