Taking Cash out of Bank

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Robby's picture
Robby
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Joined: Dec 5 2010
Posts: 5
Taking Cash out of Bank

Alberta, Canada

I dabble in buying currencies. I pay cash (no wait for bank clearence) and receive cash(most times). Two days ago I phoned my bank to request a middle sized sum be ready in three days time. No go, they waffled, warned, did everything to prevent me from getting cash. After much hemming and hawwing etc.etc. and my threat to call a lawyer they agreed to provide the cash but I must pay $1.50 per thousand as a handling fee. Flagged my account so when I went to another branch I could get no cash. There is a history of taking out cash and then depositing a larger amount later. Talked to manager, didn't care. They are suggesting a maximum of $3000.00 a day, no more. There seems to be no recourse, so I guess I will pay. Taking everything out, but then where do you put it. Can in the ground, I don't think so. Now as account flagged at any branch, their call center etc. know I was taking out cash. If many people know I think it's dangerous to carry around much cash. Not happy at all and you gotta wonder why the change. Two months ago I took out a large amount, no questions, didn't care. Something not kosher!!!!!!!

JuanGalt's picture
JuanGalt
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Joined: Sep 6 2011
Posts: 188
Interesting... I have heard of similar accounts and...

not just in the internet. People I know who have had similar experiences.

IMHO, keep as little cash as you need to in banks and paper assets. Buy PMs, real assets, productive land, etc... and store at home or in safe secret places you trust that you only let a precious few know about.

I don't believe your hunch is a figment of your imagination. Something is definitely up. MF Global, NDAA, Fast & Furiou, drone surveillance and attacks, Iran & Syria war hype, etc...

You can literally smell the corruption, tyranny, fraud, deceit, war mongering and BS in the air.

Good luck!

JG 

tictac1's picture
tictac1
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Joined: Sep 25 2009
Posts: 175
banks

Well, if it's your money, tell them you are closing your account, and have them transfer the funds to another (less corrupt) bank/credit union, or take a cashier's check.  If they simply won't comply, call the police, then and there, to report grand theft.

My father had a similar situation, he won some money on a gameshow, had a check, and the bank it was drawn on wouldn't cash it!  Wouldn't give him more that $500.  He took the check to another bank, and they worked with him.  Go figure.

ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
Banks have you by the

Banks have you by the balls!!  Excuse the language.  I've been taking several thousand out at a time for a couple  months.  They could be trying a new fee, although, that's doubtfu.  I got this off Zero Hedge.  It is a paraphrased sentence of David Stockman.  Was this a European bank with Canadian branches?  European branches here in the US are loosing Billions in deposits  The system is going down next quarter I believe.

David Stockman(paraphased in article)

 
 

The real story of the present is the shadow banking system, the unstable and massive repo market, and the apparent daisy chain of hyper-rehypothecated collateral. It looks like the sound bite version amounts to the fact that the European banking system is on the leading edge of collapse for the whole system. These institutions are by all evidence now badly deficient of the three hallmarks of real banks--deposits, capital and collateral.

Ernest

Robby's picture
Robby
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Joined: Dec 5 2010
Posts: 5
Moving Money

Well it,s not as simple as closing the account. I have multiple monthly bills paid from that account and 6 revenues come in monthly. Kind of makes you think a bit. Nobody pays you with real money anymore, always a automatic deposit, cheque, etc., forced to pay bank fees etc. I called a credit union and they were surprised to hear my story, but quite happy that we are moving TFSA,s and all monies except chequeing account to them. They assured me I can have as much cash as I want, just order in advance.

 No, nothing to do with European banks. This was the ATB (stands for Alberta Treasury Branch), owned by Alberta Government. Still something smells. Not just the fee, but run around and reluctance to part with cash. I suppose that most transactions are just computer entries (sort of not real money) but asking for actual dollars is a different kettle of fish. Oh well, we will see. Pick up bank draft tomorrow AM and take to Credit Union.

 

Robby

ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
I agree.  It really does

I agree.  It really does seem weird.  Chris had recommended if you dealt with a small bank or branch to call ahead, so they can get it there.  The credit union's advice is right.  I do almost all my banking online and have been with the same bank for 30 yrs, and I got some funny looks when I made my first large cash withdrawal.  I just flat out told them I was afraid of what was happening in Europe, and it may spread here.  That made sense to them, so there was no problem.  But I may be on some computer now...LOL

SteveW's picture
SteveW
Status: Gold Member (Offline)
Joined: Jan 21 2010
Posts: 490
Not quite
tictac1 wrote:

Well, if it's your money, tell them you are closing your account, and have them transfer the funds to another (less corrupt) bank/credit union, or take a cashier's check.  If they simply won't comply, call the police, then and there, to report grand theft.

