Insolvent Banks Limiting Cash Withdrawals?

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On Banks Refusing Cash Withdrawals
Posted by Ann Barnhardt – January 19, AD 2012 12:35 PM MST
I have received enough calls and emails on this within the last few
weeks to A.) cause concern and B.) merit a post.
People are having difficulty withdrawing cash from banks. I just
received the SECOND call on this from California this week. The
question is, do banks have the right to deny you cash withdrawals?

The answer is NO. They do not. And both of the men I have heard from
in California were obviously being bee-essed by their bank. The bank
couldn’t cite statute, and then started haggling over the amount of
cash withdrawals they would allow. That’s your dead give-away. If
there were ANY statute or actual rule, the bank wouldn’t set up a
conference call and then start haggling. You don’t haggle over laws
and rules.

What banks can do is ask for up to 7 days notice on a large cash
withdrawal just so that they can order the cash in special and not
completely drain their cash on hand. This is very logical and
sensible. For transactions over $10,000 the bank also does have to
file a transaction report. Again, this is standard. We may not like
it, but that has been the law for a very long time.

Also, one chap in CA reported that his bank told him that if he took
more than $20,000 out of the bank in cash that he would have to hire
an armored vehicle and security. This is an abject lie. $100 bills are
bundled in 1/2″ stacks. a 1/2″ stack contains 100 bills. Therefore
$20,000 would be two standard 1/2″ stacks of hundred dollar bills,
which would fit in ANY purse or easily into the inside pocket of any
men’s sportcoat. We aren’t talking bags and bags of cash. Cash is
still shockingly compact.

For now, what I would recommend is setting up your new destination
bank account FIRST, and then simply closing the old account with the
mega-bank and taking the deposit in the form of a cashier’s check.
Then drive the cashier’s check directly to the new bank and deposit
it. BUT, if for whatever reason you want or need cash money, no, banks
have no right to deny you cash provided you give them the sufficient 7
day notice.

Limiting cash withdrawals is a sign of an insolvent or failing banking
system. These sorts of limits are happening in Italy as we speak. It
is very telling that banks in the U.S. are now lying and dissimulating
in order to avoid and thwart cash withdrawals by their customers.

If anyone has any more details, information or insight on this
question, I would be interested to read it in an email.

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