NoSSN - NoSSN NewsLetter

NoSSN NewsLetter
issue 6.7
Banking & the Patriot Act
April 3, 2006

NoSSN NewsLetter
Issue 6.7
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Disclaimer: Nothing in this Newsletter is to be taken as legal or tax advice. For that, you need a lawyer or CPA. This newsletter is for informational purposes only. What you do with this information, is your responsibility.
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Quick update –

I have heard from many readers on a couple of subjects.

First, I have heard nothing but good things about ALFII (www.alfii.com). I may be opening an account there myself soon. There are a great many services that they offer in complete privacy. No SSN required. Many of our subscribers have had accounts with ALFII for a good many years without a complaint. I, myself have noted that their website has been in existence and virtually unchanged for a few years. To me, that indicates stability.

Second, I have also heard from many readers regarding the passport application. It seems that many have gotten a passport without a SSN and none have received the fine that is mentioned.

Here’s an interesting tidbit I found on the subject:
http://www.cpsr.org/prevsite/cpsr/privacy/ssn/passport.html

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Why Banks are so adamant about getting a SSN these days

We all know that the Patriot Act, one of the most unpatriotic laws ever passed by Congress, has something to do with it. But where is this law?

We do know that we have 31 CFR 103.28 and 31 CFR 103.34. In basic terms these state that the financial institution is required to request a TIN or SSN before opening an account. This is a request only and there are provisions in place in the case where a request has been unable to secure a SSN.

That didn’t seem to deter most banks from making it their policy regardless of what the law says.

Those sections have changed. Those sections only apply up until October 1, 2003. There is now something in place that take the place of those sections. We have 31 CFR 103.121.

You are certainly invited to look this up yourself. I’ll give you a quick overview as to what it says.

31 CFR 103.121 requires that financial institutions must implement a Customer Identification Program (CIP) that must meet certain requirements. The requirements include name, date of birth, address and taxpayer identification number. We all know what the definition of a taxpayer identification number is.

There is also the usual instructions for those that have applied for but not yet received a number and those that have APOs or FPOs.

The curious thing about this particular piece of regulation is that it does not require anyone to have or use a SSN. It requires the bank to have a policy that requires SSNs. It is the bank’s policy and not the law that requires it. Of course this is all part of war on terror. It’s also anti-money laundering. And I thought the Patriot Act was to fight terrorism. I didn’t know that it was also to fight money-laundering. I didn’t even know we were fighting a war against money laundering.

There is also a section where a financial institution may obtain information from a third party. For example, you apply for a credit card. You refuse to give them a SSN. The credit card company can simply skip over that question. Once they have your other information they can pull a credit report. When a bank pulls a credit report, unlike when you or I get one, it will contain a SSN. They can then put that number on your account. All of this without your permission or knowledge. Isn’t that nice of them?

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Money Masters

A few weeks ago somebody posted a link to the Money Masters video in Windows Media format. I don’t know if it is still there or not. I watched it in it’s entirety (3.5 hours). It takes you through the entire history of money and fractional reserve banking all the way through the Federal Reserve. Unfortunately, the solution to the problem that they present is one that will not work. They suggest that we simply put smarter people in charge of the central bank.

They do point to a time in history when the U.S. Treasury issued there own fiat currency and it worked while it was in place. That was only while it was in place. I’m certain that if we did get “smarter people” in charge, it would not and could not last indefinitely. We know that absolute power corrupts absolutely. The only way to ensure a stable money supply is to use something as currency that has intrinsic value. Gold and silver worked before, it can work again.

"The right to be let alone is indeed the beginning of all freedom." -- Justice William O. Douglas

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