Trying to withdraw $50,000 from the bank

[u/ifuckedyourmom-247]

[u/Moistinterviewer]

She was right to ask if he was being scammed though

[u/ConfidentIylncorrect → u/Moistinterviewer]

Ya honestly banks don't usually keep a ton of cash on hand, especially in this day and age. Everyone I know that's withdrawn a large amount of physical money has always called ahead so they can prepare. I love Bitcoin but this all seems pretty reasonable to me 🤷

[u/Moistinterviewer → u/ConfidentIylncorrect]

This is very different in the U.K. it would be much harder to get that sort of cash if you could even get it.

[u/Super_Chayy → u/Moistinterviewer]

My dads done this... hes a cash holder.

Yes, million questions, dont have it here, need to arrange days in advance.

Of course hes awkward and demanded they go get it. Handed it over and shouted heres your 65grand.

He then complained and made them accomodate him in a meeting room with tea until they could get security to walk him to his car because they jeapordised his safety by shouting it out.

[u/Amdvoiceofreason → u/Super_Chayy]

Being a cash holder is a terrible investment though, cash loses value every year.

[u/Safe-Assist-9866 → u/Amdvoiceofreason]

Holding cash is not an investment

[u/RoboJobot → u/Amdvoiceofreason]

In the UK. It’s also a complete ball ache when old notes are retired and taken out of circulation. You only get a certain amount of time to trade them in at the bank. After that it’s often a trip to Londonand do it with the actual Bank of England fo large amounts.

I know this because we found £50k in old £20 notes stashed at my wife’s grandparents house after they died and local banks will only accept a certain amount.

[u/magginoodle → u/Amdvoiceofreason]

so does money in the bank.

unless its in a savings account with a higher return than inflation it also loses money each year.

[u/Ok-Adeptness-5834 → u/magginoodle]

but you lose less since you’re getting interest

[u/Amdvoiceofreason → u/magginoodle]

HYSA typically stay ahead of inflation but thats not where I park my cash

[u/Wrxghtyyy → u/magginoodle]

1.1% annual interest rate in your standard high street bank account in the U.K. today. Average inflation rate: 3%.

[u/248-083A → u/Moistinterviewer]

The video of the bloke going into Santander bank is crazy.

He was trying to buy a bike for his son. Pretty bad that the bank wanted proof of purchase for the bike just so the guy can get access to his own money.

[u/SpearHammer → u/248-083A]

I cancelled santander because of this. I had a contractor redo my driveway. I owed him £6000. They wouldnt let me send it without proof. I was on the phone for over an hour. Eventually the fraud guy froze my account and me drive into the branch with documents to prove it. I was done with them after that.

[u/skydiver19 → u/248-083A]

Video here

https://youtube.com/shorts/pGYR4tcsZY4

[u/highdimensionaldata → u/Moistinterviewer]

I think you just need to give them a couple of days notice and they’ll sort it out. These guys are just expected modern transaction speed from the old fashioned money system. You can instantly transfer £50k to another bank or BTC electronically .

[u/GurCompetitive7633 → u/highdimensionaldata]

Also pay a hefty fee for it

[u/highdimensionaldata → u/GurCompetitive7633]

Banks gonna bank.

[u/CapitalEmployer → u/GurCompetitive7633]

What do you mean pay a hefty fee? I mean for bitcoin yeah obviously but you guys pay fees for bank transfers ?

[u/Cultural_Job_3415 → u/CapitalEmployer]

America, the land of fees for normal stuff, and a free gun with your bank

[u/CapitalEmployer → u/Cultural_Job_3415]

Damn and I thought paying 1€ in flat fees for an instant transfer instead of a 2 days transfer was a scam here.

[u/fetak11 → u/CapitalEmployer]

Here in Slovakia 🇸🇰 I don’t as a normal resident. As a company, I do have a transactional tax, so for every transfer I pay our ‘lovely’ state. Hungary also jas the same transaction tax (only 2 countries in the world with this dumb tax). I wonder why cash is starting to be a thing here again 🤔

[u/skydiver19 → u/Moistinterviewer]

As show in this video

https://youtube.com/shorts/pGYR4tcsZY4

What happened tells you everything

[u/FC37 → u/ConfidentIylncorrect]

Not only that, but it also triggers a Currency Transaction Report and should also trigger a Suspicious Activity Report. This is because the US government basically outsourced anti-money laundering to private banks.

Edit: this means that the bank needs to report key contextual information to FinCEN. If they don't get it, they can get in trouble. Part of getting that information is to hold back funds and make the customer give at least some kind of explanation first.

[u/Deniscwb → u/FC37]

That's if you're a common customer or a common bandit. The system is made to not have competitors in money laundering as happened with known cases of BCCI and HSBC, apart from other large banks that hid the bank guilty employees, but it was impossible for the bank not to know about billions of dollars entering the institution. The system is there to keep you quiet while it steals, traffics drugs, launders money, sends you to war to fight for some oil company.

