Financial privacy is accomplished when no one knows where you keep your money, or even if they do, it is inaccessible to them. When one utilizes cash banking as a means of clearing checks payable to themselves or the business under their control, the right to financial privacy is practiced, and banking secrecy is assured.
Check cashing stores are the businesses that provide check cashing services that you see on many corners today. Cashing checks by presenting them to check cashing stores that deposit them into their business bank account, provides you with immediate cash and eliminates the hold time banks normally place on a bank account deposit.
You will be required to open an account with the check cashing store prior to cashing checks. Privacy conscious individuals provide less information to check cashing stores than to banks. Identification, usually in the form of a government primary identification, a valid mailing address, a telephone number, and proof of control of the business is required when checks being cashed are payable to a business, the most private way to practice cash banking.
A reader wrote and explained her experiences with this form of privacy banking. A brief summary is included for illustration purposes.
Jan operates a website business while selling digital products to customers throughout the U.S.A. and the world. The owner of the business, a Limited Liability Company, is managed by Jan. A third party merchant account is used to process credit card orders, and checks are made payable to the LLC bi weekly.
She writes that it was necessary for her to speak with the regional manager in person in order to set up her business account. Certain business documents including the registered agent’s name and the LLC’s articles of organization and the proof of registration with the Secretary of State were requirements to assure the institution of the legitimacy of the company receiving the checks. And as Jan utilizes the Trust Manager Principle for private company registration as described in Privacy Crisis; Identity Theft Prevention Plan and Guide to Anonymous Living, the signature page of the trust that manages the LLC was an additional document necessary to provide to the check cashing service.
What does Jan do with her cash now that she has privacy banking in place? Jan and her husband feed funds set aside for investment into the brokerage account of a Nevada Limited Partnership under their control. The limited partnership is registered privately as described in Privacy Crisis. In addition, the family keeps cash for living expenses for one year in a safe somewhere on their property. And home privacy is a priority for the family as they choose to practice banking secrecy-without a bank.
Copyright: James Clark King, LLC, December 18, 2009