I Wrote To My Bank Manager About Making Cash Withdrawals/No Reply Yetgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
With not a single U.S. bank having publicly stated that its computers and information systems are Y2K compliant, my wife & I thought it prudent to begin preparations to withdraw some if not all of our life savings in cash. We deem it equally prudent to comply with any and all existing banking regulations regarding the $10,000 threshhold as opposed to some on this forum who have suggested multiple smaller withdrawals or multiple ATM use, etc. We want to do everything above board and have it documented with a copy to my bank's file as well as to our accountant. It is not illegal to withdraw your own money -- it is illegal when you try to circumvent the banking laws to do so.
Late last week I wrote a letter to our local bank branch manager and informed her that my wife and I intended to take early withdrawals and close out our respective IRAs & KEOGH accounts from the brokerage firms that hold them. We have received the appropriate forms from the brokerage firms and will receive disbursement checks from them in early January. I informed the bank manager that when we receive these checks I wanted a copy of these checks to be made and placed in our file prior to deposit so that there is a record of the source of the funds. I further related that we would thereafter (in about a month) be taking out a sizable amount in cash, and that I would ask her to be as professional and discreet about this and to make it as secure as possible for us. I included in the letter a copy of the latest issue of BUSINESSWEEK magazine which had a lengthy article entitled: "Y2K IS WORSE THAN ANYBODY THOUGHT". I asked that my letter and a copy of the article also be placed in my file. I sent a copy as well to our accountant. I asked the branch manager to respond to my request for customer service ASAP.
The letter would have been received by Friday December 11th. Will I get a response, will my letter be ignored, will the letter be circulated elsewhere and what would you do under similar circumstances?
-- Molson (firstname.lastname@example.org), December 13, 1998
You are doing the right thing, and you will get your cash. Just remember to request 50% of that cash in small bills.
-- Menger (Oro@gold.com), December 13, 1998.
Your approach seems logical. I have to wonder how many other people are similarly closing out (or at least withdrawing from) their IRA accounts. Is it worth the 10% penalty and taxes to bet (your retirement) on the unknown?
-- lparks (email@example.com), December 13, 1998.
Do you consider auto insurance betting on the unknown?
-- Kevin (firstname.lastname@example.org), December 13, 1998.
Volunteer Federal Bank in Madisonville TN ran a full page ad in local paper stating they were Y2K complaint and has mailed at least 2 notices to their customers. Bob Dalton is Manager in Charge.
Banks in Blount Co. have refused to allow cash withdrawal from existing accounts for $5000
Other banks have sent account revision notices disclaiming liability for all accounts due to "COMPUTER or TELECOMUNICATIONS failure or INTERUPTION"
-- Concerned Banker (email@example.com), December 14, 1998.