OT: Geater limitations in cash withdrawals

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around here I think most stores keep cash for the registers in their own safes, and deposit cash in an automatic box. several banks have no cash at all, if you want cash you have to go use the ATM

-Lasse

The way I understand it, they're more interested in cash deposits than withdrawals because, in the eyes of the insane drug warmongers, it means that the guy's a drug dealer.

Well, if obamanomics doesn't destroy the country first, the drug war and the unions will polish her off.

Thanks, Rich

Even better. Why limit government reports (and obviously digital records) on what you are doing with money to amounts above $10,000 when you can use a credit/debit card and make sure that ALL your transactions are recorded as to amounts, date, time, place, what you bought, how much you bought etc. I mean if you aren't engaged in any kind of suspicious anti-Sovie...er...unAmerican activities, why would you care about what those in power know about you? In a "progressive" society we all care about each other so much and support each other to a degree that privacy is an archaic concept from a previous uncivilized age. Who want's to go back there?

That would be my guess as well. Credit unions (by their basic nature) tend to deal primarily with individual private depositors - they aren't "merchant banks" and thus don't have businesses depositing and withdrawing large amounts of cash and receipts on a regular basis. It probably makes sense for them to limit the amount of cash on hand, as a security measure - less losses in the case of a possible robbery attempt, and it may make them less attractive to robbers.

If they are indeed limiting their cash-on-hand, then requiring their customers to notify-in-advance makes business sense, so that they don't run out of cash and have to start turning away withdrawal requests from other customers due to a single large unexpected payout.

This might be more likely to be an issue at small "convenience" branch offices of a credit union.

If this business practice isn't acceptable to the original poster, then I'd suggest that he take one of the approaches which are available in our free-enterprise system:

[1] File a formal protest with the Credit Union over their new policy. Since it's a credit union, and he's a member, he's also a shareholder! If necessary, put a shareholder proposal up for ballot at the next annual meeting, to change the rule. [2] Do as any customer can do, when dealing with a supplier whose services are no longer satisfactory: find a different supplier! It's not as if credit unions, S&Ls, and banks are few and far between these days... there's surely one in his area which is more able to handle large-cash transactions comfortably. He can simply close his existing account (telling the CU why, if he so chooses) and move the funds elsewhere.

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More likely to thwart a run on the bank by angry mobs.

--
Joe Leikhim K4SAT
"The RFI-EMI-GUY"©

"Use only Genuine Interocitor Parts" Tom Servo  ;-P

I put proceeds of a home sale in the local bank and they wanted to pump me for employment information etc. I said, wait a minute, I am not asking you for a loan, I am DEPOSITING money. In the end, I did not have to provide all the data she was trying to extract.

--
Joe Leikhim K4SAT
"The RFI-EMI-GUY"©

"Use only Genuine Interocitor Parts" Tom Servo  ;-P

God forbid that some afternoon, you go to Walmart and buy some smokeless powder for your cartridge reloading and then need to swing by Ace Hardware for some iron water pipe and fittings to fix that leaky sink!

--
Joe Leikhim K4SAT
"The RFI-EMI-GUY"©

"Use only Genuine Interocitor Parts" Tom Servo  ;-P

Many stores have to *buy* cash from the banks. Most have to buy some denominations. Some my wife works with have $20K/day in cash transactions. Full service banks keep a *lot* of cash around. Even the average bank ATM has $100K, give or take, in it.

That's certainly true, but the average bank robbery is less than $4K. Bank robbers, in general, are quite stupid.

That's Obama's next move.

They're interested in deposits because there is already an audit trail on withdrawals.

You don't think Obamanomics and the unions aren't inextricably linked? Who got the *secured* bond holder's share of GM?

Transaction fee? I get 8 free ATM withdrawals a month and unlimited purchases (with cash back, if wanted) without fees. Credit cards purchases are free (actually 1-5% rebated), as well. Why would you put up with a transaction fee?

I use a couple, and have a few bills tacked onto my credit cards. I'll take the rebates. I bought a Delta cabinet saw with my rebates last year. ;-)

Recentlt I've been putting about $1K/month on my credit cards. That keeps 'em happy.

Yep. I run about $2500/month on AMEX.

...Jim Thompson

--
| James E.Thompson, P.E.                           |    mens     |
| Analog Innovations, Inc.                         |     et      |
| Analog/Mixed-Signal ASIC\'s and Discrete Systems  |    manus    |
| Phoenix, Arizona  85048    Skype: Contacts Only  |             |
| Voice:(480)460-2350  Fax: Available upon request |  Brass Rat  |
| E-mail Icon at http://www.analog-innovations.com |    1962     |
             
 I love to cook with wine     Sometimes I even put it in the food

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That may be typical in Denmark but is sure ain't true in much of the world.

How on earth do you get that? The extra cost of the fees is clearly posted at the cash registers.

Others have pointed out the practical considerations associated with not requiring prior notification regardless of the amount.

But I'd agree that $1000 seems a little low.

Sylvia.

At various times, i have seen business persons either come into a bank with a bag of cash, or walk out with a bag of cash.

I have seen any signs for "fees" for using your credit card, credit card charge minimums, or "discount for cash" in many years.

Competition caused them to go away.

...Jim Thompson

--
| James E.Thompson, P.E.                           |    mens     |
| Analog Innovations, Inc.                         |     et      |
| Analog/Mixed-Signal ASIC\'s and Discrete Systems  |    manus    |
| Phoenix, Arizona  85048    Skype: Contacts Only  |             |
| Voice:(480)460-2350  Fax: Available upon request |  Brass Rat  |
| E-mail Icon at http://www.analog-innovations.com |    1962     |
             
 I love to cook with wine     Sometimes I even put it in the food