OT: Geater limitations in cash withdrawals
Robert Baer
"Went to my credit union to withdraw $1,400.00 dollars in CASH for
vacation week. Since I
am well known there as I keep my office and personal accounts there, I
was 'permitted' to
withdraw the CASH. But I was informed that I must 'NOTIFY IN ADVANCE'
any request to
withdraw more than $1,000.00 in cash. A measly one thousand dollars! How
do you spell
Amerika??? The 'Land of the Free' is absolute HISTORY. Men and Women of
America ? you
have been enslaved for decades. The shackles are just getting tighter
and tighter. You
are just starting to FEEL them." ? Paid-up subscriber DB
Sylvia Else
It's unclear whether you're objecting to the existence of a threshold
above which advance notification is required, or just to the amount of it.
Sylvia.
Rich Webb
It's probably just a reaction to the black helicopters that have been
following him.
--
Rich Webb Norfolk, VA
lang...@fonz.dk
considered that it might just be that for safety reasons the bank
doesn't want to have large
amounts of cash the don't need anyway because most people use plastic
and/or ATMs
So if you want to withdraw cash they would like a heads up so they can
make sure they have
it available when you come for it?
-Lasse
Rich Grise
They probably don't like to have big amounts of cash on hand because
of the risk of it getting ripped off. You'd rather have a robber get
away with, say, $500.00 than, say, $10,000.00, right?
Cheers!
Rich
Benj
> It's probably just a reaction to the black helicopters that have been
> following him.
Obviously he's insane. If a person wasn't doing anything illegal they
wouldn't have to worry about rules and regulations keeping track of
your every move and asking for permission to withdraw your own money,
buy a gun, give a speech or vote.
Obviously he's thinking about engaging in some anti-sovie...
er....unamerican activities!
John Larkin
After Hurricane Katrina, I had to go down to New Orleans to rescue my
dad. First I went to my local Wells Fargo branch with a check and
asked them if I could have $5000 in cash to take along. No problem at
all.
Maybe a small credit union doesn't keep a lot of cash around.
John
Jim Thompson
Probably so.
AIUI the Federal $5000 notification applies _only_ to _cash_deposits_.
Of course, carrying CASH thru airport "frisk-and-grab" is scary :-(
...Jim Thompson
--
| James E.Thompson, P.E. | mens |
| Analog Innovations, Inc. | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| Phoenix, Arizona 85048 Skype: Contacts Only | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
I love to cook with wine Sometimes I even put it in the food
Spehro Pefhany
<rober...@localnet.com> wrote:
A business such as a bank should be free to set whatever rules they
like.. including requiring a week's notice. Why do you so hate
Freedom?
What you should be concerned about is the "Currency Transaction
Report" that the bank is required by law to complete and submit to the
Fed. government. (currently applying to amounts over $10K-- same as
the amount above which you must report on crossing the US border).
This amount has not been indexed for inflation since the legislation
was introduced in the mid-1980s.
BTW, it's also required if the transaction is LESS than $10K but
deemed "suspicious" by the bank drone-- presumably over $10K in cash
is ALWAYS suspicious.
Jim Thompson
Over $10K in a cash deposit requires filing a form, UNLESS you are a
grocery store ;-)
I rarely have more than $20 on my person. Who needs cash?
krw
$10000. ...and that can be waived for people regularly dealing in
cash.
>Of course, carrying CASH thru airport "frisk-and-grab" is scary :-(
Leave all possessions on the belt...
amdx
"Benj" <bja...@iwaynet.net> wrote in message
news:91f310fd-e985-4044...@26g2000yqk.googlegroups.com...
I love sarcastic tougue in cheek responses!
Mike
Robert Baer
Robert Baer
get a lot of cash from businesses (including those same stores).
Robert Baer
Robert Baer
Now, if there were a number of withdrawals that might plausibly reach
that level, OR something "hinky" about the person or manner of the
withdrawal, then at least one STR would be triggered.
Robert Baer
Robert Baer
JosephKK
I don't need cash per se. But i do not wish to pay 50 cent
transaction fees for every little purchase; cash prevents that.
