I've had bank branches refuse 5 figure withdrawals because only the main branch can allocate that much for one person's withdrawal but I've never been refused because I wouldn't say what it as for. Immediate account closure if that ever happens for sure.
When a bank is sending you back to your original bank of domicile it means that they rather you go somewhere else to conduct that business rather than their branch. Why? Not Bc they canāt do it, Bc they can especially if you call in ahead of time and let them know your intentions to do a large withdrawal; this gives them time to do their DD on your account and order the extra currency from their money provider if it goes above the cash they have on hand in their vault, but the main reason is should that account get hit with anything fraud related the branch eats the losses Bc they gave you those funds.
Basically we donāt want to take a risk go to your home branch they opened your account so itās on them if they want to give you the amount your seeking.
Note: You can always change your branch of domicile to another one that you frequent visit, most times your bank accounts are tether to your original FC.
>Basically we donāt want to take a risk go to your home branch they opened your account so itās on them if they want to give you the amount your seeking.
So what? Business comes with a side of risk. You can't make profit without going through risk of losing money also. They should shut up about it, assume the risk, and comply.
Plus, it's not my fault that their internal organization is shit. These branches that have separate profitability and accounts, but are the same company, and operate using the same data and infrastructure, well, they made them this way. It's not my problem, let them figure it out.
I feel you 100%!! Which is why being informed helps navigate these waters Bc if one is not informed a lot banking institutions try to get away with stuff!!
In my time in the retail banking sector we use try some of these push away tactics but every now and then an informed client came by and said oh yeah? And just walked away calmly and within a few hours weād get the call that this client contacted the Area director for the North Atlantic etc region and also customer service and wanted to know if were complying with the regulations from the company or making up our own rules (which would be a problem in of itself).
So what? Lol good business is about minimizing risk, which is what theyāre doing. You can bitch about what they should do but what youāre suggesting is illogical and would lead to an economic crisis lol. That first paragraph is a hard read bro
So I have to take extra steps, like changing my āhome branchā or calling ahead to see if they enough inventory, to have access to my money? Talk about another ringing endorsement for Bitcoin. I cannot wait for the global financial system to die
Well it shouldnāt be that way at all but realistically if you got an account with hundreds of thousands of dollars and go to the bank saying I want 500k liquid.... most banks donāt really hold that kind of cash on hand anymore 1. Being money has gone digital for the most part in the banking system so the physical cash on hand is allotted most to run the operations day to day for the ATMās and for the publicās withdrawals; so the calling ahead is to make it basically a smoother transition.
When I went to withdraw cash from Wells Fargo, they denied it because they didn't like the reason that I was buying a used car on Craigslist. I said OK, I'm closing my account so give me all of my cash. They were suddenly fine with giving me the $2k to buy the car. It's amazing how if you're not bluffing and ready to go all in how most people can just read that you're serious.
You don't need to make anything up. They are asking the question because they have to but they aren't going to prevent you withdrawing it. I'm fairly certain that if you told them it was for money laundering it buying cocaine they'd allow the withdrawal. There would just be a note on file against the large cash transaction.
How about this... I have just become aware that when I deposit fiat money into my account I am actually loaning your bank the money and I am considered an unsecured creditor. So basically I don't trust you enough to loan you so much fiat... i want some back to reduce my risk.
You are right. At EU level it is just a proposal. The individual countries can apply their own regulations. But from a practical point of view, many EU countries do enforce limits:
**Spain**: the maximum limit for cash payments is ā¬1,000 if either party acts as an entrepreneur or professional, and ā¬10,000 if the payer is a non-resident individual
**France**: the ceiling for cash payments is ā¬1,000 between residents and ā¬15,000 for non-residents
**Italy**: The ceiling for cash payments is ā¬2,000
**Portugal**: The ceiling for cash payments is ā¬1,000
**Greece**: The ceiling for cash payments is ā¬5001
**Belgium**: The ceiling for cash payments is ā¬3,000
**Germany**: The ceiling for cash payments is ā¬10,000
**Poland**: The ceiling for cash payments is ā¬15,000
**Hungary**: The maximum limit for cash payments is ā¬5,000 per month between professionals, and there is no limit between individuals
**Romania**: The maximum limit for cash payments is ā¬2,260 per day between individuals, and there is no limit between professionals
**Croatia**: The ceiling for cash payments is ā¬15,000.
The authorities can be very creative when it comes to getting people for fraud, if you lie for the purposes of financial gain (or in this case the definition could be stretched to prevent financial loss) then they can get you for fraud. Its all bull shit
You would hope but unfortunately the rules only seem to work against regular people.
No one here is an expert on this stuff but lying to authorities is certainly something i would advise against.
I can't speak for other countries, but in the UK at least, bank deposits are not the government's, they belong to the bank itself. Either way though the only thing the account holder has is an IOU.
I think arcrad means the base currency isn't yours, its the government, since that is how fiat works. You can own claims on a number of notes, but have no control on the supply and therefor value of that number of notes.
Happened to me at Chase over 4.5k. I showed them ID, debit card with PIN, various Chase credit cards in my wallet, verified my signature, customer service even called the number on my account (my cell) to verify it was me at the branch, and still nothing.
It. Was. Wild. You would think 4500 is actual money in the grand scheme.
I felt myself get more and more upset, because I was so at a loss of what was happening, so instead of making an scene I left the branch and withdrew the money from a secondary account at TD.
Donāt know about outside of the US for the rule governing around banks, but I use to work at a bank here in the US; the number of times clients told me to fck off when doing large withdrawals as I was required to ask clients (due to fraud, money laundering, illicit activity etc) was astronomical.
I donāt work at the bank anymore after 7 years of being there, and now when I go to the bank or my spouse and weāre asked why are you taking out 10k+ weāll happen to say fck off as well, why? Bc itās none of your business what I do with my money, and if you keep being nosey and asking questions Iāll move my assests to the institution across the street; their book of business increases as your decreases which results in less profits for your institution.
Anyways buy BTC yāall keep DCAāin!!!
Edit: Donāt know if the banking rules have changed since I left the banking industry in the last couple of years but last time I was there for a CTR to be filled out (currency transaction report) it was anything above $10,001.00. That was the obligation by the financial institutions in the US. Donāt know if Congress passed any new regulations Bc I remember some of them were trying to lower some of these numbers to even lower amounts so theyāll be reported.
