To: Mr. Stephen Haggard, Director/President/CEO email@example.com
Cc: Metro Phoenix Bank Board
- It looked more like a marketing letter from a bank such as yourselves
- I could not figure out whether they are an asset manager, investment manager or what. But they certainly sound like a fiduciary
- If the HOA is delegating all banking matters to Amcor, then by definition, it appears you cannot know the ultimate beneficiary. In which case this account is not compliant with the “know your customer” provisions of the Patriot Act
- It also seems to me you are delegating your unique highly regulated role as a depositary institution to AMCOR
- Furthermore, with respect to AMCOR:
- They are proven documented liars
- They would not know a debit or credit from a garden sprinkler
- They are not licensed for ANYTHING
- They are completely dumb. Of the estimated 300 pages of records I received, someone had spent hours redacting irrelevant names and details you can obtain in seconds at the recorder’s office. YET, they gave up this letter without a clue as to its significance – TO ME.
- According to US Census data, there are 62 million people living in HOA’s. The average assessment is close to $400. With 2.2 people per household, that $1trillion annual revenues, Not counting liquid assets as reserves.
- Should that not concern regulators?
- Why are you allowing this to happen?
- Is this simply the cheapest way to acquire deposits wholesale?
- Wouldn’t toasters be much less risky?
- Finally see the attached letter to my own bank. Click HERE Will the check clear, and even when it does – are they good usable funds?