Re:EU-wide maximum limit of €10K for cash payments
by wara23arish on Saturday December 10, 2022 @05:50PM
(#33937877)
I used to work for a bank in the US as a teller before 2019.
You absolutely can walk in and ask for 12K in cash. That amount is normal.
If you’re asking for 30-50K then coordination is needed, and its not because money is not available, simply because youd need to open the vault and that takes time.
Re:EU-wide maximum limit of €10K for cash payments
by woodruffw on Saturday December 10, 2022 @05:56PM
(#33937930)
I think there's a large degree of variance here: I've been in places that would have struggled to hand over $1000 in cash, since they might have had only 2-3 times that total on hand for the entire week.
That was in a small town, but that's my point: anecdotes about being unable to withdraw money are more about logistics than a banking collapse being hidden from the public.
Re:EU-wide maximum limit of €10K for cash payments
by vl on Saturday December 10, 2022 @07:04PM
(#33938436)
This was in a branch that before pandemic would fork out 10k easily. I’m not the only one who experienced this - my friends experienced this across different banks in different states.
Re:EU-wide maximum limit of €10K for cash payments
by woodruffw on Saturday December 10, 2022 @07:12PM
(#33938498)
This doesn't contradict what I've said, and doesn't imply financial instability: it's not particularly surprising that banks weren't receiving as many cash deliveries during the first year of the pandemic, or that demand for cash withdrawals was higher than normal.
Re:EU-wide maximum limit of €10K for cash payments
by Spivak on Saturday December 10, 2022 @05:13PM
(#33937466)
And 99% of the time people do that is because they’re moving banks and they leave with a cashiers check instead of cash.
Re:EU-wide maximum limit of €10K for cash payments
by omginternets on Saturday December 10, 2022 @05:30PM
(#33937641)
So, to be clear, you can’t actually liquidate your account.
Re:EU-wide maximum limit of €10K for cash payments
by Spivak on Saturday December 10, 2022 @06:04PM
(#33938004)
No, it’s that it is incredibly rare for someone to actually want to liquidate their account because the reason people do is usually to move banks and that use-case is better served with a cashier’s check. It’s not at all surprising that random branches don’t keep that much cash.
Re:EU-wide maximum limit of €10K for cash payments
by woodruffw on Saturday December 10, 2022 @05:52PM
(#33937888)
You can always liquidate your account. What you can't do is make it some random branch's problem in a spur-of-the-moment decision; you have to plan it with them.
Re:EU-wide maximum limit of €10K for cash payments
by anigbrowl on Saturday December 10, 2022 @07:02PM
(#33938419)
No, that doesn't follow. You can definitely remove large amounts of cash, you just have to think ahead a little. Also, you have overlooked the fact that for many people a cashier's check is more convenient than a large wad of cash, especially if their sole object is to deposit it at a competing institution.
If you have a bank account, you can always withdraw your savings (at least up to the amount insured, in the event of a bank collapse). But there has never been a guarantee that you can walk up to a teller and leave with your life savings in a bag; you should always call ahead and coordinate with the bank to ensure that they have the physical paper available. In many cases, they'll redirect you to a specialized or more central branch.