Andrew
>> I rarely have more than $20 on my person. Who needs cash?
> I don't need cash per se. But i do not wish to pay 50 cent
> transaction fees for every little purchase; cash prevents that.
You do pay them anyway, you just do not see it.
--
Andrew
Jim Thompson
Huh? Change to another bank. I don't pay _any_ transaction fees when
using my debit card.
The only "charge card" I regularly use is AMEX, for business cost
tracking.
Given the Obama-nation, I also do once-a-month "keep-alive" charges on
my other cards, so they don't go away during the coming depression ;-)
...Jim Thompson
--
| James E.Thompson, P.E. | mens |
| Analog Innovations, Inc. | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| Phoenix, Arizona 85048 Skype: Contacts Only | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
"What would happen to [Obama's] vanity if he didn’t have us to
throw alms to? What would become of his strength if he didn’t have
weaker people to dominate? What would he do with himself if he
didn’t keep us around as dependents? It’s quite alright, really,
I’m not criticizing him, it’s just a law of human nature."
-Ayn Rand, "Atlas Shrugged"
lang...@fonz.dk
around here I think most stores keep cash for the registers in their
own safes, and
deposit cash in an automatic box.
several banks have no cash at all, if you want cash you have to go use
the ATM
-Lasse
Richard the Dreaded Libertarian
> Jim Thompson wrote:
>> On Thu, 09 Jul 2009 13:31:08 -0700, John Larkin
>>>
>>>>
>>>> "Went to my credit union to withdraw $1,400.00 dollars in CASH for
>>>> vacation week. Since I
>>>> am well known there as I keep my office and personal accounts there, I
>>>> was 'permitted' to
>>>> withdraw the CASH. But I was informed that I must 'NOTIFY IN ADVANCE'
>>>> any request to
>>>> withdraw more than $1,000.00 in cash. A measly one thousand dollars! How
>>>> do you spell
>>>> Amerika??? The 'Land of the Free' is absolute HISTORY. Men and Women of
>>>> America ? you
>>>> have been enslaved for decades. The shackles are just getting tighter
>>>> and tighter. You
>>>> are just starting to FEEL them." ? Paid-up subscriber DB
>>> After Hurricane Katrina, I had to go down to New Orleans to rescue my
>>> dad. First I went to my local Wells Fargo branch with a check and
>>> asked them if I could have $5000 in cash to take along. No problem at
>>> all.
>>>
>>> Maybe a small credit union doesn't keep a lot of cash around.
>>
>>
>> AIUI the Federal $5000 notification applies _only_ to _cash_deposits_.
>>
>> Of course, carrying CASH thru airport "frisk-and-grab" is scary :-(
>>
> Now, if there were a number of withdrawals that might plausibly reach
> that level, OR something "hinky" about the person or manner of the
> withdrawal, then at least one STR would be triggered.
The way I understand it, they're more interested in cash deposits than
withdrawals because, in the eyes of the insane drug warmongers, it means
that the guy's a drug dealer.
Well, if obamanomics doesn't destroy the country first, the drug war
and the unions will polish her off.
Thanks,
Rich
Benj
Site.com> wrote:
> Over $10K in a cash deposit requires filing a form, UNLESS you are a
> grocery store ;-)
>
> I rarely have more than $20 on my person. Who needs cash?
Even better. Why limit government reports (and obviously digital
records) on what you are doing with money to amounts above $10,000
when you can use a credit/debit card and make sure that ALL your
transactions are recorded as to amounts, date, time, place, what you
bought, how much you bought etc. I mean if you aren't engaged in any
kind of suspicious anti-Sovie...er...unAmerican activities, why would
you care about what those in power know about you? In a "progressive"
society we all care about each other so much and support each other to
a degree that privacy is an archaic concept from a previous
uncivilized age. Who want's to go back there?
