Is It True Banks Won't Let You Withdraw Cash?


I received an e-mail from beloved fellow Joseph 2 days ago, referring to an alarming comment made by “Bob,” on a post “If Europe Should Fail,” on market analyst Clive Maund’s subscriber-only website:

“Clive, in your post ‘If Europe Should Fail’ you have recommended your subscribers ‘draw out a stash of cash’. I have been attempting to do this with my local bank for over a week and this is what I have learned. The only ‘cash’ the banks have at their facilities is the bare minimum for making change, cashing paychecks, etc. More than 99% of their so called cash ‘assets’ is electronic money and not ‘cash’ money. They are generally happy to transfer this electronic money elsewhere but if you want the real thing, ‘cash’, the bank will, in most cases, either deny your request or put you off for, in some instances, more than a week. Many of my contacts across the US are reporting having the same problems I am having getting any significant amount of cash out of their local banks.”

So I decided to verify Bob’s alarming claim.
I first went to my bank, Wells Fargo Bank.
I asked the teller how much cash a client can walk in and withdraw from his/her account, assuming of course that the account has sufficient funds.
The teller, Dion Williams, said that clients can walk in and withdraw up to $5,000 in cash. More than that, the client must first notify Wells Fargo by phone or in person. Two days later, the cash will be there for withdrawal.
I asked why.
Mr. Williams said it’s because it takes two days of “shipment” to deliver the cash to that particular bank branch.
Indeed, Wiki Answers says the following:

If you have a personal checking account at a bank in the USA your Financial Institution (FI) may have policies governing the amount of money you can take out at one peticular time. You obviously can’t walk in to the bank and request that all of your one hundred thousand dollars be presented with out any prior warning. Every bank’s branch suits the needs of its community; if its members routinely ask for large amounts of money at one time it will keep a lot on hand to services their needs. However, many FIs now require customers to sign Large Cash Withdrawal notices thereby eliminating liability if you were to walk away from the branch and your cash was lost or stolen. Your best bet is to call your FI and ask if they require notice of large cash withdrawals.

And so, “Bob” is being unduly alarming. Note that in his comment, he never specified what amount of cash he had tried — unsuccessfully — to withdraw from his bank, nor did he specify what a “significant amount of cash” is.
Hmm. Doesn’t the Bible have something to say about spreading malicious false rumors and gossip?
~Eowyn

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IvaluTheWord
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IvaluTheWord

“Bob” …the CEO for “Financial Fear Factor” ? 😉

Mike Griffin
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Mike Griffin

If anybody thinks $5,000. Is a significant amour of money is just not with it or is a narrow minded individual who doesn’t need it himself.
There are many people that can go through this amour of cash many times over in a day. And its not drug lords.
It is necessary at times and to male it not available is ludicrous. It just makes it hard to get the job done because of a banks fear of a run unless it has other ulterior motives that are recognizably not good.

Mike Griffin
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Mike Griffin

And who’s money is it suppose to be bit the depositors, obviously it does not belong to the depositors anymore, suckers!

Traci Lee Sommerville
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I have a credit union, which is not much different than a bank anymore, but anyway, I am only allowed to withdraw I think it’s either $300 or $500 a day, I can’t remember which. (I haven’t tried in awhile, I’m not making what I used to). Per them, it’s an insurance for the customer so that if someone got ahold of your account info, you wouldn’t get a surprise wipe out of your account by thieves. I could transfer it to another institution if I want to close my account, but I do believe there’s a “transfer period” in… Read more »

Traci Lee Sommerville
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Yes, now I remember – it was a doctor’s office. They tried to swipe my card for $500, and it declined it. So yeah, I went to the ATM two different days and then went over and paid the cash. It sucks to have your own money and have a CU give you a card, and then say, hey, you have the money, but no, you may not use it. Huh?

hap
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hap

I have personally withdrawn over $100K with no notice within the last year to buy a rare car from a private seller. The bank did not bat an eye.

Bank Where?
Guest

I’m kinda curious to know which bank the reader “hap” was able to withdraw $100K from without prior notice.