3 ms·

How do you withdraw $500,000 from a virtual bank with no branches?

by SnowHill9902 4y ago

dewey 4y ago
Is that the use case you should optimize for?
- SnowHill9902 4y ago
  If you must use other bank to cash your money, then your virtual bank is not enough and stands on others. Your dollar is worth slightly less if deposited in such a virtual bank.
Turing_Machine 4y ago
Check, ACH, wire transfer... I mean, yeah, you're not going to be able to get $500,000 in cash, but that would be a very rare thing anyway. Edit: and if you show up at your local bank branch and ask for $500,000 in cash on the spot, they probably will not be able to give it to you anyway. You'll have to give them a couple of day's notice, at least.
- deleted 4y ago
  [deleted]
- jandrese 4y ago
  I think the person asking for $500k in unmarked bills probably doesn't want an electronic record of where they are sending the money.
  - idontpost 4y ago
    Except that $500k withdrawal is definitely going to draw some attention all on its own.
    - tialaramex 4y ago
      Suspicious Activity Report. The bank is going to file paperwork which in the US goes to a Federal agency responsible for figuring out what people are doing, some of it might be innocent (e.g. withdrawing $500 000 and putting it in a safe under your bed is a bad idea but not illegal) but much is not.
- rurp 4y ago
  There is zero chance a normal bank branch will give someone $500k in physical cash with no notice. Even with advance notice I suspect many branches would simply refuse. Most bank locations don't keep all that much cash on hand and don't really want to deal with it more than they have to.
astura 4y ago
Cashier's check, bank transfer, or wire.
tarunupaday 4y ago
you wire the money. I have done it many times.
bin_bash 4y ago
I see not being able to withdraw $500k cash as a feature
more_corn 4y ago
Have you ever tried to withdraw more than 10k from a bank? You have to call ahead and schedule it to the minute. Banks really don’t like to have a lot of cash on hand. I suspect you don’t actually want to have that much cash on hand either. It should go straight from one bank to another.

How do you withdraw $500,000 from a virtual bank with no branches?

dewey 4y ago

Is that the use case you should optimize for?

SnowHill9902 4y ago
If you must use other bank to cash your money, then your virtual bank is not enough and stands on others. Your dollar is worth slightly less if deposited in such a virtual bank.

Turing_Machine 4y ago

Check, ACH, wire transfer... I mean, yeah, you're not going to be able to get $500,000 in cash, but that would be a very rare thing anyway. Edit: and if you show up at your local bank branch and ask for $500,000 in cash on the spot, they probably will not be able to give it to you anyway. You'll have to give them a couple of day's notice, at least.

deleted 4y ago
[deleted]
jandrese 4y ago
I think the person asking for $500k in unmarked bills probably doesn't want an electronic record of where they are sending the money.
- idontpost 4y ago
  Except that $500k withdrawal is definitely going to draw some attention all on its own.
  - tialaramex 4y ago
    Suspicious Activity Report. The bank is going to file paperwork which in the US goes to a Federal agency responsible for figuring out what people are doing, some of it might be innocent (e.g. withdrawing $500 000 and putting it in a safe under your bed is a bad idea but not illegal) but much is not.
rurp 4y ago
There is zero chance a normal bank branch will give someone $500k in physical cash with no notice. Even with advance notice I suspect many branches would simply refuse. Most bank locations don't keep all that much cash on hand and don't really want to deal with it more than they have to.

astura 4y ago

Cashier's check, bank transfer, or wire.

tarunupaday 4y ago

you wire the money. I have done it many times.

bin_bash 4y ago

I see not being able to withdraw $500k cash as a feature

more_corn 4y ago

Have you ever tried to withdraw more than 10k from a bank? You have to call ahead and schedule it to the minute. Banks really don’t like to have a lot of cash on hand. I suspect you don’t actually want to have that much cash on hand either. It should go straight from one bank to another.