Read it and wonder..... "Patricia F. was treated like a criminal for trying to take out $5,000 from her account at a major national bank. She was told that the bank considers anything over $1,500 suspicious, and her withdrawal would be reported to the federal government. “Afterward, I received several notices regarding structured money laundering, pointing out the high fines and jail times involved,” she said." David B. has had an account for 30 years at a San Francisco branch of one of America’s largest banks. The teller told him that she would need to speak to the manager. “She came back and then the stories started to flow,” he recalled. “This branch has low security and doesn’t carry that amount of cash… You can try another branch…” http://moneywise411.com/no-cash-banks-refusing-to-release-funds/?ppc=533268
Not long ago I took out $3500 to buy a truck. No problem except they had to open the vault because the teller didn't have that much in her drawer.
I think it is an issue with your anti-money laundering agency. We also have that here but filtering is enforced when the amount to be withdrawn is more than 100,000 pesos (around $2,000 plus). But it's not always a strict filtering because the supervisor would check on the record of the depositor first to see if the withdrawal of that amount is normal. And if not then a short interview is in order with a matching report to the anti-money laundering agency. It is just a safeguard of the bank to be sure that the person who is withdrawing is the depositor or the authorized person. That policy came to fore when the Central Bank of Bangladesh lost $18M to the hackers in a New York state bank. The money was siphoned to RCBC, a Philippine bank and subsequently withdrawn under the approval of the bank's branch manager. As per the law, the manager should have reported to the anti-money laundering council the big withdrawals made by anonymous depositors.
I'm no expert but maybe it's safer to get a paypal mastercard account or to buy with credit card then transfer it to your credit card acct. for payment. Safer than carrying money with you too. I never did these things, so I didn't know that people came across the situation you mentioned. Maybe it's a good idea then, to ask to speak with the manager or customer service before large transaction over $1K I suppose these days.
This was a long time ago, I know, and before the Patriot Act, but when I moved from California to Texas in 1983, I had more than fifty thousand dollars in the bank. My previous employer had paid for a rental truck for my move and I had another job waiting for me in Texas, so I wanted to withdraw all of my money out in cash, then deposit it in a bank of my choosing in Texas. Wells Fargo was my bank in California. When I told them that I wanted to close my account and take the money in cash, they talked me out of it, saying that they could wire it to a Wells Fargo bank in Texas and it would be there waiting for me when I arrived. What I didn't know was that, at that time, Texas had a law that didn't allow for bank chains like Wells Fargo, Bank of America, etc. In order to get around it, these international banks would set up as local banks in whatever cities they wanted to have a location in. So, while my money was going from one Wells Fargo bank to another, the bank that was receiving it was set up as a local bank. It still shouldn't have been a problem, but it was. I arrived in Brownsville, Texas on a Friday, thinking that I would have that day to find a place to live, unpack the truck over the weekend, return it, and buy a ticket for my son, who had driven my car, to fly back to Anaheim. When I went to the Wells Fargo bank in Brownsville, they didn't know anything about my having an account there. They said there had been a contact from a Wells Fargo bank in Anaheim, but that no money had arrived to establish an account. I called the Anaheim bank and had trouble even finding anyone who would talk to me because they said my account had been closed. Finally, someone told me that my money had been wired to the Brownsville bank on Tuesday, three days before. I went back to the Brownsville bank, and there was still nothing. I spoke to the plant manager at the company that had hired me in Brownsville, and he said they had a guest house that I could live in. Of course, that would leave me with a moving truck full of stuff. He called a condominium rental place and guaranteed payment for an apartment in Brownsville, so I was able to move in there without a down payment. That turned out to be a horrid place to live (a story that I have told elsewhere in this forum) but I was able to turn in the truck. I still couldn't fly my son back to California, and I had very little money to live on, since I had taken only what I thought I needed for the trip. It was two weeks before I had access to my money and, during that time, neither bank would admit to any knowledge of what might have happened with it, or any responsibility for it. The Anaheim bank told me I would have to deal with the Brownsville bank because they had wired the money, while the Brownsville bank said they hadn't received anything. It was an awful way to start out my time in Texas. At least now, I would have the ability to view my accounts and know that the money was there, but I'd still feel more comfortable taking it in cash if it wasn't for the possibility that the government would seize it for no reason other than that they could.
I've banked with Houston Municipal Employee's Credit Union for more than 35 years, and when I ran our family business it was with a local bank. Many times to keep a complicated issue simple, a 'Certified Check' issued by the financial institutes was the simplest way to deal very large amounts of money. Now I just use my credit union for my needs, and because my late husband was hacked for a large sum of money, I have set things so that no more than $500 can be withdrawn daily without my contacting the bank. I also check my account daily to make sure the charges are mine. With so much banking done online today, along with all the hacking, banks can not afford to guaranty to replace your funds as they once could. So in many place such as Texas, that old guaranty of up to $100K is now gone. Our credit union explained this to my husband when he was hacked, and that they would only guaranty $1,500 after we had made out a theft complaint with the city.
