I bank at two banks and for business reasons and personal need, have opened accounts in two new banks in a near by town. Being a longtime business owner, my gut feeling on these new banking regulations is either the banks or government is running scared. Or out to nail some person to the wall.
What I did today was go and buy a heavy safe and paid cash for it. How many others will do this for the privacy?

You are not the only person I have heard express similar concerns.

Allow me to share my opinion. I do not have any inside information...just a gut feeling about all of the new BSA rules. The US Government tells us that part of the Bank Secrecy Act is to help catch those people in the US that might be funneling money to terrorist organizations or laundering drug money. If some of the limits were higher, I would believe them. But they have set the limits at such low dollar amounts, I can only believe that financial institutions are being used as IRS enforcement agents (in addition to providing banking services).

Most bankers I have talked to in my area seem to have the same feelings I do regarding these regulations. It is nothing more than the Government's attempt to pull a bait and switch with the taxpayer. Let me assure you that the banks hate this crap as much as you do.

From my perspective, I do not have a problem with tax evasion being considered the government's business, and as a banker who pays my taxes, I don't want to aid someone else in evading theirs. However, there is much truth in what you say: For simple privacy (not necessarily hiding a crime at all), some people may switch how they function within the financial system.

I personally understand and share your concerns. It is easy for legislators to pass laws and make the banks responsible for enforcing them. The legislators look good for passing the laws and they can't take the blame if someone slips through the cracks. It is the banks' fault. This is just my personal opinion - not the official view of my employer.

The vast majority of banking customers are good, regular people with no ties to terrorists, money launderers or drug dealers. However, the banks' hands are tied. I understand and support your opinion - as I think most people do. Tax evasion is one thing. Encumbering an honest business-person is another.

Keep your safe and do what you will.

My own opinions.

My only issue with safes, having researched and trained on safe deposit boxes - is theft, fire and flood. These things are not immune - I'm sure you did your research as well, so hopefully you made the best investment you could.