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You should really call and let them know a few days in advance. I’ve worked in bank branches where we’ve kept as little as $150,000 total cash in the vault (sleepy NJ suburbs) and other branches where there was always north of $1 million cash (Manhattan). We would usually tell people to let us know in advance of any cash withdrawal over $5,000. Doesn’t mean they would get turned away if they came without notice, but letting them know in advance is always the better play.
After the first time, I drove to the ATM and stayed in the car. But I never told the bank my plans since this option worked. I felt safer staying in the locked car versus having to walk through the lobby and parking lot with a wad of cash.
Are you able to pull 3-5k out at the ATM in a single transaction? Most couldn’t and seems like an increased risk for jugging vs the bank being ready and just handing you and envelope with 30-50 hundreds
Is your atm dispensing less than 100s? Most likely and the bill count would be ridiculous. A lot of risk for you and the bank and they could mitigate it easily
Are you able to pull 3-5k out at the ATM in a single transaction? Most couldn’t and seems like an increased risk for jugging vs the bank being ready and just handing you and envelope with 30-50 hundreds
Is your atm dispensing less than 100s? Most likely and the bill count would be ridiculous. A lot of risk for you and the bank and they could mitigate it easily
It was at the ATM but they call this service TellerLink. I don't have an ATM card, I just showed my drivers license and talked to the off-site teller on the screen like a zoom call.
There’s always a limit even if you have billions in your account. Bank branches simply don’t carry unlimited funds on hand
Agreed, now they should be able to cover a 11k withdrawal, without issues, but if you asked to 50k or more, they might refuse, it could leave them short cash for the rest of the day. You just have to call ahead and let them know you plan to make a large withdrawal for they can plan on a larger than normal delivery that day.
Most banks have a cash limit they can't go over. So once or twice a week, they have to balance shipping out their excess cash against ordering in enough cash to fill the ATMs. If you are going to pull out a large amount of money, you might want to talk to the branch manager or operation officer because then they can put an order in for the amount needed in the denomination you want it in. If you don't pick it up, they'll have to ship it right back out. You also want a secure place to have them count out the money to you and they can help you with that, too.
Expect questions. When I was a teller, anyone who came in asking for a large amount of money was questioned to make sure someone wasn't pulling a scam on them.
Also, they will want to fill out a large currency transaction report, something that is done for every cash transaction done over $10,000. The banks get a report of all the transactions done by their customers that total over $10,000, so you'll get caught if you try to break your withdrawal up into smaller transactions. If you argue about the CTR and say you'll just take out $8000 or $9000, there's something called a suspicious transaction report that they don't even have to tell you about - they just fill it out and file it with the government. They'll want the reasons you're taking out the money and make sure to bring your ID, too.
If you get hundreds, it shouldn't be too big of a package at all. $10,000 in hundreds is only 100 bills and will be about about an inch thick, give or take. It'll be too thick for a wallet, but a very small bag should be sufficient to carry it. Stop at a store and buy some gum or something before you hit the bank and ask for a small bag from them. Just don't throw out the bag by mistake if you put the money in it!
Last edited by rodentraiser; 09-20-2023 at 01:19 AM..
Most of the transactions a bank does don't involve any cash money at all. Banks tend to keep rather small amounts of cash on hand. They don't normally use a lot of cash and it limits what bank robbers cans steal from them.
To be sure, notify them a couple of days in advance to make sure they are expecting that large-ish withdrawal and will have sufficient cash on hand. You already know you will need the cash; it isn't a surprise that the expense is coming up.
Its noticeable anywhere that I have lived that if there is a bank robbery, the robbers will get away with less than $5,000. The banks no longer keep large amounts of cash on hand.
For the piddly amount you're talking about, no need to make special arrangements. unless you want it in unreasonable denominations. (Like in dimes.)
Now, pre arrangements should be made if you want over $1 million in cash...
No bank carries even close to that amount. When I worked at a bank the individual branches rarely held over 50k in the vault. There was no need. Thats just good business so you cant get robbed of as much money.
No bank carries even close to that amount. When I worked at a bank the individual branches rarely held over 50k in the vault. There was no need. Thats just good business so you cant get robbed of as much money.
A lot of branches carry well over 50k, I’d actually wager most branches have 50k. There are plenty of bank branches with more than a million in hand. Maybe they didn’t inform you of actual cash on hand as it wasn’t necessary information. You’d have to be at a very small bank branch to have less than 50k on hand
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