Yeah, “large” cash withdrawals are usually an issue at most banks/CU’s (advance notice usually required...(they don’t keep as much cash around as you might think they do).
Truist Bank’s policy on large cash w/d’s: (page 17)
“Large Cash Withdrawals. For security reasons and in order for us to properly prepare for such requests, we require advance notice for large cash withdrawals. We can refuse an order to withdraw funds in cash or to cash an item if we believe that the request is a security risk or will result in a hardship on the Bank. We may require you to accept an Official Check or electronic transfer to receive the funds. If we agree to a large cash withdrawal, you may be required to employ a courier service acceptable to us and at your risk and expense. If a large cash withdrawal is completed at a branch you will be required to sign a cash withdrawal agreement or affidavit. Refusal to sign the agreement is grounds for us to revoke the cash withdrawal and require an alternate delivery for the funds. You understand and agree that the Bank is not responsible for providing any security regarding any cash withdrawals or deposits.”
Thank you. Truist’s “ right” to deny any cash withdrawals ( due to “ hardship on the bank) as stated is a wake up call to all.
I have heard all banks since the Dodd Frank act in 2010, ALL banks have instituted rules to prevent bank runs. My own Credit Union account disclosures states they can “ require “ any and all distributions from a Savings account by submitting a written letter 120 days in advance.
It pays to read a bank’s account disclosures, it’s coming.
I wonder how they define a “Large Cash Withdrawals.”
$500.00?
$1,000.00?
$5,000.00?
$10,000.00?
$50,000.00?
$100,000.00? etc
I could not find any mention of an amount in their policy.
The $5k withdrawal might also trigger a SAR. If it is a recurring monthly practice for her, maybe not. A one-off, it should.
Wife routinely electronically transfers $1K from her Truist account to our BOA account...
Primarily because the service in the Truist bank (formerly Sun Trust) is so abysmal...
We then go to BOA and withdraw $2k for our MGM (National Harbor) visit, with absolutely no problems...