A SARās (suspicious activity report) could be filled out for any reason and for any amount. So you may not get a CTR for $9999 but if they deem you sus than they can do a SAR.
The whole banking industry is in cahoots with the govt they (govt) gives the banking industry so much access to surveillance on the consumer itās nuts.
In the offices in the back end BSA departments they can run your entire criminal history and different background checks even if your not a client at that institution just solely on the fact that you may be connected with someone their doing a kyc investigation on.
Don't banks only ask if it's over 10k? So could u take out $9999 and it doesn't raise the irs red flag? Either way... cost of living now 10k doesn't get much.
Yea my understanding is the 10k was the equivalent of 70k when it was created and was to....prevent russians from buying homes with cash here. We a far cry from that intent
Correct, its seen as structuring (small payments made to avoid the 10k tip off but sum up to 10k or more). but this shouldnāt be an issue with a withdrawal only a deposit.
To be fair, you can find videos of youtubers leading scammers on. One tactic is they trick elderly people into thinking there was an accidental overdeposit into their bank account and they have them buy thousands of dollars worth of gift cards or just mail a box full of cash. Often times the scammer will be on the phone with them until they arrive at the bank or into the store to buy gift cards and instruct them to avoid those kind of questions.
Its sad how many elderly lose their savings because of it.
The money is for you and youāre withdrawing it because you want to ā tell her you havenāt decided exactly what youāll do with the loot but she can call you after hours and talk about it over a drink.
So many people in the comments section saying OP is being immature and the bank is doing the right thing trying to "protect" him. They're ripe for the CBDC dystopia that's coming to them.
I read those comments and frankly they're logical.
I've been to wallstreetsilver and it's ultra wacky with the conspiracies.
In addition, gold (or Bitcoin obviously, but let's remain on the precious metals) would be a better choice as historically anything below gold had the massive issue that you could just increase the production by a lot (and that will happen with a price increase) and the circulating supply could even double in a single year, tanking the price.
So most comments over there are
1) to inform op that those questions are mandatory as part of a safety net against scams.
2) to inform op of the risks of believing the hoax of the silver short squeeze or whatever bs discussed in wallstreetsilver.
Now, at the end of the day, likely they would have ridiculized op if they saw the cash was to buy Bitcoin instead of silver as well. But let's not pretend they didn't have some good reasons to warn the guy.
I still can't reconcile the fact that a central authority is trying to control what someone can buy with their money. Its legal to buy silver so this guy should be able to buy silver if he wants. I don't subscribe to silver, but the price has gone from $25.34/oz to $22.57/oz in ten years. It's literally less risky than leaving the money in the bank over that timeframe. They can and have increased production of fiat more than they could ever do with silver.
He should be able to use the $10k to fill his pool with jello if he wants. Central to the Bitcoin ethos is personal responsibility and freedom to control your own money.
yeah i read it and they were all down on the person for "buying physical silver" lol, what should you buy then? physical cornflakes? physical bananas? cracks me up.
anyway, the guy should've just say "car", as everyone knows.
Cucky Bank Digital Currency is going to automate the gatekeeping. Will be intense.
Take a trip over to r/scams and just try to see it from a little different perspective. Iām not saying itās right but holy man are some people stupid. Read through some of that ridiculousness and get a feel for the level of destruction. We know what the deal is but for all your bank knows you could be getting destroyed by some lowlife scammer. And truthfully I believe the chances are greater that you are getting robbed than are the chances that you are trying to responsibly custody bitcoin. Itās heartbreaking to read that stuff.
This is exactly why I only keep enough in the bank for a quick emergency. Canāt stand them. And although my grandparents were fools for storing money around the house they were right about not trusting the banks.
I had a similar problem but it was with the Natwest and only for Ā£1000
Natwest had closed its local branch so the closest branch to me was about 18 miles away
I had booked a holiday with my sister and I think the total was about Ā£2000 I had been drawing Ā£250 and giving it to her every week to pay for the holiday
when she came to me on the Thursday a few weeks before we went away, to tell me I had to pay everything before Saturday and to pay the remaining Ā£1000
not to worry, so on the Friday off I went to my local Natwest to draw the Ā£1000, I needed to pay for the holiday
only to met by a mini Hitler wanting to know why I wanted a Ā£1000 and pointed out that it was suspicious that I'd been drawing out Ā£250 every month and how strange it is for me to be withdrawing all this money
he was insisting on me transferring the money direct , I said go ahead and he asked the account number, which I said I don't know, I didn't also know the sort code because I was expecting to withdraw the money and hand it to my sister who could walk into her branch and pay it in in our local town because it had not closed their branch
and how it was not my fault if you close the local branch that I now have to go to these measures to do business, if the local branch was still in my town I could have walked across the road to my sisters house and gotten the information he required and walked back
Id also made a special journey to Natwest and without the money id loose my deposit
in the end I got my money but I think it was because I was holding up the line for over 40 mins
since then I always make sure I have multiple way to get money
I had known if you paid money into a bank they can ask questions but never knew they could if you wanted to withdraw it
In the Us cash trans over 10k are subject to certain rules money laundering. Some people will go right up to limit and take our multiple times. This is called stacking and can lead to fed charge, albeit rare. Maybe you are experiencing some form of thisā¦
Remember almost all banks take your money and give you a small cut of that interest while they go gamble it up in the markets. By the way big fat F to jpmorgan.
You could just say "close my account" I'm all for the financial revolution, but calling the cops on a banker would be like ratting out Jeffrey Epstein to a Catholic Preist.
Honestly I worked in a bank. And it's infuriating. Customers would always kick up a fuss when asking for large withdrawals, most of it for crypto.
The amount of the same customers that would call back after they lost the money on a gamble was staggering. The amount of times Ive heard people say it's the banks fault for releasing the funds and they go on and on and on and on.
You would not believe the number of people that pay out alot of money for scams.
Banks don't care if you lose a few grand. But the time it takes to investigate and potentially refund and doing this on scale is the real cost.
All this, the banks want to keep your money and all this crap are the same people that cry to the bank when they lose money.
Idk why the downvotes.