Dave Platt
>>>
>>> "Went to my credit union to withdraw $1,400.00 dollars in CASH for
>>> vacation week. Since I
>>> am well known there as I keep my office and personal accounts there, I
>>> was 'permitted' to
>>> withdraw the CASH. But I was informed that I must 'NOTIFY IN ADVANCE'
>>> any request to
>>> withdraw more than $1,000.00 in cash. A measly one thousand dollars! How
>>> do you spell
>>> Amerika??? The 'Land of the Free' is absolute HISTORY. Men and Women of
>>> America ? you
>>> have been enslaved for decades. The shackles are just getting tighter
>>> and tighter. You
>>> are just starting to FEEL them." ? Paid-up subscriber DB
>> Maybe a small credit union doesn't keep a lot of cash around.
> Probably so.
That would be my guess as well. Credit unions (by their basic nature)
tend to deal primarily with individual private depositors - they
aren't "merchant banks" and thus don't have businesses depositing and
withdrawing large amounts of cash and receipts on a regular basis. It
probably makes sense for them to limit the amount of cash on hand,
as a security measure - less losses in the case of a possible robbery
attempt, and it may make them less attractive to robbers.
If they are indeed limiting their cash-on-hand, then requiring their
customers to notify-in-advance makes business sense, so that they
don't run out of cash and have to start turning away withdrawal
requests from other customers due to a single large unexpected payout.
This might be more likely to be an issue at small "convenience" branch
offices of a credit union.
If this business practice isn't acceptable to the original poster,
then I'd suggest that he take one of the approaches which are
available in our free-enterprise system:
[1] File a formal protest with the Credit Union over their new
policy. Since it's a credit union, and he's a member, he's
also a shareholder! If necessary, put a shareholder proposal
up for ballot at the next annual meeting, to change the rule.
[2] Do as any customer can do, when dealing with a supplier whose
services are no longer satisfactory: find a different supplier!
It's not as if credit unions, S&Ls, and banks are few and far
between these days... there's surely one in his area which
is more able to handle large-cash transactions comfortably.
He can simply close his existing account (telling the CU why,
if he so chooses) and move the funds elsewhere.
--
Dave Platt <dpl...@radagast.org> AE6EO
Friends of Jade Warrior home page: http://www.radagast.org/jade-warrior
I do _not_ wish to receive unsolicited commercial email, and I will
boycott any company which has the gall to send me such ads!
RFI-EMI-GUY
--
Joe Leikhim K4SAT
"The RFI-EMI-GUY"�
"Use only Genuine Interocitor Parts" Tom Servo ;-P
RFI-EMI-GUY
pump me for employment information etc. I said, wait a minute, I am not
asking you for a loan, I am DEPOSITING money. In the end, I did not have
to provide all the data she was trying to extract.
RFI-EMI-GUY
powder for your cartridge reloading and then need to swing by Ace
Hardware for some iron water pipe and fittings to fix that leaky sink!
krw
Many stores have to *buy* cash from the banks. Most have to buy some
denominations. Some my wife works with have $20K/day in cash
transactions. Full service banks keep a *lot* of cash around. Even
the average bank ATM has $100K, give or take, in it.
krw
That's certainly true, but the average bank robbery is less than $4K.
Bank robbers, in general, are quite stupid.
krw
<rober...@localnet.com> wrote:
That's Obama's next move.
krw
They're interested in deposits because there is already an audit trail
on withdrawals.
>Well, if obamanomics doesn't destroy the country first, the drug war
>and the unions will polish her off.
You don't think Obamanomics and the unions aren't inextricably linked?
Who got the *secured* bond holder's share of GM?
krw
Transaction fee? I get 8 free ATM withdrawals a month and unlimited
purchases (with cash back, if wanted) without fees. Credit cards
purchases are free (actually 1-5% rebated), as well. Why would you
put up with a transaction fee?
krw
<To-Email-Use-Th...@My-Web-Site.com> wrote:
I use a couple, and have a few bills tacked onto my credit cards. I'll
take the rebates. I bought a Delta cabinet saw with my rebates last
year. ;-)
>Given the Obama-nation, I also do once-a-month "keep-alive" charges on
>my other cards, so they don't go away during the coming depression ;-)
Recentlt I've been putting about $1K/month on my credit cards. That
keeps 'em happy.
Jim Thompson
Yep. I run about $2500/month on AMEX.
