Last week I needed to get 10k out of Chase Bank, they look at you like you're crazy (debatable) All sorts of delays, then about 25 minutes later I get it.

It's never a problem or delay when I deposit a large sum...rant off

Just give me my money NOW DAMNIT! I hate banks.

......because nobody uses cash, soon they will just implant a chip in your temple and your balance will show up as a faint tattoo.

Well, of COURSE.. Similar to insurance companies - they'll take them premiums with the speed of an SR-71 but when you have a CLAIM you can figure the speed of frozen molasses oozing uphill getting the check..

LOL... Could it be part of the problem is that Chase is a large, "you're just a number" bank??

I deal only with my small-town bank where the people have known me for over 40 years... I can get bux inside of 2 minutes if I need it..

Dillinger never had much of a problem.

Swap to a Credit Union. You wont have that problem.

I think anything over $10,000 has to clear with the Federal Reserve. They probably had to call the Feds to get clearance to give you that much cash. Also, banks are required to keep a certain amount of cash in reserve, a percentage of what they show on paper.

Isn't there some threshold amount for cash movement where Federales get notified?

10k

Probably because unless you are rounding up, they reported you. Anytime you take $10k or more out of the bank, the report you to the Feds. Another result of the War on Drugs. It's not illegal and I have no idea what the Feds do with the info, but that's how it is. The bankers won't even talk to you about it. If you do other certain things I'm sure mandatory reporting is done as well. Stuff like a lot of big, but not $10k, withdrawls in a certain time period. Again, who knows as the bank employees supposedly can get in trouble for just telling people. Also they are supposed to report you anytime they have suspicions. I despise my bank and have told them how it is many times for stuff unrelated to this. Just imagine the potential for reporting somebody like me whom they don't like. So even keeping the withdrawls somewhat under $10k is not assurance you won't be reported. It's better than just withdrawing the 10 grand and insuring that you will be though.

But even leaving that out of it, what you say is absolutely true. The [bleep] have all sorts of rules like not giving you over a thousand at the drive up window after the rest of the bank is closed. Money not available yet after you just made a deposit. Etc. They sukk and swallow.

A few years back I was gonna open another account and I looked into it. I was gtg with all the info they'd said I needed and the money ready, etc. I go into the bank after having talked with the Vice President and some [bleep] teller informs me that I need my Social Security Card. [bleep], I didn't even know where it was as I got an old original cardboard one that isn't laminated. I got pretty hostile because her boss told me I didn't need that. The President was there and he backed her up. I checked around at other banks and they were lying or stupid. My vote is on lying. They agreed to let me start my account without giving them a copy of my card. I told them to stick their account up their ass because them lying to me wasn't a good way to begin a business relationship. MOFOS!

Were it not you and they handed out your money without any delay or questions how woud you feel then? 1/2 hour of my time is worth $10,000.00 of MY Money.

My credit union hasn't defined what they consider a large withdrawal, but they ask for 48 hour notice for large withdrawals so they can have cash on hand.

Even when withdrawing 5k...same hoops to jump thru.

I doubt it. I've dealt with small town banks and mostly they suck as hard as the big ones if not harder. As I said previously, I HATE my bank. Recently it just sold again so I figure things will get worse. Fortunately I've got a couple of other accounts in banks that appear to be nearly as worthless, so you can always go try another if one refuses to give you your own money because of some arbitrary rule they've made up to favor their own interests.

I've had that same problem at the drive thru too. PIA!

I had to sign a form, which included my SS number, when I asked to get $50 (FIFTY dollars) in Canadian money out of a local bank last year.

I guess the Feds think I'm going to upset the global currency exchanges by withdrawing 50 bucks in foreign money.

I can maybe see if it's a small town and CU,but this Chase is within 20 miles radius of 2 million people or so.

Seems logical that if the government reads your emails, listen in on all your calls, their most certainly going to keep track of your banking transactions.They used to ask me for a copy of my drivers license each time I withdrew over $5000. cash. Had enough told them they could keep one on file with grumpy ole bas-written on it. Advised them I wanted a copy of the bank presidents license each time I deposited money. They no longer ask! GW

It's because the banks aren't holding any money.... They gotta call around and scrounge the cash.

I think you're probably right.

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.

It's completely plausible to me that it was a result of the War on Drugs, and since I was fed the Patriot Act line by a bank teller, I really didn't know. I don't consider them the most informed resource on such matters.

I was just hoping you might know the facts and could educate me on the matter. I didn't mean to imply that you made any claim one way or another.

Just curious was all.

get a speeding ticket on I-40 in Tn, them Tn local LEOs running the innastates will take that gangster wad from you

and you might be months getting it back, or you might not get any of it back...especially if you have out of state tags


just fyi


and you handful of [bleep] that have me on ignore, I hope they take your [bleep] Ha!

here's a link
http://www.newschannel5.com/story/14643085/police-profiting-off-drug-trade

The 10 G requirement is came from the war on drugs. Never did much to catch drug lords, because they just hired a flunky to drive around town making $6000 deposits.

I've had it with big banks. I fired Bank of America last year. Going to fire Wells Fargo this month.

Had to cover a business check a couple of months ago after a customer bounced a check. Walked into my credit union, wrote a check for $11,000 to cash, they counted out the money and asked if they might do anything else for me.

Screw the banks. Every last F'ing one of them. Credit unions are a pain in the butt for things like international wires, but that's a small price compared to the daily idiocy at the local bank branch.