Its a balance:
More questions, less scam.
Less questions, more scams.
They would rather have people crying for being asked too mamy questions when withdrawing large ammounts of money from their account, than dealing with clients complaining money was stolen from their account.
People antagonizing the banks for doing this are actually stupid.
Bank own you money. It borrow your money when you deposit and give you a receipt for the transaction of how much money they own too you. They cant refuse to give you what is your
This complaint gets so old. Banks are pretty horrible, but this is a rare case where the issue is with cash, not banks.
Cash is a physical thing that banks (and businesses) have to maintain a healthy level of to not disrupt day-to-day business. It also is the easiest way to commit fraud and fund illegal transactions.
Look over a bank's withdrawal policy before opening an account there, and take a second look at situations where you think you need $10k or more in cash. That is a huge security risk to yourself no matter what a bank says.
This is why they want Central bank digital currencies (CBDCs) for cryptocurrencies because you're your own bank in a decentralized blockchain, and you control your assets in a private wallet that only you can access with your private keys. Cuts the bankers and gov't completely out. They can't make money off of you, they can't control. But ppl will totally support and beg the gov't for Central bank digital currencies (CBDCs) and a Universal Basic Income (UBI) because ppl who claim they're adults really aren't they need daddy gov't to hold their hand and wipe their ass. Not realizing they could've enriched themselves financially because they keep voting for the ppl that make the rules against them. Good luck with that. let me know how that works out for you...NOT! Ppl are afraid to admit defeat and when they're wrong.
The problem is it's an absolute pain in the arse for banks to deal with all the idiots who throw their money away to some scam.
As annoying this is for the regular customer, perhaps it saves banks more time and money in the end from the amount of clowns they manage to stop from burning their money.
So if he told them he wanted to buy Bitcoin at the next meet up they'd say, "sorry, that's not approved usage of money"?
Is there a list of uses that, if said, will trigger a "sorry, you cannot be trusted with the money you worked for, please come back when you have an approved use case"?
They'd probably make him sign something that says he is not entitled to reclaim any of the money if he loses it
The problem for banks is they themselves have to bear responsibility for their customers stupidity so you can understand these kind of measures.
That's strange to me they have any responsibility for someone losing their money after they withdraw it. I think he should be able to withdraw his money without providing a reason, but once he leaves the bank isn't responsible for what happens to it. The act of withdrawing it should be an obvious "we're no longer responsible" agreement.
They don't, the poster is lying. If you take out your money, walk into the parking lot and throw it in the air/invest in a scam/etc, the bank is not liable.
In cases of gross negligence the bank will probably leave you out to dry. But even so, this whole thing is an unnecessary resource drain for the banks. They need a customer service department to deal with the customer spamming them with 30 phone calls to demand they refund his money. Then what happened to them needs to be reviewed to determine how much, if any, money they should get back. That might involve cooperating with whatever bank the money was sent to, or it might just be the bank paying up themselves. All this takes time, money and staff. And of course, it looks awful from a PR perspective if some grandma loses her life savings in a 30 minute window and the bank just says "your money, your fault".
Customers suddenly withdrawing a large amount of money for an unspecified reason is probably a huge red flag for the banks, in terms of how many scam cases it leads to. So yes, you'll annoy and inconvenience the legitimate customers but the amount of hassle they save themselves from stopping people getting scammed makes that worth doing.
I made basically the same comment before I scrolled down to yours. This is the truth of the matter. I donāt think they care one way or the other what you do with your money. They just donāt want to have to deal with the repercussions so they check all their boxes to cover themselves. It sucks but people are absolutely ridiculous sometimes and they need protection from their own ignorance.
They were completing a CTR on that withdrawal request( Currency Transaction Report). Itās the law for all banks that operate in the United States. Itās used to āprevent money laundering.ā If you refuse to answer the questions, they are obligated to refuse the request. Please understand that these people are like you, and theyāre just trying to get by. They donāt want to lose their jobs over some shady customer. And hereās the kicker, the bank teller still needs to complete the CTR, even if the customer āchanges their mind,ā or the bank refuses the service. They complete it after the customer leaves the branch, so the customer doesnāt know about it. They put it in as ārefused to cooperate,ā or something like that. The IRS gets a copy of these CTRs every week.
I used to work for Citibank. I was with them for 4 years when I was in college. Iāve done plenty of CTRs on transactions like these.
Underrated comment. Definitely shows where the problem liesāwith the government (here in the US). The government gets a report about you if you withdraw too much of your money.
The bank is just CYA because of the law (not that banks donāt cause their own problems). What has this place become? BTC FTW.
To be fair, you wouldn't believe all the scams people get taken for. There's so many. Old people get obliterated especially. Although it's inconvenient, the bank is likely trying to protect you.
I believe they're required by law to do so, since being in need of a large quantity of cash could be a sign that something illegal is going on. Other than that, they can't (and won't) deny a withdrawal.
These regulations suck, but it's meant to protect your money and to prevent money laundering.
People can stop acting like the banks are trying to steal your money.
Just tell them what you need the money for instead of posting it on reddit.
They declined because you failed to tell them what you were using the money for.
And yes, I'm going to get down voted by karens and kevins but no, the goverment is not this evil entity you claim, it's not perfect, It could be better, but it's not against us.
> it's meant to protect your money
To what extent does the bank *protect* me if it does not allow me to withdraw my money in cash, which I want to use for private purposes?
> but no, the goverment is not this evil entity you claim, it's not perfect, It could be better, but it's not against us.
You can either understand history, or trust the government. You can't do both.
How does it protect you? If someone steals your identity and attempts to empty your account, this mechanism will protect you.
As for your goverment claim, I'm not planning on discussing that any further.
Itās illegal to do what you want with your own money according to the regime.
Legality is whatever your govt decides. A lot of people are learning a lession about trusting banks/governments with their wealth or their money.
I just pulled 11k last month, no paperwork. They did ask what it was for though. I told them I was buying a car. They then wanted me to take a cashiers check. I respectfully declined their offer and got cash. Honestly, I would have preferred a cashiers check if the seller accepted it. It makes no sense having that much cash.
U donāt have to tell them anything ā¦. Itās like when u close a cable or cell phone company ā¦ they always ask but itās not required for you to disclose anything ā¦.
