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Old 03-06-2009, 09:24 AM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 17,408,537 times
Reputation: 8841

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My small bank is asking that withdrawal requests over $2k be arranged for two days ahead of time. The bank rating is 'B'.

I was thinking that my money should be spread among a couple of banks, just in case (as well as some socked away at home, naturally).

So, I see Chase is rated 'C'.
I am looking at smaller banks like the one I am now in, but cannot find ratings of them anywhere.

Should I be concerned about the $2k limit? That could have been their policy all along, I don't know.

I know that Chase bought out Washington and Chase is probably in the 'too big to let fail' category - but the 'C' seems pretty sad when I am searching for an 'A'.
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Old 03-06-2009, 09:35 AM
 
Location: Where the sun likes to shine!!
20,545 posts, read 27,763,032 times
Reputation: 88791
That's really bad. What bank is that? Here are some links for bank ratings but I don't think they can be trusted anymore. Too much fraud out there.

Bank Ratings

and

Bankrate.com -- Safe & Sound (tm): Bankrate's free rating system for banks, thrifts, credit unions

We are living in some very scary times. I remember on 9/11 Wachovia in my NC town shut down. No one could get "any" money from that bank. It made absolutely no sense. It sure didn't make me feel safe to have my money in that bank and now it isn't.
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Old 03-06-2009, 09:49 AM
 
Location: Great State of Texas
86,068 posts, read 76,887,418 times
Reputation: 27652
Banks do have limits - they only have so much cash on hand. The smaller banks may have lower limits. This is not new. Cash is not the main form of payment anymore..credit cards, debit cards so banks have less "cash on hand" which is just the way it has trended over the years.

Nothing to get panic'd about IMHO.
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Old 03-06-2009, 09:50 AM
 
1,403 posts, read 3,257,590 times
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RELAX....they probably need to arrange to have the physical money in the safe to pay out the withdrawal. Banks don't typically keep massive amounts of money in their vaults for security reasons. Its probably been their policy all along.
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Old 03-06-2009, 09:51 AM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 17,408,537 times
Reputation: 8841
The bank is Spencer Savings and Loan, a small bank in New Jersey.
Thank you.
I found another bank on one of those sites you gave me, but two are still missing, which I find so odd.

There is a 'Greater Community Bank' and 'BankNorth'.

I really don't need info on them at this point, but find it odd that there is no info.

Thanks, again.
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Old 03-06-2009, 09:55 AM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 17,408,537 times
Reputation: 8841
I think you guys are right and its just a matter of cash on hand and I would not have noticed had the economy been rosy.
I also am not totally trusting of rating services, seeing the great ratings given to all those combined bad mortgages.
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Old 03-06-2009, 09:57 AM
 
Location: Great State of Texas
86,068 posts, read 76,887,418 times
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Spread your money out among several banks. I use credit unions as I prefer the smaller local community banks which I also trust more.

Credit Unions can also be checked online for their ratings.
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Old 03-06-2009, 11:23 AM
 
Location: WA
5,538 posts, read 22,638,746 times
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Deposits are insured by the FDIC so spreading your money is rarely needed.

Banks must manage cash so it is not unusual to see requests for large withdrawals be scheduled although $2000 is small enough you would think it could be accommodated pretty quickly even at a small bank... but I have seen very small branches that limit cash on hand to $3000.

Managing the cash inventory for a large bank is a big operation with a carefully managed schedule of pickups and distribution. Funds kept in cash are non-performing assets.
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Old 03-06-2009, 12:07 PM
 
Location: Charlotte, NC, USA
392 posts, read 1,387,648 times
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When opening an account at a new bank, ask them about the best way to transfer funds. Depending upon the bank, there should be several ways to transfer funds between accounts. Messing around with cold, hard cash is usually not needed.
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Old 03-06-2009, 12:25 PM
 
Location: NJ
2,111 posts, read 7,479,332 times
Reputation: 1018
Quote:
Originally Posted by goldengrain View Post
The bank is Spencer Savings and Loan, a small bank in New Jersey.
Thank you.
I found another bank on one of those sites you gave me, but two are still missing, which I find so odd.

There is a 'Greater Community Bank' and 'BankNorth'.

I really don't need info on them at this point, but find it odd that there is no info.

Thanks, again.
Normally banks have a policy about cash withdrawal limits, as previously mentioned, they don't keep huge amounts of cash on hand.

If you bank in NJ, NJ has a lot of 4 and 5 star community banks. Investors Savings, Hudson City, RSI, Columbia Savings are a few. Also check BauerFinancial for ratings. I just checked, Spencer Savings in Elmwood Park, NJ is rated 5 star by BauerFinancial.
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