The speed at which the leftism is taking over is truly frightening.
Why am I withdrawing MY money? Because F U , that’s why!
Should be an immediate bank run.
Riiiight.
Here's a clue: PCH gives you money, they don't need you to send a lot of cash hidden in the pages of a magazine to pay fees and taxes before you get the big check. Thankfully the Postal Inspectors had shut down the scammers and returned Dad's second and bigger payment. I never found out how much it was because Dad was embarrassed by falling for it, but it was quite a bit.
There have been numerous attempts over the years to tax Americans on their supposed use of the underground economy. By underground they mean the twenty bucks you pay the neighbor’s kid to mow your lawn or pick weeds. They mean the items you buy at a flea market or a vegetable stand. The last attempt was to add, if I recall correctly, nine hundred dollars to everyone’s taxes.
Since last year your bank has been required to track every cash withdrawal. The intention was to send you a tax bill. As a Covid measure this was tabled for last year. But the banks kept the records.
The last two times I bought a car for cash I met the seller at my bank and had them count out the cash to him and had him sign over the title to me right there. The reason is banks are required to submit a suspicious activity report on large withdrawals. This has been true for a decade. The last thing you want is to hit some agency’s radar. The other reason is if I get stopped the money could be seized and even if you prove the possession of it is legal you will play hell getting it back.
Many years ago my bank told me that they would not give me large amounts of cash, only payment by check.
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Sounds more like a deposit retention policy.
Many people (older people, especially) are falling for email or phone scams. In these scams, the victim is told that he owes the IRS money. Or maybe a relative is in jail, and needs to be bailed out. There are dozens of variations.
The victim is directed to go to his bank, and withdraw a large amount of money. Use the money to by gift cards, then give the card codes to the scammer.
It sounds crazy, but people fall for this. Every day people fall for this.
So perhaps banks want to know about a large withdrawal for nefarious purposes. Or maybe they’re trying to stop a customer from being scammed.
The monetary unit in the image is in British Pounds. It would be interesting to find one in USD.
I’d just tell them I’m going to Jita to spend it all on hookers and blow. O7
I first noticed this policy, minus invoice requirement, at American banks over 30 years ago. The ones that brought it to my attention and decided to give me a hard time was Associated Bank so I moved my accounts.
Various threads on this forum, especially those commenting on a robbery, have had posters claiming to have worked in banks talking about how stupid a bank robbery in modern times is since there is only a few thousand there at any time in normal conditions.
Without a policy like this then what happens when you and I both go in on a Friday both asking for $10,000? They cant just send someone up to the gas station to break a $100,000 bill.
I can see why this is causing concern now but people should have been more interested long ago.
That last paragraph is the kicker. At the Local Branch’s discretion!
I can almost understand asking. You might be getting blackmailed and need to tell someone. But regardless of the answer they should give you what is yours. And then notify authorities if appropriate.
Wow.
Perhaps small businesses are being shaken down for ‘protection’ money.
reason for withdrawal?
“i’ve got a YUGE dope deal coming up! I can let you get in on it if you’re interested.”
For transitioning, homophobes ! /s
i just made a joke about this, but there’s a serious side to this ...
i was good friends with my local bank manager until she retired, and a few years ago she related a story where an ancient customer wanted to withdraw a very sizable sum of cash ... my friend KNEW the ancient customer was going to be defrauded and was basically powerless to stop her from losing all of her money ...
Canada.
I keep some money in a credit union, and my account is not connected to the internet. No online banking.
With two kids in college, I sometimes have to move money to a bank that IS connected to the internet. Since I’m cheap, instead of paying $3 for a check, I move cash.
My internet-connected bank now requires ID to DEPOSIT cash, they claim it’s a Federal rule (which doesn’t surprise me at all). They don’t ask where you got the cash - yet.
I do think it’s wise to keep some convertibles in a safe location. You know, things that can be converted into the currently favored medium of exchange.
The little green slips of paper may be going away soon.
Why am I withdrawing my money from your bank. Because I prefer not to deal with commies.