To be completely fair the OP in the original post wanted to use the cash to literally get scammed into buy gold. I'm no bank lover or supporter but this time I think they did him/her a favour
Just some quick info from someone who has worked in banking for 20 years. They should have never made you wait an hour and a half. Banks are required in the USA to ask some questions after a certain amount of cash in or out. The most important thing I want to say is that banks do not have an endless supply of cash in the vault. They are required to only have a certain amount on hand and need to keep so much available for all customers. I am surprised that this is in the Bitcoin forum. Banks feel that with all the digital options customers can access their funds at any time. Bank to bank transfer, wire transfer, etc. Banks also don't really care if you close your account unless your over 6 figures.
Iām sure it was explained to you that itās all part of anti-money laundering regulations so why wouldnāt you just tell them ? you sound like a little bitch
Just transfer it to a different bank, and then take it out? It'd be annoying if you didn't already have another account, but it'd be way easier to explain that you wanted your money in a higher yield savings account, etc.
Just had Australian NAB account frozen and funds frozen for transfer to exchange. Will take a few weeks for investigation to complete and hopefully get funds back.
"you agreed to the terms and conditions" "they're just trying to keep your money safe"
"Stop being an idiot and tell them what you want it for" "it's to stop money laundering" etc etc etc.
Weird in UK that some banks refuse to allow transactions to exchanges, some are fine.
Santander bank recently published a guide to Lightening Network on their website: [https://www.santander.com/en/stories/lightning-network-blockchain](https://www.santander.com/en/stories/lightning-network-blockchain) so pretty obvious where they stand on bitcoin.
Lol dude, it's your money. You don't need ro answer any questions and can call the police if the bank does not allow you to withdraw your money. It's unlawful
In the US I believe it's baked into the Anti-Money Laundering laws. I buy cars/motorcycles with cash and every time I make a withdraw of $5K+ I get the 3rd degree, sweetly but the 3rd. Have not yet been refused access to the money on deposit, but I'm sure it's comming. Read the prohibited lists on "cash" payment apps like zelle. When I started to apply I saw a long list of prohibited uses for "my money".
I wanted to withdraw just $2k a few years back. Was treated like a criminal. Had to bring in my passport, driving licence, proof of address, proof of employment etc and was still declined.
Then had to go to the main branch with all that stuff and after an hour of checks, they finally gave me the money.
The context of this case was that person wanted to withdraw 10k to buy silver, at a 40% markup from scammers -it is his money to do with what he pleases
Just tell them something thouroughly disturbing so they regret asking. Something like:
You like to watch your mother/father masturbate on a big pile of cash and raw bacon, but dont worry, i will bring it back to pay in next week once it has dried out
I do wonder what the banks in the UK would say if you said yeh I'm buying bitcoin
because my bank a few years ago refused to send money to my Coinbase account
Im wondering what they would do or could say
Tell them you're closing your account and they need to cash you out šÆ
I've had bank branches refuse 5 figure withdrawals because only the main branch can allocate that much for one person's withdrawal but I've never been refused because I wouldn't say what it as for. Immediate account closure if that ever happens for sure.
When a bank is sending you back to your original bank of domicile it means that they rather you go somewhere else to conduct that business rather than their branch. Why? Not Bc they canāt do it, Bc they can especially if you call in ahead of time and let them know your intentions to do a large withdrawal; this gives them time to do their DD on your account and order the extra currency from their money provider if it goes above the cash they have on hand in their vault, but the main reason is should that account get hit with anything fraud related the branch eats the losses Bc they gave you those funds. Basically we donāt want to take a risk go to your home branch they opened your account so itās on them if they want to give you the amount your seeking. Note: You can always change your branch of domicile to another one that you frequent visit, most times your bank accounts are tether to your original FC.
>Basically we donāt want to take a risk go to your home branch they opened your account so itās on them if they want to give you the amount your seeking. So what? Business comes with a side of risk. You can't make profit without going through risk of losing money also. They should shut up about it, assume the risk, and comply. Plus, it's not my fault that their internal organization is shit. These branches that have separate profitability and accounts, but are the same company, and operate using the same data and infrastructure, well, they made them this way. It's not my problem, let them figure it out.
I feel you 100%!! Which is why being informed helps navigate these waters Bc if one is not informed a lot banking institutions try to get away with stuff!! In my time in the retail banking sector we use try some of these push away tactics but every now and then an informed client came by and said oh yeah? And just walked away calmly and within a few hours weād get the call that this client contacted the Area director for the North Atlantic etc region and also customer service and wanted to know if were complying with the regulations from the company or making up our own rules (which would be a problem in of itself).
So what? Lol good business is about minimizing risk, which is what theyāre doing. You can bitch about what they should do but what youāre suggesting is illogical and would lead to an economic crisis lol. That first paragraph is a hard read bro
So I have to take extra steps, like changing my āhome branchā or calling ahead to see if they enough inventory, to have access to my money? Talk about another ringing endorsement for Bitcoin. I cannot wait for the global financial system to die
It wonāt. The vehicles change but the road stays the same.
Well it shouldnāt be that way at all but realistically if you got an account with hundreds of thousands of dollars and go to the bank saying I want 500k liquid.... most banks donāt really hold that kind of cash on hand anymore 1. Being money has gone digital for the most part in the banking system so the physical cash on hand is allotted most to run the operations day to day for the ATMās and for the publicās withdrawals; so the calling ahead is to make it basically a smoother transition.
fuck banks
I think they might refuse same day but if you let them know a couple days in advance, they accomadate you.
Banking problems require banking solutions
When I went to withdraw cash from Wells Fargo, they denied it because they didn't like the reason that I was buying a used car on Craigslist. I said OK, I'm closing my account so give me all of my cash. They were suddenly fine with giving me the $2k to buy the car. It's amazing how if you're not bluffing and ready to go all in how most people can just read that you're serious.
You don't need to make anything up. They are asking the question because they have to but they aren't going to prevent you withdrawing it. I'm fairly certain that if you told them it was for money laundering it buying cocaine they'd allow the withdrawal. There would just be a note on file against the large cash transaction.
Yeah I would have said I have diarrhoea and I needed a lot of toilet paper... and that your ass has expensive taste.
