I have two retirement accounts. One is a 401K that I am drawing a small amount from each month and the other is a P&G stock account. If I take a small cash distribution from the stock account($5,000 or $10,000) I will either receive a paper check or it will be deposited to my bank account, after 20% taxes.
Can I then withdraw it from the bank in cash? I know there will be a waiting period but will banks give you cash?
“Can I then withdraw it from the bank in cash? I know there will be a waiting period but will banks give you cash?”
Sorry I didn’t answer you sooner, been doing actual physical things away from computer. The answer to your question is YES. I deposited a check of $75,000 at my branch bank. As I was leaving, the bank manager stopped me and said if I wanted cash, he didn’t have that much in the bank - he would have to get it for me from their main bank in the city. I told him I wouldn’t be asking for cash.
I used that money when I bought a house a few months from then, but it wasn’t cash, was a check so it was a money transfer on paper. I could have had the cash if I wanted it.
That is your money and you can get the cash. Where you keep it is up to you. I once had a book, think I still have it somewhere, that suggested places to hide things in your house - neat book. Maybe I can find the name of that book if I do a search.
You can start here to give you an idea about hiding valuables:
http://www.diyncrafts.com/3833/home/15-secret-hiding-places-will-fool-even-smartest-burglar