Home Forums Hunting & Shooting Hunter's Campfire Why is it so DAMN hard to get cash money out of the BANK!!

LOL. Like it.

I used to work with an electrician named Jerry.

Jerry's family owned a company that made mini pneumatic and hydraulic actuators. The family liquidated the business at a good time and Jerry quit his day job and moved his wife and kids to Florida. I never got the details on how big the business was, but the family wrote off $150K for the air conditioning unit they donated to the local mega church. So I am pretty sure it was not chump-change.

One day, Jerry walked into the bank and tried to cash a check. The cashier got a little snippy with him. So Jerry requested the balance. Then she got VERY snippy.

Jerry asked to see the manager. The cashier eagerly complied because Jerry is not small or quiet.

The manager pontificated that the bank specified a 2 week holding period, at their discretion, before transacting any check cashing or withdraw.

Jerry observed, "You must be pretty smart to be the manager of this bank."

That made the manager wary. "Why do you say that." He replied.

Jerry said, "A smart man would look closely at the contract to be absolutely sure that was the case. If MY contract did not say that, then you would put your company in breach of contract and you would struggle to get a job as a janitor at K-Mart."

The manager called for the contract.

Page 3, lines 6, 7 and 8 were crossed out and initialled and dated by Jerry, the previous manager and two witnesses.

Jerry walked across the street with his $200K and deposited it at Merrill Lynch.

I guess you get a little more latitude in your contract when you are depositing a substantial fraction of a million dollars.

-Joe

So, you were filling your gas tank and buying .22 shells on the same day?!

This is the kinda BS I'm talking about.Are credit unions any better?

Yes, But I couldn't find any .22

you guys are under a lot of misimpressions here. A employee can file a report on ANY transaction, dollar amount not an issue, that is deemed suspicious, in fact is REQUIRED to report it.
A lot of the laws on opening new accounts, and documentation required, was changed a number of years ago connected to money laundering, and 9/11 concerns.
Just because you have an existing account, doesn't mean documentation isn't required on a new account in addition to your old one.
Information is Verified by the way, and if certain things are not verified, the account will NOT stay open.
Case in the vault in a branch bank is a no winner for the bank. Thus, limits are kept intentionally low to meet ordinary needs but thats all. Sometimes on a large cash request, money has to be delivered to the bank branch needing it.

Depends on the Credit Union? I have used 2 that I have really liked! I used 1 other that I wasn't impressed with?

$10,000 might be considered a large request a small branch outlet. At a main bank its chickenfeed. Small local banks are more customer friendly. Large banks are like any large company, your just a number. I will go with local owned always first even if they are paying less interest. GW

Some time ago I withdrew $800.00 from my local Acton Texas bank for a man toy purchase.
Seller changed his mind and when I thought to do it a few weeks later, I went back to the back with the very same $800.00 previously withdrawn.
30 minutes later, a couple phone calls to someone/where by a very concerned window teller, and a verbal questionnaire, it was inadvertently revealed to me that a person with my name had made some local PD watch list. All the questions were to allegedly determine if I were that person.
All that over less than 1k. At a locally owned bank.
My wife banks at that establishment. My Money goes to a credit union 100 miles from there where I never ever have any negative experiences.

Last time I tried my bank limited me to $2k and I needed more to cover a foreign hunt. But the teller told me that was per branch so I ended up driving around town. Ten grand is a big wade of cash.

$10,000 in cash raises a lot of red flags. Looks like drug money. $9,999 would be no problem. Expect a visit from the FBI. I'm not joking, your bank is required to report cash transactions above $10,000 to the feds.

Just to add. I met a guy about a year ago who went through this. He wanted to pay cash for a new van. The car dealership told him he would need to wait for the $40,000 check to clear the bank before they would release the van to him. Pissed him off so he decided to go to the bank and withdraw $40,000 in cash. He had to sign 4 separate documents, 1 for each $10,000 he withdreww. He spent 2-3 hours at the bank. A week after buying the van he got a call from several FBI agents who were conducting an investigation into drugs. This has been the law since the 1980's when drug dealers were using large amounts of cash to purchase cars etc.

Why he didn't just get a certfied check from the bank is a mystery to me. He just wanted to show off that he had $40,000 in cash I guess.

I buy and sell motorcycles, boats and Atvs in my spare time. I walk in to Wells Fargo and draw out 15,000 to 20,000 thousand at a time and never had a problem or visit from the FBI, I also draw large sums out of BB&T, never a problem, in and out. This are personal checking accounts.

I was sitting with the financial planner at Citizens bank two weeks ago working on the family trust and he told me that banks look at how much money you have and how often you touch it. Then they loan out as much of it as they feel they can. If I put in $200,000 and haven't made a withdrawal in 10 years, you can bet, my money is not there. They're paying me 0.4% to loan my money out to someone else at 2.9%... or they buy bonds with it at 3%. If enough people went to the bank to take out their money, they would shut the bank down. That's comforting stuff, I think.

I attend quite a few gun shows. I never go to one without 2k, or so in cash. I do my banking at a credit union I've been a member of for 48 years. When I make a withdrawl of 2k from my savings, the manager has to be present. I even have them pulled out of meetings to attend to my business. I hate the wait, and the manager hates to leave the meeting, but he, she, does.

I can't speak for others but I'm pretty well versed and posted nothing inaccurate. I noted that they could deem you suspicious and narc you out for withdrawing a thin dime, I guess. I also noted that I complied with the VP's request for documents-and this was well after 9/11...about three or four years ago. After the President made his assertions about the need for my social security card and a copy thereof, I checked around and verified that it was not the case. My own bank was another that when I checked, tried to shuck and jive me. The Federal and State rules don't require it. It was bank policy. I had specifically asked and they'd lied to me about it. The lady at my bank tried to lie too but I caught her in it. I could tell some stories about other abnormalities I've caught these banks in. I have personal reasons for continuing my relationship with one of the more worthless institutions, but it won't always be this way.

The banks around here like to lay stuff on the Feds...claim such-and-such is Federal Law when it is nothing more than that bank's policy. As I said, they will flat-out lie about it too.

Huh! I'm not doubting your knowledge on this, as I genuinely do not know, but it was my understanding that the $10K benchmark was a result of the Patriot Act?

Who gives a chit why he wanted to, it's his business. It also should be against the law and the Feds can pound sand. They can figure out other ways to catch drug dealers than harassing honest citizens who just want a secure place to keep their money. [bleep] the big banks who cozy right up and collude with the government on this.

FWIW you're altogether wrong about $9999. It is possibly more suspicious than $10 grand because it's obviously avoiding the reporting requirement. My bank wouldn't report me for it because they know it's a waste of time. They can report anybody at any given time they want for any amount. They are forced by law to report anything over $10 grand.

I don't know exactly when it was enacted, and didn't claim to. The other guy said it was in the 80's. Maybe he got that off a rerun of Miami Vice, I dunno. If pressed, I would make an educated guess that your assertion is the correct one. I certainly never heard of it until after 9/11. They always use it more in conjunction with drug dealing than Terrorism though-or just as much.

Indeed. I have NO firsthand knowledge of anybody ever even having a call from the Feds. It is NOT against the law. The banks seem particularly paranoid about it.