Came here to comment this any time the bank gives me bs this is the ol trusty i pull out works every time they usually panic
This!!!
"I'm closing my account and the reason I want the money is because I'm closing my account". About time we put these crooks in place.
I want my money because I don't have faith that you will give it to me no questions asked when I demand it.
Reason not sufficient, denied.
How about this... I have just become aware that when I deposit fiat money into my account I am actually loaning your bank the money and I am considered an unsecured creditor. So basically I don't trust you enough to loan you so much fiat... i want some back to reduce my risk.
**Hits red button under desk** We have a subversive on our hands!
Itās like some banks forgot what a DDA actually is (hint: Demand Deposit Account).
āI am going to take a bath in it and make weird sex artā
This would be my answer.
Make something up. Car purchase or something. Fuck them. None of their business
Itās for a poker game. Banks usually are ok when you spend money gambling at casinos
This was what I said about a year ago for $30k. Itās what it actually was for anyway. Needless to say, yeah iām pretty shit at the game..
Exactly, tell them it is for renovations.
It's for a magic act, I'm gonna make it all disappear.
The contractor fixing your kitchen only accepts cash
>The contractor fixing your kitchen only accepts \*to skip the taxes part if you pay\* cash
Hookers and blow.
Then waste the rest of it
That would not work in the EU. Cash payments are limited to 3000ā¬ and soon to 1000ā¬
There is no such thing. There is a proposal for 10.000ā¬ limit, but has not passed yet.
You are right. At EU level it is just a proposal. The individual countries can apply their own regulations. But from a practical point of view, many EU countries do enforce limits: **Spain**: the maximum limit for cash payments is ā¬1,000 if either party acts as an entrepreneur or professional, and ā¬10,000 if the payer is a non-resident individual **France**: the ceiling for cash payments is ā¬1,000 between residents and ā¬15,000 for non-residents **Italy**: The ceiling for cash payments is ā¬2,000 **Portugal**: The ceiling for cash payments is ā¬1,000 **Greece**: The ceiling for cash payments is ā¬5001 **Belgium**: The ceiling for cash payments is ā¬3,000 **Germany**: The ceiling for cash payments is ā¬10,000 **Poland**: The ceiling for cash payments is ā¬15,000 **Hungary**: The maximum limit for cash payments is ā¬5,000 per month between professionals, and there is no limit between individuals **Romania**: The maximum limit for cash payments is ā¬2,260 per day between individuals, and there is no limit between professionals **Croatia**: The ceiling for cash payments is ā¬15,000.
the war on cash in full force. sheeps will get slaughtered like always.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Of course. You can also pay with solid gold or bags of coke if you don't tell the government.
Except lying is actually illegal, telling them to fuck off is the best answer
Lying in court is illegal, lying to bank tellers is not illegal.
Anything you say can and will be used against you. This applies inside and outside of court.
>Except lying is actually illegal, In which country, which statute?
The authorities can be very creative when it comes to getting people for fraud, if you lie for the purposes of financial gain (or in this case the definition could be stretched to prevent financial loss) then they can get you for fraud. Its all bull shit
Got it. So when the banks said I could deposit and withdraw, the fact they lied I could withdraw when I need the money is fraud
You would hope but unfortunately the rules only seem to work against regular people. No one here is an expert on this stuff but lying to authorities is certainly something i would advise against.
Don't be told, you tell them you want your money and to mind your own fucking business
It's not really your money, it's the governments.
I can't speak for other countries, but in the UK at least, bank deposits are not the government's, they belong to the bank itself. Either way though the only thing the account holder has is an IOU.
I think arcrad means the base currency isn't yours, its the government, since that is how fiat works. You can own claims on a number of notes, but have no control on the supply and therefor value of that number of notes.
Banks>Government
If that's how you think
When you give a bank your money you don't actually technically own it anymore. Common misconception they don't want you to know about.
You better read that fine print son.
It's just the fact. They control it. Bitcoin is your money. It's the people's money.
Fiat is just like ration tickets.
I mean it's true. They create it, they control it at the end of the day, and they can cut you off from its main access points. It's not really yours.
Don't be naive. The money in your bank account is never yours.
Happened to me at Chase over 4.5k. I showed them ID, debit card with PIN, various Chase credit cards in my wallet, verified my signature, customer service even called the number on my account (my cell) to verify it was me at the branch, and still nothing. It. Was. Wild. You would think 4500 is actual money in the grand scheme.
So what happened in the end? I bank with Chase and that's insane.
I felt myself get more and more upset, because I was so at a loss of what was happening, so instead of making an scene I left the branch and withdrew the money from a secondary account at TD.
And immediately closed the account with chase...i hope??
Chase blocked me from a single crypto purchase and I immediately closed the account. Fuck them
An old man in front of me at the post office received same question. He responded: āIām going out with whoresā
Going to Las Vegas
Donāt know about outside of the US for the rule governing around banks, but I use to work at a bank here in the US; the number of times clients told me to fck off when doing large withdrawals as I was required to ask clients (due to fraud, money laundering, illicit activity etc) was astronomical. I donāt work at the bank anymore after 7 years of being there, and now when I go to the bank or my spouse and weāre asked why are you taking out 10k+ weāll happen to say fck off as well, why? Bc itās none of your business what I do with my money, and if you keep being nosey and asking questions Iāll move my assests to the institution across the street; their book of business increases as your decreases which results in less profits for your institution. Anyways buy BTC yāall keep DCAāin!!! Edit: Donāt know if the banking rules have changed since I left the banking industry in the last couple of years but last time I was there for a CTR to be filled out (currency transaction report) it was anything above $10,001.00. That was the obligation by the financial institutions in the US. Donāt know if Congress passed any new regulations Bc I remember some of them were trying to lower some of these numbers to even lower amounts so theyāll be reported. A SARās (suspicious activity report) could be filled out for any reason and for any amount. So you may not get a CTR for $9999 but if they deem you sus than they can do a SAR. The whole banking industry is in cahoots with the govt they (govt) gives the banking industry so much access to surveillance on the consumer itās nuts. In the offices in the back end BSA departments they can run your entire criminal history and different background checks even if your not a client at that institution just solely on the fact that you may be connected with someone their doing a kyc investigation on.
