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| *The Commerce Journal>>>Personal Finance |
How would you go about withdrawing a large amount from the bank? |
If I had millions of dollars in the bank and wanted to withdraw $1 million in cash, how could I do it safely. It seems way to dangerous. Is it even possible? I'm not talking about robbery of course! Hire some security and go take it out. If you have that much money, you can afford the security. You'd have to set up the entire thing ahead of time, as individual bank branches do not have that much cash on site. if u def had the 1million in the bank, u would go in and say id like to withdraw all from my bank account, they will probably ask u several questions to do so, the security questions that u make when u make a bank account, as well as have u sign something stating that u took out the money. if u put money in they cannot tell u u cant take it out. hope this helps it depends if i had an account there. You might ask them to offer you a security guard, which they would, as the amount is considerable or you could purchase gold bouillon (that might be chicken stock), or certificates of deposit, or several other methods. However, if I needed a million in cash to move as I chose, the bank would advise that it might take a few days, they would report it, and they would inform me of the inability to use the denomination necessary to put that amount in say a brief case. Maybe you can take it out in smaller amounts or a bank check that is viable in say Monte Carlo? If you had available funds of $1 million or more you could withdraw it from your bank in cash if you wish. The bank would try to talk you out of it because it is not very smart to carry around that amount of cash, even for a very short period of time. To do so, you would have to have state or federal issued I.D. You would also need to call the bank ahead of time to make sure they had the funds available to dispense. My bank branch does not keep that much cash available. Since you are withdrawing more than $10,000 in cash, a Currency Transaction Report would have to be filled out and sent to the IRS. $1,000,000 in $100 bills ( the largest currently circulated) would require 10,000 bills. That is approximately 1.5 cubic feet, or a decent size suitcase. Walking out of a bank with that much cash would draw attention. In addition, MOST banks don't keep enough cash on hand to allow a single withdraw of that size without advance notice. It is POSSIBLE, but I doubt ANYONE would recommend it. I can think of NO reason why any transaction even close to that size would need to be conducted in cash. When taking out large amounts you may have to notify the ban in advance. They can hold onto funds for 30 days or whatever their agreement with you says. As far as taking it out in cash, why would you. As a previous poster indicated, cash deposits or withdrawals of over $10,000 are reported to the IRS. You would be under deep scrutiny. |
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