The Money Privacy Crisis:
Banking Secretly in the U.S.A

EVER WONDER WHY Americans give up their financial privacy so easily? Slowly condition a population over a generation or two to believe it’s normal to let government, quasi-government agencies, and private investigator–types have access to citizens’ money and banking information—and privacy becomes obsolete.

Throw in a numerical identifier that nearly everyone has—the good old Social Security Number—and a national money-tracking system is created. And the most sophisticated and otherwise security conscious individuals roll over and accept it like timid little puppy dogs.

Why? Because they lack the information, assertiveness, and persistence necessary to create a banking and asset privacy plan. This article is about doing just that—establishing a financial privacy plan for your money and other liquid assets. Once you have a banking privacy plan in place, you’ll be able to effectively eliminate the threat of theft of your money by identity thieves and others who may be attempting to find your cash.

Why should you be so concerned about your financial privacy? Since identity theft is the fastest-growing fraud crime of the century, preparation to conceal business and personal money is a prudent move. In the event you or your business become the successful target of an identity thief, you can expect an average personal loss of $2,400 and an average business cost of over $10,000 in out-of-pocket expenses to clean up the mess (Hall, 2006).

What about intrusions from your own government? Violation of financial privacy is a necessary first step to gaining control over every business and individual (Hill, 1998). Would it not be best to have assets and money hidden and out of reach from everyone—government included—in order to avoid unlawful theft or seizures?

Recently, a notable property seizure occurred, as FBI agents raided offices and seized property, equipment, and cash of Liberty Dollar maker, NORFED corporation. The seizure warrant—case 1:07-mj-100119-DLH—was issued and signed by U.S. Magistrate Judge Dennis L. Howell in Asheville, North Carolina, on November 9, 2007.

Privacy advocate and author W. G. Hill warned us of the current trend and wrote: "In so-called western democracies, the state has increasingly granted itself the power to simply take from you whatever it desires" (Hill, 1998, Banking in Silence, p. 43). While Hill advocated banking secrecy through the use of offshore accounts and jurisdictions primarily, he acknowledged the increasing difficulty of financial privacy worldwide in his book on the subject, Banking in Silence.

Readers may be surprised to learn that banking privacy can be accomplished in the U.S.A. In fact, if you reside in the states, you'll be best served in most cases by keeping your funds in the country. The exceptions are high-net-worth individuals and those who spend substantial time out of the U.S.A. Offshore bank accounts and assets may be vulnerable to discovery and seizure, and few jurisdictions offer complete banking secrecy. Mutual Legal Assistance Treaties (MLAT) between the U.S.A. and forty-eight countries enable the exchange of financial information without “probable cause” and with only “reasonable suspicion” (Barber, 2007).

As you work, live, purchase goods and services, and make investments in the U.S., you need immediate access to your funds and timely clearance of negotiable instruments. Otherwise, you face lengthy hold times on deposits—sometimes in excess of thirty days for offshore banks, not to mention the withdrawal restrictions on many foreign accounts.

Years ago, the most private bank account known to privacy seekers was the Austrian Sparbuch account—an anonymous passbook type of account with only an associated password as an identifier. This bearer account belonged to whoever held it and could recite the password to the banking official. This account is no longer available through Austrian banks. Numbered accounts previously

offered by the Swiss banks are also no longer offered. These two stalwarts of banking secrecy have gone by the wayside following pressure from outside forces—mainly the U.S. government.

Today in the U.S.A., you, as a believer in freedom and privacy, can have your personal and business financial privacy once you gain the information and know what resources to use for privacy.

Stop listening to the “talking heads” who tell you that your privacy has been taken from you or that you have to give it up in the name of national security.

America has traditionally been a land of free people who have been entrepreneurs and innovators. Business men and women risk time and capital to produce products and services to supply the demands of the marketplace. Take advantage of what is available to you for your privacy needs and learn how to best utilize these resources to create a bulletproof “banking” privacy plan.

To be continued...

We thank Grant for giving us permission to publish this article. You can find out more on how to better yourself and loved ones by simply reading his best selling book, Privacy Crisis downloadable at PrivacyCrisis.com.