Tried to withdrawl 8k from bank.

[southfork]

Local bank, wanted to withdrawl 8k for final payment of wedding, teller told me maximum was 5k without prior notice, I requested to see the bank manager and told him most politely I would be cancelling my account if I did not leave with the 8k requested, they sucumbed and gave me the money.

[917601]

Read your account disclosures.After the meltdown MOST every credit union and bank added this (I posted manuscrpits on GIM1 back then)-
"We reserve the right to require a 60 day written notice for withdrawals", says so to this day on my Federal Employees Credit Union accounts and two other "banks".Request your Account Disclosures statements next time you visit your local bank.Sit back and watch the show.

[ttazzman]

Local bank, wanted to withdrawl 8k for final payment of wedding, teller told me maximum was 5k without prior notice, I requested to see the bank manager and told him most politely I would be cancelling my account if I did not leave with the 8k requested, they sucumbed and gave me the money.


wonder whoose loan they will have to call to come up the 8k...........:haha:

[phideaux]

Threaten to close your account anyway. Tell them you are exercising your reserved right to not do business with a bank that requires customers to beg to get their own money out. Maybe they'll give you a free toaster or a can opener like they used to do in the good old days:haha:

[Nickelless]

What Phideaux said. We don't work for banks. Banks work for us. If they don't want our business, we'll take it to the next branch down the road.

[sevin]

Read your account disclosures.After the meltdown MOST every credit union and bank added this (I posted manuscrpits on GIM1 back then)-
"We reserve the right to require a 60 day written notice for withdrawals", says so to this day on my Federal Employees Credit Union accounts and two other "banks".Request your Account Disclosures statements next time you visit your local bank.Sit back and watch the show.

When the real panic begins, they're sure to use that rule. Start getting your money out of the banks NOW.

[WasUP]

When the real panic begins, they're sure to use that rule. Start getting your money out of the banks NOW.

I agree. Get it while you can and buy PMs with it. When the bank starts to implement these rules in earnest, the money will be on a steep decline in purchasing power.

[Unsustainable]

Simply put...they don't have your money and can't give it back.

Several instances I've cashed checks/withdraw and they don't have the on-hand cash. Come back another day when they have the funds. They have only SO MUCH in the vault. Yours is a mini run on the Bank. If they can't satisfy ONE person, how will they satisfy hundreds to thousands.

[mayhem]

When the real panic begins, they're sure to use that rule. Start getting your money out of the banks NOW.

Better yet don't put money into banks.

[phideaux]

Better yet don't put money into banks.

Better yet, don't hold FRNs at all except for nominal amounts to meet basic living expenses.

[Nickelless]

OK, just for the sake of argument...I wish this were true, but it hasn't happened...yet. :p What if I win Powerball and suddenly have tens of millions of dollars available? Should I hurry up and make a wire transfer purchase from APMEX so I won't have to withdraw actual FRNs?

[Nickelless]

Well, ... wouldn't it be better to just take delivery from comex since they have all the gold you will need?
I don't need gold. I need silver. :p And since when did COMEX actually have real gold in its inventory instead of just paper gold? :p

APMEX had several thousand dollars face value of pre-1965 silver coins available as of this morning. Now I just need to win Powerball. :biggrin:

[wallew]

Local bank, wanted to withdrawl 8k for final payment of wedding, teller told me maximum was 5k without prior notice, I requested to see the bank manager and told him most politely I would be cancelling my account if I did not leave with the 8k requested, they sucumbed and gave me the money.

Would you go to your local liquor store and tell them you want a pallet of beer for your wedding. And then get pissed when they said they could only give you half a pallet?

Exactly how much CASH do you think most institutions keep on hand at any given time. Unless it's a REALLY, REALLY LARGE BANK, probably less than $10k total in the vault.

IF THAT.

So, because of your stupidity and not giving them the courtesy of a heads up phone call a day or a week in advance so they would be READY to provide you what you needed, YOU'RE PISSED AT THEM.

How small minded can you be?

And I'd bet money if you had asked for a cashiers check instead of cash, you would have gotten one IMMEDIATELY.

You just put the rest of their customers behind your small minded actions and then get huffy with the management because your parents apparently didn't raise you with enough manners to let your banker know that you are going to withdraw an unusually large amount of cash for "whatever"...

I ALWAYS tell the prez of my CU when I'm getting ready to withdraw cash. From $5k to $35k, as long as I give them about a weeks notice, there are NO problems. But if I had just shown up and DEMANDED all the cash they had on the premises (like when I withdrew $35k) and then got huffy when they didn't have it, that would be small minded of me. But I KNOW how the banking system works. And I also am FRIENDS with the prez of my CU and I can walk into his office any time he's not busy and just shoot the sheet.

But really, grow up. It's your money. If you want it, either give them a heads up, or take a freakin cashiers check. But verbally abusing them and threatening them with loss of business because YOU don't understand the policies of the CU/bank you are using is NOT their fault. It's yours.

