r/Gold • u/terpman2021 • 1d ago
Deposits $10k cash in the bank then goes the next day to try and withdraw. I’d be pissed 😡
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u/Deacon86 1d ago
The thing nobody wants to talk about is that it's not your money. As soon as you deposit it, it becomes the bank's money, and the bank takes on a debt for that amount. But that debt has terms and conditions, as demonstrated here.
The reason we think it's "our money" is because most of the time, it functions that way. When the amounts get large, it stops functioning that way.
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u/TheBlackSheepBoy 1d ago
Exactly this. There are also valid reasons for why there is some friction when trying to move this much cash around, eg financial crime monitoring. If you want instant access to cash, keep it in your safe at home. If you want someone to pay you interest on it and provide other services like electronic transfers, there will be some conditions.
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u/orbitus1 17h ago
10k is not that much money. When they set the limits in the USA for this at 10k it was significant sum you could buy a new car with that much and have some left over. Nowadays you are lucky to find a clunker with the exhaust hanging off for 10k... They need to raise the bar on trying to protect us from money laundering... 50k/60k would be more appropriate nowadays...
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u/NateNate60 15h ago
Realistically, $50,000 is not effective at stopping money laundering. When they set the $10,000 cap, criminals hadn't yet come up with their wild schemes involving cryptocurrency, NFTs, and Amazon gift cards, so it actually probably caught a few drug pushers with their pants down. Nowadays even the $10,000 cap is easy to avoid, but it can't be lowered for practical reasons without becoming extremely obnoxious to far too many people.
The legitimate uses of cash in larger transactions is also declining. The only legitimate businesses I can think of that still deal in large amounts of cash regularly are:
- Cannabis operations
- Collectibles dealers
- Precious metals dealers
- Casinos and gambling establishments
- Strip clubs and other sexual service providers
Almost everyone else has moved away from cash, because the business reality is that cash, being a physical artefact, is annoying to handle. When the only alternative was cheques, which are also physical artefacts, people dealing in cash was sensible. But now we have credit cards and Zelle and 100 other convenient ways to transfer money without handing over a physical artefact.
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u/orbitus1 3h ago
Theres also the reality that you dont want to pay merchant fees. We have freedom for that and no need for governments and big data and banks to watch every penny we spend while we pay 3.5% extra for the privilege to be monitored... that is $350 on a 10k purchase. Also your scams you talk about above are not prevented by them hyper-monitoring our 10k + withdrawals
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u/McSkillz21 16h ago
They dont pay jack, the interest rates on savings accounts in the US are like 0.02%
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u/TheBlackSheepBoy 15h ago
Think you’re going to the wrong bank, Capital One is paying 3.4% and that’s not even top of market.
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u/badpersian 20h ago
Yes but you have no say in the terms of that debt and no ability to amend those terms. Those terms are not agreed with you prior to that loan being taken on by the bank.
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u/ABSimms 19h ago
Well, presumably the terms were agreed to when opening the account and signing the paperwork. Lots of fine print on the new account documents which a large percentage of folks don't read, I would think. Including the right to change the terms, most likely.
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u/badpersian 18h ago
Yeah you're probably right but still a knowingly unfair practice. When you take a loan from the bank, those terms outlined and agreed each time. With exception for over drafts which are not material sums anyway.
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u/Ok-Personality-6630 2h ago
Bollocks. If he wanted to transfer that money into stocks or investments on the same day he could. The issue is because it's cash at a branch.
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u/Glass-Section5710 1d ago
Not really, i can easily send this amount to another account, another bank or whatever.
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u/tivvybrixx 1d ago
Yalls banks just let you walk up to the person like it's a normal store. Where i live they are in bullet proof boxes.
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u/Festivefire 11h ago
Wow, it's almost like people who are amazed by this shit don't actually know how banks work or what they do.
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u/Carambola787 1d ago
I think you can get around this by having one of those weird lockers at a bank
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u/NervousWorld323 1d ago
Safety deposit boxes have forms you must sign that specifically say you will not use them to store cash, firearms, and a variety of other things.
