OT: Geater limitations in cash withdrawals

From an investment newsletter..

"Went to my credit union to withdraw $1,400.00 dollars in CASH for vacation week. Since I am well known there as I keep my office and personal accounts there, I was 'permitted' to withdraw the CASH. But I was informed that I must 'NOTIFY IN ADVANCE' any request to withdraw more than $1,000.00 in cash. A measly one thousand dollars! How do you spell Amerika??? The 'Land of the Free' is absolute HISTORY. Men and Women of America ? you have been enslaved for decades. The shackles are just getting tighter and tighter. You are just starting to FEEL them." ? Paid-up subscriber DB

Reply to
Robert Baer
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It's unclear whether you're objecting to the existence of a threshold above which advance notification is required, or just to the amount of it.

Sylvia.

Reply to
Sylvia Else

It's probably just a reaction to the black helicopters that have been following him.

--
Rich Webb     Norfolk, VA
Reply to
Rich Webb

considered that it might just be that for safety reasons the bank doesn't want to have large amounts of cash the don't need anyway because most people use plastic and/or ATMs So if you want to withdraw cash they would like a heads up so they can make sure they have it available when you come for it?

-Lasse

Reply to
langwadt

They probably don't like to have big amounts of cash on hand because of the risk of it getting ripped off. You'd rather have a robber get away with, say, $500.00 than, say, $10,000.00, right?

Cheers! Rich

Reply to
Rich Grise

Obviously he's insane. If a person wasn't doing anything illegal they wouldn't have to worry about rules and regulations keeping track of your every move and asking for permission to withdraw your own money, buy a gun, give a speech or vote. Obviously he's thinking about engaging in some anti-sovie... er....unamerican activities!

Reply to
Benj

After Hurricane Katrina, I had to go down to New Orleans to rescue my dad. First I went to my local Wells Fargo branch with a check and asked them if I could have $5000 in cash to take along. No problem at all.

Maybe a small credit union doesn't keep a lot of cash around.

John

Reply to
John Larkin

Probably so.

AIUI the Federal $5000 notification applies _only_ to _cash_deposits_.

Of course, carrying CASH thru airport "frisk-and-grab" is scary :-(

...Jim Thompson

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| James E.Thompson, P.E.                           |    mens     |
| Analog Innovations, Inc.                         |     et      |
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Reply to
Jim Thompson

A business such as a bank should be free to set whatever rules they like.. including requiring a week's notice. Why do you so hate Freedom?

What you should be concerned about is the "Currency Transaction Report" that the bank is required by law to complete and submit to the Fed. government. (currently applying to amounts over $10K-- same as the amount above which you must report on crossing the US border). This amount has not been indexed for inflation since the legislation was introduced in the mid-1980s.

BTW, it's also required if the transaction is LESS than $10K but deemed "suspicious" by the bank drone-- presumably over $10K in cash is ALWAYS suspicious.

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Reply to
Spehro Pefhany

Over $10K in a cash deposit requires filing a form, UNLESS you are a grocery store ;-)

I rarely have more than $20 on my person. Who needs cash?

...Jim Thompson

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| James E.Thompson, P.E.                           |    mens     |
| Analog Innovations, Inc.                         |     et      |
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Reply to
Jim Thompson

$10000. ...and that can be waived for people regularly dealing in cash.

Leave all possessions on the belt...

Reply to
krw

Obviously he's insane. If a person wasn't doing anything illegal they wouldn't have to worry about rules and regulations keeping track of your every move and asking for permission to withdraw your own money, buy a gun, give a speech or vote. Obviously he's thinking about engaging in some anti-sovie... er....unamerican activities!

I love sarcastic tougue in cheek responses! Mike

Reply to
amdx

Actually, there should be a strong objection to both.

Reply to
Robert Baer

Nope..(most) banks need a lot of cash for store registers, as well as get a lot of cash from businesses (including those same stores).

Reply to
Robert Baer

$500 would not last 10 minutes in a busy bank.

Reply to
Robert Baer

AFAIK a CTR is triggered at the $10K level, not at a $5K level. Now, if there were a number of withdrawals that might plausibly reach that level, OR something "hinky" about the person or manner of the withdrawal, then at least one STR would be triggered.

Reply to
Robert Baer

A "suspicious" transaction is reported using a STR.

Reply to
Robert Baer

..but my family jewels...

Reply to
Robert Baer

=20

How=20

of=20

I don't need cash per se. But i do not wish to pay 50 cent transaction fees for every little purchase; cash prevents that.

Reply to
JosephKK

"JosephKK"

You do pay them anyway, you just do not see it.

--
Andrew
Reply to
Andrew

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