Ann BarnhardtI have received enough calls and emails on this within the last few weeks to A.) cause concern and B.) merit a post.

People are having difficulty withdrawing cash from banks. I just received the SECOND call on this from California this week. The question is, do banks have the right to deny you cash withdrawals?

The answer is NO. They do not. And both of the men I have heard from in California were obviously being bee-essed by their bank. The bank couldn’t cite statute, and then started haggling over the amount of cash withdrawals they would allow. That’s your dead give-away. If there were ANY statute or actual rule, the bank wouldn’t set up a conference call and then start haggling. You don’t haggle over laws and rules.

What banks can do is ask for up to 7 days notice on a large cash withdrawal just so that they can order the cash in special and not completely drain their cash on hand. This is very logical and sensible. For transactions over $10,000 the bank also does have to file a transaction report. Again, this is standard. We may not like it, but that has been the law for a very long time.

Also, one chap in CA reported that his bank told him that if he took more than $20,000 out of the bank in cash that he would have to hire an armored vehicle and security. This is an abject lie. $100 bills are bundled in 1/2″ stacks. a 1/2″ stack contains 100 bills. Therefore $20,000 would be two standard 1/2″ stacks of hundred dollar bills, which would fit in ANY purse or easily into the inside pocket of any men’s sportcoat. We aren’t talking bags and bags of cash. Cash is still shockingly compact.

For now, what I would recommend is setting up your new destination bank account FIRST, and then simply closing the old account with the mega-bank and taking the deposit in the form of a cashier’s check. Then drive the cashier’s check directly to the new bank and deposit it. BUT, if for whatever reason you want or need cash money, no, banks have no right to deny you cash provided you give them the sufficient 7 day notice.

Limiting cash withdrawals is a sign of an insolvent or failing banking system. These sorts of limits are happening in Italy as we speak. It is very telling that banks in the U.S. are now lying and dissimulating in order to avoid and thwart cash withdrawals by their customers.

If anyone has any more details, information or insight on this question, I would be interested to read it in an email.

Ann Barnhardt

Update on January 24th:

Original Post


Related Articles:

The True State of the Union: US Banks Have $248 Trillion in Notional Derivatives at Risk – added January 25, 2012

Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval – added January 24, 2012

Why Do You Still Have Money in a Bank?

How Much Longer Will the Dollar Be the World’s Reserve Currency?

This entry was posted in Editorial, Financial and tagged , , , , . Bookmark the permalink.

77 Responses to ON BANKS REFUSING CASH WITHDRAWALS – Ann Barnhardt

    • Bob says:

      I work for a small commerical bank and we keep on hand at each of our branches $365,000. I asked the head teller if I had the money on deposit could I withdraw $60,000 and get no grief? She said sure, it’s your money!

    • Linda says:

      I work for PNC & I am 65 years old & wanted to take out $900.00 from my 401k and they told me I would have to take a loan out against it. They told me I can only withdraw once every 6 months and They will not match my amount coming out of my paycheck for another 6 months. I need my money can someone please tell me how to get it.

  1. Frank says:

    Interestingly enough, my bank did the same thing at its headquarters. So, they had more than enough cash on hand. This happened in Rockford, Illinois and they refused to cash $20,000 in Cashiers Checks even after they had been verified. Needless to say, we got rid of the “soon to be worthless” Federal Reserve Notes for gold and silver. We intend to keep no more than the bare amount of cash required to pay automatic withdrawal payments from this point forward. Everyone had better be doing this as these criminals will soon declare a “bank holiday”.

    • Gene Koszio says:

      According to the “goverment” Federal Reserve Notes are “worthless securities” per IRC 165(g).

    • Drew says:

      Frank, I am originally from Rockford, but now live in NC. I am curious if you are willing to share what bank did this to you?

  2. Jason says:

    Small claims court. Sue them in $5,000 increments. They have to show up. lol

  3. Chris says:

    I quit keeping large amounts of cash in the bank back in the spring of 2008. At the same time I borrowed enough cash on an insurance policy to get completely out of debt. My small commercial drafting business has been completely crushed by this depression, and inquiring phone calls for my services slowed back in the winter of 07-08 and have now completely stopped. Currently making changes to get more into the energy/oil and gas and mining business as this is probably where the future lies at least until the entire mess comes down around our ears.