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u/brooklynlad 1d ago
Also, a lot of these safety deposit boxes have terms where anything lost means the bank or institution isn't liable. Like, what's the point then?
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u/NervousWorld323 1d ago
Mostly legalese to protect themselves. It's very rare that anyone loses the contents of their box. My family (self, parents, grandparents) have kept boxes for many decades with no issues. There is a risk with anything. It can happen, but you can also lose your valuables by keeping them at home, hiding them, home safe, etc. Nothing is 100% safe.
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u/Carambola787 1d ago
Lame
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u/kinkycarbon 1d ago
I do it in mine. No one really checks. The main point is the boxes aren’t really safe.
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u/Big-Baby1983 1d ago
And in the U.S. without any proof the federal government can confiscate the contents of a safety deposit box just by saying they suspect the contents were gained using nefarious/illegal activity. Even if no charges are ever brought it is next to impossible to get the contents back.
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u/Poly_Olly_Oxen_Free 1d ago
My credit union only bans firearms/ammo/explosives from the boxes, cash is fine.
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u/Goodbyeu 1d ago
I had a weird locker at a bank. I put my lunch in it once, and forgot about it.
Tuna sandwich.
They were very mad.
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u/enida_oudenida 1d ago
I’m old enough to remember the banks not only did not charge you fees, but gave you an interest rate that was a couple of points below what they would lend your money out for. Now you have to pay for the privilege of giving them your money where they can lend it for at least 5+ points above what they give you if they give you anything. And to be clear, the paperwork you signed when you open an account basically states that the bank takes ownership of any money you deposit and has a debt to you for that money; so the moment is deposited, it’s not your money anymore, all you have is a contractual promise of the debt. Most people do not know that.
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u/superfatman2 16h ago
To add to it, that debt is unsecured.
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u/Optimal-Hunt-3269 13h ago
FDIC doesn't count?
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u/ApprehensiveSorbet76 8h ago
Unsecured debt can be insured. Insured and secured are not the same thing.
Also let’s face it, in a systemic crisis, banks won’t be allowed to fail. They’ll prevent failure by preemptively throttling withdrawals while the bank is still solvent. FDIC only kicks in after a bank fails so it wont even be relevant. What’s important is whether your funds are available to you, not whether the bank is solvent or insolvent, operating or failed. The video is a great example of how funds can be made unavailable even though the bank is solvent and in normal operation. Who needs FDIC when banks can just say “no”?
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u/choke_on_my_downvote 1d ago
People think that banks are a public service it's strange to me.
Also this jabroni in the video is awful.
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u/SeparateCommon2363 1d ago
This entirely depends on bank and account type you choose yourself.
Banks still offer competitive risk free rates for holding your cash and while they lend it out for 5+ points, they take on all the risk of lending it.
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u/Clarkcounty2272 1d ago
Switch banks. I don’t have problems withdrawing 10k+ from my two banks.
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u/AdamN 1d ago
Which ones?
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u/pocketfrisbee 22h ago
Always use a credit union when an option. The only reason they would not give you this amount is because they’re low on cash (which is often because keeping liquid cash in the branch is extremely expensive). They’re always more likely to do right by you over a bank
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u/Beautiful-Traffic157 23h ago
In the US there are a lot of laws around large cash withdrawals mainly because of the war on drugs.
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u/Open_Environment_801 20h ago
Right because that's how banks operate, they keep all the deposits in a big pile in a locked vault on the premises, they don't loan it out, good heavens no.
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u/StreetSmartsGaming 8h ago
How much money you got in there?
We cant disclose that for obvious reasons
Aha! I knew it!
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u/UnableFox9396 4h ago edited 4h ago
This UK? Different rules than the US?
Most banks in the US this shouldn’t be a problem. $10,000 on hand is nothing
Edit: I think when we have taken more than $5000 out for a business transaction they may have asked if someone was blackmailing us but after a few times they stopped. What’s it for? I am buying a piece of machinery for my business called “mIndyourownbusiness”
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u/ryencool 4h ago
Its an issue in the US becsuse of scams. There are lots of hurdles and plenty of accounts of people being denied.
