What should be noted is that the BANK DID NOT HAVE ENOUGH MONEY ON HAND TO CLOSE OUT HER ACCOUNT. The bank manager stated that he would have to order up the amount of money in her account and then have it shipped to this branch office. That should tell you volumes. If you need a large amount of cash, you will not be able to get it from your bank on the spur of the moment. In essense, you do not own your money because the bank cannot give it to you when you need it. Correct me if I'm wrong, but isn't there a law stating that each branch must have 10% of the total amount of deposits on hand in cash?
This is probably what prompted him to come out and all of a sudden like, start being helpful. He looked up her accounts and saw how much she actually had, and decided "screw the masks, I don't want my branch being responsible for losing her accounts". Then he ran out and actually helped her.
Had it been someone with $100 in their account, wanting to cash their paycheck on Friday, this would have turned out differently.
We asked the bank about this and they said that if you want a large amount of money, request it on Monday and they’ll have it on Friday. Apparently they get all their money by Monday for the week so they ration it and by Friday it’s down low. So if you tell them in advance, they’ll set it aside for you to get on Friday. As you said, not our money when they control it. Good to check with your bank for their rules.
That was also my biggest take away. But as for the 10% for each branch, I doubt that's the case as there could easily be more than 10 branches. While banks are required to have that 10% threshold in cash, it's probably held primarily at the main branch.
What should be noted is that the BANK DID NOT HAVE ENOUGH MONEY ON HAND TO CLOSE OUT HER ACCOUNT. The bank manager stated that he would have to order up the amount of money in her account and then have it shipped to this branch office. That should tell you volumes. If you need a large amount of cash, you will not be able to get it from your bank on the spur of the moment. In essense, you do not own your money because the bank cannot give it to you when you need it. Correct me if I'm wrong, but isn't there a law stating that each branch must have 10% of the total amount of deposits on hand in cash?
Seriously if I was her I would’ve told him to go ahead & order it and I’ll be back to collect it.
This is probably what prompted him to come out and all of a sudden like, start being helpful. He looked up her accounts and saw how much she actually had, and decided "screw the masks, I don't want my branch being responsible for losing her accounts". Then he ran out and actually helped her.
Had it been someone with $100 in their account, wanting to cash their paycheck on Friday, this would have turned out differently.
Then it would be feasible to go to the ATM, withdraw and close the shit out.
100% - I'm surprised she didn't!
We asked the bank about this and they said that if you want a large amount of money, request it on Monday and they’ll have it on Friday. Apparently they get all their money by Monday for the week so they ration it and by Friday it’s down low. So if you tell them in advance, they’ll set it aside for you to get on Friday. As you said, not our money when they control it. Good to check with your bank for their rules.
It's been rhat way for many years
Exactly!
That was also my biggest take away. But as for the 10% for each branch, I doubt that's the case as there could easily be more than 10 branches. While banks are required to have that 10% threshold in cash, it's probably held primarily at the main branch.