...Jim Thompson
--
| James E.Thompson, P.E. | mens |
| Analog Innovations, Inc. | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| Phoenix, Arizona 85048 Skype: Contacts Only | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
JosephKK
That may be typical in Denmark but is sure ain't true in much of the
world.
JosephKK
wrote:
How on earth do you get that? The extra cost of the fees is clearly
posted at the cash registers.
Sylvia Else
Others have pointed out the practical considerations associated with not
requiring prior notification regardless of the amount.
But I'd agree that $1000 seems a little low.
Sylvia.
Robert Baer
bank with a bag of cash, or walk out with a bag of cash.
Jim Thompson
I have seen any signs for "fees" for using your credit card, credit
card charge minimums, or "discount for cash" in many years.
Competition caused them to go away.
Robert Baer
> On Fri, 10 Jul 2009 22:14:46 -0700,
> "JosephKK"<quiett...@yahoo.com> wrote:
>
>> On Fri, 10 Jul 2009 06:18:40 -0500, "Andrew" <andy...@yahoo.com>
>> wrote:
>>
>>> "JosephKK" <quiett...@yahoo.com>
>>>
>>>>> I rarely have more than $20 on my person. Who needs cash?
>>>> I don't need cash per se. But i do not wish to pay 50 cent
>>>> transaction fees for every little purchase; cash prevents that.
>>> You do pay them anyway, you just do not see it.
>> How on earth do you get that? The extra cost of the fees is clearly
>> posted at the cash registers.
>
> I have seen any signs for "fees" for using your credit card, credit
> card charge minimums, or "discount for cash" in many years.
>
> Competition caused them to go away.
>
> ...Jim Thompson
krw
No different than any other cost of doing business. Everyone pays the
store's tax bill too. Another way to look at it is that prices are
set based on what a customer is willing to spend, so all such fees
come out of profit.
Jim Thompson
Exactly! There was considerable resentment to surcharges specifically
for purchases by card.
JosephKK
<To-Email-Use-Th...@My-Web-Site.com> wrote:
>On Fri, 10 Jul 2009 22:14:46 -0700,
>"JosephKK"<quiett...@yahoo.com> wrote:
>
>>On Fri, 10 Jul 2009 06:18:40 -0500, "Andrew" <andy...@yahoo.com>
>>wrote:
>>
>>>"JosephKK" <quiett...@yahoo.com>
>>>
>>>>> I rarely have more than $20 on my person. Who needs cash?
>>>
>>>> I don't need cash per se. But i do not wish to pay 50 cent
>>>> transaction fees for every little purchase; cash prevents that.
>>>
>>>You do pay them anyway, you just do not see it.
>>
>>How on earth do you get that? The extra cost of the fees is clearly
>>posted at the cash registers.
>
>I have seen any signs for "fees" for using your credit card, credit
>card charge minimums, or "discount for cash" in many years.
>
>Competition caused them to go away.
>
> ...Jim Thompson
That is primarily due to the merchants you choose to patronize. The
shoestring operations that explicitly pass it on are still in business
after many years.
Martin Brown
> Rich Grise wrote:
>> On Thu, 09 Jul 2009 01:12:54 -0700, Robert Baer wrote:
>>
>>> From an investment newsletter..
>>>
>>> "Went to my credit union to withdraw $1,400.00 dollars in CASH for
>>> vacation week. Since I
>>> am well known there as I keep my office and personal accounts there,
>>> I was 'permitted' to
>>> withdraw the CASH. But I was informed that I must 'NOTIFY IN ADVANCE'
>>> any request to
>>> withdraw more than $1,000.00 in cash. A measly one thousand dollars!
So ? If you don't like their terms of business move your bank account
elsewhere. You are not *forced* to bank with them.
>>> How do you spell
>>> Amerika??? The 'Land of the Free' is absolute HISTORY. Men and Women
>>> of America ? you
>>> have been enslaved for decades. The shackles are just getting tighter
>>> and tighter. You
>>> are just starting to FEEL them." ? Paid-up subscriber DB
>> They probably don't like to have big amounts of cash on hand because
>> of the risk of it getting ripped off. You'd rather have a robber get
>> away with, say, $500.00 than, say, $10,000.00, right?
