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Must a warehouse bank be associated with a bona fide bank?
I had been told that a warehouse bank could also be a secretive stash, not necessarily kept at a bona fide bank, wherein depositors create accounts that are concealed from the tax authorities, creditors, and the like. Occasionally a depositor would instruct the manager of the warehouse bank to withdraw a certain amount (also taking a service fee for himself) and buy a money order (which would not show the depositor's location) for payments the depositor wanted to make. The Barter Association was once nailed for sponsoring a warehouse bank (which was discovered when the manager inconsiderately died without, allegedly, revealing the location or accounts or the computer password to enable anyone, even his family allegedly, from getting any of the money. Sussmanbern (talk) 01:34, 27 November 2024 (UTC)[reply]