  4. T R says:

    I have three comments or experiences
    1) About six weeks ago on my search for silver halves at a local BoA I was privy to a conversation between head teller and manager. She was reluctant to speak in front of me but evidently someone was pulling a large amount out, they wanted cash but she indicated after her low voice could not be understood that they only had “14 large” in the branch”. WHAT? This branch only had $14,000 in cash in the branch…troubling.

    2) A friend of mine has multiple accounts, one which holds $60k in saving. He has been slowly removing cash, the last few times he has attempted to withdrawl $8000 and has been refused.

    3) Recently I did an experiment. My Credit union allowed me a $4000 withdrawl with no problems.

    Is it related to mega-banks? And if so how smart is it keep money there?

  5. JEA says:

    About a year ago, I got a $33,000 cashiers check issued from Wells Fargo account, immediately drove it two miles to my Fed Credit Union, where I’ve had an account 35 years, and deposited. I was told it would take THIRTY DAYS before it would be cleared into my account. And, THAT was a year ago; I can only imagine how insolvent the banks are now. When I had a melt down at the Credit Union about it taking THIRTY DAYS to clear, after the battle with the CU manager, she agreed to clear it within 48 hrs. SHE LIED; it still took THIRTY DAYS to clear. What is happening to America. So happy to finally tell this story.

    • Wilson says:

      And you’re still doing business at that credit union??????????????/

    • Brian says:

      The feds kicked in a new law after 9/11 regarding large deposits. I read about it, then experienced it when we sold our home. We deposited 100k in a bank to bank transfer. Federal law required they hold that money from us (not clear the funds in the account) for 30 days. Your situation sounds more like that than a bank insolvency problem.

    • Troy says:

      That is a Reg CC violation if it was being deposited into a transactional account. If it was being deposited into a savings, Reg CC doesn’t apply.

  6. JEA says:

    I would like followup to any comments to my previous comment.

  7. lois says:

    Does anyone know why Bank of America was down nationally on January 17? I could deposit but not get any cash out. I don’t know how long they were down.

  8. duane says:

    This is nothing new. I had deposited only $7500.00 into a U.S. Bank 15 years ago. About a week later, I had an issue with U.S. Bank that made me very angry. To show my displeasure, I went to the VERY SAME BRANCH I had put the deposit into, and told them I was closing the account. At first the bank didn’t want me to close the account, then when I wouldn’t budge, they tried giving me a cashier’s check. After saying, in a loud voice, “I had deposited my money in cash why can’t I have it back in cash?”, the manager told me it was “not a good idea”, and this “wasn’t a normal practice”. The Gentleman behind me then asked why, and maybe he might have good reason to close his account there, as most of his deposits were in cash and if a bank could not cover a “measly $7500.00”, maybe they couldn’t cover his account in case of an emergency withdrawal on his part. It was only then I received my money, still with a warning to “be careful”, and it wasn’t safe to carry that much money around by myself. I calmly told them then the only theives I had to worry about I just got my money back from.

    • Janeen says:

      I am 73 years old living off of my Social Security and the principle of my savings. I had an opportunity to purchase income property from a very close friend in another state. She wanted cash (a family thing) and was selling it to me for under property value. I was going to travel there to have the property inspected and have a lawyer handle it for me. I went to US bank to withdraw a large sum in cash. I was told they needed a few days to get the cash to the bank and that was fine. When I got home I received a call saying I could not get cash, only a cashiers check or money order. I explained the lady wanted case. I spoke with the manager and she said I would need to hire an armored vehicle to take it out plus she would have to get authorization from the vice president first. I waited a few days and than called and talked to the manager again and was told he had not emailed her yet. I waited again. I called and was told this time that my request was refused all the way up the latter. I told her I would be in to close my account. I went to close my account, I told the employee I was closing my account and was ask why. I told her the reason (altho I did not have to give a reason) and said I would accept a cashier’s check. She ask me to wait a moment and got the manager and she started all over again with what we had already discussed. I just wanted to close the account. She mentioned the armored vehicle again and I told her how dangerous that would be for one to come to my home for every one to see. She replied there were armored vehicles that looked like regular autos. I ask the cost and she did not know but said very expensive. I took my cashiers check and left. Than I received a call a visit from the APS program, elder abuse, telling me The bank had reported me. After speaking with him and my explaining what happened, He said he could see there was not a problem with me and that they had received complaints against banks, but he had never heard one like this. He said he thought it was retaliation because I closed the account and said the report stated I was abusive! I was not, I just wanted my money. I feel I am now under watch. So beware if you are a senior. The banks are using a good program against you. I lost the property opportunity