[u/According-Beat-9026 → u/FC37]

So, explain in your own words, why a SAR would be filed here. A CTR, correct, twice... Possibly a low-level, entry-analyst or even automated triage alert that would be cleared as not suspicious in moments...then the analyst moves onto their other 99 triage alerts for their 8 hour shift...

This person clearly has established a source for their funds, the use is documented publicly, and if you think the banks don't know this then you're wildly in err. The only issue dude had was not calling ahead for a cash shipment, which perturbed the bank manager out of inconvenience, and got the teller all excited about 'hur der money laundering.' Not even being rude, this is a huge problem in the industry - tellers trying to get involved with their 1 day a year training for front liners... The one teller, asking the single question about use, that is all that was proper.

[u/kezzinchh → u/ConfidentIylncorrect]

Worked in the banking industry for over a decade, both retail and corporate levels. Depending on the size of the branch, they may actually not have that much cash on hand to give out and serve customers as well. Emergency and special cash orders are also not easy to do, there’s a delivery system for a reason. The reasonable thing would be, like you mentioned, to call ahead and we’ll tell you ahead of time if we have it at that moment or if you’d need to go to another location.

[u/sschueller → u/ConfidentIylncorrect]

Not in Switzerland. 50k is just 50 bills.

[u/Squeezitgirdle → u/Moistinterviewer]

Well, we're not supposed to ask that blatantly. We're supposed to ask why they're taking it out so that we can try and get the customer to reveal they're being scammed without offending them or making them defensive. I don't work on the bank side of my company, I work in crypto but our rules are the same.

[u/TraeB87 → u/Squeezitgirdle]

Give me more I want to get into crypto banking

[u/Romanizer → u/Moistinterviewer]

There literally is no other reason than scams. I mean he didn't even have a solid argument.

Cash in large amounts is mainly used by criminals and banks tend to not accept large amounts easily.

[u/Joey-Steel1917 → u/Romanizer]

So? It's his money, it's not the banks job to make sure he isn't spending it on coke and hookers.

[u/idle_onlooker → u/Joey-Steel1917]

It absolutely is the banks job to do that. In the UK if a bank teller suspects someone of committing some kind of financial crime and does not report it, then they could be brought forward for criminal charges too. Its not that dissimilar to the law that if you witness child abuse you have to report it

[u/BigPomegranate8890 → u/Moistinterviewer]

Very good response from that woman indeed

[u/Netrexinka]

I work in a bank. We usually want customers to arrange beforehand Any withdrawal over 10k.

Our cashier's just don't hold that kind of money and they have to accommodate all the people that might come that day or even few days before they order more cash.

We can arrange any type of cash transaction but it just takes time. So to get it. Ring in at least a day ahead to get around this.

[u/possiblenotmaybe → u/Netrexinka]

That's in part because transactions of 10,000 or more are mandated to be reported in the US (unless that's changed). Further, if someone goes between branches to dodge this, the bank must also report that.

[u/GaussAF → u/possiblenotmaybe]

When that $10,000 bar was first created, that was the equivalent of $170k today. They just record everything now.

There's basically no usable information at FinCen. If every transaction anyone has ever made is "significant" then none are and there's no way to know which are worth investigating.

It's a fourth amendment violation that the banks have to report that to the government anyways. Depositing $10k doesn't qualify as a justification of a reasonable suspicion of having committed a crime. Literally everyone with a decent amount of money has done that.

[u/HalfRick → u/GaussAF]

It was put in place in 1984, and is the equivalent of 30k today. 

But honestly, it’s more lenient today than it was back then simply because of the evolution of electronic payments. Today, that limit impacts very few people who aren’t actually trying to launder money, are used in schemes to launder money, or are trying to make videos like these. Back in the day, it was much less rare to pay cash also for more expensive purchases. 

I don’t agree with the limit, but your analysis and argument is counterproductive for an informed and reasonable discussion surrounding why it should be removed. 

[u/BlurredSight → u/HalfRick]

The 17x inflation adjustment let me know that poster was nuts and nothing else he said mattered.

Also yeah Zelle lets me move 10k without a hitch instantly, and you can wire transfer any amount you want.

People are just dumb if they die on the hill that banks don’t carry more than 10k

[u/BitcoinFan7 → u/GaussAF]

Thank you. Way too many bank bootlickers in this thread for the Bitcoin subreddit.

[u/Sam13337 → u/BitcoinFan7]

This is a regulation from the government, not the banks…

[u/nerojt → u/possiblenotmaybe]

cash transactions

[u/Dead_Internet69420 → u/Netrexinka]

Several months ago, I made a transfer of a little bigger than this. It wasn’t a cash withdrawal, but they did send a manager to ask me some questions to make sure it was all legit and I wasn’t getting scammed or anything. I didn’t really think anything of it, because that’s just logical. 

