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How much cash can one get from a bank at one time. I mean could I cash

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Emillereid Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:11 PM
Original message
How much cash can one get from a bank at one time. I mean could I cash
a $200,000 check? Would a bank have enough cash on hand?
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TheWraith Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:12 PM
Response to Original message
1. Most banks have limits on the size of a cashed check.
It depends on the bank, but I seriously doubt many if any would outright cash a check larger than, say, five or ten grand without a hell of a lot of scrutiny and delays.
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Gregorian Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:15 PM
Response to Reply #1
4. Yes. I tried to withdraw ten grand recently. Nope. Only five grand.
And there is something else that I've only heard about. And that is that it may be illegal to withdraw cash? That was off of DU's Stock market thread. I asked the question about withdrawing cash, and one reply was quite stern about it. I never did get a reply. But it sounded as if it may literally be illegal.

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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:34 PM
Response to Reply #4
6. Illegal to withdraw cash?
That's utter bollocks.
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Gregorian Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:37 PM
Response to Reply #6
7. See the post below.
He may have explained it. I never did get an answer in my thread on DU in the past.

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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:10 PM
Response to Reply #7
14. There are certainly limits....
.... to the amount of cash a bank has on hand to satisfy withdrawals.

There are NO legal impediments to withdrawing cash. I defy anyone to prove otherwise.

And to expand on that, the IRS is mighty suspicious of large DEPOSITS of cash. Looks like money laundering. They are pretty much disinterested in withdrawals.

I know this because I have been systematically moving money out of the bank.
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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:50 PM
Response to Reply #14
20. I wonder if this is widespread...or even rampant...
We've been systematically moving money out of our bank too.

This is not something you discuss with neighbors or with friends over pizza.

You gotta wonder if many Americans are slowly pulling out their money, and if
this is pretty widespread.
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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:43 PM
Response to Reply #4
10. Ok, so let me get this straight...
You tried to withdraw YOUR money from the bank, and they would only give you $5,000 of it? This was just a typical
savings or checking account?

What are people saying about withdrawing money being illegal? I don't get that...at all. But I am willing to learn
and listen, because these are strange times!

We have a CD that matures at the end of March. We're getting the hell out. It's not a lot of money. But we're just
done. Until this mess has stabilized, our family has decided to lower our risk to zero.

Our CD is a bit more than $5k, and they'd damn well better allow us to withdraw the entire thing.

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Gregorian Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:54 PM
Response to Reply #10
12. Had I come back after advanced notice, I could have withdrawn more.
You know how this banking system works. The total amount of cash in the system doesn't exist. It's just not used by everyone, and so it gets shuttled around from one bank to the other. That's why a run on the system is cataclysmic.

I probably could have withdrawn $20k, according to the teller, if I scheduled it in advance. They only keep so much money in their vault. They'd have to order the cash and be ready for my withdrawal. That stuff I understand.

What I don't understand is what someone replied in a post I posted several months ago. They seemed quite certain that any withdrawals IN CASH, were most likely noted by tellers. And that there could be trouble if I didn't _______. Fill in the blank. I think a post lower down in this thread may explain it. There may be forms and explanations the authorities want to have.

I recall from real estate purchases in Humboldt county (where pot growing is a big business) that escrow companies discontinued taking cash as payment for property. And that may explain why there is some concern about cash freely moving around.

I still don't really know.
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A HERETIC I AM Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:58 PM
Response to Reply #12
21. Deleted. Never mind
Edited on Thu Mar-05-09 10:07 PM by A HERETIC I AM

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Gregorian Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 10:11 PM
Response to Reply #21
23. Just as I thought. 1970 was the last of the good years.
Thanks. I actually didn't think this thread would become so interesting.
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:18 PM
Response to Reply #10
17. Two things...
1. I have been taking out various large amounts from my bank for several months..
3, 5, 7, 2 thou at a time. NO hassle, no paperwork. Tho the last time, the bank teller did
suggest that if I had any concerns about bank safety, I should not worry.
( Yeah, sure, like I had not looked them up on bankrate.com and found they were rated 2 out of 5 score.)
these were teller cage withdrawals.
My bank's ATM limits are 200.00 a time, only 2 times a day, but one can also take up to 100.00 cash back on groceries at the big supermarket in town.
This is a local community bank.

I would say if your bank is limiting withdrawals, time to write a huge check to your favorite trusted relative to cash in their bank.
Or several smaller checks, however you want it to work.
Anything to get out while you can.

2. I had a 10 K cd at the same bank, got real nervous last Nov. and found out I could sell the damn thing,
it was getting 4%. So instead of a paying any penalty for a 3 month early withdrawal, I sold it.
who knew?

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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:59 PM
Response to Reply #17
22. Wow, my experiences mirror yours!
Edited on Thu Mar-05-09 10:01 PM by CoffeeCat
Our bank is a small-town community bank as well.

We have been taking out money like you did. I started last year, so I've been doing a lot of
$300 daily (which is our limit). We've also taken some cash withdrawals at the bank, as you
have done.

Our bank is also has a 2 star rating. We rec'd a similar "reassurance" from our bank that
all was well. We were in the bank (withdrawing money!) one Saturday, and I happened to see
one of the vice presidents. I asked her if she had a minute and we went into her office.
I said that we were concerned about their bankrate 2-star rating. She claimed that she had
never heard of bankrate.com. Hello? If I know...she knows! She kept insisting that they
were healthy and that it was all about their "capitalization" which was "great."

Can you believe that bank employees lie like that? I'm sure some don't know better and are told how
to respond to concerned customers, with pat answers. But still.

We've also got a CD that matures at the end of March. I'm counting down the days until we can
close that out. I didn't know you could "sell" either. Interesting.