      • PJ London says:

        Just an observation. In Kuwait in 2000 A friend is the CEO of one of the banks. A lady wanted to close her account with his bank and open with a family bank. Her balance was 3 Million Dinars ($12,000,000) wanted it in cash as she did not trust cheques, He arranged for the Central bank to deliver the currency to him, and an armoured truck to move it for her. She sat while the amount was fed through the counting machines, followed the truck to the new bank and waited for them to count the notes and give her a deposit slip.
        Start to fiinish, the transaction was accomplished in one day.
        My bank in Kuwait had some 20 tellers, 3 of which only handled cash transactions greater than 25k Dinar. ($75,000).
        Needless to say I did not use those queues often.
        Very few lady customers and when they did use the bank, they went straight to the head of the queue as being in the view of so many males was disconcerting for them.

  9. SWIFT says:

    JEA, you must be much more patient than I. Once someone, anyone, lies to me, I make good and sure they know about it. I don’t care how many people are around, I don’t care about their “feelings” or anything else. Once a person lies, they are immediately labeled scum! My money would have been withdrawn from from the CU and placed under my pillow; right beside my .45.

  10. Ck says:

    I experienced a similar situation in SC when I withdrew $40,000. I though they were going to have a hiccup. However, the bank gave me the money. Oh, about that transaction report I told it I needed it for hunting. Signed it “Duck Hunter”. I felt like to ask someone what they want their money for is an invasion of privacy. They didn’t ask me why I was putting it in their bank! Why ask me why I want to take it out?

  11. Michael Jonah says:

    I had a Bank Teller ask me for my Social Security Number to cash a $1300 check. And get this I have accounts at the Bank and they know me and the check was from someone who also has an account at the bank…said no thanks I will just deposit it…weird plain weird..a SS request for that?

  12. DM says:

    Then stop playing their game.

    Read the suspense novel for our dire economic times.
    ANGEL OF THE REALM can be found by clicking the
    link on: ScribeCaveDotCom.
    The choice is yours.

  13. Kathleen says:

    Went to BoA in Illinois (NOV)to cash a check drawn on their account $6500. was told I could only get $5k in cash the rest had to be given to me as a cashiers check which they charged me $20 for. A month later (DEC 2011)went back same thing but now the max they would pay out in cash was down to $2,500. The rest issued in cashiers check and charged $20… This is just not right. And when the cashiers check from BoA was taken and deposited into my bank they put a 7-10 hold on it to clear..
    Whenever I get a check from BoA I hate to hold onto it as you hear of all their problems, want to get my money asap. My bank must feel the same way. Since when do they put a hold on a cashiers check? I would think if a bank can’t cash a check drawn on their account, it should be illeagal for them to charge you for having to make out a check for the difference.

    • dan long says:

      How do the get off charging you $20 to write a check for a funds request they can’t cover? They can’t do that. You got suckered for $40….

      With the current state of affairs you should go back and sue them….

  14. Nam Marine says:

    My VA check and my Social Security check are automatically deposited in my bank account. Then I go to the bank and withdraw most of it and lock it in my safe at home!
    My checking account has no balance to stay open, so I keep about $100. in there just to keep it open. I feel my money is much safer in my control than the banks!
    I have two .45 caliber reasons that I think it’s safer with me !

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  16. lamont cranston says:

    I see BOA mentioned several times here, which leads me to the following -- why do you bank with them? Other than the 2.49% car loan I did last year through the dealer, I wouldn’t dream of entrusting them with any of my $$$. I am sure Mr Monihan is quite intelligent, but he is no Hugh McColl or Tom Storrs. (Don’t let me get started on Ken Lewis.)

    The small bank I deal with is wonderful. They have no teller cages. Just 3 people behind walnut desks in individual offices with cash drawers and computers. I cashed a $2000 check several months ago and was asked, “Need some walking around money?”

  17. Crisco says:

    I had my own “wake up” moment about a month ago when I tried to withdraw $20,000 just to see what would happen. I was told I could get the cash in a few days. I politely stated I needed it “now” to make a private purchase and the seller wanted cash. I did not want to lose the deal. After some coversation the bank manager was summoned and said they would have to give it to me in small bills..(no matter to me ..they spend the same). It was not a comfortable feeling I had to be firm in my request for NOW. If there is a run on the bank , cyber attack, or EMP forget accessing your money. As others have suggested, be safe..find a way to keep it close to you! Personal safes for weapons , documents, cash and jewlery are becoming commonplace.

