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More transfer/withdrawal controls in 2014 and beyond?

Discussion in 'Preparedness & Survival' started by ATCclears, Jan 3, 2014.

  1. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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    The following email was sent to me today from a friend in Upper Michigan. The email message is unedited, except for the swearing. Take note of the currency control.

    You might check with your own financial institution in the year ahead to understand any transfer-out or withdrawal limits. I expect we'll see more of this as financial institutions implement controls to keep themselves solvent...

    Peter

    Pete, we are leaving for a new start to our life to Belize in 6 days, \
    so,I went to the credit union, 2 credit unions where I have plenty
    of cash to get my cash. They won't give it to me. They gave me 1000 for
    spending money, but I was trying to get out 10K for investment,
    and they (shut me down), 30 day wait period. IT IS MY *bubblegum*
    MONEY!!!!!!!!!!!!!!! What the *bubblegum*? It is my money and I cannot
    get it out!!! REALLY? This is the start!!! I want my money to go
    to vacation and invest, start a new life and I cannot get my own
    money out of the *bubblegum* bank.....I am so pissed. I have worked
    my *** off and I earned my keep, and now I can't
    have my own money????? Really? What the *bubblegum* obumer, you
    *bubblegum*. I am so pissed. MY MONEY. I CAN"T GET
    IT OUT. The begining of the end is near.
     
  2. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    ahh, off-hand, w/ no citation other than a 3rd hand e-mail, I have a hard time believing this
     
  3. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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    I stand behind my posting and my friend's comments. It's possible that financial institution changed their rules on outbound transfers and cash-withdrawal limits, and my friend didn't notice. However, even $5,000 doesn't seem like that much cash for a single branch to handle.

    Peter
     
  4. Mark W.

    Mark W. Silverton, OR Bronze Supporter Bronze Supporter

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    Nothing I need to worry about I couldn't take 10K out of the bank with a shotgun and a ski mask.
     
  5. matt_w

    matt_w Hillsboro, OR Active Member

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    This is pretty normal actually. Most banks have a daily withdrawal limit (my credit union is like $3k, bigger banks have a higher limit). If you want more than that, they have to "order" the cash, because they don't keep that much on hand. This can take a week or more, and you will have to sit down with the bank manager when you pick up the cash. The reason for this is that the bank needs to fill out government paperwork anytime a cash withdrawel of > $10K is requested.

    Your friend is an idiot if he waited until 6 days before he had to move.

    source: I have personally done this several times. The first time I tried to pull out a lot of cash I nearly flipped out.
     
  6. 1stklass

    1stklass salem oregon Well-Known Member

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    i've never had problems getting larger amounts of cash out of the bank. last time i took out more than 10k was about 4 months ago though. Oh, i bank at Chase and they have been AWESOME and have bent over backward to accommodate large withdrawals. I deposited a bank transfer check for 75k that should have taken a week to clear and my local branch made sure it cleared by the second day as i had a business transaction that i really needed to go through.
     
  7. matt_w

    matt_w Hillsboro, OR Active Member

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    Yeah I guess that's the benefits of doing business with the devil (JP Morgan/Chase). ;)
     
  8. U201491

    U201491 Well-Known Member

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    It will get worse. Wait til the day you go there and the doors are locked.
     
  9. Trailboss

    Trailboss Vancouver, WA Well-Known Member

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    Had a similar experience at Bank of America. Wanted to withdraw 8k from an account holding 20k. They said I could get 4k but would have to wait 5 working days and the rest of the 8k after 14 days. I asked for a cashers check for the full 20k and deposited it in another bank. I was able to withdraw the full 8k immediately.
     
    rocky3 and (deleted member) like this.
  10. The Heretic

    The Heretic Oregon Well-Known Member

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    The bank has to notify the gov. of transfers approaching $10K, whether they are $10K individually or that amount close together.

    This however does not mean they need to delay the transfer as this all happens in the background and the customer isn't involved.

    I was able to transfer $70+K via wire transfer with very little notice to my bank - first by phone and then by fax. I've done multiple money transfers via check that way too - it took a few days for the checks to clear though.

    I can (and have several times) get up to $2600 per day in cash - more would require a couple business days notice to my credit union so they can have the cash on hand, or they can give me a cashiers check which I can take down the street to a larger bank and cash.

    Thirty days is way too long for $10K, and if true then I would close my account there and move it somewhere else that is a little more reasonable.

    Banks and credit unions keep 80 to 90% of your funds invested somehow, often in the stock market, or by loaning it out to other customers, but $10K is nothing to them - $10M would be something else though.

    There are a number of things a person can do to get around the alleged 30 day time limit - write a check on the account. If it is a savings account, have them transfer to the checking account. People write $10K+ checks every day.

    I just take leave to doubt that this story is true.
     
  11. The Heretic

    The Heretic Oregon Well-Known Member

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    That's the way to do it. I generally won't deal with BOA - heard too many stories like this about them.

    I have my liquid "cash" in a small regional credit union that pays 2.25% interest up to $25K and they don't keep a lot of cash on hand, but they will give me a cashiers check, and if I give them notice they will have the cash there in a day or two.
     
  12. Sstrand

    Sstrand La Grande OR Well-Known Member

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    You might consider this: When you deposit money in a bank IT BECOMES THEIRS.
    They let you have access to it out of benevolence . . . THEIR benevolence!?!?!?!?

    Sheldon