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The financial industry is just as insecure if you hold actual cash. The solution the industry has is not to hold cash. Since no one has money, and all the ban

by fleitz 13y ago

The financial industry is just as insecure if you hold actual cash. The solution the industry has is not to hold cash. Since no one has money, and all the banks have insurance, they just reverse the transactions in 90% of cases, and in the other 10, like ATM fraud, use insurance. But seriously, go to a bank and try to withdraw $90K in cash. Also, if you make off with 90K in cash the finance industry has people with guns to go and get the cash back.

mikeyouse 13y ago
You could easily go to a bank and withdraw 90k in cash. There'd be paperwork involved, but even small bank vaults hold far more money than that. This chart is old (1992) but gives an indication of the amount of money in a bank vault: http://i.imgur.com/hVZWFR5.png http://i.imgur.com/hVZWFR5.png
- pjc50 13y ago
  Quite a lot of banks will simply say "no, not with any amount of paperwork". It's over the AML threshold. Unless you're a business with a need for that quantity of cash.
  - mikeyouse 13y ago
    Quite a lot of banks will simply say "no, not with any amount of paperwork" You're going to need to provide a source for this statement. HSBC was just pilloried in the press for denying large withdrawals to the point that they reversed their policy. "Suspicious Transaction Reports" or "Currency Transaction Reports" only take a few minutes at most and can be completed online. The AML threshold applies whether you're using cash or a check, so you're basically saying that banks won't deal with transactions over $10,000 which is absurd. Nearly every bank and credit union has a 'Large Cash Withdrawal' policy that merely requires ~7 days' notice prior to the withdrawal so that they can order the cash. It also of course waives their liability if you lose that cash or get robbed, but that's to be expected.
- fleitz 13y ago
  Well... if you ever have the opportunity and feel like risking 90K, withdraw it from one account, and deposit it in another. See exactly how much paperwork you end up doing for the next 10 years of your life.

by fleitz 13y ago

mikeyouse 13y ago

You could easily go to a bank and withdraw 90k in cash. There'd be paperwork involved, but even small bank vaults hold far more money than that. This chart is old (1992) but gives an indication of the amount of money in a bank vault: http://i.imgur.com/hVZWFR5.png http://i.imgur.com/hVZWFR5.png

pjc50 13y ago
Quite a lot of banks will simply say "no, not with any amount of paperwork". It's over the AML threshold. Unless you're a business with a need for that quantity of cash.
- mikeyouse 13y ago
  Quite a lot of banks will simply say "no, not with any amount of paperwork" You're going to need to provide a source for this statement. HSBC was just pilloried in the press for denying large withdrawals to the point that they reversed their policy. "Suspicious Transaction Reports" or "Currency Transaction Reports" only take a few minutes at most and can be completed online. The AML threshold applies whether you're using cash or a check, so you're basically saying that banks won't deal with transactions over $10,000 which is absurd. Nearly every bank and credit union has a 'Large Cash Withdrawal' policy that merely requires ~7 days' notice prior to the withdrawal so that they can order the cash. It also of course waives their liability if you lose that cash or get robbed, but that's to be expected.
fleitz 13y ago
Well... if you ever have the opportunity and feel like risking 90K, withdraw it from one account, and deposit it in another. See exactly how much paperwork you end up doing for the next 10 years of your life.