  18. Pat says:

    Now that David and Ann bring the subject to light, I wonder how many peoples’ daily ATM limits have been growing smaller. Some of this may be a machine maximum, some not.

  19. Pat Fields says:

    Taking a week to clear a cash equivalent instrument says to me that ‘money velocity’ is rising fast and the banks are desperate to slow it down because the condition is precedent to a price hyperinflation which will in turn greatly magnify cash demand. I have no bank, brokerage or credit accounts (all closed out starting 1990). I conduct transactions at distance by Money Order. THERE TOO, folks have been delayed in their shipping by a week, due to clearing ‘tardiness’.

  20. timothy sweeney says:

    Be careful with Bank Checks and Cashiers checks. If you lose it or it is stolen -- there is no recourse. The bank will not refund your money. Never send one through the mail.

    • Nicole says:

      Bank checks and Cashiers Checks are FDIC insured, for what it’s worth. If you lose one or it is stolen, contact your banker. You may have to file and purchase an indemnity bond which is presently ~$5, YMMV.

      All in all, not a big hassle.

  21. mike says:

    you can trust no one these days, we have a great bank but i still leave only enough to cover monthly bills! I have slowly been draining my investment accounts since 2008 and will not invest in this manipulated market. gov. wonders why this economy cant get running in high gear, well the answer is in some of these post! people are scared of the crooks running this country and big banks are on the top of the list

  22. marcus of arrington says:

    the value of paper will return to zero. keep some on hand for when the plastic fails to function and then- immediately- go out and buy as many tangible goods in the time you have to get rid of the paper you so highly value. Fuel, food and fresh water will be worth more than gold or silver. If you have all three help your neighbors to survive. his chainsaw and your gallon of gas may be the only things to keep you both from freezing to death.

  23. JB Mikel says:

    In July 2008 we settled on my Mother’s land at just over 2300$ a piece. The attorney issued a two-party check to me, naming himself and I. I enquired if I could get cash and was told no. I could take their check to the Commerce bank branch and cash or deposit it there.
    While at the bank I was informed that I needed the lawyer’s signature also as he was also on the payee’s side of the instrument. I informed them what I was told at his office and demanded my cash. I then turned to the lady behind me and mentioned I could charge them 200$ a minute for every minute I was waiting for the service.
    A manager took me aside, to her desk, and again tried to tell me I needed another signature. Again I refused and demanded to know why they would not honor the agreement I had from his office. She got the lawyer’s receptionist on the phone and I got to watch the manager forge the lawyer’s name to the check, on the word of the receptionist. When she turned the check over to get the amount she told me it was over the limit for cash transaction. We went through the directions I had from the law office again and she finally rescinded and cashed the check.
    I told her I would think about my 15 minute(3000$) fee for the wait as I was leaving her desk, with my cash. Sometimes you have to be hard!

  24. charlie says:

    Interesting microcosm of the US banking system. I live in Massachusetts and had to go to three different B of A branches to get 10k cash. Plus, they look at me with shock and awe when I want to withdraw any substantial amount of cash.

  25. Joe says:

    In 1992 I moved from Oregon to Ca. I had sold my home and the buyer wanted to do direct payment on the loan to me through his B of A account so I set up a Bof A account to accommodate him. Fine I said. I moved to Ca. and It took over 3 months for the first payment to be posted to my account. Numerous calls and broken promisses to get this straightened out. Next the purchaser made a $50,000 balloon payment to the account in Or. I went to a local Ca branch of B of A to cash a check for $500 and was told that since it was an out of state account I could only get $300. The account held $54,000. After a row with the manager they would not budge. I had always thought that their advertisement of being a world bank was valid. Not so. They are a charlie chicken feather bank. I walked across the street to a local bank and opened an account for the balance in the B of A account. I am currently in litagation for fraud on my home loan against them. Get your money out of these mega banks!

  26. home stead says:

    I worked at a reputable bank for one year. There are a few things i learned. Bank tellers are required to gain new accts each month to stay employed. The fed reserve tells each branch how much cash they are allowed to vault each week. The branch pays interest to the fed on the vaulted cash, incentive to keep the least amount possible. The 7 day wait for large withdrawels is due to the limited cash as dictated by the fed. Placing a 7 to 30 day hold on a large, nonlocal check is due to the astonishing amount of fraud in all levels of society. The hold is to protect the depositor, the branch, and all the other customers who would be stolen from if a fake check gets cashed. If the brinks truck skips a delivery to your branch for whatever reason then your vault could be emptied very quickly, see fed restrictions above. Banks are in business to make a profit, they are not holding your money as charity. They make money by charging fees and interest. I no longer work there as a matter of principle but i am glad for the knowledge. I keep a min in my acct and have stayed out of debt. Hope this helps.

