I was standing in line at a bank where I do my business. The customer ahead of me was agitated and angry because he couldn't withdraw what I believe to be a sum in the thousands. The cashier told him that it's now their policy for withdrawals they consider large ($3,000.00 and up) to fill out a form and wait about 2 weeks to get their money. I live in the metro-Detroit area. Has this been happening elsewhere? I withdrew all my money 6 months ago, thank God! Those who are still waiting will be in for a big surprise, if they wait til November or December.

-- sam bell (sambell24@hotmail.com), February 10, 1999

Answers

I don't believe it. Anybody?

E.

-- E. Coli (nunayo@beeswax.com), February 10, 1999.

Not a chance. Troll.

-- Online2Much (notbuyingit@themoment.com), February 10, 1999.

Maybe if I'm the last post this will move down the list REAL fast...(hint)

-- PNG (png@gol.com), February 10, 1999.

I work at a bank in the Midwest.I work on the teller line.So far the CTR reporting limit is still at 10,000.00.Cashing a check for 3,000. is not a common occurence but it does not require filling out a form yet.The Bank I work at is a major bank and if a customer cashed a check for 3,000.00 he would get his cash right then not two weeks!! I 'll let you know if that changes.

-- rooster (logcabin@loggie.com), February 10, 1999.

Last time I moved a large amount of cash from a bank I did let them know in advance. I was told then they would apreciate knowing in advance of anything larger than $5000 going out in cash at one time. Something about cash on hand available and planning in advance. Seems they are only allowed to have just so much at any one time.

This was a long time ago...maybe they changed the limits? It was never a matter of 'not allowed', just a courtesy they apreciated.

-- art welling (artw@lancnews.infi.net), February 10, 1999.

Never take out an obese cash withdrawal. I suggest wisely spaced increments in accordance with bank policy. Don't stick out like a green thumb. No restrictions yet in my neck of the woods.

-- dinosaur (dinosaur@williams-net.com), February 10, 1999.

If you are cashing a check of that amount from another bank, your bank will wait for it to clear (possibly a week), unless you have at least that amount in your account.

About two months ago, my CU began verifying all checks I cash over $5000 (even if I have at least that amount in my account). They said it was an antifraud measure, and while it seems prudent, its inconvenient as hell, as the process of cashing a paycheck now takes me about 4 times as long.

-- a (a@a.a), February 10, 1999.

Also, while sam's post is suspect, there is no reason to believe that it can't be happening. I remember a quote from FDIC that basically said banks would need to figure out how to handle small scale "runs" themselves. In other words, each bank may have a different "stradegy", and some may be ahead of others.

Remember the fine print you signed concerning your loans and deposits...

-- a (a@a.a), February 10, 1999.

Sam wrote: " I was standing in line at a bank where I do my business."  and " I withdrew all my money 6 months ago"

Gang: What's wrong with this picture? LOL.

-- Rob Michaels (sonofdust@net.com), February 10, 1999.

I wonder how much info people are not posting to this forum for fear of all the name calling. If you are afraid to know the truth then don't read these posts. It just so happens that a friend of mine for twenty years, an accountant, tried to cash a check for $3,000.00 in Tulsa at a bank where he had done business for the last five years. The teller told him they didn't have the cash on hand. He is now in the process of liquidating his assets to cash and gold. Before this he was a DGI bigtime. He ridiculed his brother for six months of preparation. Now he is scared to death that he waited to long! You have equal opportunity to check with any bank employees you know or are related to. Maybe some of you calling names need to get out of your chair and shake the bushes. If you find out something that scares the hell out of you try to control your panic over the fact you have not prepared but instead spend all your time ragging those that are.

-- GIJoe (Lastdays@the.party), February 10, 1999.

Rob, I closed out my accounts several months ago and still routinely stand in line there to pay car notes or transact other business. There is more than one reason for going to a bank. The specific bank I deal with is a branch office and they have now limited cash withdrawals to two thousand dollars without a days advance notice.

-- Nikoli Krushev (doomsday@y2000.com), February 10, 1999.

I posted this 6 days ago on another thread, but will post it again for general information:

I walked into my bank today and cashed a check for $2,000. Although I have banked there for 8 years, the teller who cashed my check was fairly new and did not know me. She asked me for my driver's license. There were no questions of any kind asked. She gave me the money in a variety of bills and told me to have a good weekend. I could have written a check at AAA for my travelers checks, but I wanted to see what, if anything, would happen at the bank. I live about 40 miles outside of Houston. No shortage of cash here.

-- Gayla Dunbar (privacy@please.com), February 10, 1999.

