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  #1  
Old 04-21-2014
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Default 7 day notice to withdraw cash funds?

Since when do you have to give a bank a seven day notice to take cash of of an account over a certain size? TD Bank just told me they dont have enough cash at anytime and I need to give them a seven day notice. Shocking and absolutely annoying.

So I go to BofA and same thing

BUT both banks were able to raise my debit card limits to be able to take enough cash out over the next two days combined. So the bank itself does not keep cash on hand, but the ATM has plenty

Baffling
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  #2  
Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

it doesnt mean the bank has no money. It is just the rules, that if you wish to witdraw a large sum you have to give them notice.

I do agree 7 days is extreme.. but i guess it goes on the value.
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Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

Whenever it is over a certain amount the bank needs to order it for you, you can't just go into a small branch and withdrawal $10,000 in cash

They don't keep an unlimited amount of cash in each branch, and if they give that much to one customer they may not have enough to operate for the day

But you can get a certified check
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Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

It has always been this way. Banks branches only carries around $50K max for their own securities at end of each day, so if you want a large amount of cash, they'll have to order it from their security company.
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Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

I have this problem anytime I try to withdraw more then 5K in cash. They usually want a day's notice. Seven days is crazy excessive unless you are withdrawing over 100K.
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Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

It has not always been this way. When I was a teen selling on ebay I would handle 20-30K in cash via TD bank north a week from a small grocery store branch. To be able to walk up to an ATM with a handful of debit cards and walk away with 20k but not be able to walk up to a teller and take that much is stupidity IMO.
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Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by yankee View Post
It has not always been this way. When I was a teen selling on ebay I would handle 20-30K in cash via TD bank north a week from a small grocery store branch. To be able to walk up to an ATM with a handful of debit cards and walk away with 20k but not be able to walk up to a teller and take that much is stupidity IMO.


It's for security issues as well, which you may be overlooking, they can't just go in and out of the Bank Vault at Will

I think everything is set on time locks, and to have that much cash up at the tellers would be crazy, If one customer could take out 10K in cash than how much would they need to have out in the open for the whole day

If the bank gets robbed it's usually for couple thousand that is at the tellers, so ordering large amounts of cash makes sense

And if you really needed a large amount of cash right away, you could take the max out from one branch and ask for the rest broken up into several certified checks that you could bring to other branches and have them cash it for you
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Old 04-21-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by yankee View Post
It has not always been this way. When I was a teen selling on ebay I would handle 20-30K in cash via TD bank north a week from a small grocery store branch. To be able to walk up to an ATM with a handful of debit cards and walk away with 20k but not be able to walk up to a teller and take that much is stupidity IMO.
What happened in the past isn't the same as the modern day. Banks are getting smarter when it comes to protecting themselves from robberies.

If you need the funds urgently, you can always ask the bank for a bank draft, althought that's going to cost you a bit.
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Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

More than 5k, it is generally accepted to notify banks 48 hours in advance.

Don't mess around with the banks that have your money
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  #10  
Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

$5000.00 ATM allowance per account and two cards per account. Not going to worry about it again and I still feel it is asinine, lol
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Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by yankee View Post
$5000.00 ATM allowance per account and two cards per account. Not going to worry about it again and I still feel it is asinine, lol
Of course it is asinine.

It's also part of antiquated baking laws in the USA.

With certain types of business accounts you do have the chance to withdraw large amounts with minimum notice.

Enquire if you are eligible for such accounts, yankee.

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Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

I like baking too - baking laws exist?
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  #13  
Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

I guess new laws passed in the past few months have made it pretty much impossible for people to take funds out of a bank. Evidently what happened in Cyprus last year has caused fear of bank runs.
Also the new "Fact Act" has added some very heavy restrictions and questions for all lenders and anyone who buys something as simple as an auto.
I will be looking for banking alternatives other than gold and silver. Pretty scary when you think about it.
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Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

When I had my banquet Hall I needed to order cash a head of time when I needed to withdraw 10K +. And this was going back 6 years ago.

I'm sure it varies from bank to bank and whether it's the main bank or just a small branch , but these regulations been in place for awhile
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  #15  
Old 04-22-2014
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Default Re: 7 day notice to withdraw cash funds?

Right.
I walked into Enterprise Bank and Trust and took out a pretty hefty chunk for a cash deal on real estate last September. Maybe 2-3 minute wait and of course the IRS form and then another 10 minutes counting
Now they are required to have a 3 day wait according to them today.
It has nothing to do with the bank having funds on hand. Think about it this way, If you only 100 people cashed pay role checks on a Thursday, that is tens of thousands of dollars in an afternoon and where I live it would be several hundred people etc..
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Old 04-23-2014
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Default Re: 7 day notice to withdraw cash funds?

Cash deal on real estate with no advance notice?
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Old 04-23-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by rsot View Post
Cash deal on real estate with no advance notice?

Stumbled upon a deal, made a cash offer, offer accepted, Title opinion done within hours of accepted offer, walked into the bank, got cash(yes cash, not bank check, cash deals are cash deals) and closed at the same attorney office as title opinion the same afternoon.
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Old 04-24-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by yankee View Post
I guess new laws passed in the past few months have made it pretty much impossible for people to take funds out of a bank. Evidently what happened in Cyprus last year has caused fear of bank runs.
Also the new "Fact Act" has added some very heavy restrictions and questions for all lenders and anyone who buys something as simple as an auto.
I will be looking for banking alternatives other than gold and silver. Pretty scary when you think about it.
These laws were passed back in 08-09 at the height of the crisis in the US. Maybe you can deal in Bitcoin. Good luck.

Anyone who want to pay in gold or silver you are more than welcome.
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Old 04-24-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by vogeltron View Post
These laws were passed back in 08-09 at the height of the crisis in the US. Maybe you can deal in Bitcoin. Good luck.

Anyone who want to pay in gold or silver you are more than welcome.
Fact act is new 2013. Its checks things such as SS number origins when you apply for an auto loan. Also you get run through some sort of data base to make sure you are not a terrorist, lol Completely insane.

I have never had a hard time getting cash from a bank before, but up until recently I have only used commercial lenders/banks. Yes the IRS forms for 10k or more and now 5k etc has been in effect but not 3 day or 7 day requests, at least not for commercial banks such as Enterprise Bank and Trust.

TD explained to me yesterday it is due to "Instant Investment" rules, meaning the moment a deposit is made, it is not available as "cash" because it gets instantly invested. The only exception is Payroll checks supposedly.
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Old 04-25-2014
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Default Re: 7 day notice to withdraw cash funds?

Up here, I have checked at banks and they required about 48 hours for amounts greater than 5k in cash
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Old 04-25-2014
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Default Re: 7 day notice to withdraw cash funds?

Quote:
Originally Posted by rsot View Post
Up here, I have checked at banks and they required about 48 hours for amounts greater than 5k in cash
Each bank is different. If you have a business account at one of the larger banks in the U.S. it is usually not a problem in my experience. If it is a personal account you are a bit more scrutinized.
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  #22  
Old 04-26-2014
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Default Re: 7 day notice to withdraw cash funds?

US does have more variety in banks with difference in operation policy to attract new customers...
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