And the title to this thread is INCORRECT. It should say you went to your bank and ACTUALLY WITHDREW $8k IN CASH and only had to be verbally abusive to get it.

[NotTheOne]

Couldn't you just write a check to the wedding people?

[wallew]

A LOT of small business' only take cash. And I don't blame them. In the wedding business, the bills are so steep that a bad check is the norm, NOT THE EXCEPTION.

[C&L 1911]

Would you go to your local liquor store and tell them you want a pallet of beer for your wedding. And then get pissed when they said they could only give you half a pallet?

The difference is that you didn't "deposit" a pallet of your own beer into the liquor store's warehouse for safekeeping... You're asking them to sell you what's theirs, and they may refuse for any reason. Not so much with trying to get your own money out of a bank.

[ttazzman]

Couldn't you just write a check to the wedding people?

Dooooo Whaaaaaaaat.....and ruin this whole thread......

[CUBuff]

Exactly how much CASH do you think most institutions keep on hand at any given time. Unless it's a REALLY, REALLY LARGE BANK, probably less than $10k total in the vault.

IF THAT.

10K is not at my bank? Thats like saying a bank in the 70's didn't have a $1000.00 in the drawer of the all tellers combined. Give me a freaking break. If they won't let go of that much cash its due to the IRS and has nothing to do with not having 8K cash to dole out. I look forward to the day when bankers have to actuially work and are paid what they are worth which ain't much. Most of them need to be locked up or lined up and shot.

[beercritic]

Exactly how much CASH do you think most institutions keep on hand at any given time. Unless it's a REALLY, REALLY LARGE BANK, probably less than $10k total in the vault.

Er, thousands of customers in a small rural area? I'd expect to get $8 grand, any time I wanted it.

[phideaux]

G. Ed. Griffin (and others) warn us about the evils of Fractional Reserve Banking.


http://www.youtube.com/watch?v=ZWKlz2Z4Nlo

[Saul Mine]

The only reason to keep money in a bank is that you trust the place. And it's right there in your contract that they can do anything they want to and you can't do anything about it. So there went your last reason to keep money there.

I realize that for various reasons some people have to keep money in a bank, more than enough to cash their checks. So open a Treasury Direct account at treasurydirect.gov so when your bank doesn't open on Monday you can go online and transfer your funds to the TD account.

[GOLDZILLA]

I went to get out 600$ a few weeks back and they practically begged me to take a cashiers check. I told them I already had checks for that very account, and they gave me old (series 1980's) style 50's and 20's. This is in a pretty decent size city too.

Yoda would say -- "Scraping the bottom of the barrel they are !"

My job forced everyone on direct deposit, so all employees are forced to have a bank account.

[Nickelless]

I went to get out 600$ a few weeks back and they practically begged me to take a cashiers check. I told them I already had checks for that very account, and they gave me old (series 1980's) style 50's and 20's. This is in a pretty decent size city too.

Yoda would say -- "Scraping the bottom of the barrel they are !"

My job forced everyone on direct deposit, so all employees are forced to have a bank account.Only $600 and they're acting like they're running out of FRNs?? Sounds like a bigger problem than just an FRN shortage. Early stages of a run at that bank branch, perhaps?

[boston]

Would you go to your local liquor store and tell them you want a pallet of beer for your wedding. And then get pissed when they said they could only give you half a pallet?

Exactly how much CASH do you think most institutions keep on hand at any given time. Unless it's a REALLY, REALLY LARGE BANK, probably less than $10k total in the vault.

IF THAT.

So, because of your stupidity and not giving them the courtesy of a heads up phone call a day or a week in advance so they would be READY to provide you what you needed, YOU'RE PISSED AT THEM.

How small minded can you be?

And I'd bet money if you had asked for a cashiers check instead of cash, you would have gotten one IMMEDIATELY.

You just put the rest of their customers behind your small minded actions and then get huffy with the management because your parents apparently didn't raise you with enough manners to let your banker know that you are going to withdraw an unusually large amount of cash for "whatever"...

I ALWAYS tell the prez of my CU when I'm getting ready to withdraw cash. From $5k to $35k, as long as I give them about a weeks notice, there are NO problems. But if I had just shown up and DEMANDED all the cash they had on the premises (like when I withdrew $35k) and then got huffy when they didn't have it, that would be small minded of me. But I KNOW how the banking system works. And I also am FRIENDS with the prez of my CU and I can walk into his office any time he's not busy and just shoot the sheet.

But really, grow up. It's your money. If you want it, either give them a heads up, or take a freakin cashiers check. But verbally abusing them and threatening them with loss of business because YOU don't understand the policies of the CU/bank you are using is NOT their fault. It's yours.

And the title to this thread is INCORRECT. It should say you went to your bank and ACTUALLY WITHDREW $8k IN CASH and only had to be verbally abusive to get it.

I must admit that when I first read this, I was amazed and somewhat sadened. Without offense, the conditioning has begun.