  27. pdx r13 says:

    It used to be that paper money in large bills was more compact and convenient than gold. NO MORE! Compare a roll of 20 US Gold Eagles to the 360 $100 dollar bills it takes to buy them. Gold retains value and paper is good for what again?

    I’d peel off 6 of those bills and visit an arms dealer for a good handgun. Make it a gold oz and get a good AR-15 also. There is some compact truth.

    Banks don’t want you to make withdrawals because it affects their leverage ratio (I meant “reserves”, of course). Cash withdrawal affects the whole over-levered banking system, while bank checks do not. There is very little liquidity and much insolvency.

    **Watch as we levitate on faith and fraud in varied ratios. It’s MAGIC!**

    What is the balance on your 401k or IRA? 80% of that sounds pretty good, in-hand, instead of devalued future promises. Pay the tax, get possession and don’t worry. Or, wait and hope For a Ron/Newt administration to fix things? Yeah, right (sarcasm).

    We may get a brief deflationary contraction before the hyperinflation kicks in. This is to dispossess people who went all-in on tangibles too early and for-whatever-reason needs some current cash to operate. Keep some fiat in-hand and keep working at something productive, if you can.


  28. Silver Bean says:

    Regarding your article on banks limiting cash withdrawals; a responsible customer should know about the limitations and particulars of the account when they open it. And they should read the information provided by the bank about the type of account they are opening. It means being responsible.
    Some types of bank accounts, particularly Money Market, will limit the amount of a single withdrawal. This is in the banking regulations that regulate money market accounts.
    Some online bank accounts will limit the number of withdrawals per month. This is in accordance with the bank’s policies and is explained to customers when the account is opened.
    So before you sensationalize the headlines for a story, and feed on people’s paranoia, I would like you and your readers to realize that they are responsible for knowing about the rules governing their accounts.

    • David says:

      I don’t feel that Ann’s title is sensationalizing problems withdrawing “our” money from banks and credit unions. As far as feeding on people’s paranoia, I personally feel that bank runs or a bank holiday is coming to the United States. I added a movie to this post based on this comment for your consideration.

  29. Tony says:

    I used to be a supervisor for a major US armored transport company. I know that all the major banks we worked with kept just what they needed for the day plus 10%. anything more would be a special run from the bank vault to the branch. we charged 140$ per special up to 1/2 million delivered or picked up .vs. the 65$ for a scheduled run for the same amount. the seven day notice is to avoid the extra fee. however the big banks would pay much more than that to get the atms refilled on a busy friday night at 3 am, just to keep the fees rolling in.

    I also know that at sleepy or small rural branches the atm had more cash than the inside of the bank did. you would be amazed how often we would pick up money from the branches, deliver it to the vault at 5 pm, then pick up the same money at 4 am to take it to the FED vault so the banks could show it as a deposit on their FED account, then bring it back within the week so it could circulate. the cost of doing business.

    • PJ London says:

      Generally the rules of the Fed do not allow any overnight overdrafts. If the Bank has insufficient funds to clear at the end of day they must deposit either a Treasury Bond or T Bill or cash. Therefore there are times when a late deposit in another bank require them to submit cash to cover the transfer. Any surplus is available the next day for remitting to the bank.

  30. Just a note……I obtained an auto loan through my credit union here in Colorado
    several years ago. I paid off the loan about a year ago. The other day, I received a
    notice that the account was closed for inactivity, and there was a $5.00 ‘inactivity’
    fee (the initial $5.00 I deposited as one ‘share’ in the CU).
    So, they basically stole the last $5.00 out of the account. Just goes to show you, CU’s
    are no better than the TBTF’s. Now, who knows, maybe I’ll need another loan someday:
    do you suppose I’ll go back to the same CU? Fuhgedaboudit!

