Banks are being told to call the cops if someone attempts to withdrawl $5000!

[Heretic]

I have had to deal with this bullshyt myself. I recently closed an M & T account I've had for years over this.

Me: I need to cash this check.

Cac: Would you like to just deposit this in your account instead? It's alot of cash to be walking around with.

Me: Just cash the check and give me my money.

Cac: I'm going to have to call my manager. (The cac goes in the back for like 10 minutes) Comes back without my money.

Me: Where's my money?

Cac: We can't cash the check. Couldn't verify the account holder. (It's a check from my business issued to me)

Me:I'm the account holder. You know what, close my account. Give me all my money. in CASH!

Cac: We can't give you cash, only a cashier's check.






How the fukk can someone tell me I can't have MY money!?!?! I know what it really is about. Cash can't be tracked so they want to eliminate anyones ability to make large transactions without the government knowing about it. I don't give a fukk cash is always king to me. And I don't want anyone telling me what i can and cant do with MY money!

All banks do that if it's over a certain amount.

 

[Uncle Kingpin]

All banks do that if it's over a certain amount.

So all banks don't cash a check if it's too big? Nah bruh it's my money if I want cash give me my money. Haven't had any problems cashing big checks at Bank of America or BB&T. shyt, if I win the lottery i'm taking that big ass check to the bank it's drawn from and cashing it.

 

[FeloniousMonk]

It aint about the withdrawls. Its about the transactions.

If you your income, doesnt equate to how you recieve deposits and withdrawls from your sources..

Of course they gone red flag yo ass.

 

[Heretic]

So all banks don't cash a check if it's too big? Nah bruh it's my money if I want cash give me my money. Haven't had any problems cashing big checks at Bank of America or BB&T. shyt, if I win the lottery i'm taking that big ass check to the bank it's drawn from and cashing it.

If it's over a certain amount they can definitely hold it. Especially if it's drawn off of a different bank. Different banks have different policies but my bank won't cash a check for over 5gs until it clears which takes a day a least. If I have the money in my account already then they'll cash it but still put a hold on the cash in case the check comes back.

 

[FeloniousMonk]

So all banks don't cash a check if it's too big? Nah bruh it's my money if I want cash give me my money. Haven't had any problems cashing big checks at Bank of America or BB&T. shyt, if I win the lottery i'm taking that big ass check to the bank it's drawn from and cashing it.

They dont always have cash like that on hand.

I once had to go to two diff bofas to get 20k in cash.

You have to call bank ahead of time and see if they have that excess cash on hand.

Far as my experience. ..

 

[Heretic]

They dont always have cash like that on hand.

I once had to go to two diff bofas to get 20k in cash.

You have to call bank ahead of time and see if they have that excess cash on hand.

Far as my experience. ..

I bought a truck cash last year and they told me straight up I could only get a cashier's check same thing happened kinda when I tried to buy some stuff for my living room. I got declined trying to use my card, I had to call the bank to approve the purchase.

 

[unit321]

read it in the paper the other & i tried to find online

http://macedoniaonline.eu/content/view/27151/52/

According to the handbook for the Federal Financial Institution Examination Council, banks are required to file a SAR with respect to:
“Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”
It’s utterly obscene. According to the Justice Department, going to the bank and withdrawing $5,000 should potentially prompt a banker to rat you out to the police.


Well, all they can report is that a customer withdrew $5,000 or more. There's no actual crime. It could prompt the police to conduct further investigation once they are alerted. But, they have nothing to obtain an arrest or search warrant.
From the police point of view, all they can do is take a report and run a wanted check on the person. To run a deeper investigation after than would take a lot of man hours.

I can see why they want to do this though. When multiple reports come up for the same person, then that would be worth checking into. A person who withdraws or deposits a lot of cash but only once or twice in a year might be making a big dollar purchase, i.e. car, motorcycle, boat, vacation, etc. or they sold something expensive, like a car.
If someone is moving $5,000 every couple of days or weeks regularly (because of money laundering operations or drug sales), then it raises suspicion, and the only way to get these alerts is to force banks to report it.