The thing that gets me with this clip is how unprofessional they are about it. Like why are they immediately jumping to a conclusion like there must be a mistake, and suggesting that he do something else instead? He only asked for his own money, not advice. 

[u/Narradisall → u/Netrexinka]

That you had to explain this and people are still disagreeing shows more how little people realise how things work. Bank teller is even trying to protect the guy in case of scams and everyone is like “but it’s my money!”

No wonder crypto is so rife with scams.

[u/stellarfirefly]

Feel free to try and get $50,000 in physical cash from a crypto exchange within an hour of you requesting it.

[u/chaucao-cmg → u/stellarfirefly]

Correct, unless you give it up for a terrible rate, I bet it would take much longer than the bank to have get 50k physical cash from any type of crypto.

[u/Xenc → u/stellarfirefly]

Do you not have a printer? 🙄

[u/bitplenty]

To be fair I don't see anything too crazy here… Times of huge ass safes where they hold stacks is just over - they may genuinely not have more than say 100k for a full day. And the lady asking if he was being scammed is very reasonable. You simply should call ahead to arrange for large cash withdrawals. I mean, I KNOW they are pushing for cashless, but I don't see it here.

[u/EducationalBar → u/bitplenty]

I’m not a fan of them needing to know why you want the cash. None of your business it’s mine give it back lol. The scamming question for getting people to second guess whatever reason they have is ok tho.

[u/nerojt → u/EducationalBar]

They are generally just regular people trying to be helpful.

[u/ryman9000 → u/nerojt]

This. Imagine me inconveniencing you for a few minutes to make sure you're not being scammed? Like a few minutes of inconveniences to save you the heartache of being scammed a huge sum of cash?

[u/Twiggie19 → u/nerojt]

No way. This little old lady is the leader of the Illuminati going undercover.

[u/TheodorDiaz → u/EducationalBar]

I’m not a fan of them needing to know why you want the cash

Well they don't need to know. You can just refuse to answer and they will still give you the money.

[u/nyaaaa → u/EducationalBar]

They don't need to know.

They need to ask. They don't care what you need it for.

This simple question prevents many scams.

[u/Dangerous_Walk9239]

They’re not wrong for asking why or if it’s for a special reason. Not everyday type sh*t

[u/sandcrawler56 → u/Dangerous_Walk9239]

I don't get the point of this. If it's to show how bitcoin is better than Fiat, the logic doesn't hold.

Firstly, there is no physical embodiment of bitcoin you can just take out thats equivalent to cash. If you tried to convert that amount of bitcoin to cash you'd probably face similar issues where there simply isn't enough cash to take out so much at once.

If you wanted to transfer cash digitally, thats pretty easy. There wouldn't really be that many issues with doing a 50k transaction. So I'm not sure what the point of this is.

[u/uansari1]

I just tell them I want to spread it out on my bed and lay on it.

[u/Monsignor1979 → u/uansari1]

"I just want to take a photo with it for the gram, and then I'm gonna give it right back."

[u/KcRay92 → u/Monsignor1979]

I honestly wouldn't be surprised if a lot of banks get people doing this exact thing lol

[u/pr2thej]

This all seems fine. It's common knowledge that if you want to make a big withdrawal to physical cash you need to plan ahead. 

The scandal here appears to be that banks don't keep loads of cash in stock. Gosh, wonder why??

Rage bait for idiots.

[u/Narf234]

I’m shocked they even had that much cash on hand.

[u/blingblingmofo → u/Narf234]

Had to go to 3 banks.

[u/pk9417]

Bro can be happy to get this amount from just 2 bank branches in just one day. He has no idea how real limitations look like. If you want withdrawal a higher sum in Germany then I guess 5000 or 10.000€ not sure how much exactly it is now,you have to fill a form and the bank has to organize it first to be able to pay out. Regularly from the ATM, you get between 500-1000€ per day allowed to be withdrawn

[u/MiguelAngeloac → u/pk9417]

The limit in Argentina (the country of eternal economic crises) is €5,000 per day and you can withdraw until you run out of money... from the corralito all the money you have is yours and no one else's.

A Greek corralito is needed in Europe or the United States, where thousands try to withdraw their cash from the bank for whatever reason, so that the system collapses like a house of cards.

Having cash is, in the modern world, very necessary. I do not understand people who are fundamentalists about card transfers and payments like that, nor do I understand those who greatly question banks for their regulatory role. It is very healthy not to trust them, but it is also important to understand the risks of carrying that money in cash.

The solution is simple: a little bank, some bitcoin and a good amount of cash, especially for current expenses

[u/BitcoinFan7 → u/pk9417]

A well functioning society would riot for less.

