Not long ago I walked into a local branch of my bank – the 13th largest bank in the United States based on consolidated banking assets, according to the Federal Deposit Insurance Corporation’s (FDIC) second-quarter 2015 data.

I wanted to cash a check for a few thousand dollars. It was a business check made out to cash; it was my business account and there was plenty of money in it.

What happened next was, frankly, frightening. And it has profound implications for every American.

That’s because it means capital controls, courtesy of the government and the U.S. Federal Reserve, could be right around the corner. They’re already in effect in some form.

That means you might not be able to get the money you want out of an ATM. You might not be able to cash a check when you have plenty of money in your account. Or worse… your bank could take your deposited cash and convert it to shares of stock in that bank.
In other words, if you think you’ll always be able to get your money out of your bank, you’re wrong.

Here’s what happened…

It Started Innocently Enough

When I went to cash the check, a routine activity that must happen millions of times every day in the United States, the woman behind the big, thick glass partition said, “I’m sorry. I can’t cash this for you.”

“Pardon me,” I said. “What do you mean you can’t cash that?”

She replied matter-of-factly, “I don’t know you.”

“You don’t know me because you’re new here,” I replied. “Please get the branch manager,” I requested politely.

“I’ll call her, but you’ll have to fill out this form,” she told me as she reached into a drawer under the counter.

Just then the branch manager came over to the teller inside the cage. “Hi Mr. Gilani, is there a problem?” she asked.

“Yes, there is a problem,” I replied. “I’m trying to cash a check and first this young lady said she didn’t know me and couldn’t cash the check, then she said I’d have to fill out some forms to get my money out. What’s going on?”

The manager told me there were some “new rules” they had to follow. She acknowledged she knew me, telling the teller I was okay, but told me I’d still have to fill out the form.

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