  31. Robert Johnson says:

    Short version:
    I made a large cash withdraw from Grow Federal Credit Union, from my money market account.
    After waiting for a couple days to order money I went back to get it.
    They counted it out to me but didn’t have me sign ANYTHING for it. They said I didn’t have to when I inquired if I needed to sign for it. They never asked for my ID either.
    The next day I go online and see they took $885.00 from a checking account I have with them. They called it a “cash withdraw fee” and kept it hidden from me. The branch manager said when I called to question this, “I knew you would be mad when you found out” and then laughed at me. I was furious and luckily wasn’t there in person or I would have strangled her!
    I have complained to the NCUA and up to Florida senator Bill Nelson. The NCUA has sided with the credit untion and just closed the case after nearly a year of this dragging out.
    Any suggestions? I need some help bad. It doesn’t make sense to pay a lawyer thousands of dollars over this amount but I can’t let this slide either.
    How can I get this to Ann Barnhardt or anyone else who can help?

  32. George says:

    Banks are total slime buckets. Wells Fargo in California. I wanted to withdrawal a measly $10K in cash. I was told I could only withdrawal $5K. $5K? You can’t buy a piece of bubblegum for $5K these days. So, I had to drive from one branch to another to make two transactions.

    You know why this is. It’s because these greedy ass bankers try keeping as little cash as possible on hand so they can rape us by playing the investment game. They make tons of money off OUR cash, then offer us less than 1% in savings interest. And when we ask for our cash, they won’t even give it to us.

    And the people they hire to work in these banks are just absolute SCUM.

  33. Troy says:

    From a bank/credit union perspective.
    Taking cash out is never a safe idea.

    1. God forbid something happens to that customer and loose the cash, are robbed, fall or any other crazy scenario, the money is gone. There is nothing the bank can do to help. Now, if you are issued a cashier’s check a stop payment can be issued and your funds are recovered.

    2. Branch’s limit the amount of cash they have on hand for a few reasons. 1) Safety concerns. No bank wants to be known around the criminal rings as a place that always has excess cash on hand. A bank should only keep enough cash on hand for ‘normal daily transactions’. 2) Why would a bank keep large amounts of cash on hand in a vault that is earning 0% interest? In the case of a credit union (it is in their member’s best interest for their money to be earning interest in overnight funds).

    By limiting large cash withdraws, without a prior notice, by no means a bank/credit union is insolvent. It simply means they are making safe and smart business decisions.

  34. Nick says:

    My experience today with Chase Bank, Dutch Hill Rd, Orangeburg, NY:

    My spouse had an account in Chase Bank and we wanted cash of $14k immediately and went to withdraw from this bank. They said ‘they dnt have money!’. I was just suprised and on top of it i was angry!..

    My spouse asked again but they said they cannot give money. Later I Intervened and asked why they cannot give her money. They said they do not have money and why have they kept bank open?. Later I asked okay.. so how much money you have?.. They said they dnt have any. I got anger.. and said in loud .. “I want to know how much you have now.. she have her account here and you are saying no money?’

    Later they agreed for 2K.. We too that money and later I said to my wife to close the account and find another bank.. She had around 60K in account and they did not dare to give her hard earned money…

    It was very bad experience.. these guys were playing when we were in hurry and looking at our watches..


  35. Maks says:

    You missing the main point, the more scary point of the whole issue behind this.
    The bank would very likely refuse to give you the large amount of cash, because they simply don’t have that money in the vault PHYSICALLY. When you come to deposit your cash -- the amount you put in is being replaced with a “number” of dollars on your account, which they would “promise” to pay you when you come take cash out. Of course you may come to any other bank branch and access your account- doesn’t mean you will access the same box in the bank that contain your paper dollars. It simply doesn’t exist, and never did!
    That’s a big problem in our country -- the national debt of nonexistent dollar, which only exist as a number. Someone comes take a loan -- bank gather money from other people’s accounts and form a loan, and pays to another bank account of the seller. Seller also gets a number in his account, not a paper stacks of cash. (In that case under their rule you technically are still entitled for your full amount in the account, but still, that doesn’t mean they got your money in paper form), and when come to make LARGE withdrawal on a walk-in basis, they simply don’t have those paper money to give you, so they would simply deny you of your own money.
    Save cash, folks, or any other physical valuables.

    • bernake says:

      wrong! The bank takes your loan and uses what you want to purchase as collateral to the federal reserve, then the feds give the bank the “loan” money on something they don’t own. they never use “depositors” money. its the biggest scam since 1933

  36. Colleen says:

    I tried closing an account at Charter One bank today and wanted cash, and was informed all they had were some $20’s equaling “maybe” $500 available for me to withdraw! The cashier informed me this was due to the holiday weekend and them not getting their money delivery yet and that all she could give me was a cashier’s check. In return, I closed 3 accounts our family had instead of one, and took the check for now -- what’s the point of keeping money in the bank if we can’t have it when we need it!

