Author Topic: Bank  (Read 1131 times)

Offline Lumpy

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Bank
« on: March 30, 2020, 03:31:26 PM »
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?

Lumpy

Offline Mr. Bill

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Re: Bank
« Reply #1 on: March 30, 2020, 03:50:27 PM »
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.

Offline fritz_monroe

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Re: Bank
« Reply #2 on: March 30, 2020, 07:03:38 PM »
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.

Offline theBINKYhunter

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Re: Bank
« Reply #3 on: March 30, 2020, 08:13:27 PM »
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?

Offline Carver

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Re: Bank
« Reply #4 on: March 30, 2020, 09:28:41 PM »
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.

Offline Greekman

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Re: Bank
« Reply #5 on: March 31, 2020, 12:32:38 AM »
I have three alternate explanations

1. governments want to avoid a bank run (some similar measures were instituted last week in Greece too)
2. Bank Notes are in limited supply cos we are progressing into a cashless society
3. Bank Notes are in limited supply cos narcos have hoarded all of them

Offline EMichael

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Re: Bank
« Reply #6 on: April 04, 2020, 06:19:49 PM »
I pulled $10k out of savings to cash with a bit of a hassle.  They made me sign a form stating I knew my money was safer in their hands instead of my hands.  Actually it wouldn't be money in my hands....it would be a Glock.  I told them I would think about bringing the cash back when this was all over, although for the piddly .05% interest they are paying, I asked them what the point would be.

Meanwhile echos in my head from Jack about how banks can loan 10:1 on deposits, and how my $10k withdrawal keeps them from making a $100k in loans.

The bottom line...  At this time I believe there is LESS risk of financial loss to my money while locked away in a fire resistant gun safe, compared to a HIGHER risk of banks denying access to cash completely.  Ultimately the ONLY thing a bank has of value is the trust of its customers.  When they start playing games with allowing access to a depositor's money, then that trust evaporates quickly.

-Eric

Offline fritz_monroe

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Re: Bank
« Reply #7 on: April 04, 2020, 06:27:54 PM »
I pulled $10k out of savings to cash with a bit of a hassle. 
...
Actually it wouldn't be money in my hands....it would be a Glock.
Wow, that's an expensive Glock.  hehe