What are the bank's rules?

  1. #1

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    What are the bank's rules?

    I recently had the need to withdraw more than $1000 cash from one of my bank accounts. I went into the Chase Bank branch near my place of employment, which is not the branch at which I opened the account nearly two years ago. I identified myself by inserting my debit card chip into the machine as well as providing my Driver's License. I wrote a countercheck for the amount of my withdrawal.

    Why you would have thought I was asking for a million dollars! The teller asked me if $50 dollar bills would be fine, and I asked for $100's. I did not want a big wad of bills in my pocket. She did provide me with $100 dollar bills, but before she gave them to me, she said she needed approval from her manager. The manager came over and asked me why I was withdrawing so much money, and what I was using the money for. As "none of your business" was on the tip of my tongue, I checked myself and said I needed to make a purchase. She asked why I could not write a check or use a credit card for that purchase. I told her I was not asked questions when I made the deposit into the account, and wondered why all the questions. She informed me it was standard procedure.

    Is this, in fact, standard procedure at financial institutions? I need to be enlightened by someone who might know the typical protocol at banks these days.
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    spindoc's Avatar
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    Quote Originally Posted by strongopenyon View Post
    I recently had the need to withdraw more than $1000 cash from one of my bank accounts. I went into the Chase Bank branch near my place of employment, which is not the branch at which I opened the account nearly two years ago. I identified myself by inserting my debit card chip into the machine as well as providing my Driver's License. I wrote a countercheck for the amount of my withdrawal.

    Why you would have thought I was asking for a million dollars! The teller asked me if $50 dollar bills would be fine, and I asked for $100's. I did not want a big wad of bills in my pocket. She did provide me with $100 dollar bills, but before she gave them to me, she said she needed approval from her manager. The manager came over and asked me why I was withdrawing so much money, and what I was using the money for. As "none of your business" was on the tip of my tongue, I checked myself and said I needed to make a purchase. She asked why I could not write a check or use a credit card for that purchase. I told her I was not asked questions when I made the deposit into the account, and wondered why all the questions. She informed me it was standard procedure.

    Is this, in fact, standard procedure at financial institutions? I need to be enlightened by someone who might know the typical protocol at banks these days.
    I'd have went sideways. And then I'd move everything I had to another bank. Probably just me.

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    spindoc's Avatar
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    Or you could have said "on second thought, can you make that all singles? Fellas night out"

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    They did give me the money, but I walked away feeling like a criminal.

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    lawildcat's Avatar
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    I would have definitely told them it was none of their business. If they persisted, I would be looking for another bank.

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    HammerTime's Avatar
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    The teller getting approval is normal depending on their level of experience or lack thereof. I've known new tellers to have a $600 limit without approval.

    The asking why part is ridiculous and over the line.The only reason that would come up is if you had multiple withdraws quickly or a large withdraw over $10K where you would get into anti money laundering paperwork.

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    UKMustangFan's Avatar
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    I've only withdrawn that much cash once or twice before, but neither time do I remember them ever asking me any questions about it. I'd be looking for a new bank if I were you.

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    TTS_JF's Avatar
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    My dad's live in g/f works at the bank I use, one text and everythings usually waiting on me when I arrive.
    I would've probably had a fit, with them asking so many questions about my money.

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    TheDeuce's Avatar
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    I absolutley would have told them it was none of their business, as it isn't. And if that were a problem I would have withdrawn all the money and moved to another bank.

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    Couldn't tell you. I haven't withdrawn more than I can get from an ATM in years. Heck, I haven't even had a $5 bill in my wallet in more than a month....I simply don't use cash for anything. It does sound unusual though, that so much was required after you had already established identity, especially all the questions about what you were doing with the money. Security though is such a big issue though, and large cash transactions are becoming more and more rare, I'm not surprised that there are more hoops to jump through. I just had a credit card frozen for making several payments in a short time period..I use it for company expenses and pay it as soon as I get reimbursed. Apparently, since the card was recently opened, a trick people use is to open a new card (fraudulently), make some purchases, pay them off, then get a credit increase and charge it up. I was initially upset, but again, you can't take these things personally, especially when they are done to protect us.

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    Quote Originally Posted by HammerTime View Post
    The teller getting approval is normal depending on their level of experience or lack thereof. I've known new tellers to have a $600 limit without approval.

    The asking why part is ridiculous and over the line.The only reason that would come up is if you had multiple withdraws quickly or a large withdraw over $10K where you would get into anti money laundering paperwork.
    No previous withdrawals and the deposit into that account was about five months ago for $5000.00.

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    Bengal Maniac's Avatar
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    Quote Originally Posted by spindoc View Post
    Or you could have said "on second thought, can you make that all singles? Fellas night out"

    Yep, could have had a lot of fun to where they'd think about it next time.


    You know I'm heading to Denver and they only take cash in those "pot places". Probably get high and go to the strip joints and make it drizzle a little.

    I'd also be loud enough for quite a few to hear me.

    Not sure I could have thought that quickly, but will now if it happens at ol' JP.

  13. #13
    Jumper_Dad's Avatar
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    All of that for $1,000? Maybe...maybe if it was $10,000 as there are some government reports due on cash transaction of that size.

  14. #14
    plantmanky's Avatar
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    Standard procedures nowadays. Bank covering their tails nothing more.

    You should try withdrawing 25K in a change bank for an event weekend, gets to be really fun, even when you have to order the cash 3 weeks in advance and go through all the paperwork once when you order. Then you have to do it again when you actually withdraw it. Fun times.

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    Are you old like me. Banks are aware of all the scammers praying on the elderly. They look for out of the ordinary transactions. It was your first withdrawal on that account.

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