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Started By
Message
re: Banks Blocking Large Withdrawals without Proof of "Spending Need"
Posted on 1/27/14 at 1:13 pm to LSUDropout
Posted on 1/27/14 at 1:13 pm to LSUDropout
quote:
Banks keep a limited amount of cash on hand and it tends to be a lot less than people think.
Then where do they keep it?
5
Posted on 1/27/14 at 1:15 pm to NC_Tigah
Serious side though, if I had funds there, I'd be very skittish about potential insolvency. Seems an unfortunately logical explanation for such behavior. Hope not though. It's an old old UK institution.
Posted on 1/27/14 at 1:16 pm to Homesick Tiger
quote:Investments amongst other things.
Then where do they keep it?
Posted on 1/27/14 at 1:16 pm to Homesick Tiger
quote:
Then where do they keep it?
Usually at the regional Federal Reserve branch.
Banks send off and order currency as necessary.
I've been in branches with as little as 120k in cash on hand. The average was around 200-300k.
Posted on 1/27/14 at 1:19 pm to bencoleman
These types of decisions by larger banks seem to have a trickle down effect. I read Chase will be requiring tellers to get ID for any customer making a cash deposit. I can't imagine this will go over well with many businesses that use runners to make deposits.
As another poster said, the employee who said you could only have $9,999 will get in big trouble as well as the bank if it gets discovered.
As another poster said, the employee who said you could only have $9,999 will get in big trouble as well as the bank if it gets discovered.
Posted on 1/27/14 at 1:22 pm to LSU70433
quote:I'm missing something. What's the $9,999 reference?
the employee who said you could only have $9,999 will get in big trouble as well as the bank if it gets discovered.
Posted on 1/27/14 at 1:24 pm to NC_Tigah
quote:
I'm missing something. What's the $9,999 reference?
It's the highest cash transaction you can have without having to submit an CTR (Currency Transaction Report) to the IR. It's actually $10,000 as the CTR is required for transactions OVER 10k, so 10,000.00 wouldn't require one, but 10,000.01 would.
ETA: Breaking up transactions to avoid a CTR is against the law.
This post was edited on 1/27/14 at 1:25 pm
Posted on 1/27/14 at 1:28 pm to LSUDropout
quote:Right.
It's the highest cash transaction you can have without having to submit an CTR (Currency Transaction Report) to the IR. It's actually $10,000 as the CTR is required for transactions OVER 10k, so 10,000.00 wouldn't require one, but 10,000.01 would.
Missed the basis for the comment. Thanks.
Posted on 1/27/14 at 1:30 pm to LSUDropout
quote:
Usually at the regional Federal Reserve branch.
So, this is where the government gets their paws into my banking business? So much for privacy huh?
Posted on 1/27/14 at 1:33 pm to Homesick Tiger
quote:
So, this is where the government gets their paws into my banking business? So much for privacy huh?
Well, the deposits/withdrawals to/from the Fed are done on behalf of the bank without any specific customers tied to it, so I think you're good as far as that goes, though I'm sure your privacy is being shattered 1,000 other ways...
Posted on 1/27/14 at 2:13 pm to anc
quote:WE are.
Are we in America?
Your article isn't.
Posted on 1/27/14 at 2:14 pm to LSUDropout
I needed $50,000 in brand new $100 bills when I traveled to Russia for our adoption (3rd trip). I had to order 48 hours in advance and, unfortunately, the armored truck carrying that cash was robbed. Not only did I have to deal with answered FBI questions the day before I was supposed to leave, the bank had to find me all those brand new bills across several locations. After questioning, I spent the day driving from location to location gathering enough of the cash for the adoption trip.
Posted on 1/27/14 at 3:33 pm to Homesick Tiger
i have worked for 2 major banks one on the personl banking side and there is a set amount of cash kept at each location. that amount depends on the amount of cash transactoins done month to month..it's a security precaution. when i was a capital one i was told a story about a guy who wanted to withdraw 250k in cash because of Y2k fears. they ordered the cash and it showed up 2 days later..and you wonder why people rob banks..there just isnt that much money in the safe people!
Posted on 1/27/14 at 3:37 pm to LSUGrrrl
quote:
I needed $50,000 in brand new $100 bills when I traveled to Russia for our adoption
Russian babies cost 50k? You could probably but a Russian bride for much less?
Posted on 1/27/14 at 5:11 pm to LSUDropout
quote:
I think this has to do more with the cash kept on hand. Banks keep a limited amount of cash on hand and it tends to be a lot less than people think. 50k in cash in one transaction may have been more than they could do without notice allowing them to order more currency.
This.....banks order a certain amount of cash in particular denominations. Order meaning they actually pay a fee for an even exchange of funds (dollars, pounds, euros, etc.) just to be of convenience for the most popular denomination request. There are certain times of the month more or less cash id ordered....payday Friday, 1st of da monthhhhhh....If you let them know just a few days ahead of time, they can make sure they carry a sufficient enough supply to satisfy most any request. It has nothing to do with a conspiracy theory of them not giving you your money. They just can't not have enough cash on an anticipated day with high demand. Could you imagine if you ran a business, in this case a place where checks are cashed and monetary exchanges occur...and it was in the middle of a crazy busy day and the teller had to say (not word for word of course) "I'm sorry Mr. Regular Joe customer who banks here and cashes his check at my desk every payday, some a-hole came in and demanded $20,000 in our most popular denominations, I am unable to help you and everyone else the rest of the day b/c some a-hole was screaming like a jackass in our lobby, THAT"S MY MONEY AND YOU BETTER HAND IT OVER"
This can all be avoided with some common courtesy and minimally planning by giving the appropriate persons a heads up of your extra-ordinary request. You do this, you will surely get service with smile.
This post was edited on 1/27/14 at 5:23 pm
Posted on 1/27/14 at 5:13 pm to Kreg Jennings
quote:
hen i was a capital one i was told a story about a guy who wanted to withdraw 250k in cash because of Y2k fears. they ordered the cash and it showed up 2 days later
quote:
This can all be avoided with some common courtesy and minimally planning by giving the appropriate persons a heads up of your extra-ordinary request. You do this, you will surely get service with smile.
There you go.....
Posted on 1/27/14 at 5:17 pm to tatervol
quote:
Let my bank try that I dare them
What would you do?
Posted on 1/27/14 at 5:18 pm to anc
#UKProblems
Posted on 1/27/14 at 5:18 pm to Homesick Tiger
quote:
Then where do they keep it?
quote:
Homesick Tiger
Where do you keep all your money? You mean you don't carry ALL of your wealth in your wallet?
LINK
Posted on 1/27/14 at 6:55 pm to Projectpat
quote:
Let my bank try that I dare them
What would you do
He would fire off a strongly worded email. THAT would show them!
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