2023 was not the best year for people who lost tons of cash, and in this article, we debate the issue. Check out the latest reports about how the US banks are not trying to give back the money to the people.
US banks don’t struggle to give back money to the people
Accoridng to the latest reports, it seems that the American banks are doing “very little” to recover and reimburse billions upon billions of dollars stolen from customers each year, according to a new report.
People are struggling to get their banks to protect them from massive and systemic checking fraud, according to the NBC Los Angeles.
“The specific type of theft – which is expected to reach $24 billion this year – is carried out by criminals who cash stolen checks endorsed with fake names,” the notes reveal.
According to the reports, the fraud is driven in large part by “mail fishing”, which is essentially the act of stealing checks directly from the mailbox. We suggest that you check out the original article posted by the Daily Hodl in order to learn more details about this.
US banks to restrict cash withdrawals?
Macro guru Hugh Hendry has just addressed the US banking system amid lingering turmoil in the financial sector.
In a new interview on Stansberry Research with Daniela Cambone, the hedge fund manager said the Fed’s tight monetary policy has increased the probability that banking customers could one-day face restrictions on the amount of cash they can pull out.
“If we went back a year ago, the probability you would assign to that would be almost zero. And all I’m saying is that probability, like mercury, is rising.”
He continued and said the following:
“Why is it rising? It’s rising because we have experienced, I call it the Fed folly. One can say factually that this Fed hiking is the fastest and of the greatest magnitude. They’ve never done this before…
We no longer live in an environment where it seems prudent to have all of your money in the banking system, and certainly not congregated around one lender.”
