New bank account terms

[cwconnertx]

I recieved an interesting new terms and conditions from my bank

In part it states
"Although we have no intentions of exercising this right, federal regulations require us to reserve the right to require at least seven (7) days written notice prior to withdrawal or transfer of any funds"

I doubt it is some conspiracy, but it is a strange thing I never noticed. I never really have any money so it makes little difference to me, but it made me go hmmmm

[ElevenBravo]

Interesting!

I just checked the terms with the Bank of Sock Under the Mattress and there is no such requirements! HA HA! But on a serious note, I absolutely do NOT trust banks, politicians or lawyers.


EB

[realist]

They can put whatever restrictions they want on it. However you don't have to do business with them. The thing is if there is an "emergency" then you may not have access to your funds. It is for this reason you should always have cash on hand. Considering I get a whopping .5% interest I will hang on to more of mine in my own safe and secure place and it is not a bank.......

[bacpacker]

I have gotten to where I don't leave much more in the bank than is needed to pay bills. And that is spent as soon as they arrive. No point I can see just letting it sit there.

[Sniper-T]

also keep in mind that most banks do not have drawers and open vaults full of cash. they have time lock electronic safes, that they puch in say $1000. and it spits it out. Therefore:
a. they have a limited amount of cash on hand, so if you want to withdraw say $20,000. you need to give them advance notice, or they may not have it.
b. In the event of an Event, if the power is out, you have no access to any of your money.

Additionally, most banks are also switching to a swipe card system to access the safety deposit boxes, meaning once again, in case of a power event, you probably will not have access to them either. (Managers have the back-up key, in an electronic safe.)

- - - Updated - - -

also keep in mind that most banks do not have drawers and open vaults full of cash. they have time lock electronic safes, that they puch in say $1000. and it spits it out. Therefore:
a. they have a limited amount of cash on hand, so if you want to withdraw say $20,000. you need to give them advance notice, or they may not have it.
b. In the event of an Event, if the power is out, you have no access to any of your money.

Additionally, most banks are also switching to a swipe card system to access the safety deposit boxes, meaning once again, in case of a power event, you probably will not have access to them either. (Managers have the back-up key, in an electronic safe.)

So like BP says, use the banks to pay your bills, keep your money liquid!

Incidentally, your loan/mortgage information is mostly electronic as well, so no more payments required, but they do keep paper copies... in an electronic vault!!

[realist]

Sniper you are right about the large withdrawals. You have to get to know your bank or credit union. I .belong to a credit union and I went in one day to get some case. The teller told me I was limited to $2,500 a day. Well I believed her all this time until last year when I had some remodeling done. I paid the guy cash as the project progressed and needed more than the limit. So I went in to the tell and she said there was no limit.................however they would appreciate it if I could give notice of withdrawals over $10,000. I went in a couple of weeks later to get some more case and the teller said I had a $2,500 limit. I told her no I needed more and I had got more in the past. She said from who and I pointed to the teller next to her and said her. Well the supervisor came over and squared her away. It was the amount she could keep in her drawer that was the issue not my withdrawal.

[Socalman]

While I tend NOT to trust banks and government agencies, I believe that for many years I have seen similar statements about giving notice of large withdrawls. As mentioned, the banks do not keep large amounts of cash on hand. Like Backpacker, I use my checking account to pay bills with a small reserve (usually $5 to $1000) in a savings account. An emergency supply of cash is kept on hand that can be quickly accessed.

[Willie51]

Interesting!

I just checked the terms with the Bank of Sock Under the Mattress and there is no such requirements! HA HA! But on a serious note, I absolutely do NOT trust banks, politicians or lawyers.


EB

Ha ha ha....EB, you are too funny man......love it!