They tend to keep larger amounts inside the time locked safe. This
cannot be opened quickly and so defeats robbers who can only grab
whatever is loose in the open area. The police will arrive long before
the safe will open (even my local post office has this security measure
in place).
> $500 would not last 10 minutes in a busy bank.
True enough but they know their business and if the average net cash
flow in or out of the bank is around $100-$200 a transaction then an
unexpected cash withdrawal of $1400 makes a big dent in their daily
float reserve.
Regards,
Martin Brown
Richard the Dreaded Libertarian
> On Fri, 10 Jul 2009 20:01:36 GMT, Richard the Dreaded Libertarian
>
>>and the unions will polish her off.
>
> You don't think Obamanomics and the unions aren't inextricably linked?
> Who got the *secured* bond holder's share of GM?
Good Point.
If we ever needed a Libertarian president, it's now.
Thanks,
Rich
Rich Grise
> On Fri, 10 Jul 2009 06:18:40 -0500, "Andrew" <andy...@yahoo.com>
>>
>>>> I rarely have more than $20 on my person. Who needs cash?
>>
>>> I don't need cash per se. But i do not wish to pay 50 cent
>>> transaction fees for every little purchase; cash prevents that.
>>
>>You do pay them anyway, you just do not see it.
>
> How on earth do you get that? The extra cost of the fees is clearly
> posted at the cash registers.
In the stores around here (Whittier, CA), they'll add a surcharge or fee
for credit purchases, but not on debit purchases. A credit thing costs
something to process, but a debit is just an EFT, or something like that.
Well, at least at the one where I checked. My card will work either
way - call it credit, it's a Visa, and I pay the surcharge or fee. Call
it a debit card, and there was no other charge. That was at the Food
Outlet on Washington Blvd. ;-) They're on a hair-thin margin, so it's
significant to them.
But it's pretty handy having bread at $0.50/loaf about a block and a
half away. Dented cans of soup are also pretty cheap. :-P
Yes, I'm on the ramen budget again. ;-)
Thanks,
Rich
Rich Grise
> On Jul 9, 7:01�pm, Jim Thompson <To-Email-Use-The-Envelope-I...@My-Web-
> Site.com> wrote:
>
>> Over $10K in a cash deposit requires filing a form, UNLESS you are a
>> grocery store ;-)
>>
>> I rarely have more than $20 on my person. �Who needs cash?
>
> Even better. Why limit government reports (and obviously digital
> records) on what you are doing with money to amounts above $10,000
> when you can use a credit/debit card and make sure that ALL your
> transactions are recorded as to amounts, date, time, place, what you
> bought, how much you bought etc.
Usually drug dealers don't take credit cards. ;-)
Cheers!
Rich
krw
wrote:
>On Fri, 10 Jul 2009 22:14:46 -0700, JosephKK wrote:
>> On Fri, 10 Jul 2009 06:18:40 -0500, "Andrew" <andy...@yahoo.com>
>>>"JosephKK" <quiett...@yahoo.com>
>>>
>>>>> I rarely have more than $20 on my person. Who needs cash?
>>>
>>>> I don't need cash per se. But i do not wish to pay 50 cent
>>>> transaction fees for every little purchase; cash prevents that.
>>>
>>>You do pay them anyway, you just do not see it.
>>
>> How on earth do you get that? The extra cost of the fees is clearly
>> posted at the cash registers.
>
>In the stores around here (Whittier, CA), they'll add a surcharge or fee
>for credit purchases, but not on debit purchases. A credit thing costs
>something to process, but a debit is just an EFT, or something like that.
A debit transaction (at least one using a PIN) costs them too, though
not as much as a (signed) credit transaction. Of course, cash costs
them money too.
>Well, at least at the one where I checked. My card will work either
>way - call it credit, it's a Visa, and I pay the surcharge or fee. Call
>it a debit card, and there was no other charge. That was at the Food
>Outlet on Washington Blvd. ;-) They're on a hair-thin margin, so it's
>significant to them.
Sure, Visa logo'd debit cars can go either way. One way there is PIN
to enter, the other way not. Some merchants don't have PIN pads,
so...