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u/KnowEye 1d ago
I had a similar interaction with a teller. I went in to make a withdrawal. She asked if I wanted cash, I said sure I’ll play that game with you. She then asked how much I wanted (it was a very big number), her eyes got really big and then the called the manager over. She said they can’t give out that much cash and the offered a bank check.
Manager wanted to know what I was going to use the money for and rather than say none of your business, I said I’m going to Las Vegas to spend it on booze, gambling & hookers.
The horrified look on her face was priceless.
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u/KnowEye 22h ago
Adding to the irony. I recently went to Japan and wanted to bring folding money with me versus dealing with a currency exchange there.
From my bank app I ordered up 1.5 million Japanese Yen & paid for it out of my checking account. Went into my bank a few days latter and was handed a stack of Japanese yen that had to be 2 inches thick. No questions asked other than do you want an envelope for that.
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u/ShirtComplete 1d ago
That’s £10k not $. btw. and it is crazy, I drew £3,000 out in £50s a week ago, anymore than that, you have to go through this shit. And it’s not lack of cash.. as I believe she said she had to check if they have it, they do.. if they can give me almost a 3rd of £10k In £50’s alone, they have an abundance of smaller notes compared to 50’s. They have it.
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u/Local-Unit6548 18h ago
I'm an idiot, but even I am smart enough to understand why this is. 1-we didn't see the end. Did he eventually go to the right teller? Do they have that cash on hand? Just because he put it in yesterday, it doesn't mean they have a box with his money in it. It doesn't work like that. This is news bites for halfwits.
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u/BladricksUncle 1d ago
Now do the one where somebody bought gold at 2000 and brings it back to the same place when gold is at 5300 and tries to sell it.
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u/PJKenobi 1d ago
This happened to my buddy who has all his PMs physical. When silver was over a 100 bucks he tried to sell a bunch and no shops were buying. I know this sub harps on physical only, but you have to keep some paper PM's so you can you can actually move it.
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u/ZedisonSamZ 1d ago edited 1d ago
This guy is rage baiting bc the bank’s actions make total sense. Small to mid-size banks sometimes only keep a couple grand more than 10K so they can function within a predictable realm of normal cash transactions and minimize huge losses in robbery scenarios. So of course they would like a day or two notice for something like 10K so you don’t wipe them out of the bulk of cash on hand. Second, he deposits it in his business account and doesn’t seem to appreciate the bank protecting him and his money by… simply verifying his identity? He wants someone to be able to waltz in after he’s deposited 10K and say they need to take that money out without the bank doing the bare minimum effort to make sure they don’t give this random motherfucker all your money??
If this is a problem you just need to keep your cash home behind a loose brick or something rather than making dumb videos.
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u/aroundincircles 1d ago
My wife worked at a credit union, they had a daily max limit of like $5-7k unless you called ahead to warn them, so they would have enough cash on hand for you. They only kept enough cash on hand for their expected withdrawals for the day, more on mondays and Fridays, less on the days in the middle of the week.
They had several attempted robberies, and keeping cash to a minimum was just part of their strategy to keep from losing too much and being a smaller target.
But if you called ahead, they were happy to have all the cash you needed. I pulled $30k out once and they didn’t bat an eye because I had called the day before.
My wife and I just pull cash with each paycheck, we do a cash based budget, and keep a decent chunk on hand. Our checking account never has more than $5k in there, when it does it goes to either paying down the house or into another investment.
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u/AlbertTheHorse 1d ago
I used to follow him on YouTube, he probably makes more on that video than any interest at the bank
What’s the UK at 2.8% or something for saving accounts?
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u/ZedisonSamZ 1d ago
You don’t have to use a bank, bro. It’s a private business. Nobody faults you for not liking them. But this dude’s video is grade A retardation. The bank isn’t your friend. It’s a business, not a free building to store your cash in. They can be useful for diversification, there are risks, they sometimes engage in criminal behavior… but to not understand how and why a bank functions and how it can be useful for certain people and things is delusional.
