ON BANKS REFUSING CASH WITHDRAWALS | WHAT REALLY HAPPENED

ON BANKS REFUSING CASH WITHDRAWALS

I have received enough calls and emails on this within the last few weeks to A.) cause concern and B.) merit a post.

People are having difficulty withdrawing cash from banks. I just received the SECOND call on this from California this week. The question is, do banks have the right to deny you cash withdrawals?

The answer is NO. They do not. And both of the men I have heard from in California were obviously being bee-essed by their bank. The bank couldn’t cite statute, and then started haggling over the amount of cash withdrawals they would allow. That’s your dead give-away. If there were ANY statute or actual rule, the bank wouldn’t set up a conference call and then start haggling. You don’t haggle over laws and rules.

What banks can do is ask for up to 7 days notice on a large cash withdrawal just so that they can order the cash in special and not completely drain their cash on hand. This is very logical and sensible. For transactions over $10,000 the bank also does have to file a transaction report. Again, this is standard. We may not like it, but that has been the law for a very long time.

Also, one chap in CA reported that his bank told him that if he took more than $20,000 out of the bank in cash that he would have to hire an armored vehicle and security. This is an abject lie. $100 bills are bundled in 1/2? stacks. a 1/2? stack contains 100 bills. Therefore $20,000 would be two standard 1/2? stacks of hundred dollar bills, which would fit in ANY purse or easily into the inside pocket of any men’s sportcoat. We aren’t talking bags and bags of cash. Cash is still shockingly compact.

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