How Does One Obtain a Special Deposit Non-Interest Bearing Checking Account - What If One Already Has a Different/Savings Bank Account

How Does One Obtain a Special Deposit Non-Interest Bearing Checking Account - What If One Already Has a Different/Savings Bank Account

One can request a conversion of their current account into a non-interesting bearing account (and special-deposit too). The bank has a right to deny the special-deposit request, but asking kindly will often bring the results desired. The conversion into a non-interest bearing account is easiest in person, allowing the banker helping one transfer the funds instantly between accounts.

NOTE: A special-deposit account is not required, but a non-interest bearing account is always in one's best interest. Remember the maxim of the law "He who receives a benefit ought to bear its detriments." A special-deposit account merely allows one to hold gold/silver bullion and coin in the bank without worry of the bullion/coin being exchanged for another of equal value (rare, but does occur). Banks are legally required to report to the IRS regarding ALL interest-earning accounts (interest = income) and transactions of $10,000 or more.