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Just an FYI from a good friend up north.
My wife went to the bank today (TD Bank in Cambridge, ON) to withdraw some cash. She had to go to the main branch as all the smaller ones were closed.
She had to wait 45 minutes to get to the front door and was asked the usual virus questions.
Bank was allowing only 5 customers in at a time.
When she reached a teller, she was told that the maximum cash withdrawal could only be $2,500.

What’s next?


Mr. Bill:
What is the maximum cash withdrawal during normal times?  I don't know how things are in Canada, but in the US I think banks can at least require you to give advance notice of large cash withdrawals so that the branch doesn't run short.  We also have anti-money-laundering regulations that require reporting of large cash transactions.

My bank has normal rules of any withdrawal over $2500 requires 2 days advanced notice.  I needed to withdraw $4000 for a down payment.  They tried and I could have gotten the full $4000, but it would have left them really short.  I ended up going to the other branch down the road for the other half.

My main bank is a credit union, so don't know if the rules are different than a regular bank.

I could see them limiting withdrawal amounts if everyone is doing and they don't want to run short. I know in the US any withdrawal over 10k has to have a form attached for reporting, and if you withdraw in a pattern of large amounts that can raise red flags as well (5k every week, etc).

One of our accounts is with Wells Fargo and we were able to take out a large amount without notice last week. Are there normally withdrawal restrictions at your bank?

My understanding of the logic behind negative interest rates is to encourage spending in a stagnant economy; take your money out of the bank before it loses value. But then bank's are restricting withdrawals. Does that mean they want to keep the melting ice cream cone in their hands? I don't get it.


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