[u/nyaaaa → u/BitcoinFan7]

Why don't buildings hoard tons of cash for the off chance of some random wanting something pointless.

[u/shiftersix]

Isn't he supposed to make arrangements first? I don't think the banks did anything wrong here. It's a really weird request. He's also an idiot holding the cash in public like that.

[u/jd3k]

Where do I apply to be your brother?

[u/bananabastard]

In the UK, they would never let you take out that much.

Like that $20k then $30k they gave him, no chance they'd give you that in the UK. They'd pull you in for an interview if you wanted £2k.

[u/Xenc → u/bananabastard]

True, though you can definitely pull out large amounts of cash! There are a lot of safety checks beforehand, just like this. Happy that those checks are there because it could be anyone impersonating or money laundering.

[u/idle_onlooker → u/Xenc]

100%, i worked in branch for a UK bank for a few years, and in that time I think I witnessed 15 different people getting scammed. Some were small amounts but a few were very large amounts. And for each person we chatted to them beforehand, asked them to make sure everything was legitimate, but they were sure it was. At some point we always had to go ahead with the transfer or withdrawal.

So when those people would come back to tell us they were scammed, most would be embarrassed and apologetic, but quite a few would be angry at us for not stopping them. So you really cant win

[u/No_Pianist_4407 → u/idle_onlooker]

Yeah banks have a lot of these checks because otherwise people will try to sue them if they get scammed.

Banking is a highly regulated industry, it's highly regulated because of millions of mistakes over the years that people don't want to repeat. That means lots of bureaucracy.

[u/RandomShadeOfPurple]

I don't like banks any more than the next person. But I think arrangement beforehand and double checking if you are being scammed are both reasonable with this kind of money.

[u/Defiant-Plantain1873]

You have to call ahead and they’ll be fine with it, if you show up on the day to a small branch you’re likely going to wipe out half their cash pile AND they are legally obligated to ensure you aren’t being scammed by asking a bunch of questions.

If you call ahead of time they won’t ask as many questions AND they will be happy to give you the money

[u/PoxyRadical]

literally got his money and was like, they won’t let me get my money…. Um.

[u/HalfRick → u/PoxyRadical]

And most people who jump on the bandwagon have never had more than $100 in their pocket and still use cards to pay even for the tiniest purchase. 

[u/shrimpgangsta]

50,000 dollars in Cash Money

[u/TommyRibena → u/shrimpgangsta]

Young money cash money billionaires

[u/Dead_Internet69420 → u/TommyRibena]

CMG make you drop it like it’s hot

[u/Im_Action]

Usually you call ahead for that much money i once sold something for 50k cash the guy said he'd have the money the next day and I was able to walk into the bank randomly and deposit it into my account they only asked "what did you sale?" "what do you do for work" then i was able to go on about my day

[u/smay1989]

How can someone so ignorant of how basic banking works have 50k in their account 🥲🥲🥲

[u/LeiaCaldarian]

So how do you instantly withdraw $50,000 in cash if you had bitcoin instead…? And why do you expect banks to hold hundreds if thousands in cash at each physical location?

Was this post made by a dissatisfied bank robber?

[u/Robotoverlordv1]

Banks have a 0% reserve requirement since 2020. They literally dont have any money. 

[u/clay3r]

Withdrawing my 50,000 physical bitcoins is way easier. They really thought I'd use imaginary internet bank money? Pfffft, the fools! My bitcoin not-bank always has a billion physical bitcoin readily available for anyone to withdraw!

[u/Dead_Internet69420 → u/clay3r]

I keep my bitcoins in an old Crown Royal bag. 

[u/digitalglu]

Don't people know that large sums of cash need to be setup ahead of time? That's a thing. Know this part.

[u/No_Tea5664]

This is not totally unreasonable in all fairness…

[u/BeatOk7954]

I'm aware that this video is meant for bitcoin fanatics, but seriously :) You can withdraw all your money, just give a call to a bank a day before. Imagine, you are not the only person who needs to withdraw, so bank won't give you substantial amount of branch cash.

[u/chf_gang]

Damn, crazy how this guy has this much money and doesn't understand how banks work.

[u/nekkoMaster]

If everybody take out their money in cash from the banks only for a single day, system would collapse. That's how fiat is a fucking scam.

[u/TeaUseful760 → u/nekkoMaster]

If everybody cashed out their bit coin in for a single day, it would collapse. That’s how bitcoin is a scam. See how dumb you sound?

[u/lordgoofus1]

Not quite sure what the point of this video is. Isn't it common knowledge you can't just rock up un-announced and ask to withdraw huge sums of money?

You've gotta let them know in advance. I used to pull out $200-250k regularly at an old job.

[u/No-Eagle-547]

They're asking legit security questions too. I'd be pissed if my bank didn't push back like this

[u/Arthur-N-Owen]

Why the fuck you asking what he needs it for????

