Consumer complaint received 2024-04-20 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Getting a line of credit — 
Company: SUNCOAST CREDIT UNION
State: FL

Complaint narrative:
Actual cash value means the cash price you can sell an item for in the ordinary course of business, without being forced to sell it. When i applied for for a {$10000.00} bank loan, I signed a {$10000.00} promissory note. The note funds the {$10000.00} bank loan check back to me. What is the actual cash value of the promissory note? It is {$10000.00}, because Suncoast Credit Union sells it at the end of the day for {$10000.00} in government bonds, which has value equal to cash. What is the actual cash value of the new bank loan check? It is {$10000.00} because you can receive {$10000.00} in cash. Suncoast Credit Union merely exchanged actual cash value for actual cash value, and charged as if there was a loan. Ill show you proof. Federal Reserve Bank XXXX XXXX XXXX XXXX XXXX Monetary Policy in the United States XXXX XXXX XXXX ) states that, " bank loans is funded ... by banks creating new de- posits. '' They claim there was a loan. The truth is, it was an exchange and they called the exchange a loan. The proof is in the bookkeeping entries. No actual cash value was loaned as consideration to obtain the promissory note, and the proof is that the note funded the check. The proof that the note funded the check is the new money, the new deposit, as the FED publi- cations so clearly admit. For example If I gave the bank {$100.00} cash as collateral for a bank loan, and the bank loaned me nothing, but deposited the {$100.00} cash and used it to fund a bank loan check, refusing to return the {$100.00} cash collateral. That is exactly what the bank did to XXXX XXXX XXXX. After handing the promissory note to the Suncoast Credit Union, it has equal value to the bank loan check. If we followed the Constitution and only used gold and silver as lawful money, the bank could never use XXXX XXXX XXXX promissory note to fund the bank loan check. The bank would be forced to use other depositors ' money to fund the check, giving you equal protection under the law. 

Suncoast Credit Union cant create money without first depositing an asset, money, having equal value to the new checkbook money created. Checkbook money has equal value to legal tender, cash, just like a promissory note has equal value to cash because you can sell it for cash. Depositing cash, a check or a promissory note/lien security merely means that one exchanged the value of the funds deposited for equal value of checkbook money. An exchange of equal value is not a loan. 

What right does the Suncoast Credit Union have to take {$10000.00} of actual cash value from a XXXX XXXX XXXX, deposit it and withdraw the money and Suncoast Credit Union keep the {$10000.00} as the bank 's property without the customer 's knowledge, authorization, or permission? Suncoast Credit Union received {$10000.00} worth of future wages for free and exchange nothing of equal value. 

Loan contract has the following essential elements : 1 ) an agreement with mutual understanding, 2 ) com- petent parties, 3 ) based on the approval, willingness, of both parties, 4 ) supported by consideration ( money ). The lender has to give up money to the borrower, 5 ) made for a lawful purpose. 6 ) in legal form. An agreement must have full disclosure of material facts. An " offer '' expresses the intent and willingness of the one making the offer to do or not do certain things. The three requirements of an offer are : 1 ) Contractual intention ( the state of mind as to where the money is coming from to make the loan ), 2 ) definiteness ( known positively, for certain, sure ), XXXX ) communication of the offer to the other party. If an offer is vague or indefinite or if essential provisions are lacking, there is no offer or acceptance or agreement. For an agreement to be valid, there must be mutual understanding. 
Suncoast Credit Union led the alleged borrower XXXX XXXX XXXX to believe the bank would loan a bank check ( cash equivalent ) if the borrower agreed to sign the promissory note to repay the loan. Only the alleged borrower ( XXXX XXXX XXXX ) signed the agreement, so only the alleged borrower 's signature is relevant to the intent. 

Suncoast Credit Union had a far different intent in writing the agreement. The bank intended to receive actual cash value of {$10000.00} for free from the alleged borrower ( XXXX XXXX XXXX ) and return the {$10000.00} back to the borrower as a loan. The law allows the bank to create new tokens ( checkbook money called bank liabilities, deposits, and IOUs ) to match cash or government bonds the bank owns. The bank simply used the promissory note to obtain govern- ment bonds for free and used the government bonds to create XXXX new tokens ( new money ) as if someone deposited cash. 
The money supply increased by the amount of the promis- sory note. Suncoast Credit Union exchanged the promissory note having XXXX tual cash value of {$10000.00} for bank tokens ( checkbook money ) having actual cash value of {$10000.00}. The bank received {$10000.00} for free from the alleged borrower ( XXXX XXXX XXXX ) and never returned it back to the alleged borrower ( XXXX XXXX XXXX ) as a loan. The bank required the alleged bor- rower ( XXXX XXXX XXXX XXXX to repay the alleged loan in cash or tokens in the agreement. If the alleged borrower knew the bank loaned nothing of value for the promissory note, they would use their vote to change the system. 

