I would assume it's only a crime if the money you are talking about was illegal to begin with. If it's your money that you have saved then what exactly is the problem if you take it out all at one time or 4 withdrawls a month? We wanted to buy a bulldozer so we just went to the bank and said we want to withdraw the money which was over 10K no problem. Every big purchase we make we pay cash and have never had a problem.
If I robbed a store and was shifting large amounts of money each direction they would be suspicious I guess because I wouldn't be able to show where my money came from - no job with W-2's, maybe not paying taxes - that is why this law was formed. I must be missing something here about why you would be concerned with taking your money out of the bank. What if you wanted to change banks? You would go to the bank, withdraw all of your money and close the account. Are they going to come and arrest you? Are you going to be taxed? No. You have done nothing illegal.
I apologize for nothing...
I worked in the Middle East and had an account with a British bank. It took me about 3 weeks to close my account before moving to France. I was finally able to close it but then it took me about 2 months before they were willing to transfer my money to my account in France. I finally had to telephone the ex-bank manager, then working in Switzerland and friend of my ex-boss, and have his office okay the transfer. We are captives of our banks. Our money, but possession is 9/10ths of the law...
Ive never had much money so Im ignorant.
What is the reason you have to get permission to get a large sum? I understand the money laundering thing and there trying to prevent it.. but is there some sort of tax that is due at the time also??
When I take out enough cash for gas and liqueur Ive never been given a second look so Im curious what big rollers have to tend with...
EB
if I try to take out 'x' amount and they deem it as 'excessive' I get hassled... I shoulda called ahead, I shoulda made an appt... I say f*ck you, give me my money!! they do... with a 'reminder' to call ahead next time. lol!
Last edited by Sniper-T; 08-27-2014 at 01:41 PM.
Give a man fire, and he'll be warm for a day!
Light a man on fire, and he'll be warm for the rest of his life!
Cat's are food... not friends!
If you're going to fight, then fight like you're the third monkey on the ramp into Noah's arc... and brother, it's starting to rain.
Lots of banks don't have a ton of cash in their vaults anymore. If you want say 100 they have to order the cash to deliver to the bank. That's just a number I threw out. But you get my drift. The money you deposit is not kept where you deposit.
Do a little look into Fractional Reserve Banking. We can thank the Federal Reserve and what was created at Jekyll Island a century ago. An interesting read is The Creature from Jekyll Island.
Give a man fire, and he'll be warm for a day!
Light a man on fire, and he'll be warm for the rest of his life!
Cat's are food... not friends!
If you're going to fight, then fight like you're the third monkey on the ramp into Noah's arc... and brother, it's starting to rain.
It is true that most banks don't keep probably over 50K on hand. Depends on the size of the bank. We were told once that an amount we wanted to withdraw was more than they kept on hand but they ordered it for us no questions asked. Now when I take out large amounts I tell them I'm going shopping. They all laugh. But then again we bank with our community bank and know all of the employees very well, it's not one of those mega banks where you are just a number to them. Pays to do business with your neighbor where all of the shareholders are your neighbors too.
I apologize for nothing...
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