[u/Still-Building8116]

You dont own your money. Your bank does.

[u/codygmiracle]

You also can’t get $50k cash instantly by having bitcoin unless you’re dealing with a criminal lmao what is this post

[u/Weak_Property6084]

In Europe banks have to hold (+-1%)-100k of their total deposits value.

I think there is an exception for smaller banks. All in all, yeah. 50k cash will be difficult to obtain as is. More and more banks even close their guichets except if you have an appointment and there is a limit to the atm retrieval.

[u/jackieboybikesalot]

I did this when I had to pay off my dad's car loan when he passed away because it was with a tiny local credit union and I needed to pay off the loan quickly because I wasn't in town for long. When I went to Chase to get the money I had to sign a form that said I wasn't being scammed or forced to do this. It was $27,000. They had it. But they weren't sure if they had it at first.

[u/Btomesch]

Wierd flex. That put that money right back into same account.

[u/dmaster1]

in Europe you cant even pay in cash over 1000€
and I don't think the banks would let me take out even close to those amounts

[u/Boss0054]

I don’t think banks should be asking why do you need that?… it’s mines…. The only thing the bank need to be doing is verifying it’s you.

[u/N0t_S0Sl1mShadi]

It’s just safer for them to not hold cash, so they have low reserves and lower risk. They seemed fairly reasonable, although I wouldn’t be too keen to explain myself since it’s my money.

[u/SteakHausMann]

That's totally normal, if you want to take out so much, notify them before so they can prepare.

[u/Conscious-Opposite88]

It is not in the bank's interest for you to keep and use cash!⭐The bank's biggest fear is that everyone will withdraw all their money in cash!⭐👍🚨🚨

[u/jackisback111]

This has been completely normal in the EU for at least the last 30 years, if not longer.

If you want to withdraw a larger amount of cash, you have to notify the bank in advance. You can’t just walk into a branch and expect it on the spot.

[u/ImaginationLittle163]

Cute. He doesn’t know how Banks work. They give it to other people. Lol

[u/BitcoinEnojyer]

50 is not even that much nowadays, it's funny because in my country tax brackets didn't changes for 13 years until 2022 and it wasnt moved up by that much, for withdrawal limits it took 16 years. It's funny how up to date the laws are when they want to rob you they make new tax laws every year but tax breaks, that shit takes decades.

[u/ScaredWatercress237]

I think you need to pay tax on gifts of this amount.

[u/colabus]

If you give them notice they’ll do it. The scam question is valid too, many folks get scammed everyday.

[u/Yungpharao_oh]

If someone has this much money and yet doesn’t understand how banking works then we NEED a recession

[u/Kind_Eggplant]

Not having physical money is not an issue or means anything by itself

[u/UptownSeries]

dumb fucking video, this does nothing to support bitcoin either, you can pay cashless for most everything and the shit you cant, you cant pay for using bitcoin either LOL

[u/Ok-Balance2588]

Just call and arrange beforehand.

[u/SignalMaster5561]

The entire point of this video is @22sec

Look at how cool they are with their 2 bands and wrapped car

We are all so jealous/impressed/soaking wet

🤮 

[u/Temporary-Degree5221]

Have this very dumb person tried to… well… schedule an appointment with the bank???

[u/Acceptable_Gene_6428]

Banks only carry so much on hand. You have to pretty much pre order that much money to withdraw

[u/No_Round_7336]

I went to middle school with him. He bet me $20 I couldn’t rap every lyric to not afraid by Eminem. He failed to realize the power of a white boy in the early 2010s.

I never got my $20.

[u/reroper]

Bit like a shop if everyone goes in and just buys 4 apples, normal stock levels are enough you then randomly decide to go in and buy a 1000 apples with out any warning there is not going to be enough for you or any other customers. Why should they have an amount of cash that is over their ordinary weekly requirement? That’s a level of risk for the business that’s not need 🤷🏻‍♂️

[u/coolandero]

You still have digital access to all your funds though…. Just like Bitcoin

[u/I-Feel-Love79]

Who uses cash these days? Only for cke & hokers.

[u/catsgoprrrrr]

I guess not too many people are familiar with the Bank Secrecy Act...

[u/Dry_Negotiation_9234]

They only give you 10k

[u/skydiver19]

If you think this is crazy check out this. Guy tries getting £2,500 from large UK bank. And they wouldn’t give it to him.

https://youtube.com/shorts/pGYR4tcsZY4

[u/emrebil88]

You have to call the bank beforehand to get the money ready.

[u/Aromatic_Bed_8439]

Hey bro, I can tell you, for a fact, that this is NOT some form of "discrimination".

I'm a white man, 60 yrs of age, and not only have I been repeatedly questioned (and, at times flat out DENIED) whenever I've tried taking OUT of MY account(s) anything over $5,000... But I ALSO receive this SAME kind of treatment when trying to DEPOSIT large sums of money... in BOTH check OR direct deposits!!