Two weeks ago I cashed a check, just under $3k drawn at a S&L where I have no account. Their cash limit was $2.5k and it took the Branch Manager's approval for me to walk out with my money - I doubt that they would have cashed it if it was above $3k (based upon the clerk's demeanor and body language). In front of me the whole time was a huge FDIC poster making depositors feel good that their deposits are guaranteed. While waiting, a gentleman in his late 60's was asking where he could buy Gold Eagles - the clerk didn't know, or perhaps wasn't going to tell, so I took the opportunity to tell him of the local coin shop, after which the clerk said, oh yeah, we know him well and he is reputable. I got my full amount, but I also was left with the impression that they would much rather I ran that check thru my skeleton account kept at another bank. I left the bldg with the idea the whole situation (including the gold part) is becoming more common and the mangement is working out how to deal with it.

Anyone else notice the proliferation of FDIC assurance posters and billboards?

-- Mitchell Barnes (spanda@inreach.com), February 11, 1999.

Rob Michaels: I don't know what you do in life and frankly I don't care to know. With regards to my question and statements, I reaffirm I have withdrawn all of my money more than 6 months ago, all of MY MONEY. But does this prevent me from still standing in line at the bank, every week at least once? So you find that contradictory? I manage and run my own business, so I still need a checking account, to pay my bills, (suppliesrs, employees, taxes, etc...) So yes I still go to the bank to deposit EXACTLY what's needed to cover my account payables.

E Coli: I got a bacteriophage that'll take care of you.

online2much: I think your name says it all

PNG: How about taking care of YOUR BUSINESS?

-- sam bell (sambell24@hotmail.com), February 11, 1999.

Most tellers don't have that much cash in their drawers. I bought a house last year and took cash out of a C/U and put it in my bank account. When I went to withdraw the cash ($4K) the teller said I was lucky she had enough cash, in the future I should call and arrange "large" cash withdrawls in advance. I suggest taking out $500. in $1,5,10,20's every 3-5 days rather than all at once.

Regarding the FDIC insurance thing, every y2k meeting or public forum I go to the local bank rep reminds the audience of the $100K worth of insurance. I have been to 5 or 6 different meetings now, and the FDIC insurance is mentioned within the first 60 seconds of the bankers remarks.

-- Bill (y2khippo@yahoo.com), February 11, 1999.

OK sam. You say it takes two weeks to get $3,000 from this bank?

One day notice for a large cash withdrawl is not unreasonable. Two weeks sounds like a "story enhancement."

Tell us the name and location of the bank. Let's check it out.

You have no reason notto disclose the name of the bank: You don't work there.

I hope you'll tell us, but I suspect you'll not answer or give some lame excuse about being worried they'll screw up your business account or remember your face or send a black helicopter after you. We won't use your name (If your name is sam bell).

Prove me wrong and I'll apologize. If I'm right, find another place to dwell.

-- PNG (png@gol.com), February 11, 1999.

Could you have missed part of the conversation? The guy was probably trying to cash a $5000 out of state, third party check. The banks have always made you wait two weeks for out of region checks. It's hard to believe that at this point a bank would make you wait 2 weeks for $3k.

-- Wild Bill (wildbill@gate.net), February 11, 1999.

I just thougt about what could have been the scenario at your bank..I work at a bank on the teller line.That customer was probably wanting to cash a check drawn on a out of state bank..because of the Funds Availability Act.. the bank can hold the check up to ten days untill it clears and only release 100.00. at the time the check is presented..otherwise if it a customer with an account drawing on collected funds the funds are availabile then.

-- rooster (logcabin@loggie.com), February 11, 1999.

Moving right along with my mini bankrun, this afternoon I exchanged some, OK, a lot of $20 bills for many rolls of quarters, dimes and half dollars. They sent two tellers into the vault. While they were bringing the trays of coin rolls and counting them out, the bank manager slowly walked over to an adjacent teller window and oh so casually observed the ambience of my transaction. I put all of the rolls in a box and lugged it outside where I felt much safer.

This is the first time I've ever seen the bank manager scrutinize me. Time to visit another branch.

-- dinosaur (dinosaur@williams-net.com), February 12, 1999.

Dinosaur-----Know how you feel. Several months ago I started draining my accounts, and on a regular basis I purchase 2000 quarters, but I always go to different branchs. So far no one has made any comments about these purchases. I don't think one can be too careful when your dealing with your own money. I just don't want to have a too many 20's, and if I buy something wonder if I'm going to get change or not. What good would a hundred dollar bill be over at a farmers market in March of 2000?

-- thinkIcan (thinkIcan@make.it), February 12, 1999.