just met up with a friend in the city to go buy some gold, she went to the bank (big four) to withdraw 25K but was told she could only take out 10K a day. Looks like the banks are trying to slow any possible bank runs. Has anyone else had similar experiences?
That's the normal limit at a retail bank but you can withdraw any amount if you just pick up the phone & arrange to collect cash the next day - that's so they don't run out of cash for other customers. Welcome to the World of fractional banking x
try transferring more than $5k with westpac, you need to apply for a token which takes 5 days to process, only option is to go into the branch and get them to transfer it for you :O
Try a decent bank. I have successfully done 5 & 6 figure transfers with several of them without too much hassle. The ones wouldnt let me do that (erbonline comes to mind) lost my business quick smart.
A simple phonecall will suffice. Or, go to a bigger branch, one in a shopping centre or busy area that has the potential to receive a lot of deposits in. Branch reserves only hold enough for maybe 3 to 5 big deposits per day from the cash they've received in because their reserve cash only comes once a week. Also, to those branches that still fill their ATMs they usually can't take from there cos they need to service the machine. (experience talking here lol) Also, if you go in on a Thurs or Fri, or even a Tues in some instances when the reserve gets dropped off (depending on bank and location of course) you have the opportunity to take out larger amounts because if they're left with that surplus before the armored car service comes back they're only going to send it back to the Reserve anyway. if you live on the GC Broadbeach is a good place to withdraw from - lots of banks there, lots of deposits, usually lots of surplus that your teller and manager won't be so hard on for withdrawal.
You know... 10k is the limit usually from the one branch... there is nothing to stop you from going to a bunch of branches and getting 10k out from each. I have had many runs in the city between different branches.. and even different banks to get lumps. Although sometimes you can walk in to the super big ones without any notice and they can hand over more than 10k. CBA in city is a good example.
Had something similar happen. When I asked the first drone it said" that's a lot of money" . and stood there waiting for me to explain. I waited for more than long enough for it to be uncomfortable and asked " is there something with you?" It repeated it's previous comment and it asked me to wait for a moment while it went and spoke to a senior drone. The senior drone came to the counter, put on it's pretend smile and asked " can I help you?" I said no, and the senior drone stopped in it's tracks and looked at me, not understanding a thing. I waited for a while before explaining to the senior drone that the junior drone was supposed to be getting me my money, but it was for some reason incapable of performing this basic task and felt the need to enlist the support of the senior drone. The senior drone and it's junior then consulted for a moment and the junior returned and began getting my money. I then asked why it had to consult with a senior drone in order to do a straight forward simple task and the junior drone stated ( it's exact words) was that " well, it's our money to". I won't go into details ( don't want to get banned again) , but the spray that I gave the retard left it viewing shaken, but in absolutely no doubt whose money it was. The long winded point being that the banks have a mindset that the money is theirs. f#% k 'em!
better closed your ac before they trow you in jail and lost all your credit balances like bank of americana banning its own customer from closing their ac, because they are the sub contractor of welfare distributor from their partner the us of a government.
"Our money too" LOL Drones they are! Had a similar situation 20yrs ago trying to close out a small $500 term deposit early by 3 weeks. Told them I was happy to pay the 'break-fee' as I needed the funds for an overseas trip. They had Jnr drones back then as well. He went to talk to the Snr drone and he came over wanting evidence of my overseas trip. WTF I said! I went home fuming and came back with the airplane ticket and handed it over to show them along with a withdrawal slip to close all my accounts!!! Never banked with them since (CBA!)
Ozboy LOL at your experience. Ive never had any problems apart from when I tried to take out $50K, they said they dont have that much and gave me what they had, $20K. I thought they were lying but the next day that branches ATM was out of 50s so maybe they were telling the truth. This is the first Ive heard of a bank admitting to a 10K "limit"
may be becos your look cheaper than your bank balance ?? LOL mr less than 10k limit or the bank branch is too small to do your business, then you can open more banks ac
Quite often banks have been unable to give me <10k in 100 dollars notes... which is pretty pathetic. If you need more then get it ordered in. I doubt that their daily "float" is very big.
It's a soft form of bank capital controls. As we proceed into a cashless monetary system (similar to what Sweden is implementing), the availability of cash at banks will be less and less. Cash = Privacy, without cash every transaction you complete is recorded. Some people have no problem with this, personally I do have a problem with loosing financial privacy, especially people knowing about bullion purchases. My bank now has a policy of $5,000 limit per day, unless you arrange it beforehand. If you withdraw more than 10K cash, all banks will require AML/CTF forms to be completed (asking what the cash will be used for). And if you withdraw smaller amounts to avoid these forms, you could be guilty of the 'structuring' offense. When the bank tellers start asking questions such as "What's the money for", you can be 100% sure they're sending a report to AUSTRAC (http://www.austrac.gov.au/). http://www.dailymail.co.uk/news/art...hless-churches-accepting-cards-offerings.html
Just keep stacking just keep stacking! The heat gets turned up ever so gradually and the noose slowly tightens
The only solution is to be completely honest: gambling at your local casino, prostitutes and very expensive liquor. All of which are legal. I guess if you changed your mind after completing the form and decided to buy bullion instead then there isn't much you can do. Would certainly make for some interesting stats at AUSTRAC's end...
They asked me that in England and I said none of your business and they didn't demure. I may be on some watch list now though. I'm hoping it was as sincere as 'have a nice day' after all they're just doing their job and don't want hassles. Mini dictators might but most just want to go along.