Suncoast Credit Union intended to make false state- ments, false representations, to conceal the exchange in the agreement with the intent to reinforce a false impression, and failed to correct a false impression by showing the true intent in the written agreement and bank advertising. The FED publications state that the bank never loans other depositors ' money or legal tender as consideration for the promissory note. According to the FED publications, the promissory note is used as the value to fund the check. If the promissory note funded the check, then the check could never be the consideration loaned because the Suncoast Credit Union owned the promissory note without loaning one cent of legal tender. Suncoast Credit Union claimed there was a loan when there was no exchange of equal value, and then they charged as if they loaned you their money. The deception changed the cost and the risk of the transaction. The bank never loan me value for value and they received my labor for free. Federal Reserve Bank publications showing the standard bank bookkeeping entries, which recorded the promissory note as a bank asset offset by a new bank liability. Claiming there was a loan, con- cealing that the Suncoast Credit Union took actual cash value from XXXX XXXX XXXX and never returned it back to XXXX XXXX XXXX and claimed it was a loan from the bank and not a return of the unauthorized loan from XXXX XXXX XXXX XXXX the bank. The paper money is a bank liability for the real money. It is a bank IOU. For every dollar the banks print, the nonbankers are forced into XXXXXXXX XXXX XXXX of debt, owing the banks more money and interest. The bank simply expanded its operations by exchang- ing newly created tokens for matching amounts of promissory notes that can be sold for cash. The proof is in Modern Money Mechanics ( XXXX XXXX ). Just as a token is a casino liability, checkbook money is a bank liability. The publication states, " This ( is a ) transaction concept of money. '' It then lists demand deposit ( bank liability/tokens ) and other checkable deposits ( bank liability/tokens ) as money. Banks have learned how they could create money/tokens by exchanging a borrower 's promissory notes for newly created bank notes ( bank liabilities/tokens ) and loaning. Creating new money proves that they did not loan you other depositors ' money. A token is not legal tender because it is owing cash, which is the opposite of cash. Modern Money Mechanics gives the details, explaining that the bank did not loan you other depositors ' money. XXXX Federal Reserve Bank publica- tions ( XXXX XXXX XXXX XXXX XXXX  ) claim that demand deposits, traveler 's checks, and interest-bearing accounts are not legal tender, even though they are " usually accepted in payment for purchases for goods and services. '' These publications admit that they loaned a bank liability called a demand deposit or checkbook balance traded by check. XXXX XXXX XXXX explains how the promissory note is " exchanged for credits in the borrower 's transaction ac- counts, '' thereby creating new money. The new money is then given back to the alleged borrower as a bank loan. ( XXXX XXXX XXXX XXXX XXXX ) claim that " the loan in fact becomes new de posit money. '' ( Federal Reserve Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ) ... states, " Commercial banks create checkbook money whenever they grant a loan ... '' Then it gives the details on how the bank exchanges a promissory note for a newly cre- ated deposit and the new deposit becomes new money. The pub- lication then explains that checks are not money, they simply transfer bank liabilities/tokens from one checking account to another checking account. " They are simply order forms ... to move transaction balances. '' Some- one still transferred an asset from one party to another without the authorization of the one who lost the asset. 

Financial Institutions like Suncoast Cedit Union has forced the public to use bank IOUs ( tokens ) as money. ( XXXX XXXX XXXX XXXX ) ... teaches us that the bank IOUs ( checkbook money ) have no value without first depositing cash or promissory notes to create the bank IOUs traded as money. It explains how banks create money ( bank IOUs ), " based on a borrower 's promise to repay ... '' The publication then explains how the alleged borrower 's promis- sory note and secured collateral gives the newly created bank IOU value. The banks create money " against the value of those IOUs. '' The IOUs they are referring to are the alleged borrower 's promissory notes. It continues to explain how banks are monetizing debt. Monetizing is simply explained as creat- ing a new bank IOU ( called new money ) to match a promissory note ( IOU ) to repay the loan. The publication then admits, " Money doesn't have to... be issued by the government. '' A simple IOU can be used as money. 
The same publication admits that promissory notes are money by admitting that any item having the following three traits is money : 1 ) anything individuals or banks " generally accept in exchange for items of value '', 2 ) a standard of mea- suring value, 3 ) purchasing power stored for future spending.

When the bank sells, deposits or exchanges the promissory note, it is proof that the bank used the promissory note as money. It has a standard of measuring value ( it has equal value to cash ) and purchasing power is stored ( it retains its value because the principal and interest are returned ). 