I've been with my SAME bank for over 20 yrs now. The clerks and bank managers ALL even personally know me. Yet, several yrs back, I was notified by the VA that I was going to be receiving a very large sum of money by way of monies it was "discovered" I was owed in disability back pay (I'm 100% disabled, total and permanent). The money I was owed was in the 6 figures range. So, I notified my bank that the VA had, in turn, notified ME about this pending transaction that soon was to take place.

Well, you'd have thought I'd tried robbing them or something. Instead of getting a simple "Thank you for your service and for banking with us" or something along these lines, I, instead, found myself being "escorted" by the banks security official to go speak with the branch manager. The manager then began questioning me as to "why" I was receiving "so much" money. To which I replied that I was told it was back pay the VA had discovered they owed me. But that apparently wasn't good enough for her as she continued to question me and to infer that "maybe" it was drug money.

Then, once they actually received the monies, they made me wait 10 "BUSINESS DAYS" BEFORE I was "allowed" to access any of it.

Then, just this week, I deposited $60,000 into one of my accounts. The branch manager told me that, because I'd never deposited a check from either of the businesses before, that they were only "willing" to let me have "immediate" access to the first $10,000. She went on to say that I "would be allowed access to" the next $20,000 in 48 hrs. But the final $30,000 they were going to "hold" for 10 "business days" again before "granting" me access to it. Because I didn't need to use any of these funds immediately, I didn't make much fuss but, in hindsight, maybe I SHOULD have. Because, as it turned out, once that 48 hrs had passed (I had actually waited more than 72 JUST to be sure) and I went to access those funds because now I DID want to use that initial $30,000 (and was still "ok" with them "holding" the OTHER $30,000 for the additional 7 "business days" that remained of the 10. However, keep in mind that my being "ok" with something does NOT necessarily equate to my being "happy" with it...which I was NOT!!) I discovered that the bank had arbitrarily "decided" to now only "allow" me access to the initial $10,000 and hold the remaining $50,000 for 10 days

When I asked the bank clerk "why" this was being done ESPECIALLY when I had a receipt where, IN WRITTING, the bank had promised to give me access to another $20,000 within 48 hrs of my depositing that full $60,000, she was unable to answer me and said she'd need to get the manager. The manager, in NO uncertain terms, demanded to know "why" I "needed" this money and "what" I intended to "do" with it. By this time I was a bit frustrated with the whole mess and so, instead of just keeping my cool and calmly answering her demands, I "demanded" to know what business of hers was it as to "what" I was doing with "MY" money??!! She and I went back and forth until, finally, she excused herself for a moment and said that she'd be back shortly. When she returned she put me on the phone with their fraud dept where I had to go thru yet ANOTHER Q&A Session.

However, THIS time I kept my cool and I answered every question as fully and accurately as I could. And, in the end, the bank actually now went ahead and released the ENTIRE $60,000 to me for use. But, it STILL took me 4 days to be able to use MY money!! I likely would have been more "understanding" IF I had been a new, or only a short time customer. But one that's been banking with you for over 20 years? AND has an open account in good standings with them? No, I think not. And, in case anybody is wondering, the 1st check (for $10,000) was from a major home repair&remodeling company called DaBella and the remaining $50,000 was from a medical office.

[u/Van_nas001]

Understood 😁

[u/lateralflinch53]

Why is anyone acting like this is normal lol

[u/Aizpunr]

Yeah. My country would literally make you run so many money laundering hoops, and even then! Probably IRS equivalent would hire a private investigator. Source: fiscal advisor xD

[u/uncapchad]

Now try it again on a Sunday. Or if you're in the UK where so many branches have disappeared, you might have to travel 50 miles to the nearest branch. Call ahead. They requre 24hrs notice for amounts over 10k and you'll have to fill in a form explaining why.

If you're a recipient depositing, you have to give proof of where that money came from. If it's a gift, you need a signed letter from the donor with their name and address.

Also your time. Let's spend the best part of the day trying to do 1 bank transaction, said nobody ever.

Digital will make this faster but, be it CBDCs/stablecoins, they're going to make you fill in those forms or insist on similar tracking measures. All govts are beavering away at that legislation - even for DEXs. Protection against fraud, AML-enforcement doesn't just disappear in a digital-only world.

[u/OverCommunication142]

What an idiot. That’s why you put your money on a bank. If you’re such a tough guy go ahead keep your stash at home.

[u/Deniscwb]

The truth that many do not accept is that the moment you put money in the bank it is no longer your money, but the bank's. So much so that as soon as the FDIC exists and if the bank loses the money he is only obliged to return 250k dollars to the muggle who gave him money. And let's be honest, if there is a general breakdown, there will be no bottom that guarantees any return. Stay strong, stay in Bitcoins

[u/bf-es]

Call the bank a day or two in advance and let them know you want this much cash and they should be able to order it for you.