Thank the Patriot act, Department of Homeland Security, and big Federal government sticking their noses into our personal privacy for this bull. It took three weeks for me to get $30,000 in cash out of my bank account recently and they pressed me hard to take a cashier's check instead of cash.

The last time I tried to open an account they insisted on finger printing me.

I've been told many times that a deposit of $10,000 or more will be reported to the IRS.

It should be illegal for you to have cash money in your possession? And the cops can confiscate it with no warrant?

What frickin' Country is this?

I was more than impressed when I moved down here. I deposited a good chunk on the move in when I opened my account then went back a few weeks later to withdraw $25k and walked out with a certified check in 10 minutes. No drama.

+1, All my banking is done w/local bank that has less than 20 locations. Quicker & better CS IMO.

I'm not taking offense, just clarifying what I said and what I know. I'm not an expert, I'm just a disgruntled citizen and customer of several banks. School of hard knocks deal.

No offense to Tellers, but they typically make minimum or a bit more if they've been there awhile. I don't look on them as the last word on anything and I watch their hands and then recount the money if the withdrawl amounts to anything. I'm also privy to a bit of behind-the-scenes drama due to a local (I guess you'd call her an) internal auditor. You wouldn't believe how much embezzlement there is that is never reported to the law. Typically, the employees are dismissed without any recognition other than them being told to keep quiet or go to jail. I'd watch my parents' accounts or tell them to watch their grandparents' were I you.

Nope.. I had to deal with the same thing even in the mid-'80s. I had to fill out an IRS form if anyone bought a car with 10K or more in cash.

It's less than $10k now, something like $7500. Most banks if you want more than $10k you have to notify them ahead of time. Our small bank carries large amounts of cash tho and have never had a problem.

10k ain't squat. Screw banks. All of them.

Come now. You perfectly know the answer to this. The banking establishment, and therefore the government, too (as they are largely merged nowadays, and can be jointly identified under the term "The State"), has a good deal of interest in moving us towards a cashless society.

When cash is commonly used, folks can maintain a certain degree of privacy from the state regarding their daily transactions, and the state doesn't like privacy. It's suspicious of it, since it considers you to be its property, and it wants to be able to track everything you do regarding money, since they consider you to be only a temporary holder of it, it (the state) being the actual owners of it and you.

It doesn't trust you with its money. It wants to keep track of it at all times, to make sure it doesn't ultimately escape their grasp. So it wants to make you feel like a criminal suspect whenever you wish to possess money in the form of cash, since it plans to soon make that impossible, and it doesn't want you being dispositionally inclined to buck its progress towards this goal.

Yeah, that about sums it up.

This.

I bet they were crushed.

There are specific guidelines. http://en.wikipedia.org/wiki/Bank_Secrecy_Act

Credit Unions (them sorry no tax paying SOB's) also have to comply. http://www.ncua.gov/legal/bsa/Pages/default.aspx

In this case the objectives of the banks and the almighty government align. The government wants to keep track of every transaction, and the banks get swipe fees every time we use a debit or credit card. The banks are falling all over themselves to discourage the use of cash, and the government is their biggest cheer leader.

I think we should modify the old bumper sticker to : "piss off the government, pay cash".......

CTR, Currency Transaction Report. Banks are required to complete it on transactions of $10k or more. Also, structuring transactions to avoid reporting get reported, $9900 amount as an example. It's been around since before 9/11/01. Not only the bank but the employee, personally, may face consequences for not reporting the transaction. There was/is a lower dollar amount threshold and some other report but that escapes me at the moment.

I was one of those "evil" bankers back in the 90s. I didn't make the rules I just had to play by them. Not sure of what's new or different.

It's only $3 grand if the bank considers it 'suspicious'...SAR report or some such bs.

Being "member owned", ya gotta love this part of the equation. You like taxes, do you?

No doubt far less so than the first time you showed a chick your dick.

Neither withdrawing ten grand nor structuring withdrawls to avoid scrutiny is illegal although the banks act like it is. As to the best of my knowledge if you decide to withdraw any amount of money and do so and subsequently some Fed decides to question you, you aren't obligated to answer any questions.

Didn't say it was illegal, just that the bank was required to report it.

Yes but, the banks are always acting like it's some big deal. Why would anybody care? Even folks who are doing illegal stuff are under no obligation to tell the government any of their business. Most people aren't doing anything illegal either.

Sort of in the same category as having to fill out a form to get nasal decongestants.

I don't know what recent anti-terrorism laws require, but if my memory serves me the requirement of reporting cash transactions over $10K has been around since at least the 1960s.

Paul

If you have $1,000,000 or so assets....no problem at all!!

I hear ya !

Spot on....damn this is really scary stuff....just more control every day, piece by piece.

Tell Chase to kiss your ass and move everything to BECU. You can thank me later.

Funny you say that...going in to BECU on Thursday!

Move your money to a credit union. Empty the account they will give you [bleep] that's when you tell them this is why I'm moving my money. If the clerk persists tell them you want to take to the President of the bank now.

You'll wonder why you didn't do it years ago.

Hope so..

Why is a credit union better than a bank. I'm not up on this. Thanks.

Not sure....would like to hear from People who know why.

Been researching it a little in the past few minutes. Looks like if you have your money there you are considered a co-owner of the Credit Union with everyone else who has money there. It differs from a bank by not seeking to profit off you, since you are one of the owners. It makes no profit at all, in fact, unlike banks which make huge profits. It's akin to a bunch of people getting together and setting up a service for their own exclusive use, rather than for the purpose of making a profit off of customers.

Not much to not like there.

THIS!!!

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Go frikken figure.