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#1695080 - 05/02/12 09:07 PM Customer Request Regarding "Lawful Money" 12 USC 4
Dolly Nugent Offline
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Dolly Nugent
Joined: Nov 2000
Posts: 1,820
Southern California
A customer has requested that we attach a Notice and Demand to his signature card which states "pursuant to the discovery of the following law and remedy found in Title 12 United States Code Section 411 that all transactions involving Federal reserve notes transferred and/or/deposoited to and/or withdrawn from (our bank name) are to be redeemed in lawful money." It goes on and then at the end it states that if no response is received within 21 days of receiving the notice it will result in a automatic default judgement and a permanent and irrevocable estoppel by acquiescence. And he had it notarized.

We advised him verbally that our deposit agreement and signature card govern the account and that we do not honor individual requests such as this. Now he wants our response in writing.

Is anyone else receiving these type of requests?
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Dolly Nugent
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General Discussion
#1695087 - 05/02/12 09:12 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Nut case. Close his account and send him on his way. These section 411 people are nothing but trouble.
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#1695091 - 05/02/12 09:14 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,694
Illinois
Dolly, you have my sympathies....One of the ubran myths out there is that the US must go back to the gold standard and that the Federal Reserve system is unconstitutional, etc...so these folks begin their protest with their local bank.

I didn't have the "lawful money" people, but we did have one of the tax protestors who claim that it is unconstitutional for the U.S. government to impose income taxes get slapped with a levy. Same thing...notorized letters, threatening the bank with legal action, attaching liens to bank property becuase we had wronged him by enforcing an illegal levy, etc...

I wouldn't even waste my attorney's time. Cut him a Cashier's Check and wish him good luck at his next bank.
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#1695107 - 05/02/12 09:29 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
Dolly Nugent Offline
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Dolly Nugent
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Southern California
Thanks for the good feedback. These weird things pop up every once in a while, but I never keep the documents. I think I will start a "Looney Tunes" folder for keeping this stuff in. smile
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Dolly Nugent
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#1695126 - 05/02/12 10:03 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
BrianC Online
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BrianC
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Illinois
Speaking of Looney Tunes, I think it was Yosemite Sam and Bugs Bunny that spent an entire cartoon arguing over a treasure chest filled with gold bullion left by some mysterious pirate. When they finally got to the end and opened the chest, they discovered that the shiny coins said, "World's Fair Good for one Gold Balloon." I needed a good laugh at the end of today, thanks Dolly!
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#1695133 - 05/02/12 10:55 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
Dolly Nugent Offline
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Dolly Nugent
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Southern California
Too funny! smile
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#1695157 - 05/03/12 08:42 AM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
Elwood P. Dowd Offline
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Elwood P. Dowd
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Quote:
We advised him verbally that our deposit agreement and signature card govern the account and that we do not honor individual requests such as this. Now he wants our response in writing.


As noted, he is a nut case. This is his hobby. He wants you to play too. Just tell him "No," put him on your complaint list, and give him the address of your federal functional agency so he can turn you in.
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#1695342 - 05/03/12 04:23 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
Dolly Nugent Offline
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Dolly Nugent
Joined: Nov 2000
Posts: 1,820
Southern California
I actually sent him a short letter just repeating what we told him. I told the branch to close his account if he keeps bothering them. Next time I'll remember to provide our regulator's address! smile
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#1695412 - 05/03/12 05:40 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
edAudit Offline
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edAudit
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You are here
Federal reserve notes transferred and/or/deposoited to and/or withdrawn from (our bank name) are to be redeemed in lawful money."
Dear Customer,

Sorry our bank and just about every bank in the US does not carry "lawful money" only money issued by the US Federal Reserve system. Enclosed is a check for the balance of your account.

Please do not try to reopen your account as we will not be honoring your request.

Thank you and have a nice day.
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#1696874 - 05/08/12 03:28 PM Re: Customer Request Regarding "Lawful Money" 12 USC 4 Dolly Nugent
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
So he deposits into the account what he doesn't recognize as "lawful money" but demands that when he makes a withdrawl he receives "lawful money..." Hilarious.

Direct him to Kiribatii where I think dog's teeth and sea shells are still "lawful money"

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