I went to withdraw $7,000 from JPMorgan Chase to put into my credit union acct. I was asked what it was for and I told them I wanted my $ out of Chase Bank. The teller said “Oh!”
I went to another branch the next day to get another $7,000 from my checking acct. and was asked by that teller what was it for? I said “Why are you asking?”. She said “We are required to ask for ANY withdrawals over $5,000”. The next day I went to the 1st Chase Bank again for $5,000 from my checking account and the teller said after she handed me my $ in an envelope, “Have a nice day.” Guess that bank branch doesn’t follow the “rules”!
Withdrawing money like that is called structuring, be careful in doing that. Banks look for that sort of activity for drug activity, money laundering and human trafficking. It'll usually flag for a CTR (cash transaction report), they usually see it as trying to avoid a CTR and it gets looked at a bit more. Be careful.
When I remove $$ from my bank accounts - which I do regularly to store in my safe - and they ask me why I'm removing funds, I tell them it's not good to leave $$ in any one place too long. Usually they look puzzled and I walk out the door before they have a chance to think about it too long. I don't care if it raises a red flag with the bank - what I'm doing is not illegal. It's my money and it's none of their business.
I prefer to spend $$ out of my safe rather than out of my bank account regularly, because then I'm the only one who knows when and how I'm spending it.
By opening a bank account, and depositing money, you are providing the bank with a non-secured backward loan. This is the reason why there is: Deposit insurance.
Retrieving your money is basically a request to the bank to reshuffle the current relationship into a new one, as the value of the non-secured backward loan is changed.
Say the bank would agree to pay you in banknotes: who's notes are they? What are the conditions of use of those banknotes?
buy gold/silver and take delivery: you possess it => your property.
buy crypto and put it into a decentralized wallet, and only use crypto that is: anonymous and untraceable. your seed-phrase, your coins.
The immediate response should be - "Then I'm closing my account - give me ALL of my money NOW. I'm terminating our relationship."
I went to withdraw $7,000 from JPMorgan Chase to put into my credit union acct. I was asked what it was for and I told them I wanted my $ out of Chase Bank. The teller said “Oh!” I went to another branch the next day to get another $7,000 from my checking acct. and was asked by that teller what was it for? I said “Why are you asking?”. She said “We are required to ask for ANY withdrawals over $5,000”. The next day I went to the 1st Chase Bank again for $5,000 from my checking account and the teller said after she handed me my $ in an envelope, “Have a nice day.” Guess that bank branch doesn’t follow the “rules”!
Withdrawing money like that is called structuring, be careful in doing that. Banks look for that sort of activity for drug activity, money laundering and human trafficking. It'll usually flag for a CTR (cash transaction report), they usually see it as trying to avoid a CTR and it gets looked at a bit more. Be careful.
When I remove $$ from my bank accounts - which I do regularly to store in my safe - and they ask me why I'm removing funds, I tell them it's not good to leave $$ in any one place too long. Usually they look puzzled and I walk out the door before they have a chance to think about it too long. I don't care if it raises a red flag with the bank - what I'm doing is not illegal. It's my money and it's none of their business.
I prefer to spend $$ out of my safe rather than out of my bank account regularly, because then I'm the only one who knows when and how I'm spending it.
No, it is not your money.
By opening a bank account, and depositing money, you are providing the bank with a non-secured backward loan. This is the reason why there is: Deposit insurance.
Retrieving your money is basically a request to the bank to reshuffle the current relationship into a new one, as the value of the non-secured backward loan is changed.
Say the bank would agree to pay you in banknotes: who's notes are they? What are the conditions of use of those banknotes?
They want eyes on your property at all times, makes it easier to steal it.