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Old 05-19-2019, 01:38 AM
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Default Cash?

I caught wind of something recently, that being that the banks we use are being monitored by the government and that people who withdraw large amounts of a cash at a time and operate with cash more than electronic usage are considered 'dangerous' or some shit. Okay I admit, it was a commercial sponsored by Pat Boone for something called Swiss Bank, and they were offering a free video which i will not ask for, but I always wonder if there is a nugget of truth. Since you guys are the ones I go to when I'm paranoid about facebook (thank you lisarea) and because usually i can trust the info here, i was wondering if anyone has heard this. I like cash. I like taking a lot out. And now I'm wondering, should I stuff it in my mattress and fuck the bank?
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Old 05-19-2019, 01:51 AM
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Default Re: Cash?

I think it's $10k and is a legacy of the post 9-11 hysteria.
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Old 05-19-2019, 01:57 AM
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Default Re: Cash?

you mean 10k as what they look at as a withdrawl ? Who the fuck can do that?
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Old 05-19-2019, 01:58 AM
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Default Re: Cash?

If you want to withdraw that much, you go on a list or something.

ETA I don't see a lot of details online. It seems like transactions over a certain amout will get your account monitored but it isn't entirely clear. Maybe that is by design.
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Old 05-19-2019, 02:29 AM
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Default Re: Cash?

This can happen when trying to help that Nigerian prince send you that $15 million. I've an elder in-law who got tangled up in a scam. Cracking down on fraud is a factor alongside the omgterrorism.
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Old 05-19-2019, 05:53 AM
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Default Re: Cash?

Banks have to report cash transactions of 10k+ to the government. They also will often report multiple cash transactions just below 10k done in short time period by the same person since that looks suspicious.
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Old 05-19-2019, 01:28 PM
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Default Re: Cash?

I too like cash.
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Old 05-19-2019, 01:32 PM
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Money laundering by criminal enterprises (drugs are often the example) and terrorists and anyone else the government doesn't like is a big problem. Reporting large transactions and withdrawals is one of the ways they are trying to deal with it. Any side-effects of increased government information and reduced citizen privacy are just a bonus.
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Old 05-20-2019, 03:07 AM
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Default Re: Cash?

Exceeding the withdrawal limit was how they caught fucking scumbag, Republican House Speaker, and convicted felon Dennis Hastert, who was trying to quietly pay off $3.5 million in hush money to a former student to keep quiet about sexually abusing him when Hastert was a wrestling coach in Illinois and the former student was 14.

How the feds uncovered Dennis Hastert's sordid past
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Old 05-20-2019, 04:36 AM
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Default Re: Cash?

Then there's not reporting it
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Old 05-20-2019, 10:09 AM
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Quote:
Originally Posted by Kamilah Hauptmann View Post
Just as I said. When it involves the government, or someone likely to be elected, "concerns are unwarranted".
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Old 05-20-2019, 11:11 AM
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Default Re: Cash?

I see this is nothing I have to worry about. thanks peeps.
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Old 05-20-2019, 04:33 PM
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Default Re: Cash?

In addition, online and other card-not-present transactions are limited:

Quote:
Dear Customer:

We want to remind you that Regulation D and Wells Fargo limit the number of withdrawals and transfers that can be made from savings accounts in a monthly fee period.* Because the limit has been exceeded, we're providing information to help you understand how it works. To help you avoid declined transfers or additional excess activity fees, please do not make any additional limited transfers as noted below from your savings account for the remainder of this monthly fee period.*

About the withdrawal and transfer limit from savings accounts
· [b]You can have a combined total of six (6) limited withdrawals and transfers per monthly fee period:*
Limited by Regulation D (see your Account Agreement for a complete list):
o By phone using our automated service or speaking with a banker on the phone
o Through Online, Mobile, or Text Banking (including Bill Pay)
o Overdraft Protection transfers to a checking account
o Payments and purchases (i.e., recurring/one time, ACH, checks, and ATM/Debit Card)
Limited by Wells Fargo:
o Transfers and payments to Wells Fargo credit cards, lines of credit, and loans
o Outgoing wire transfers made in person, on the phone, or online
· Unlimited: Except outgoing wire transfers, there is no limit on the number of withdrawals and transfers made in person at an ATM or Wells Fargo location, or by mail. There are no limits on any type of deposits.
· If you reach or exceed the limit:
o Scheduled transfers or additional Online Banking transfers (including those made via Mobile and Text) may be declined for the remainder of the monthly fee period.*
o Your account will be charged an excess activity fee for transfers that exceed the limit.
o We may convert your savings accounts to a checking account, which would discontinue any Overdraft Protection your savings account may be providing for another account. If we make this change, you will be sent a notice.

Tips to help manage the limit on the number of withdrawals and transfers from savings accounts
· Make your withdrawals and transfers at any Wells Fargo location or ATM (except outgoing wires).
· Combine your transfers from your savings account to stay within the limit.
· Use a checking account for your frequent transfers and payments; there is no transaction limit.
· If this account provides Overdraft Protection, be sure to consider these transfers.

If you have questions, please call us at Wells Fargo Phone BankSM 1-800-TO-WELLS (1-800-869-3557), 24 hours a day, 7 days a week, or talk with a banker at any Wells Fargo banking location.

Thank you. We appreciate your business.

Wells Fargo Bank, N.A.

*Refer to the "Monthly service fee summary" section on your statement for your fee period. If the account is included in a Portfolio by Wells Fargo® statement, the fee period is a calendar month.
Please share the content of this notice with all account owners.
Wells Fargo Bank, N.A., Member FDIC.
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Old 05-20-2019, 10:40 PM
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Quote:
Originally Posted by Miss Shelby View Post
I see this is nothing I have to worry about. thanks peeps.
Except, now you've asked about it in a publicly-accessible forum, your name is on a list.
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Old 05-21-2019, 04:05 PM
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Question Re: Cash?

images (3).jpeg
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