Thinking of withdrawing cash from your bank? Here are some bank rules you need to know about.

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This will not apply to you if you are simply closing out an account by transferring funds to a new bank or credit union via wire transfer or check or if a total cash withdrawal is under $10,000.



Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Many banks will no longer sell negotiable instruments when they are purchased with cash, requiring the purchase to be withdrawn from an account at that institution.

MORE > http://en.wikipedia.org/wiki/Bank_Secrecy_Act



These are some additional rules listed on one bank's website. Check the rules at your own bank:

Withdrawal Restrictions and Penalties on Interest Earning Accounts.

It is the Bank’s policy to permit Accountholders to withdraw funds from all Accounts, other than certificate of deposit Accounts, upon request. Federal law requires, however, that the Bank reserve the right to require at least seven (7) days’ (including large cash withdrawals) prior notice of withdrawals or transfers from any interest earning account other than a certificate of deposit Account. The Bank may limit daily cash withdrawals. A fee may apply to shipments of special cash orders. Additionally, “money market” Accounts are limited to not more than six withdrawals or transfers to another Account in the name of the Accountholder at the Bank, per month, of which not more than three such withdrawals may be payable to third parties by means of an Accountholder’s check or debit card. A penalty, as provided in the Bank’s Schedule of Fees, may be charged to the Accountholder if these limits are violated. For Accounthholders who continue to exceed these limits on more than an occasional basis after being contacted by the Bank, the Bank may terminate money market Account checking and transfer privileges.

http://www.presidential.com/deprules.htm