That is one of the scariest stories I've heard. I would have been livid and would have asked for compensation.
@Ina I. Wonder , that's what I have as a limit per day too and I check my online acct every few days. I don't have much in there so it wouldn't be the end of my world if it was all lost but still I wouldn't want any auto deducts bouncing. I've been with Chase since I moved here 13 years ago and never had any problems. One time I got a notice that someone tried to use my debit card number in Florida for $8.00 and they didn't let it go through. Did have to get a new debit card but that's it. Also when I'm going someplace that I usually don't go I let them know so that when I try to use my debit card, it's not declined. That can happen and has to people I know. They are also very nice and even though I don't have much money in there, they treat me like I had lots of money with them. I don't know if it's true for all Chase Banks but this one is awesome.
Where I'm concerned, banks are a necessary evil. Years back, each customer was a person, a customer known to the bank. Today, the person is a S/S #, use of which has become so widespread that it surprises me very little that our personal information is being obtained by scoundrels. I get a phone call, voice says, "Your credit card security force, blah, blah, what is your "Social"? My "Social"?? Social WHAT? I asked the voice to prove it's legitimacy. Silence. Then, "please explain". How do I know you are who you say you are? A snort, then, an employee name and number, both of which could of course be fictitious. OK, Sir, now that we both know who we are, why are you calling? Turned out, they were questioning my card's use to buy a motorized wheelchair for $4800. I said hell no, I ain't ready for a wheel yet! They removed the purchase from my billing, issued a new card to replace the old one. I've wondered who "ate" that purchase in the end. Probably some insurance company which has expanded it's business to avenues heretofore unknown in the works of our Economy. Frank
Maybe you have an attitude and that's why you get that treatment, I've never had any official business person talk to me that way on the phone. Even when I get aggravated when dealing with AT&T Uverse and I'm telling them I'm tired of all their incompetence and lies they still say, I'm sorry mam, I'm going to help you fix your problem...don't worry, we'll take care of this today. We want you to be happy. Most banks always cover any charge that you didn't make. It's part of how they do business. It's not uncommon at all and happens a lot. The only downside is you have to wait to get a new card. @Frank Sanoica , did you read how friendly my bank is? If I got a call like that, I would just hang up and tell the person I'm calling the bank myself. Also, what do you mean years ago the person was known to the bank, etc? Yes, if you lived in a very small town but that wasn't the case in Chicago where I lived years ago. It's always been big banks since I've been banking. Also, don't take this the wrong way but you sure seem to be in a constant state of anger. I would suggest taking your guns, money, wine and don't forget your wife and moving far away from the stresses of today's world.
@Chrissy Page "Also, don't take this the wrong way but you sure seem to be in a constant state of anger." If I did not take it the "wrong" way, what would be the "right" way? Either way I take it, I lose! So, you "open the door" inviting me to seek release. Evidently, you feel that my having guns, money, wine, perhaps even a wife, explain why I seem to be in a constant state of anger. I have posted dozens of OPs containing views of nature, animals and living things, stuff I've built, friends I've had, things I've done, along with the derogatory, abrasive and I suppose a host of other things you find undesirable. I understand, and feel for, the fact that you have experienced difficult times, and thus I absolutely do not wish to imply I am fighting back. Quite the contrary. You may be right. A good bit of re-programming might do wonders for me. Frank
Well I don't look at your car posts but lately you've seemed angry about everything. Just a lot if negatives and I really didn't mean it to sound harsh, it just looks that way but honest...meant no harm. It's not what you have that's causing anger but I suppose your environment so that's why I suggested what I did. I mentioned those because those are what you e talked about...I'll add cars to the list...forgot about them. Didn't mean to offend. Not good to be constantly angry about things. What if Hillary wins? Even if Trump wins, don't expect Any miracles or changes happening for awhile. That's not the way things work.
@Frank Sanoica and everyone else I seem to offend lately, I'm sorry and I really don't mean to but it's been a tough 6 weeks. Starting with my moms death,then a few betrayals, then the anniversary of my husbands death, then my abnormal EKG, then my stress test and echocardiogram, then some more betrayals, and today would have been my 46th wedding anniversary and here I am alone dealing with all this crap instead of still having a husband. I'm sure I left a few things out involving all the things that go wrong with the house, like my sprinkler system, etc. And even though I'm a Republican, I'm much more liberal in my views than most of you and I try to understand where you're coming from but sometimes I don't and I lose my temper and say something I regret or it looks harsher in print than I meant it to be...writing is not one of my talents. I know this is not excuse, I'm sure people, have worse problems than I do by far...and it's off topic which is usual for me but just wanted to let everyone know my feelings.
I think, in this thread, you have all demonstrated the ability to discuss something that could have escalated into a one versus the other problem, and work it out. Apologies are always nice but no one in this thread needs to be particularly apologetic. I think you've done well. Let's hate the banks if we must, but tolerate one another.