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> This is a done with a transaction called a "withdrawal." Yes, but… Just Google “large withdrawal problem” Or just read this: https://www.theguardian.com/mo

> This is a done with a transaction called a "withdrawal." Yes, but… Just Google “large withdrawal problem” Or just read this: https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... It depends who you are and where you are, but there’s no doubt that bank customers often have sudden, expensive, unexplained hold-ups in their attempts to withdraw. Sometimes, even for tiny amounts of very low 4 figures even. It can be terribly inconvenient. It’s annoying, but you can ameliorate withdrawal bank hitches by advising the bank in advance of your plans. But if you don’t confirm it first, then do not expect to roll up at your bank and be handed $10,000 without hassle. Especially if you didn’t do it before. This is NOT usually an issue of banks being frightened of a bank run, like some folks are guessing here. It mostly is the bank’s low-level staff concern that a scam is in progress, that you are an idiot being cheated, and their fear that the bank will be liable and have to pay for your loss.

onlyrealcuzzo 3y ago
Less than 1% of people have more than $100,000 in cash in a single bank account. The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0. This is a non-issue for almost everyone.
- curiousObject 3y ago
  > This is a non-issue for almost everyone. Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance). But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever. And that one time is enough for one life. You will not understand this until it happens to you.
  - ibejoeb 3y ago
    And the threshold might not even be that high. I tried to take $8,000 from an account--at one of the fancy "private client" banks with a dedicated banker--and it took 10 days. This guy wanted to know how I intended to spend it. Essentially, the expectation was that I would ask permission and make my case for why I should be allowed the cash.
  - onlyrealcuzzo 3y ago
    > NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? None of these are issues for anyone with that kind of money. There's a thing called credit - which if you have that kind of cash - you have that kind of credit.
    - curiousObject 3y ago
      There's a thing called credit Sorry. But you speak from a position of privilege of which you are unaware, and you clearly have no idea about how this stuff sometimes works in the real world. I apologize for being very rude. But you have never experienced this and you are wrong. I hope you never have this misfortune to learn this from personal experience. I apologize for my impolite manner here.
      - onlyrealcuzzo 3y ago
        If you have $100,000 in cash, you have privilege. I don't know what part you can't see.

onlyrealcuzzo 3y ago

Less than 1% of people have more than $100,000 in cash in a single bank account. The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0. This is a non-issue for almost everyone.

curiousObject 3y ago
> This is a non-issue for almost everyone. Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance). But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever. And that one time is enough for one life. You will not understand this until it happens to you.
- ibejoeb 3y ago
  And the threshold might not even be that high. I tried to take $8,000 from an account--at one of the fancy "private client" banks with a dedicated banker--and it took 10 days. This guy wanted to know how I intended to spend it. Essentially, the expectation was that I would ask permission and make my case for why I should be allowed the cash.
- onlyrealcuzzo 3y ago
  > NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? None of these are issues for anyone with that kind of money. There's a thing called credit - which if you have that kind of cash - you have that kind of credit.
  - curiousObject 3y ago
    There's a thing called credit Sorry. But you speak from a position of privilege of which you are unaware, and you clearly have no idea about how this stuff sometimes works in the real world. I apologize for being very rude. But you have never experienced this and you are wrong. I hope you never have this misfortune to learn this from personal experience. I apologize for my impolite manner here.
    - onlyrealcuzzo 3y ago
      If you have $100,000 in cash, you have privilege. I don't know what part you can't see.