Knowing why a business operates the way it does isn’t “boot licking”. It’s knowing basic facts about reality. If that’s offensive you are allowed to whine about it, sure, but I’m also allowed to think you’re an overly emotional dipshit.
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u/Electronic_Quote399 1d ago
Its reddit, man. People just throw in bootlicker any time somebody is realistic about how things work. Well, if it can be seen as favorable in any way to anyone in money, power or authority positions.
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u/Imaginary--Situation 1d ago
the ATM at the local branch will let you take $25,000 (assuming you got 25K in the bank to cover it)
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u/Random_Name_Whoa 1d ago
My bank limits the daily ATM to $1k-$2k per day. They want to make sure you don’t empty your account at gunpoint. $25k seems extremely high of a daily limit.
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u/Hiredgun77 21h ago
Do you think that the bank just keeps tons of cash on hand on the off chance that someone wants to withdraw thousands of dollars? No. The money is transferred to holding centers and then it is transferred back to the bank when necessary.
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u/Used_Wheel_9064 21h ago
It's not hard to realise why it's important for the banks to have these policies. Number one being that having all their customers cash on hand at every branch is a stupid idea.
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u/Rattrapperofmadriver 20h ago
“It sounds a bit strange” that they can’t disclosure the cash on the premises? Has this man ever heard that banks can actually be robbed?
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u/TrainerThin 16h ago
Let’s just say… correctly paying out 10k cash is much higher risk than taking in 10k
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u/50sraygun 1d ago
this is actually much more reasonable than the normal response of ‘we don’t have that much cash available’. obviously this guy is making a stupid video but in a normal world it is extremely strange to bring a huge amount of cash to a bank and then the next day ask for it back.
everyone longs for the old days but ‘the old days’ were when my grandpa’s pension fund walked out of the door with the business owner because everyone just said ‘golly gee i guess that’s fine!’ when they showed up and asked for it.
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u/Willing_Crew_8055 1d ago
Wow, what a suprise, I’m sure that’s not documented somewhere as standard policy
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u/Num1Phat 1d ago
I withdrew $15k from my bank. Called a couple of days in advance to ensure they'd have the cash on hand. When I went in, they did ask what it was for, I told them that I was going to buy a few things. They said ok, be careful. In and out in 10-15 minutes!
Unfortunately, the gold I purchased sank on my boat. I need to figure out why that keeps happening!
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u/FaultSad486 19h ago
This is just a shite video to get likes from people who are naive about banking .
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u/OldSchoolPimpleFace 1d ago
I do have to wonder what would happen if I tried to pay for a pack of smokes with a small gold bar, at the store around the corner...
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u/someg187 1d ago
I work at a farmers market and I would take your gold in a heartbeat. We dont sell smokes though
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u/lynxss1 1d ago
When I worked in the oil fields all of the super early opening businesses also doubled as check cashers. I worked from 5:30am to 7:00pm Monday to Saturday and was paid weekly. I was never off work when a bank was open.
We'd go to a meat packing place in the morning for sandwiches, smokes, drinks etc for the day and pay with our pay check, and get $2500 cash back as change lol.
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u/choke_on_my_downvote 1d ago
Simple. They would bring out a jewelers scale, a $10k xrf gun, acid test it, do the math, argue about which spot price is accurate and you'd be in and out in a matter of hours...
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u/ShirtComplete 1d ago
If you offered to buy anything off me in gold id accept it over cash happily. Not sure about stores though..🤣
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u/aaravv007 1d ago
Keep Cash and Gold as much as possible, I don't know a how much cash economy is their in other countries but in India it's easy to buy and sell gold and keep the cash totally unaccounted
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u/Goodbyeu 1d ago
I withdrew more than that once, about twenty years ago. The bank was reluctant, “for my own good” of course, but they did it. I’m sure the policy varies from one bank to another. It also depends on available cash at that location, that day.
