Bank demands to know what you need your money for.

[ultra...good]

Yahoo!

I would be changing banks at first sign of this. Demand to know what i need my money for and then deny the transaction if does not meet their standards? Who would tolerate this b.s.?

 

[churchmouse]

I would pull all my funds from all accounts.......and leave.

 

[Snapdragon]

I don't think it's for customer protection. I think it's for the bank's protection so that they don't lose huge sums of money that they have invested somewhere else. I can see them asking what the purpose is if you are taking out a loan, but to take out your own money? No way. I wonder if they would even let someone close their account and take it all with them?

 

[churchmouse]

I don't think it's for customer protection. I think it's for the bank's protection so that they don't lose huge sums of money that they have invested somewhere else. I can see them asking what the purpose is if you are taking out a loan, but to take out your own money? No way. I wonder if they would even let someone close their account and take it all with them?

You may be right about bank investments.
Not a good idea to with hold funds from the rightful owner.

 

[Harleyrider_50]

I don't think it's for customer protection. I think it's for the bank's protection so that they don't lose huge sums of money that they have invested somewhere else. I can see them asking what the purpose is if you are taking out a loan, but to take out your own money? No way. I wonder if they would even let someone close their account and take it all with them?

......If ya got'a BUTTload $$ in 1.......be s'PRISED......at just how much hassle 'at can be..............even tho it YER MONEY......

 

[GunGunDin]

Close the account and save your pennies in a jar.

 

[Principal Skinr]

Not shocked it is in the UK. As far as Chase, I have been quite pleased with how they've handled the Target situation, as my wife's debit card was compromised there. They went out of their way to take good care of us. I've had great experience with them over the years.

If they questioned a large withdrawal, I'd have to know the context before I'd get upset. They've earned that with me. That said, if there wasn't a logical reason, I'd be done with them.

 

[HoughMade]

...As far as Chase, I have been quite pleased with how they've handled the Target situation, as my wife's debit card was compromised there. They went out of their way to take good care of us...

My debit card was affected too. I agree. Chase was on top of it.

 

[melensdad]

You may be right about bank investments.
Not a good idea to with hold funds from the rightful owner.

Banks don't hold money.

Banks invest your money in order to make a profit. Most of the investments are made in real estate holdings and/or business loans. Banks 'invest' the money you deposit by granting mortgages to your neighbors, commercial real estate loans to businesses, lines of credit, inventory loans, equipment loans and other forms of loans to industry.

Banks are required to lend money.

Cash reserves are also required, but the ratio of reserve to loan is fairly low. So there is very little "cash" at most bank branches. If you go to a small bank branch early in the day and make a $5000 or $10,000 cash withdrawal you can essentially wipe out the cash on hand at that branch.

Whenever I need large sums of cash I call my banker and instruct him to have the cash at the branch that I am going to take the withdrawal from, and I do it a day in advance so he can get the cash to the bank for me. It saves everyone a lot of hassle.

Don't forget, UNCLE SAM also has cash transaction requirements. HE asks for reasons why you need/have large amounts of ca$h.

I dare you to try to take out $10,000 in cash and see what hoops you have to jump through to get your money back. Or even $5000.

 

[cobber]

It's the UK. Apparently they have never really gotten over the tyranny thing.

 

[melensdad]

It's the UK. Apparently they have never really gotten over the tyranny thing.

Neither has our new and improved government.

Now our US banks get to hide behind the government regulations when they deny giving you your funds.

You have to provide all sorts of information if you want to withdraw large sums of cash . . . but its not really the bank that cares about the info, the bank is covering its butt. The government requires the information be collected.

 

[Boiled Owl]

I changed banks (small town bank bought by bigger bank) when they required me to show my drivers license to get cash back.
Me: But I've been here since 1982, you know me.
Teller: Sorry, it's bank policy now.
Me: C'ya

 

[Boiled Owl]

BTW: I always carry less than $9,999.

 

[Stschil]

The last time I withdrew $50K I just told them it was to buy a politician. They were A-OK with it.

 

[GodFearinGunTotin]

The last time I withdrew $50K I just told them it was to buy a politician. They were A-OK with it.

What kind of politician will $50K buy these days? A county commissioner, maybe?

 

[jbombelli]

Banks don't hold money.

Banks invest your money in order to make a profit. Most of the investments are made in real estate holdings and/or business loans. Banks 'invest' the money you deposit by granting mortgages to your neighbors, commercial real estate loans to businesses, lines of credit, inventory loans, equipment loans and other forms of loans to industry.

Banks are required to lend money.

Cash reserves are also required, but the ratio of reserve to loan is fairly low. So there is very little "cash" at most bank branches. If you go to a small bank branch early in the day and make a $5000 or $10,000 cash withdrawal you can essentially wipe out the cash on hand at that branch.

Whenever I need large sums of cash I call my banker and instruct him to have the cash at the branch that I am going to take the withdrawal from, and I do it a day in advance so he can get the cash to the bank for me. It saves everyone a lot of hassle.

Don't forget, UNCLE SAM also has cash transaction requirements. HE asks for reasons why you need/have large amounts of ca$h.

I dare you to try to take out $10,000 in cash and see what hoops you have to jump through to get your money back. Or even $5000.

I've withdrawn over $10K in cash a few times. Over $5k many times. And all they do is fill out a currency transaction report, which is required for any cash transaction of $10,000 or more. That's the only hoop, and it doesn't really affect me. It's just a step the bank has to take. I've never been asked why I need the money, either.

Banks also invest a lot of the money they get in treasuries.

 

[churchmouse]

Banks don't hold money.

Banks invest your money in order to make a profit. Most of the investments are made in real estate holdings and/or business loans. Banks 'invest' the money you deposit by granting mortgages to your neighbors, commercial real estate loans to businesses, lines of credit, inventory loans, equipment loans and other forms of loans to industry.

Banks are required to lend money.

Cash reserves are also required, but the ratio of reserve to loan is fairly low. So there is very little "cash" at most bank branches. If you go to a small bank branch early in the day and make a $5000 or $10,000 cash withdrawal you can essentially wipe out the cash on hand at that branch.

Whenever I need large sums of cash I call my banker and instruct him to have the cash at the branch that I am going to take the withdrawal from, and I do it a day in advance so he can get the cash to the bank for me. It saves everyone a lot of hassle.

Don't forget, UNCLE SAM also has cash transaction requirements. HE asks for reasons why you need/have large amounts of ca$h.

I dare you to try to take out $10,000 in cash and see what hoops you have to jump through to get your money back. Or even $5000.

I have made some good sized deposits in my bank and they want to hold the funds for 3 to 5 days depending on the amount. I have argued to fact that a mere stroke of a key and funds are transferred. They have rules to follow.

 

[churchmouse]

Any cash movement over 10K is reported to the IRS and other agency's. This was put in place for tax purposes and to reduce money laundering from things outside the law.

 

[bluewraith]

Not long ago I had to make an ATM withdraw to cover a F2F firearm purchase. Lo and behold, I had reached my "atm withdraw limit" for the day. When I called them to lift my limit for the day, they asked why. I flat out told them why. "I'm buying a gun from a guy I met on the internet". They kind of stammered a little bit, but then did as I asked.

I have since switched banks.. it'll be interesting to see what happens if I happen to be in a similar situation.

 

[DragonGunner]

Any cash movement over 10K is reported to the IRS and other agency's. This was put in place for tax purposes and to reduce money laundering from things outside the law.

This....^^^^...I have takin out up to and over 10,000 a few times and no hoops to jump through. They just asked if I was putting it another bank they could write out a check or something. I stated not for a bank, just cash please and had no problems.