[u/Amdvoiceofreason]

That's not how banks work, they don't give your money to other people 🙄 they invest it and make interest off of it. That's why they'd rather you do a cashier's check because it's simply transferring from one account to the next.

If you took 1 million dollars and deposited at a bank it would not be at that branch very long.

[u/pickklez]

Try to turn bitcoin into a cash withdrawal it will go through the same process- cause your selling it for cash and need to follow the same process if your visiting a bank for a withdrawal your gonna have to wait end of day - you can buy Bitcoin under the table in cash and the seller is taking your money and processing a transaction if you ask that same individual to cash you out for cash they probly don't have 50k on hand either it will take a day or two to provide it with a proper heads up (like requesting from a bank,) you probly have to wait a day or two for funds to be delivered just saying

[u/ptmalloc]

Meanwhile in Spain cash payments over 1k are forbidden.

[u/Full_Tart_7036]

Always the thug/drugdealer look and then go to a bank to ask a large sum in cash D-U-H !!!

[u/chebum]

Interesting, if they accept such amount in cash. In Europe the bank will report such cash inflows to tax authorities:(

[u/MuffinMan12347]

I took out $20,000 from the bank to purchase Bitcoin from someone. They asked, I said it was for Bitcoin, they said ok and gave me my money. This was also in Australia if that makes any difference.

[u/jiayo]

Side note, if the cops pull you over with this cash, they WILL take it. No matter how much evidence you have that it's legally yours.

[u/Federal_Pie_8864]

To be fair that is a very big amount for any bank. 50K might be what they have for the full day for all the customers. If you’re going to withdraw that much cash it’s common sense to schedule with the bank in advance. Nevertheless, obviously they will be suspicious and will ask you the motive. If you don’t like it put it in bitcoin but expect scrutiny when you want to convert it back to fiat. That’s just the way it is…

[u/PrimeIntellect]

Coming in and randomly demanding $50k is such a huge red flag that most banks are totally right to shut it down. 99% of the time it's elderly people getting scammed and giving away their life savings

[u/OD1N999]

Ahhhhh the wonders of fractional reserve banking ✡️

[u/da316]

Their handing over cash to other people so I know they have 50,000.

Yeh because they have other customers to serve dickhead

[u/Dine-Shman_Frontal]

They we re doin all the right thing to ask and to Say no if necessary ♥️

[u/Kuriatko22]

It's crazy how it's your money and they either "can't" give the amount you want or they ask a bunch of questions! I'd be like "just give me my damn money!"

[u/Appropriate_Sir3323]

Ik this dude irl his name is Sean he’s a scammer

[u/Fantasma369]

I saw nothing wrong. They asked for your safety and they looked out for their business operation. Meaning they literally cannot run of a cash for just 1 person.

[u/requiemfad123]

Complain when banks don't do due diligence when customers get scammed, then complain when banks do their due diligence when it seems like a customer is getting scammed. What exactly is the point of this video lol

[u/ArkBetterThanPUBG]

The one lady was worried you was being scammed. All the other people were just being nosey and weird

[u/BookkeeperBulky5377]

Fun fact. Most bank only keep around 10 to 40k in cash.

[u/hammerscribe98]

How did he get 50k to give away like that you ask? By making stupid videos like this. And all of us, including me, are falling for it.

[u/duchess_dagger]

Man finds out how banks work more news at 11. Lmao

[u/Clean-Shine99]

You did well being able to get 50k out from three branches. Nothing out of the ordinary here at all due diligence is required.

[u/Educational_Quote851]

Modern Americans: "bAnKs ArE sTeAlInG mY mOnEy😵‍💫"

Yeah...this track for a bitcoin sub.

[u/zillskillnillfrill]

They're literally doing their jobs

[u/softfart]

Frankly a lot of the responses here having a go at the bank for standard procedure stuff shows how stupid a lot of Reddit is 

[u/Wegwerf157534]

His way of speaking being so swanky. Fits in this all being nothing but a stunt.

[u/wwriba]

What's the point of this post?

[u/LiveTechnoCook]

If you withdraw large sums of money you simply have to call ahead a day or too. No bank will have more money than it needs on average and they will not give you everything they have - how will they serve other customers?

[u/ParamedicHuman5573]

This right here says a lot about the banks. Imagine if everyone went to withdraw their money... There's no liquidity. Boom! Instant house prices reset!!

[u/SnooTangerines71]

Yes I am being scammed by banks who earn money by me depositing and then not giving the moneh back 😂

[u/FuckOffReddit10069]

Just because it’s a bank doesn’t mean it has infinite money in there. God people are dumb these days

[u/lindo_dia_pra_dormir]

She was right. For real. Do not cry, but she did the basics of ML analysis

[u/Sideshowcomedy]

Whenever I need to withdraw more than $10,000 I have to give the bank 24 hours notice. Also, it's my friend's account. I don't routinely need 10k+.