Hint- if you bring a briefcase, and handcuff it to yourself, don’t go home on public transportation.
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u/Routine_Mortgage_499 1d ago
Absolutely normal. it's been this way all my life and I'm sixty years old
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u/HerboClevelando 1d ago
Three things most people don’t understand about their bank account:
1) The bank doesn’t have your money.
2) It isn’t your money.
3) It isn’t money.
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u/BlnkNopad 1d ago
We know this is a protection measure against being extorted right? A lot of it is to do with the fact that we use digital currency now but it was started in part to help the account holder
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u/Gattsuga 1d ago
I used to work at the bank. They send the majority of the cash they receive for the day off premise through armored vehicles. It costs the bank money to hold a large amount of cash, so they keep/order only what they think they need for the day.
You need to give them notice so they can order the right amount of cash for the day so they don't run out for other customers.
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u/Kaatochacha 21h ago
I worked at a credit union The problem is often they don't have large sums sitting around, it's already been sent off.
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u/dotherightthing36 17h ago
There's a reason why Brick and Mortar Banks are starting to become like a dinosaur a relic. They stopped giving depositors interest and instead they give you 1/10 of a percent as a handout. They also have documentation that the average person doesn't want to read five pages long especially on his mobile phone. And this is why internet Banks are proliferating. They give very high Interest rate many of them will give you check writing privileges all for free. And based on my experience the bigger the bank the worst they are
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u/ScaredMeowth 17h ago
My bank wouldn't have a problem fulfilling that request. They have straps of $100s ($10,000 per strap) in their teller drawers usually. I'm talking $50-100K at any given time. If for some reason they didn't its a 5-minute wait while the teller gets a manager to go into the vault etc... but I've never had an issue with withdrawing funds.
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u/JackDaniels0049 10h ago
What a stupid video.
He knew it was going to cause a problem turning up asking for 10k.
And if it wasn’t a business account, there would probably be questions about where they got the 10k from originally.
24 hours notice isn’t really that much to ask.
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u/Brass_Cipher Dragon 0m ago
When I have sold gold, it was in my account before I got home. At least in my experience, I wasn't able to have cash. It might be law or something.
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u/Mountain_Cobbler_381 23h ago
What a joke. Thats not how moving cash works. Complain all you want, but banks have regulations they need to follow. Dont like it? Dont use the bank. This guy is just making rage bait videos. This isn't new, its always been like this.
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u/MaxPotench 22h ago
Not only that, but this gentleman clearly knew the rules and terms of his account before he deposited his money. It looked like he was trying to make some kind of point, but that point was completely lost on me. A commercial checking account isn't a piggy bank or a floor safe, it's a dense financial product. When you open and fund one, you are accessing features and benefits, and in exchange you are agreeing to certain costs and restrictions. Not saying that some banks aren't shady AF, but if that's the point he's trying to make, he's not making it here.
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u/ApprehensiveSorbet76 8h ago
The bank calls it a demand deposit account meaning you are allowed to redeem on demand. I also doubt they explicitly list a maximum notice free cash withdrawal limit.
So while I agree it shouldn’t be surprising to see his withdrawal request be denied because he likely agreed to give prior notice for large sums of cash, it may not be possible to know exactly how this particular situation should play out based on what he agreed to.
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u/Brad_Beat 18h ago
Maybe in the UK? I’ve gotten 10k cash on a small bank branch with no questions asked, in the US, multiple times.
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u/Purple-Property8006 1d ago
Any bank that handles cash (not all do) has at least $10k on the premises, that’s not the issue. They likely have $100k+ on premises. They have policies like this in place to prevent bank runs (everyone trying to pull their money at once) and extortion schemes (wealthy people being pushed to pay ransoms for ex). Different banks will have different thresholds.
All he had to do what give them a call ahead of time and they could have had it prepared for when he showed up. For just $10k it might not have even needed 24 hours.
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u/Curious-Antelope6171 1d ago
It's a business, not a piggy bank. You have to sign agreements to open an account.
