Withdrawing Cash From The Bank

I tried to withdraw $3000 (cash) from my savings account. I had to fill out a ton of paperwork plus have a good reason for the withdrawal.

After the paperwork, the bank manager said he did not have the funds to cover this amount and I should come back tomorrow. This is a major bank in the heart of Los Angeles at 10 a.m.

If the amount was $20,000 I could understand but $3000.

Anyone have any similar stories?

The claim that the bank did not have 3000.00 on hand is very suspicious. Banks do not keep millions in cash but they would rarely run out completely, and 3000.00 is nothing. So maybe they are stalling for time to confirm or clear something. Even if their computers were down, if it is your regular branch, they should be able to pull a signature card. A simple savings account should not require more than picture ID and a withdrawal slip and signature for that kind of money. What kind of paperwork did you fill out? Is there another person named on the account? Was the account set up as some kind of trust? Did your mother call and tell the bank you are crazy and not to give you any money? Do you look like a degenerate? Were you wearing any clothes? Was your brief case ticking?

I would have asked for a check for all of my funds right then and there. Then I would have made a deposit into another bank minus the 3K.
 
Rocky

I fooled them ALL - I don't HAVE any money.
 
Bob Bone
 

tom1

Anyone have any similar stories?

Not personally but I did do a google search after your post and it seems there are similar reports out of California. Apparently, in addition to the IRS reporting requirement of transactions over $10K, transactions over $2 can be a trigger for FinCEN reporting. 

Well the amount by itself should not trigger a FinCen anti-money laundering report. Nor should a single withdrawal of that amount be interpreted as an "unusual transaction," even if it were the first time a withdrawal had been made. If the total of deposits, withdrawals and transfers for that day by that account or its owner is over 10,000.00 (5000.00 if suspicious) that might trigger a routine report. An involvement with a foreign bank or business might as well, so if the account recently received a transfer to or from a foreign bank, there might be an issue. Other than that, one would expect that the bank is being overzealous in interpreting the requirements, or that it has been specifically notified by law enforcement to put that account or account holder(s) on watch. If the bank itself was under a special order or investigation, then this might be something they do to all their customers. In any event, the bank staff appears to be involved in a deception to delay paying out from the account, which is going way beyond the routine reporting requirements. There is nothing preventing them from honestly explaining why they need extra ID information to make a report, and it is not illegal for them to disburse money unless they have knowledge of criminal activity. Is it paranoia if they really are out to get you?

I received the cash this morning.
 
This was the bank's explanation:

Yesterday the Brinks truck with the daily cash was late.
The manager wasn't sure when the incoming cash would arrive , so instead of possibly disappointing dozens of customers he decided to disappoint one customer with a large withdrawal request. Me.

None of this was explained to me at the time.

I'm not sure I'm buying it but I'm too old to make waves.

Mesh
If they didn't bother explaining this upfront (after you had to fill out all those forms AND give explanations to why you needed it), I'd certainly look at closing my account (today itself) and shop around for other banks that provided proper service to it's customers.
 
Closing the account today would certainly send a strong message to them.......but, do it kindly and professionally.  

BINGO!
 
You have to stop supporting folks that take advantage and do not support customers, because they think they are all ants and idiots, that are supposed to feed the queen, not you!
 
Have you learned the lesson yet?

Ham N Egz
... 
I do business with a Credit Union and they treat you right.
 ...

Same here