Everyone thinks its their money but it is legally an unsecured loan you have made to the bank that is a demand deposit. So you can demand it and if not paid call your lawyer to shut them down for breach of contract.

Surprised Robby had this problem with ATB but being government maybe they were hyperactive about money laundering, especially with large withdrawals and deposits. Used a credit union myself for over 30 years. No problems and the money works locally.

TimesAwasting's picture
TimesAwasting
Status: Silver Member (Offline)
Joined: Oct 13 2008
Posts: 100
Why Banks don't want you to withdraw Cash

Folks, it's not hard to figure out "what's going on" with "cash" withdraws... but  you do need some knowledge and have to "think" a bit.

The stuff most people think of as "Money" is actually  "Currency", that is the paper bills (cash) that we carry around in our wallets. That Currency (here in the US) only represents about 3 to 4 percent of all of the "money" in the banking system. The lions share of our money is really just "electronic digits" of accounting in the banking system computer databases. In truth, our monetary and banking systems are ponzi scheme's that only survive on "Confidence", otherwise known as our collective mass-delusion (i.e. that a "piece of colorized paper" represents much more than a colorful piece of paper, or, that electronic digits on a computer screen represents one's lifetime of savings).

What we are currently seeing, on a worldwide basis, is the breaking-down of our collective Confidence in our "systems". We have had a dearth of leadership who have allowed  wholesale theft through Fraud and Gaming. Our collective confidence is waning each day as the theft continues unabatted (i.e. the absence of arrests, prosecutions and time spent in the "Big House").

The reason for the "cash withdraw" resistance quite simply is that the banking system does not possess enough "Paper Currency" for all of us to physically have "all" of our money, apart and away from the banking system. This is the essence of what most people think of when they hear the term "bank run". It is literally impossible for "All of Us" to have a physical representation of our money in currency, what we call "cash" (the paper stuff in our wallets).

Make no mistake when you hear that governments are "printing money". They are literally doing that... "Printing" currency (cash) as fast as they can, in an attempt to try and save Confidence in the monetary system. We also can see they are "printing electronically", that is shoveling money at the banks in an attempt to save the banks. Unfortunately, these are acts of a desperate "Management Team" and almost always end badly. Our current systems are well out-of-balance and have been made so, purposely. You can expect a whole series of unintended consequences as a result.

The resistance banks are employing as it pertains to "cash" withdraws is a defense mechanism... they are trying to conserve their most basic product, cash. The small fee that Robby encountered is the very beginning of "capital controls". It will, in my estimation, ultimately reach the level of a "bank holiday", which will be followed by the imposition of limited access to your funds.

Use this "quiet moment" before the storm wisely.

 

JuanGalt's picture
JuanGalt
Status: Silver Member (Offline)
Joined: Sep 6 2011
Posts: 188
Excellent post TimesAwasting!!!

Dead on ACCURATE.

BIG +1 for that one.

Best wishes during the little precious prep time we have left.

JG

land2341's picture
land2341
Status: Gold Member (Offline)
Joined: Aug 20 2009
Posts: 402
be glad you're in canada

 Had friend here in the states decide to start taking most of her substantial cash out of the system.

She started making large withdrawals at the "suggested" cap of $3 grand per business day.  She was actually only taking out one withdrawal per week.  On the 7th or 8th withdrawal she was stopped by the bank manager who spent 20 minutes trying to brow beat her into leaving her money in the bank.  She told him he had nerve telling ehr what she could or could not do with her money and demanded to withdraw the remainder in cash.

It was ALOT of money and he refused.  He agreed to giver her the $3 GRAND that day and offered her another $10 in check form the next day. She refused.  He finally gave her $10 grand in cash that day and said he would have the rest in cash later in the week.  Then he called the police and reported her for potential drug trafficing or money laundering.

Her account was frozen.  It has been 6 months of legal wrangling while she has had NO ACCESS to her funds.  She has done nothing wrong.   The government essentially colluded to steal her funds for the bank.  It is costing her money inlegal fees and she has no recourse.

 

There is more to this story but that is all I'll tell on here.  Move your money to a credit union.  If you take out large sums do it it slowly and make sure you do not have a pattern.  Never the same day every week.  Vary the amount you take out.  Use different branches.  Don't lose your temper.

 

There are huge arenas in which the government can freeze your funds and you are guilty until proven innocent.  Heaven help you if you've traveled outside the country or speak multiple languages or publicly said anything against the system......

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