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A friend of mine who just sold a condo and deposited more than 200K USD in a large USA bank last week, went to the bank yesterday to withdraw 15k cash and was told they could only give her 10k. They told her she would have to return next week if she wanted more cash, and she said, ok I will withdraw 10k next week and they said, "you can only take out 5k next week"
She was shocked and so am I. Might be a good idea to stock up on cash at home
if one can get any.
This is normal SOP for the US Banks. Move along, nothing to see here.
I'm seriously considering closing my W.F. and BofA accounts in the US. Money is not safe in banks anymore.Quote:
Posted by Antagenet
if you dont physically possess it - its not yours. simple as that. btw new episode by mike maloney came out:
very very typical with large amounts... they REALLY want to make sure *EVERYTHING* clears.Quote:
Posted by parcival
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You shoulda done that a long time ago! at least just use a local credit union.. don't support those monsters!Quote:
Posted by Althena
I keep all my money in assets, in fact I keep a lot of the banks money in assets too.. hahaQuote:
Posted by Morbid
Part of the Quantitative Easing milieu involves banks having to hold higher reserves in the "Fractional Reserve Lending" scheme. This is one among probably many other factors that have made them tighten the reigns.
The 10k withdrawl is going to be reported to the IRS, and if they keep going back for 5k it might wind up reported as "suspicious activity".
As for selling the condo for 200k, if one asked for the price in cash, some jaws would probably drop. Giving out that much to one person actually does interfere with "cash on hand" for general operations; and if there was a "bank run", they would all be closed within a few hours.
Nothing unusual business-wise, it's the entire money system that is an aberration.
Is it any wonder bankers were "jumped" from high rises when the Billionaires discovered their money was squandered or stolen? The banker who committed suicide by shooting himself with a nail gun almost 20 times was the best I have heard so far.
No problem, just withdraw 10 00 from one branch, walk to the one across the street and get another 10 000 from there etc.