  37. mhasan says:

    Hello, I have a horrible exerience with Bank of America today. I have account with them in Washington state, for more than 10 years and withdrawn 10K +/- at any given time before. Today when I went to withdraw 10k, Bank of America said they have only 5K cash they can give and even more absurd if I want 10K I will have to wait till next week. Anyone experienced the same in recent days?

  38. judy noble says:

    I tried to withdraw $7,000 from a BoA account today to pay a builder for an upgrade. They refused to give me more than $3000. I went to another branch and they could only let me take out $2500 and made me sign a paper to verify my signature (my pin wasn’t good enough). I was shocked. I am so glad I left myself some time to get this done. I will end up making 4 trips to the bank to get what I consider to be a fairly small amount of cash. I have money in different accounts with Schwab, including a high yield investor checking account in their bank division. They answer the phone and bend over backwards to carry out my wishes--too bad no Schwab Bank branch near my town.

  39. A says:

    I attempted to cash a verified cashiers check (over $50,000) at the largest Wells Fargo in SF Bay area. First I was told I could not do so without an account. Then the story turned worse. Treated like a criminal for desiring cash & not transferring to another bank… I became direct and to the point. The branch manager became hostile and argumentative. I demanded payment. Somehow without acknowlement: the bank changed its tune. I required the bank manager to provide the promise to present the funds in four days. There’s more to the story… But that’s the jist. How is it two blocks from the world headquarters of WF a person can’t even get $50,000 in cash? They need almost a week to scrounge Round for the money. Funny.

    The best part, after the hourlong ordeal I closed the conversation by explaining to the manager I wasn’tbeing aggressive as he suggested… “Ironically, I was holding the bank accountable.”

  40. Angelgroove says:

    There was a good movie a while back where a depositor was depositing cash in the bank. This local bank was being held up. The hold up was an army friend from the depositor. The depositor was then co-opted to rob the bank. When the safe was opening, the teller was crying. The depositor told her he was not going to shoot anyone he was not in on this and is being kidnapped. She said: “No thats not why I am crying” as she opens the safe,” there’s no money in the bank, we’re insolvent.”

    I bank with Fidelity and a Credit Union and have never looked back. We have to close Banking as we know it with the too big to fail national banks. They are no better than the S&L crisis and are a drain to our economy that any rational person going over the figures can see why the National Debt is so high and unemployment is so rampant, there is no money in these banks, they are fiscally unsound.

    Local banks behave themselves because they have skin in the game of the local landscape.

    The banks are holding the tax payer up at the point of a pen and fees. They are bad as bad gets just like the S&L’s. Yet we do nothing. Neither Romney nor Obama will fix this. A perfect storm in the financial sector is on its way because everyone in power is deluded into thinking all is okay. Just wait more commercial paper that is a derivative and yes more ARM’s that are derivatives. The bad list: Bank of America, Wells Fargo, CitiGroup, Chase, Ing, HBSC, AIG, and a whole litany of others.

  41. In chico California, BANK OF AMERICA would not cash a$12,000 “BofA check! went to another branch, They said their system was down due to circumstance beyond their control. Had them call The B of A in Oroville Cal. Where the branch manager (my late Wifes sister) who has held that position for a decade. Told me they didn’t Have the cash on hand. WTF!! Better buy silver coins!

  42. Pat J. says:

    people still use cash? Just asking. I deposit checks and use my Visa debit Card or I write checks.

    • David says:

      Continue to use 1’s and 0’s. What will you do if ATMs are shut down “temporarily”. As a business owner, I will not take checks under those conditions. Cash, silver, gold, credit card and then checks are our preferred payments in that order.

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  44. nuncha says:

    Montecito Bank and Trust was evil today. cashing a gift check for 10 grand fingerprinted the check issuer had to be called to be sure I didnt print the check, then the address, DL SS and of course my profession. WTF business is it of the bitch making min wage what I do for a living? Two years ago before i moved back to CA I was cashing a 30,000 check at Chase. the little old lady branch manager begged me not to why what if I were in a car accident? NONE OF YOUR FUCKING BUSINESS. I am sick of the banks acting like it is THEIR MONEY. it is NOT. And telling me they might not have 5 grand avail last week at bank of the west? REALLY? WTF

    • Tyson says:

      If check was >= $10,000.01 then CTR is required by law. If check was 10K exactly, then it was lack of knowledge on the teller’s part.