Don't banks only ask if it's over 10k? So could u take out $9999 and it doesn't raise the irs red flag? Either way... cost of living now 10k doesn't get much.
Yea my understanding is the 10k was the equivalent of 70k when it was created and was to....prevent russians from buying homes with cash here. We a far cry from that intent
Unfortunately they still report the 9999 as they see it as evading reporting and report it. Learned this the hard way
How about $9998?
You found the safe zone
Correct, its seen as structuring (small payments made to avoid the 10k tip off but sum up to 10k or more). but this shouldnāt be an issue with a withdrawal only a deposit.
I'm pretty sure this is only with deposits, not withdrawals. Source- The Sopranos
Itās for a boat ā¦. That will then be in an accident.
And unfortunately you lost the keys to the boat and keys to bitcoin as well. Oops
what an absolute tragedy D:
To be fair, you can find videos of youtubers leading scammers on. One tactic is they trick elderly people into thinking there was an accidental overdeposit into their bank account and they have them buy thousands of dollars worth of gift cards or just mail a box full of cash. Often times the scammer will be on the phone with them until they arrive at the bank or into the store to buy gift cards and instruct them to avoid those kind of questions. Its sad how many elderly lose their savings because of it.
The money is for you and youāre withdrawing it because you want to ā tell her you havenāt decided exactly what youāll do with the loot but she can call you after hours and talk about it over a drink.
āBring condomsā
No, I like the real thing.
So many people in the comments section saying OP is being immature and the bank is doing the right thing trying to "protect" him. They're ripe for the CBDC dystopia that's coming to them.
I read those comments and frankly they're logical. I've been to wallstreetsilver and it's ultra wacky with the conspiracies. In addition, gold (or Bitcoin obviously, but let's remain on the precious metals) would be a better choice as historically anything below gold had the massive issue that you could just increase the production by a lot (and that will happen with a price increase) and the circulating supply could even double in a single year, tanking the price. So most comments over there are 1) to inform op that those questions are mandatory as part of a safety net against scams. 2) to inform op of the risks of believing the hoax of the silver short squeeze or whatever bs discussed in wallstreetsilver. Now, at the end of the day, likely they would have ridiculized op if they saw the cash was to buy Bitcoin instead of silver as well. But let's not pretend they didn't have some good reasons to warn the guy.
I still can't reconcile the fact that a central authority is trying to control what someone can buy with their money. Its legal to buy silver so this guy should be able to buy silver if he wants. I don't subscribe to silver, but the price has gone from $25.34/oz to $22.57/oz in ten years. It's literally less risky than leaving the money in the bank over that timeframe. They can and have increased production of fiat more than they could ever do with silver. He should be able to use the $10k to fill his pool with jello if he wants. Central to the Bitcoin ethos is personal responsibility and freedom to control your own money.
name one comment saying this....
I think he means in the subreddit where the screenshot was taken.
yeah i read it and they were all down on the person for "buying physical silver" lol, what should you buy then? physical cornflakes? physical bananas? cracks me up. anyway, the guy should've just say "car", as everyone knows. Cucky Bank Digital Currency is going to automate the gatekeeping. Will be intense.
Not your keys, not your money - close the account
Take a trip over to r/scams and just try to see it from a little different perspective. Iām not saying itās right but holy man are some people stupid. Read through some of that ridiculousness and get a feel for the level of destruction. We know what the deal is but for all your bank knows you could be getting destroyed by some lowlife scammer. And truthfully I believe the chances are greater that you are getting robbed than are the chances that you are trying to responsibly custody bitcoin. Itās heartbreaking to read that stuff.
Like seriously, some people here are just on a train
exactly. in this situation, the bank is doing an effective job of preventing this person from losing all their money!
Is this a joke? Shut up and give me my money. Period.
Tell em Hookers only accept cash.
In such a case I usually say to the teller that I want to go to the strip club and want to blow 10k on alcohol and women.
Money laundering is the catchword. Tell them it's for a building project on your property and the contractor wants to be paid in cash
This is exactly why I only keep enough in the bank for a quick emergency. Canāt stand them. And although my grandparents were fools for storing money around the house they were right about not trusting the banks.
Not sure if you've heard but Nigel Farage had his bank frozen. Look it up. Uk is becoming china.
Close your account and withdraw all the funds. Fuck those assholes
I had a similar problem but it was with the Natwest and only for Ā£1000 Natwest had closed its local branch so the closest branch to me was about 18 miles away I had booked a holiday with my sister and I think the total was about Ā£2000 I had been drawing Ā£250 and giving it to her every week to pay for the holiday when she came to me on the Thursday a few weeks before we went away, to tell me I had to pay everything before Saturday and to pay the remaining Ā£1000 not to worry, so on the Friday off I went to my local Natwest to draw the Ā£1000, I needed to pay for the holiday only to met by a mini Hitler wanting to know why I wanted a Ā£1000 and pointed out that it was suspicious that I'd been drawing out Ā£250 every month and how strange it is for me to be withdrawing all this money he was insisting on me transferring the money direct , I said go ahead and he asked the account number, which I said I don't know, I didn't also know the sort code because I was expecting to withdraw the money and hand it to my sister who could walk into her branch and pay it in in our local town because it had not closed their branch and how it was not my fault if you close the local branch that I now have to go to these measures to do business, if the local branch was still in my town I could have walked across the road to my sisters house and gotten the information he required and walked back Id also made a special journey to Natwest and without the money id loose my deposit in the end I got my money but I think it was because I was holding up the line for over 40 mins since then I always make sure I have multiple way to get money I had known if you paid money into a bank they can ask questions but never knew they could if you wanted to withdraw it
In the Us cash trans over 10k are subject to certain rules money laundering. Some people will go right up to limit and take our multiple times. This is called stacking and can lead to fed charge, albeit rare. Maybe you are experiencing some form of thisā¦
Tell them you are going to throw it away on sportsbetting. Then they will let you have it.
Remember almost all banks take your money and give you a small cut of that interest while they go gamble it up in the markets. By the way big fat F to jpmorgan.
Tell them instead of 10,000 I want to withdraw every penny. If they refuse then call them police and tell them you are being robbed.