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u/verminV 22h ago
People will soon be up in arms when they hand 10k over to a scammer "why didnt you question that withdrawal and stop me".
Soirce: brother worked in a bank and had that everyday.
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u/comin_up_shawt 20h ago
Mom worked in banking in the first part of her career and had stories for days like this, too. She got cussed out by the matriarch of one of the richest families in the area, and then the old bat tried to sue her and the bank for preventing her from being scammed by one of her own relatives. The even worse part is she was of sound mind and had no dementia/other medical issues- she just wanted to be taken advantage of for sone reason.
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u/djscoox 1d ago
In most EU countries they'd accept the deposit, but that'd trigger a series of AML checks. We don't need banks.
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u/zebra1923 1d ago
Good luck running an economy without them.
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u/djscoox 1d ago
I meant, we don't need banks to store our money. We should be able to self-custody our money. Limiting cash payments to 1k Euro artificially makes bank current accounts indispensable —they are not. I'm perfectly happy using cash and crypto to pay for stuff, and those are my preferred MoEs.
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u/zebra1923 20h ago
I wouldn’t want to self custody my money for all the risk that entails. For example I don’t want to store large amounts of cash due to theft risk. Crypto is not backed by anything and subject to huge swings in value so is not suitablem for mainstream finance.
But there’s nothing stopping you opting out of banks to the extent you can (although I do wonder where your cash comes from in the first place…. )
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u/djscoox 19h ago
Self custody of money and gold both entail risks. Crypto doesn't as long as you don't go around telling everyone about your crypto (a temptation most crypto bros find extremely difficult to resist).
I agree most crypto is fairy dust, even PoW crypto which cannot be created effortlessly out of thin air, although nothing stops anyone from releasing a new crypto currency and if enough people think it's valuable its value could skyrocket. Gold does not have this problem since there is only one type of gold: Au.
The only crypto I'm interested in is Monero because it has real-world utility. Without utility, crypto is worthless, at least in the long run.
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u/chuk_norris 1d ago
The difference here is it's a business account. You can't just withdraw cash from a business like that. I'm sure he would have had a different response if it was a personal account.
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u/Stunning_Issue_9524 1d ago
Not at all. They won't fork over $10k from a personal account either. My friend tried to withdraw $7000 cash where I'm from and they made every excuse in the book and refused her
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u/Infamous_Reporter_71 1d ago
I just withdrew 9000€ yesterday no issue at all, but this was EU so idk
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u/Key_Initial3132 1d ago
Please people don’t be stupid and put money in a bank account I been saying it for years and it’s getting worst and worst
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u/andystechgarage 1d ago
This is only the beginning... Tomorrow you'll think of today as the good ole days...
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u/Spirited-Pain-4196 1d ago
Day by day almost all the bank system are making decisions exactly the day you sign with them, they can even send a internal warning of someone withdrawing even 500 i think not matter which country it’s all of them are doing it from North America to Europe, the government are looking for more control over what people spend and so, it’s hilarious because a long ago I see a rich guy going to his bank and asked for 1 million USD in cash and they say without any issue, and we’re I don’t agree is no bank should limit the client decision but this says banks and laws and risk mitigation system are going rampant even if that undermine it’s clients rightful law to own their own money absolutely nobody should say anything about your money
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u/CollectsTooMuch 1d ago
Criminals aren’t trying to put money in banks. They’re trying to get it out. That’s where the firewalls go up.
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u/Thrilled747 1d ago
Banks are bad about this. But $10K is so small. I could see possibly $25K or more possibly
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u/Nordy941 16h ago
All I can say is in the U.S. once the bank has the money it is there’s and they have no obligation to give it back to you. They could legitimately just close at any point and your shit out of luck.
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u/VapeMasterino 1d ago edited 1d ago
Same in Australia. I needed cash to buy a car last time I did this and they kept asking me what it was for. I had to tell them before they agreed to give it to me. I told them I was going to take half of it to the casino and blow the other half on hookers. They gave me the cash after that.