Four or five years ago I wanted to withdraw 5,000 cash from my BoA account, they would only let me take out part of it—2,500? 3,000? (don’t recall the exact).
My husband was with me and so he just withdrew the remainder from his account and I transferred it back to him.
I also noticed while in line that an elderly man was taken out of the bank teller line and shown to the ATM.
I still don’t understand why that happened. Somebody told me that you need to contact the bank ahead for such a withdrawal.
Guess I’m just a silly hick because I figured it’s my money and I can withdraw it whenever I want. It’s not like the bank didn’t have it.
/shrug...I don’t understand the world today.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.
Read the part about surrendering title to your cash. You are essentially an unsecured creditor.
Years ago, there were only "flags" thrown up if you were frequently withdrawing or depositing in excess of $10,000. Today, that threshold can be zero. Just as the NSA can run millions of phone searches using spy software, the banks and the government "see" everything.
A small branch bank might not actually have 25K, 50K or so in the vault. My banks ask me to let them know a day ahead of time if I need bigger bills. They also have a rule about withdrawals from the drive-up. They say they don’t want to count out big numbers where it can be seen from outside. So you just go inside for bigger deals.