Other than politicians and the media, there is no other force in our society that is hated more and trusted less than the big banks. Between the bailouts that followed the crash of 2008, and the wealth confiscations that occurred in Cyprus a few years later, it’s become abundantly clear to everyone that the banks are run by criminals, and you can’t trust them to hold onto your savings.
And if you ever needed another reason to be cautious about putting all of your savings into a bank, you should listen to what happened to Anna and Salvatore Russo. The couple opened a savings account with Chase Bank in 2002, and deposited $30,000, which was reduced to $25,000 after they made a withdrawal shortly thereafter. But with the exception of that withdrawal, they hadn’t touched their bank account for years, in the hopes that they would collect interest on the money.
But when they decided to withdraw that money in 2014, it was gone. Anna Russo told CBS how she reacted when the bank told her that they had no record of her account. “I said, there’s got to be somebody in that bank that knows about my money, but nobody knows.” “They can’t explain it, and they feel that they don’t have any no obligation, even though we have a book,” her husband added, referring to their own documents.
Chase eventually revealed that they have a record of their first deposit but nothing else, which is why the money is gone. “We don’t retain records for more than seven years and the customers have not been able to provide any documentation that proves their claims.” So if you leave your money in a Chase bank for more than seven years, it ceases to exist apparently.
The Russo’s ordeal reveals another troubling aspect of the banking industry that most people aren’t aware of. Money that is left untouched for more than five years can be confiscated by the government. However, the bank is supposed to send you a letter before this happens, which the Russo’s never received. The government has no record of receiving their money either. It literally disappeared
It’s often been said that when you put your money in the bank, it no longer belongs to you. Now it can be said that when you put your money in the bank, it no longer exists.