  45. nuncha says:

    dont be stupid Pat. CASH will always be KING. get real.

  46. Janeen Moore says:

    I tried to withdraw $130,000.00 from my savings account from US bank. Even told them it was for an income property opportunity from a friend, but she wanted cash, since the bank is paying nothing in interest, this would give me an income rather than using the principle to live. I gave them notice in advance so they could deliver the money to the bank. I was told by the representative it would be there on a certain date. I received a call from her the same day and she informed me they needed approval, I mentioned it was my money, not the banks. She than called the manager to the phone and she said the same thing, they needed approval. 1st week, the manager did not receive an answer from the someone she needed approval from. 2nd week, after I did not receive the promised call from her. I called her. I was told my request was being denied all the way up the latter. I could not get cash. I told her I will be in to close my account. In the bank, the manager said I would have to hire an armored vehicle. I told her I would be in danger if an armored vehicle showed up my door for everyone to see. Her answer was they had normal looking armored vehicles. I thought that was really interesting! When I asked her what the charge was, she did not know but said it was a lot. I said customers should be informed when they open my type of account and not a cd, that they will not be able to get their cash back. I closed my account by being issued a certified check, but that still is not solving my problem. I called my congressman’s office, but a gentleman in his office said the government does not regulate their policy. I did not know the banks policy would be allowed to steal your money. Cash will always be king! Try and get it.

  47. Joe says:

    I am a head Teller at a large corporate bank. The Teller Lead was probably reffering to the number of “large bills” (100’s and 50’s) on hand, not the total amount they had in the Branch. As referenced by the article above, Banks generally keep the bare minimum to meet estimated weekly totals on hand in the branch daily to reduce risk. That is why it is smart to give banks seven days notice for large withdrawals, often shipments only come once a week. If the branch in question experienced higher than usual withdrawals, it is very likely that they were running low on “large Bills” and the teller was nervouse about giving out everything that they had left. I know here we would have tried to call around to other local branches to see if another branch had the necessary funds to accomodate the client.

    In my experience, as long as we have the cash in the branch, any client may withdraw as much as is in their account. Though extra reporting is necessary after certain dollar amounts.

    If indeed a bank is refusing

  48. John says:

    I wanted to get cashier check for 50 0000 of my own money and pnc refused to give me my own money what heck is going on

  49. Patty says:

    Banks don’t always keep large amounts of bad on hand. So yes, you may be denied a large withdrawal because they still have to have cash on hand to service other customers. What is everyone wanted 60000.00???? At our office if three people wanted that we’d be without until our next shipment came in. Be reasonable people. It’s not like on TV where there are stable of cash in the vault. Hence, they have to order it.

    • godsfingers says:

      Hi Patty, That would be the point, revealing that you don’t really have cash demand authority and you should never leave excess revenue in a bank.

  50. mel says:

    I tried to use my Debit card to transfer $300.00 to a bank in London UK and it was denied several times called the Legends Bank several times said they did not block it Ha . so tried to go a wire transfer the guy at the bank did not know how to do the paper work and had to call a woman for info . Called to find out if the transfer was sent and was told the BANK MANGER stopped it as he thought it was a scam . These Bank Mangers think they own us and can tell us what to do . Had to go get a international per load card just to send the money so i could day trade . This is a bunch of Bull as they are nothing more then an employee . And most of the people here can file a complaint with the federal trade commission and or the Federal reserves there is a form on their web page or you can call their toll free number they will help you file it .

  51. Mike says:

    Requested $9,000 for cash purchase of a used cars and PNC looked at me like I had two heads. “We don’t have that kind of money on hand”. Are you kidding me?? You offer me snacks and bottled water but you don’t have a paltry $9k?? What is a bank for again??

  52. Scotty says:

    Cash out? This bank wouldn’t even accept my deposit. Sold house and moved 1200 miles…had $36,000.00 cashier check (profit from sale)… MY BANK in Mountainair NM refused to open an account for me. I was told that I had a .52 cent discrepancy in 2006 in Illinois. What type of financial institution refuses 36 grand? Jaded forever and advertising for free for them for the rest of my life. Go anywhere but MY BANK. Regretfully set up BOA account. Have 2x 5k cashiers checks, looking for a decent bank (too many issues w/BOA), came here looking for ease of cash transactions and low fees. Thank You to all posters, I have yet to decide but now I have more info on who NOT to bank with.

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