Thanks for sharing your stuff.
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-06-09 08:40 AM
Response to Reply #22
27. Last week I got a SECOND letter from our local 2 star bank
saying in Bank-ese language " don't worry, be happy" everything is fine with our bank.

Two "re-assuring" letters 6 months apart.
And their ATM machine is "down" a lot now.

Plus I notice in the big city newspaper several half page "assurance" ads from the bigger regional banks.

Why am I not re-assured?????

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barbtries Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:13 PM
Response to Original message
2. i think you should call first n/t
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GoesTo11 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:15 PM
Response to Original message
3. I think this was explored during an episode of the Beverly Hillbillies
Jethro, Mr. Drysdale. Use your imagination.
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drm604 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:17 PM
Response to Original message
5. I think you'd have to fill out government paperwork explaining why you want that much cash.
I recall hearing somewhere that any transaction of $10,000 or more in cash entails some government red tape.
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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:38 PM
Response to Reply #5
8. I've heard that large withdrawals are red flagged...
...and investigated as part of our nation's "terra watch".

Withdrawing large amounts equals suspicious activity.

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Emillereid Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:57 PM
Response to Reply #8
13. Christ, that's all I need - to be investigated a terrorist!
I just think having money buried in the ground is safer than the banks. Oh, these are trying times.
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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:48 PM
Response to Reply #13
19. Just start taking your money out in small...
...increments. That's what we've done over the past few months.

A few hundred here...a few hundred there. Then, every once in a while we'd go in
and take out a thousand or so.

Our savings and checking accounts are pretty much drained to the bare minimum.

In my opinion, the "ground" or whatever place you put your money--is safer than the
banks right now.

Geithner has demanded that the banks produce documentation regarding their balance
sheets in early April. It's a condition of the bailout.

Just exactly what does everyone think is going to happen when these banks clearly
demonstrate that they are insolvent?

It ain't gonna be pretty.

And now we've got Bair telling us that the FDIC fund may not have enough money to
cover deposits if many banks go under.

Red flags are flying everywhere and each person has to determine what they mean
and if risk exists--and if so, if they're willing to take that risk with their dollars.
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peace13 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:49 PM
Response to Reply #5
11. Thank you Patriot Act. n/t
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Dont_Bogart_the_Pretzel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:13 PM
Response to Reply #11
16. As I recall, I remember something like this in the early 90's...
A friend of mine also said you can't "just" go and buy a car out-right with cash. The (then) FBI was told about the transaction.

Of course, living in Waco in the 90's might had something to do with it.........
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TBF Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:13 PM
Response to Reply #5
15. Yes, but that is not new, and was in force long before 9-11...
Withdrawals or deposits over a certain amount are reported. I imagine it has to do with any sort of money laundering.
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drm604 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-06-09 10:08 AM
Response to Reply #15
28. I never said it was new.
I recall hearing it in the 90s.
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Pharlo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 09:28 PM
Response to Reply #5
18. ...I remember learning that same thing
during Mr. Spitzer's recent difficulties.

However, at every bank I've ever been too, there is generally a notice by each teller (in very small print) saying they reserve the right to delay withdrawls beyond a certain amount for up to three days. I have never seen a limit to the 'certain amount' and I have never exceeded that amount myself, so I am uncertain what it may be.

In addition to that, when my car died recently and I took the money from the bank to pay for my 'new' used vehicle, because I paid in cash (less than $5000), the dealership needed my social security number. When I asked why they wanted my SS number I was told that it was a requirement with large cash payments. I can see where that would make sense with the recurring rashes of counterfeiting that occurs or even drug money purchases. However, personally, if I were engaging in either of those activities, I'd have purchased a MUCH nicer vehicle....*shrug*
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A HERETIC I AM Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 10:21 PM
Response to Reply #5
24. Here's the form the bank must file for cash transactions of $10K and over.
Edited on Thu Mar-05-09 10:24 PM by A HERETIC I AM
http://www.fincen.gov/forms/files/fin104_ctr.pdf

Here's IRS form 8300 for other businesses receiving large cash transactions;

http://www.irs.gov/pub/irs-pdf/f8300.pdf

If you can find a line on either form that requests an explanation for wanting the cash, I'll eat those PDF documents.
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drm604 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-06-09 10:12 AM
Response to Reply #24
29. Fine.
No need to be confrontational. You don't have to eat anything. I was just saying that I'd heard there were reporting requirements. I didn't recall the details.
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A HERETIC I AM Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-06-09 02:40 PM
Response to Reply #29
31. I'm sorry.
I apologize for my tone. It was unnecessary.
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soothsayer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 10:32 PM
Response to Reply #5
25. nah, just deposits
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The_Casual_Observer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 08:42 PM
Response to Original message
9. I've heard something about how you have to make arrangements
ahead of time, so that they have the cash on hand. They don't keep that much cash money on hand, they send it someplace so that it can be invested right away.


In the end it's your money & they will do it if forced to.
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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-05-09 11:11 PM
Response to Reply #9
26. Technically...
it's the Federal Reserve's money.

Don't believe me?

Take out some money and read what's printed on the bill. "Federal Reserve Note". The US Treasury has its own stamp of approval and signature on it as well.
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-06-09 11:54 AM
Response to Original message
30. I think you need to arrange beforehand to have cash
in excess of a couple of thousand dollars available to cover the check.

The bank only keeps enough cash to cover ordinary business between armored car pickups and drop offs.
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wuvuj Donating Member (874 posts) Send PM | Profile | Ignore Fri Mar-06-09 04:00 PM
Response to Original message
32. Another bank rating link...
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