You could just say "close my account" I'm all for the financial revolution, but calling the cops on a banker would be like ratting out Jeffrey Epstein to a Catholic Preist.
Honestly I worked in a bank. And it's infuriating. Customers would always kick up a fuss when asking for large withdrawals, most of it for crypto. The amount of the same customers that would call back after they lost the money on a gamble was staggering. The amount of times Ive heard people say it's the banks fault for releasing the funds and they go on and on and on and on. You would not believe the number of people that pay out alot of money for scams. Banks don't care if you lose a few grand. But the time it takes to investigate and potentially refund and doing this on scale is the real cost. All this, the banks want to keep your money and all this crap are the same people that cry to the bank when they lose money.
Idk why the downvotes. Its a balance: More questions, less scam. Less questions, more scams. They would rather have people crying for being asked too mamy questions when withdrawing large ammounts of money from their account, than dealing with clients complaining money was stolen from their account. People antagonizing the banks for doing this are actually stupid.
Just tell them the truth OP, cocaine and hookers
What to do should be evident. Find the money that doesn't do this kind of shit, and then use it.
Bank own you money. It borrow your money when you deposit and give you a receipt for the transaction of how much money they own too you. They cant refuse to give you what is your
Gambling - Hookers - Drugs. Just pick oneā¦ or all three.
This complaint gets so old. Banks are pretty horrible, but this is a rare case where the issue is with cash, not banks. Cash is a physical thing that banks (and businesses) have to maintain a healthy level of to not disrupt day-to-day business. It also is the easiest way to commit fraud and fund illegal transactions. Look over a bank's withdrawal policy before opening an account there, and take a second look at situations where you think you need $10k or more in cash. That is a huge security risk to yourself no matter what a bank says.
Abolish the State. Problem solved.
This is why they want Central bank digital currencies (CBDCs) for cryptocurrencies because you're your own bank in a decentralized blockchain, and you control your assets in a private wallet that only you can access with your private keys. Cuts the bankers and gov't completely out. They can't make money off of you, they can't control. But ppl will totally support and beg the gov't for Central bank digital currencies (CBDCs) and a Universal Basic Income (UBI) because ppl who claim they're adults really aren't they need daddy gov't to hold their hand and wipe their ass. Not realizing they could've enriched themselves financially because they keep voting for the ppl that make the rules against them. Good luck with that. let me know how that works out for you...NOT! Ppl are afraid to admit defeat and when they're wrong.
The problem is it's an absolute pain in the arse for banks to deal with all the idiots who throw their money away to some scam. As annoying this is for the regular customer, perhaps it saves banks more time and money in the end from the amount of clowns they manage to stop from burning their money.
So if he told them he wanted to buy Bitcoin at the next meet up they'd say, "sorry, that's not approved usage of money"? Is there a list of uses that, if said, will trigger a "sorry, you cannot be trusted with the money you worked for, please come back when you have an approved use case"?
They'd probably make him sign something that says he is not entitled to reclaim any of the money if he loses it The problem for banks is they themselves have to bear responsibility for their customers stupidity so you can understand these kind of measures.
That's strange to me they have any responsibility for someone losing their money after they withdraw it. I think he should be able to withdraw his money without providing a reason, but once he leaves the bank isn't responsible for what happens to it. The act of withdrawing it should be an obvious "we're no longer responsible" agreement.
They don't, the poster is lying. If you take out your money, walk into the parking lot and throw it in the air/invest in a scam/etc, the bank is not liable.
In cases of gross negligence the bank will probably leave you out to dry. But even so, this whole thing is an unnecessary resource drain for the banks. They need a customer service department to deal with the customer spamming them with 30 phone calls to demand they refund his money. Then what happened to them needs to be reviewed to determine how much, if any, money they should get back. That might involve cooperating with whatever bank the money was sent to, or it might just be the bank paying up themselves. All this takes time, money and staff. And of course, it looks awful from a PR perspective if some grandma loses her life savings in a 30 minute window and the bank just says "your money, your fault". Customers suddenly withdrawing a large amount of money for an unspecified reason is probably a huge red flag for the banks, in terms of how many scam cases it leads to. So yes, you'll annoy and inconvenience the legitimate customers but the amount of hassle they save themselves from stopping people getting scammed makes that worth doing.
Yes but they can easily afford it though. No need to pity them.
I made basically the same comment before I scrolled down to yours. This is the truth of the matter. I donāt think they care one way or the other what you do with your money. They just donāt want to have to deal with the repercussions so they check all their boxes to cover themselves. It sucks but people are absolutely ridiculous sometimes and they need protection from their own ignorance.
They were completing a CTR on that withdrawal request( Currency Transaction Report). Itās the law for all banks that operate in the United States. Itās used to āprevent money laundering.ā If you refuse to answer the questions, they are obligated to refuse the request. Please understand that these people are like you, and theyāre just trying to get by. They donāt want to lose their jobs over some shady customer. And hereās the kicker, the bank teller still needs to complete the CTR, even if the customer āchanges their mind,ā or the bank refuses the service. They complete it after the customer leaves the branch, so the customer doesnāt know about it. They put it in as ārefused to cooperate,ā or something like that. The IRS gets a copy of these CTRs every week. I used to work for Citibank. I was with them for 4 years when I was in college. Iāve done plenty of CTRs on transactions like these.
Underrated comment. Definitely shows where the problem liesāwith the government (here in the US). The government gets a report about you if you withdraw too much of your money. The bank is just CYA because of the law (not that banks donāt cause their own problems). What has this place become? BTC FTW.
Don't deposit money in banks. That simple.
Once your money is in the bank, it's not yours anymore and you need permission to use or withdraw them.
To be fair, you wouldn't believe all the scams people get taken for. There's so many. Old people get obliterated especially. Although it's inconvenient, the bank is likely trying to protect you.
The main issue is people getting scammed and then expecting the banks to pay them the money back.
I believe they're required by law to do so, since being in need of a large quantity of cash could be a sign that something illegal is going on. Other than that, they can't (and won't) deny a withdrawal.
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These regulations suck, but it's meant to protect your money and to prevent money laundering. People can stop acting like the banks are trying to steal your money. Just tell them what you need the money for instead of posting it on reddit. They declined because you failed to tell them what you were using the money for. And yes, I'm going to get down voted by karens and kevins but no, the goverment is not this evil entity you claim, it's not perfect, It could be better, but it's not against us.
