bank cash withdrawal limit

Discussion in 'Markets & Economies' started by AustralianAustrian, Oct 20, 2011.

  1. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Yeah, it would be funny to see what the effect on poker machine reform policy would be if it looked like people were pulling millions of extra dollars out of the banks to put through the pokies.
     
  2. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Well with ANZ my limit is $3000 over the counter and $1000 through the ATM. They did say I could ring up 24 hours before hand and book a larger amount or I could try other banks which I did.

    I do get charged for face to face transactions after the first 2 per month.

    I can transfer up to $10k electronically, after jumping through a few hoops. I just can't take posession of it.

    On the plus side last time I took out $3000 it was all in crisp last prefix 2008 $100s, catalogue value of $175 each (actual value $100 each) which was nice.

    I have transfered most of my money into an offset account but it reminds me to take out a bit extra in case there is a run on the banks for whatever reason, the sheeple will take it even if it isn't worth anything.
     
  3. willrocks

    willrocks Well-Known Member Silver Stacker

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    It's always a good idea to have a few thousand in cash for the just in case scenario. Even if it's a bad investment. People seem comfortable accepting cash.

    Although if the ATM network ever failed for some reason. You can forget about using cash at the big chain stores. They need the machines going to process transactions. And that's one reason looting happens after a disaster.

    Good idea to have a gun too.
     
  4. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    This happens to me all the time.... apparently anyone wearing a flanno and jeans couldn't possibly have a cent to their name. :rolleyes:

    A few years ago when I was younger, I was scouting banks for my first home loan. Had a 25% deposit in my account and was all ready to go.
    I walked up to the counter of "which bank" and politely asked the statue on duty for all the info on their mortgages.
    Her exact response: "Oh, and which subject is this assignment for?"

    Needless to say, I didn't apply.
     
  5. Dogmatix

    Dogmatix Active Member

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    Recently St George changed their ATM withdrawal limit from $2K to $1K.

    They didn't advertise it much, and I couldn't find anything on their website about it after a search (months ago though).

    Anyway, apparently they made the change to 'prevent fraud'. Really!? Sounded a bit more like 'to prevent withdrawals' to me.
     
  6. Goldmember

    Goldmember Member

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    Mmmm...there seems to be some interesting games being played here as far as withdrawal limits of cash at banks.....seems all very suss to me....its ringing bells...sorta like a "canary in a coalmine" sorta thing....
     
  7. Dogmatix

    Dogmatix Active Member

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    That's exactly what I thought as soon as I saw it.

    Along the lines of "Oohh, so you want to limit a bank run? Or you want to stop depositors taking out their cash because you have reserve problems?"
     
  8. pmbug

    pmbug Active Member

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    Only terrorists and drug dealers need lots of cash. /FedGov

    "Know your customer" regulations (thanks USA!) are driving a lot of this type of scrutiny and noseyness into customer's business.
     
  9. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    And tax evaders, cash is for criminals!
     
  10. Thor122

    Thor122 New Member

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    Beware of it. In argentina in 2001 before the corralito. The banks begin down the limits to cash dispenser and cash withdrawals and if you need a lot of money you need to go tomthe bank with a notary and ask the bank manager because he dont give the money. Because the notary can make a paper and is a bank default. They need to give the money. a few months later the cash withdrawal is limited to 250 pesos for week for bank. The people open multiple accounts in diferent banks to avoid this. But after it they take all the cash and cds and give you bonds with 10 years long (the first will change in august if the government not change for others more long).
     
  11. alor

    alor Well-Known Member Silver Stacker

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    what a price to pay for using paper
     
  12. Nukz

    Nukz New Member

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    That's crazy if ANZ only allow upto 3k at once. That's nothing what about business customers ect?

    I'm with Westpac and i can go upto i believe 10-15k without giving any prior notice.

    3k is chump change really these days.
     
  13. alor

    alor Well-Known Member Silver Stacker

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    yeah right, i am closing my accounts since my bank is very concern about safety issue.

    am i saved :)

    new banks will be appointed to take care for my safety :lol:
     
  14. Loxmyf

    Loxmyf Member

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    You'll find that business customers have let the bank know their cash needs and aren't restrained by any sort of limit. You could too if you jumped through the right shaped hoops and filled in the necessary audit trails.
     
  15. thatguy

    thatguy Active Member

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    Major Italian Bank Freezes All Customer Accounts
    http://www.thedailysheeple.com/major-italian-bank-freezes-all-customer-accounts_062012
    It's different here?
     
  16. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Shouldn't the cop charge the bankers with theft :/
     
  17. Stacked 007

    Stacked 007 New Member

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    I have regularly taken out sums of $10,000 to $15,000 cash at my local Westpac. I went to withdraw $9,500 yesterday, apparently for last two or three weeks
    you can only withdraw $5,000.00 at a time without special arrangements. Regardless of your balance. Capital controls are here. Bail In is also here via agreements
    in New Zealand with the Big Four.
     

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