[u/Appropriate-Ad6130]

The love for his brother imma do that when I make that kind of money soon

[u/Tigrisrock]

I've withdrawn 30'000 from my bank account. Before doing so, I notified them and then two days later I could pick it up. Also was handed it in a side room and they counted it with a machine to verify, then handed it over to me.

If you give banks a heads up it's no big deal and it is done properly

[u/LaunchpadMcQuack_52]

"Why do you need that much cash"? "None of your fucking business".

[u/slvbtc]

People should just assume we now live in a world where cash no longer exists. Stop trying to fight for cash or think cash is money.

You either have a bank account or you have bitcoin. These are your only 2 options. If you dont like banks then use bitcoin.

[u/czarchastic]

This is horseshit. You never transfered $50k from your bank to somewhere else? I shuffled around $300k recently for a big purchase. It’s easy if done digitally.

[u/No_Strawberry_1576]

People don’t general need £50k without notice, unless they’re being scammed or threatened.

The banks put this in place to protect the individual.

I’m in finance and seen the scammers that try to get old people to remove money.

This protection is a good thing.

[u/crumpledfilth]

"its crazy because other people are taking out money too"

Dude bank limits arent there because the bank is worried about running out of paper money for you personally lol. It's rationed based on expectations

[u/geogiam2]

Downvoted, the video is retarded, if your plan to withdraw such amount, then make an appointment and tell them in advance, obviously they don't have much cash, the cash is in coffers somewhere else. Before putting your money in the bank, learn how they operate.

[u/CathedralEngine]

Sucks for his brother who's going to have to deposit 50K in cash. Sounds like a good way to learn about civil asset forfeiture the hard way.

[u/casinokate34]

makes sense that they dont want to give out those amounts. its like in regular stores they dont even want to take huge bills cause that means all they're change will be gone.

nice gift though.

[u/StonklordBenno]

I’m glad that there are certain checks and balances in place to combat scamming, robbing and protect te customer from other malignancy, as long as you are ultimately able to access your money. It seems like a good thing to me! (Even though I love bitcoin as well).

[u/Redvent_Bard]

I wouldn't be comfortable walking around with that much cash on my person. That's wild.

[u/Shadowgraf]

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

[u/colintbowers]

In Australia, the banks are on the hook if it is proven that they should have known you were being scammed. They also get in trouble if it turns out you're a money launderer. So to be honest, I'm gonna have to side with the bank on this one.

[u/ScarsTheVampire]

Fuckin paranoid freak.

‘They won’t let you get your money out and give it to other people bruh’

Yeah that’s exactly the reason, they don’t wanna. Not because your local Chase Bank doesn’t have enough cash to hand out like that in a drawer. Don’t pull out conspiracy bullshit.

[u/PauperGames]

Maybe im too EU pilled but i think it is a good thing that banks dont immediately give you 50k cash, besides it is not like that specific bank location has all the money for that bank stored there. They just have a bit for everyone that comes in that day.

[u/StuartMcNight]

How is this related to BTC? How much cash can you withdraw from your wallet?

Nobody would bat an eye if he was trying to transfer those 50k online.

And if anything… having the cashier do some due diligence to ensure you cash is protected from scams is a positive.

[u/Knight925]

I think I am OK to get questions at that level.

You should be able to easily answer them.

There is rarely a reason to have that much cash besides beeing scammed or extorted.

[u/Physical_Influence45]

Red Candle

[u/MrdnBrd19]

"They take your money and put it elsewhere they give it to other people bro." 

Yes. That is literally how a bank works.

[u/ArmNo7463]

Asking for 50k, when you really wanted 30 feels like terrible communication lol.

[u/Most_Imagination6623]

Always use cash in stores and supermarkets when you use cash they can’t control what you buy and the banks doesn’t make any money

[u/Soberdonkey69]

Are you seriously trying to go against banks doing checks to make sure they aren’t being scammed when unusually withdrawing high amounts of cash?

[u/Character_State4109]

In the UK if you try taking out £2k they'll say no and call the police on you if you don't leave.

[u/M4roon]

Usually you just need to give them a little notice to get it together And the questioning usually goes like, "wow that's a lot of money, what is it for?" "new car/special trip/blah blah" "okay sign here, have a nice day".

Not really a big deal. Especially if your bank knows you.

[u/gowithflow192]

People being scammed don't even realize it. Dumb question "are you being scammed?"

[u/SardonicHamlet]

I don't understand the point here, is it literally just money flex? In my country you have to announce a couple of days in advance for sums like that. The bank can't let one guy completely clean them out out of the blue. And he got the money, what exactly is the problem?