Both my wife and I have worked in banks in Australasia and Europe, and in urban and rural branches, and I can readily advise that even the smallest branch that I have worked in, back in the 1970's, had a daily float of circa $40,000 and $70,000 on fridays. Factor in inflation and workout what the tellers cash draw would be today, 30 years later. This small branch had 4 full time employees and one part timer. No computers, all hand record.

The larger branches would literally have many $Millions in holdings per day distributed amongst 6 or so tellers.

Even now, my local bank branch, on the outskirts of a major city would have >$50,000 per teller at any given time, and a withdrawal of $8000 would not raise too much concern except in passing chitchat.

Only once have I given a bank notice of intent to withdraw, and that was 48 hours, as I wanted a certain denomination. It was the cash equivalent of 2 houses in a nice area of a major capital city. No problems - the cash was ready on time, and this was from an average bank branch. In today's money, each house would be worth circa $500,000.

If I had to effectively beg for my own money, and $8000 isn't a lot of money in this day and age, I can guarantee you that it wouldn't be in there for very long.

[SB2]

Systematic withdrawls at the ATM.

s2

[Jimfrancisco]

For years, my local bank (a very large organisation) has had a sign up telling people that they need to ring in advance to withdraw over £5k, as the cash needs to be ordered in. They carry as little as possible, if it's in the vault it isn't earning them interest.

[Professur]

Sorry Wallew, but I worked fixing computers in banks ...and the machines connected to them. I know within $100 how much my local banks tellers have on hand at day's open, and I could probably get the figures for how much they keep in the vault. I've never been to a bank that couldn't cover $10,000 ... in rolled change. Hell, when I worked at a hotel locally, I used to have to buy the change and I'd have $1500 with less than 4 hours notice. I'd call them at opening and pick it up at lunch.

Many banks here have gone to a till-less system. No cashier has more than a change drawer in front of them. All cash incoming is immediately put into a slot behind them, all outgoing comes from a slot in the wall behind them. The only rules are the rules programmed into the distributing machine. Hell, Wall, the average ATM has more than $10K at any given time.

[farscott]

While banks may have lots of cash, I still have trouble getting it. A little over two weeks ago, I walked into my local credit union to withdraw a bit more than $10K that I needed to purchase a new-to-me vehicle. After the branch manager assured me the cash was on hand (I wanted it all in $100 bills), we suddenly ran into a glitch. "Cashier's check we can do; cash is unavailable as there was a power glitch."

Funny how that worked. I did manage to get what I needed and closed the deal. Still I was a tad irked.

[wallew]

I've WORKED for the FRB in two different locations. Once in 1980 in check collection. And again in 1993 in Fedline.

Have NONE of you ever heard of JIT?

It is NOW at the banking level.

And again I STATE - IT DEPENDS ON HOW LARGE AN INSTITUTION IS AS TO HOW MUCH CASH THEY HAVE ON HAND.

Back in the 1980's EVERYBODY wrote checks for everything and the Fed made tons of money processing those checks - from one institution to another. Along comes the ATM. Things change. VERY SLOWLY THINGS CHANGE. But now? Thirty years later? The Fed recently CLOSED the remaining check collection centers across the US BECAUSE the 'death of the check' FINALLY OCCURRED. But it took 30 years.

NOW? Cash, hard currency is becoming a thing of the past. Yeah, sure, here on GIM2 people STILL use cash all the time for a lot of transactions. I do it myself.

But WE ARE THE EXCEPTION. NOT THE RULE.

Electronic (digital if you prefer) money is starting to catch hold. The funny part is that electronic money IS the wave of the future TO MOST PEOPLE. In Europe, they embraced electronic money much sooner than we did because they don't have the infrastructure to allow the electronic checking on your bank account. SO, they use digital money that they can 'add to their card' whenever they feel like it via their bank or by just adding money to the card at the ATM.

And yes, banks and CU's have a MINIMUM amount of cash they must keep on hand. Again, go have a short chat with the president of your banking institution. You WILL be surprised at how little they MUST keep on hand.

AGAIN, THE LARGE THE BANK, THE MORE CUSTOMERS THEY HAVE, THE LARGER THEIR ASSET BASE, THE LARGER AMOUNT OF CASH THE MUST HAVE ON HAND.

But in the mind of MOST bank managers is 'one phone call can get me cash in 24 hours OR LESS'...

[Lore]

IT DEPENDS ON HOW LARGE AN INSTITUTION IS AS TO HOW MUCH CASH THEY HAVE ON HAND....AGAIN, THE LARGE THE BANK, THE MORE CUSTOMERS THEY HAVE, THE LARGER THEIR ASSET BASE, THE LARGER AMOUNT OF CASH THE MUST HAVE ON HAND.
That fits with my experience. Suburban branches don't keep much on hand; big downtown branches do.

On the subject of carrying cash, I have actually heard young people declare "I don't carry cash," as though it's some kind of wise dictum... They sure must be rich and secure, to disregard all those transaction fees and the implications for privacy!