Federal Reserve Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX claims that The Public deposit cash and checks, I am apart of the public. Cash and checks have actual cash value. The FDIC Call Reports ( i.e. bank balance sheets ) prove that all checking account balances are matched by an offsetting bank asset which can be converted into cash to pay the checking account balance ( liability ). This proves one can not create a new deposit balance ( liability ) without depositing something of value that can be exchanged for cash. 
( The Federal Reserve Bank ) admits, that, if you deposited funds at the bank, you loaned the bank the funds. ( Federal Re- serve XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXX claims that a deposit becomes a liability of the bank, placing the " ... bank and the depositor in a debtor-creditor relationship. '' The bank is the debtor and the depositor is the creditor or lender to the bank. The alleged borrower is first the creditor, deposi- tor, and lender to the bank, proven by the bank recording the promissory note as a bank asset matched by an offsetting new bank liability called a deposit. The increase in assets and li- abilities is the proof. The loan back to the same person is the check transferring the bank liability, the checking account bal- ance, to another account. XXXX loans were exchanged and only the borrower was held accountable for repaid the loan ; the bank never repaid the promis- sory note loaned to the bank by the borrower. 
XXXX Federal Reserve Bank XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX ) prove that the borrower is the lender to the bank. It explains how the new deposit is a loan to the bank. When one opens or deposits money into a savings account, " an individual makes a loan to the bank. '' The bank receives a new asset ( promissory note ) having actual cash value from the alleged borrower. This asset is used to create a new deposit ( a bank liability called a checking ac- count balance, also known as a transaction account ). This is the loan to the bank. The check transfers the money to another account, which is the loan to the alleged borrower. 
XXXX XXXX XXXX XXXX XXXXXXXX ) ... states, " Checkbook money is created by currency deposits. '' People deposit cash and checks. If check- book money is created by currency deposits and new deposits are created when banks grant loans, then checkbook money is created by depositing promissory notes. 
( XXXX XXXX XXXX ) explains the details of exchang- ing the promissory note for " credits in the borrower 's transac- tion account. '' Please note the phrase " borrower 's transaction account '' is possessive. When did the borrower give the bank written permission and authorization to open up a checking ac- count ( transaction account ), deposit the promissory note ( today 's value of future payroll checks to repay the alleged loan ), and withdraw a check from the deposit without the signature of the alleged borrower on a signature card or on the check? 

( XXXX XXXX ) states, " ... the loan in fact becomes new deposit money. '' Everyone knows you can not have a new deposit with- out depositing money or something having actual cash value. A deposit is defined as entrusting money ( asset/cash ) in the cus- tody of a bank to be withdrawn upon the depositor 's request. There must be an asset ( cash/check/promissory note ) deposited to create a new bank liability ( deposit/checking account bal- ance/checkbook money ). The asset deposited was the promis- sory note, or they sold it and deposited the proceeds. They can- not deposit it nor sell it until they legally own it. To legally own it, they must first loan consideration ( money or actual cash value ) in accordance with the agreement. They can not take an asset from us, deposit it, and claim it is their property without authorization, permission, and knowledge of both parties of the agreement. A bank must act as a fiduciary ( trusted position ) of the depositor. The conversion ( unauthorized transfer of the promissory note from borrower to bank ) took place at the time of the deposit. The deposit transferred ownership of the prom- issory note from the individual to the bank without any loan taking place. The deposit means the bank obtained the promis- sory note for free and the bank used it to create an equal amount of new checkbook money ( liability/checking account balance ). Clearly, the bank violated contract law and acted in an unau- thorized manner, transferring your wealth to the bank for free and returning it back as a loan. Loaning other depositors ' money ends both theft and new money creation. 
XXXX Federal Reserve Bank XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX ) states that, " The bank then uses our money to make loans ... '' No one can logically argue that the bank owes depositors money that is in their accounts. Even this publica- tion agrees with that statement. The publication is correct, the bank did use our money to loan. The problem is, we did not know we loaned ourselves our own money. The bank forced us to loan ourselves our own money and to repay the money to the bank as if they loaned us other depositors ' money. If we loaned ourselves our own money, we should repay ourselves our own money. Who do you know that is stupid enough to loan himself his own money and repay a third party the principal and inter- est when the third party refused to loan their money? If anyone is this insane, send them to me ; I would love to receive their money for free. 
Here 's the bankers ' secret. The trick is, the bank deposits the promissory note and then uses our money to make loans back to us. 
The bank owes us for the deposit in the transaction account because they altered the agreement and made the borrower the creditor, lender, and depositor. The bank should return this money to us as a return of our loan or deposit to the bank. They received it for free and should return it. They advertised that they would loan us money. That implies they loaned us their money.

Company response to consumer: Closed with explanation