 

[Uncle Kingpin]

If it's over a certain amount they can definitely hold it. Especially if it's drawn off of a different bank. Different banks have different policies but my bank won't cash a check for over 5gs until it clears which takes a day a least. If I have the money in my account already then they'll cash it but still put a hold on the cash in case the check comes back.

I know all about the hold policy so I always have enough in my account to cover the check beforehand. Thats why I was so pissed off about the entire exchange. If the "money" is in my account I should be able to cash the check bottom line. It's outrageous to me to be told how I can and can't have MY MONEY. If I give you something to hold, I should be able to get it back when I want it. What's the point of having the bank hold my money if I can't have it when I want it? With the miniscule returns they pay I might as well use a shoebox for a checking account.

 

[Black Ball]

I wonder do they file one of these reports every single day when Money Money walks in and withdraws between 10k-1Mill in cash.

 

[d'jarbargel]

If the "money" is in my account I should be able to cash the check bottom line. It's outrageous to me to be told how I can and can't have MY MONEY. If I give you something to hold, I should be able to get it back when I want it.

that ain't how the system works, or has ever worked

if anybody could take out their money at any time, banks would be susceptible to bank runs. the 19th century is littered with economic crises related to banking panics. That's why america created the federal reserve in 1913.

that said, the $5,000 thing isn't an attempt to prevent bank runs, it is a way to help the FBI, DEA, and other federal agencies. Basically a quid pro quo. the federal gov't is pro-bank, so the banks are pro-government.

Unlike the early banking systems, today's banks don't give a shyt about depositors or their opinions. They no longer compete for your business. Why that is , exactly, is a story for another post.

 

[BrothaZay]

Live in America brehs

 

[Uncle Kingpin]

that ain't how the system works, or has ever worked

if anybody could take out their money at any time, banks would be susceptible to bank runs. the 19th century is littered with economic crises related to banking panics. That's why america created the federal reserve in 1913.

that said, the $5,000 thing isn't an attempt to prevent bank runs, it is basically a quid pro quo. the federal gov't is pro-bank, so the banks are pro-government.

Unlike the early banking systems, banks don't give a shyt about depositors. Why that is , exactly, is a story for another post.

I dont know breh. I think it is to prevent bank runs. I think there is a major financial crisis on our hands that they aren't being honest about. 5,000 should not be alot of money to a bank.

 

[d'jarbargel]

I dont know breh. I think it is to prevent bank runs. I think there is a major financial crisis on our hands that they aren't being honest about. 5,000 should not be alot of money to a bank.

nah, this $5000 deal is about tracking drug money

bank runs are a hallmark of paper currency. Today's consumers use digital credit, created and destroyed at the federal reserve on a keyboard.

And even if consumers suddenly demanded it in cash, (A) Rich people don't keep their money in banks anyway, so the "run" would necessarily be small and involve the poor/middle class and (B) They'd just be told "No" and there isn't shyt they can do about it. That solves the bank run problem right there.

 

[Uncle Kingpin]

nah, this $5000 deal is about tracking drug money

bank runs are a hallmark of paper currency. Today's consumers use digital credit, created and destroyed at the federal reserve on a keyboard.

And even if consumers suddenly demanded it in cash, they'd just be told "No" and there isn't shyt they can do about it. That solves the bank run problem right there.

If it was about drug money it would be focused on deposits not withdrawals. Not saying I would knowbut I think drug dealers buy weight with the money made from sales not bank withdrawals. Anything over $9,999 is automatically flagged for investigation by the IRS. As many guns as there are in America, and considering how cacs go nuts when told "no", there would be large scale riots and shootings if the banks told them no. This aint Greece homie.

 

[ORDER_66]

is this a joke?

or are you retarded?

are you????