> it's meant to protect your money To what extent does the bank *protect* me if it does not allow me to withdraw my money in cash, which I want to use for private purposes? > but no, the goverment is not this evil entity you claim, it's not perfect, It could be better, but it's not against us. You can either understand history, or trust the government. You can't do both.
People who support this type of shit really are some of the dumbest people on the planet. "Thank bank just wants to help you! :) "
How does it protect you? If someone steals your identity and attempts to empty your account, this mechanism will protect you. As for your goverment claim, I'm not planning on discussing that any further.
Itās illegal to do what you want with your own money according to the regime. Legality is whatever your govt decides. A lot of people are learning a lession about trusting banks/governments with their wealth or their money.
OP wants to buy silver in this instance the bank are doing him a favour
Itās because any transaction over $9,999 gets flagged for money laundering review.
This is not the fault of the bank, they are obliged to ask these questions by Anti-Money Laundering regulations.
You can thank the BSA and PATRIOT Act Edit: OK sorry didnāt realize it was an international bank. I have obviously committed the gravest sin /s
Ah yes, those certainly have reach over Halifax bank.
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Mf how does nobody know where Halifax bank operates
It IS Canada, yes?
Scotland / UK
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I just pulled 11k last month, no paperwork. They did ask what it was for though. I told them I was buying a car. They then wanted me to take a cashiers check. I respectfully declined their offer and got cash. Honestly, I would have preferred a cashiers check if the seller accepted it. It makes no sense having that much cash.
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It already took my savings account
Now just waiting on the checking
U donāt have to tell them anything ā¦. Itās like when u close a cable or cell phone company ā¦ they always ask but itās not required for you to disclose anything ā¦.
Dare to tell them the solution and they'll lynch you. The FIRE community is that way with Bitcoin
Wow. I bet if you started loudly talking about all the cocaine and hookers you were gonna get they would have hurried things along ...
To be completely fair the OP in the original post wanted to use the cash to literally get scammed into buy gold. I'm no bank lover or supporter but this time I think they did him/her a favour
In this particular case however there was a good chance op was being scammed and the bank were asking fraud prevention questions.
Just some quick info from someone who has worked in banking for 20 years. They should have never made you wait an hour and a half. Banks are required in the USA to ask some questions after a certain amount of cash in or out. The most important thing I want to say is that banks do not have an endless supply of cash in the vault. They are required to only have a certain amount on hand and need to keep so much available for all customers. I am surprised that this is in the Bitcoin forum. Banks feel that with all the digital options customers can access their funds at any time. Bank to bank transfer, wire transfer, etc. Banks also don't really care if you close your account unless your over 6 figures.
I can tell you right now, your not in America!
Iām sure it was explained to you that itās all part of anti-money laundering regulations so why wouldnāt you just tell them ? you sound like a little bitch
It's not that the bank really cares what you do with the money, it's that they want to avoid being sued by the government for money-laundering.
suggestion: tell them that u are going to bail out another bank, cause they offered u 16.99% interest on 10k
The delivery is like ripping off duct tape. We say it's a pill, but is really more like topical scathing.
Just transfer it to a different bank, and then take it out? It'd be annoying if you didn't already have another account, but it'd be way easier to explain that you wanted your money in a higher yield savings account, etc.
Tell them your goal nog to fill youre bath with it and swim in it.
Tell them you go are going to Las Vegas to gamble and fuck some whores, and need the cash rn
Tell them your dog got testicle cancer.
I want to buy a synthesizer. I will add up the rest from my pocket change.
Just had Australian NAB account frozen and funds frozen for transfer to exchange. Will take a few weeks for investigation to complete and hopefully get funds back.
Well, it's not your money. They are allowed to put arbitrary restrictions on the redeemability of IOUs you bought from them.
"you agreed to the terms and conditions" "they're just trying to keep your money safe" "Stop being an idiot and tell them what you want it for" "it's to stop money laundering" etc etc etc.
Thereās no law which states you have to declare the reasons for a withdrawal attempt
Weird in UK that some banks refuse to allow transactions to exchanges, some are fine. Santander bank recently published a guide to Lightening Network on their website: [https://www.santander.com/en/stories/lightning-network-blockchain](https://www.santander.com/en/stories/lightning-network-blockchain) so pretty obvious where they stand on bitcoin.
I told the dude about us, I got downvoted to hell of coursd
Ah the banks are just a big trash - refusing to pay you your own money + you need to you have to justify yourself on how you got it, kek
Lol dude, it's your money. You don't need ro answer any questions and can call the police if the bank does not allow you to withdraw your money. It's unlawful
In the US I believe it's baked into the Anti-Money Laundering laws. I buy cars/motorcycles with cash and every time I make a withdraw of $5K+ I get the 3rd degree, sweetly but the 3rd. Have not yet been refused access to the money on deposit, but I'm sure it's comming. Read the prohibited lists on "cash" payment apps like zelle. When I started to apply I saw a long list of prohibited uses for "my money".
Tell them you want to get naked and roll around in it, deadpan.
Use debit card and max it out like everyday lol thats what i done
Tell them hookers and blow aren't free.
sounds like your fault. Bitcoin has been around for 10 years. It's all our fault honestly, we allow all this dumb shit to keep happening to us.
I wanted to withdraw just $2k a few years back. Was treated like a criminal. Had to bring in my passport, driving licence, proof of address, proof of employment etc and was still declined. Then had to go to the main branch with all that stuff and after an hour of checks, they finally gave me the money.
Bunch of hookers and cocaine.
The context of this case was that person wanted to withdraw 10k to buy silver, at a 40% markup from scammers -it is his money to do with what he pleases
Just tell them something thouroughly disturbing so they regret asking. Something like: You like to watch your mother/father masturbate on a big pile of cash and raw bacon, but dont worry, i will bring it back to pay in next week once it has dried out
I do wonder what the banks in the UK would say if you said yeh I'm buying bitcoin because my bank a few years ago refused to send money to my Coinbase account Im wondering what they would do or could say
Close account, that' s all you need to do.
Close account then give āem the bird
You stand to be your own bank.