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?
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?
...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...
You may be right about bank investments.
Not a good idea to with hold funds from the rightful owner.
It's the UK. Apparently they have never really gotten over the tyranny thing.
The last time I withdrew $50K I just told them it was to buy a politician. They were A-OK with it.
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.
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.
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.