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. 

Yep... I'd have demanded my funds on the spot.  Banks have tens of thousands of dollars in the safe because they have to be able to cash checks all day long.
 
I'd have told the bank manager he had 1 minute to come up with the funds or I would be closing my accounts....ALL OF THEM, and moving them to another bank who would provide the level of service I need.
 
As far as why did I need the money.... NONE of his business. It's my money not his.  Arrogant arse!

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?

tom1
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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.
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I would have called the FBI and the Police on the spot!
 
That's called highway robbery! And if they can not identify you properly, at least be honest and say so, but not doing so, and then allowing it to move along is not right.
 
Time to move to a different bank! That one needs to lose more business so they can learn how to deal with customers! AND, this should be sent to a few local stations, and if it gets on the air, they will lose business, and rightly so!
 
Make a small movie and put it on the tube! Gosh, how I hope the B of A loses some serious business!

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.

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.  

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?

Back in the 80s to early 90s I was a Bank Equipment Customer Service Engineer, and my customers were locally owned banks, even the larger ones still had a "local vice" to them and the staff knew their customers, and vice-versa.
Customer service was number one.
 
Today the  local banks have faded into oblivion, and all are huge multi state corporations, and customer service is a thing of the past, you can withdraw your money they don't care.
 
I do business with a Credit Union and they treat you right.
 
 
 

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