by Dave Gonigam
Daily Reckoning
We got a flurry of new frontline reports from the war on cash yesterday, after a reader told us his account was shut down — perhaps because his wife used it once too often to send money to family in China. “Suspicious transactions,” you know…
“I was at one of the ‘Big Bad Wolf’ banks,” reads one of these emails, “to deposit some money into my son’s account.
“I used to deposit cash into my son’s accounts for living expenses in college. The bank said that’s no longer allowed. When I asked why not, they said to prevent money laundering. Mind you, I had made the same deposit consistently every month for two years.