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Stew21
02-22-2007, 10:39 PM
If someone was to go into a bank to make a large withdrawal from a savings account (say he hadn't touched the money that was put there by his father 30 years ago) what does the bank make them do? Is it a withdrawal slip? a check? an account number and a picture ID? I need to know for the WIP.

thanks in advance.

Shwebb
02-22-2007, 11:23 PM
My best friend told me that the bank had to report any withdrawal over 5,000 dollars. I don't know anything more than that, at the moment. Yeah, once again, only Marginally Helpful.

PeeDee
02-22-2007, 11:25 PM
I know I have to have my ID if I want ten bucks in cash. Or five bucks, even.

I bet you'd have to fill out a paper.

Stew21
02-22-2007, 11:32 PM
and my character is not confident or socially skilled, has a nervous twitch and looks a little "wild" at the moment, so the teller is already nervous waiting on him. He's not going to know what he needs to do. He left in a huff and went to the bank. :shrug: I need him to withdraw a ridiculously obscene amount of money. It can't be easy, I don't want to detail the whole dang process, but I like the nervous teller and what he realizes about himself bases on her reactions to him...shit! Now what?

brianm
02-23-2007, 12:18 AM
I'd contact your bank, tell them why you need this information, and see what they say. I bet they'll be on the lookout for large cash withdrawals after you hang up!

I would think banks have different policies for withdrawal of large sums of cash. Anytime I have withdrawn a large amount, I have had it immediately made into a cashier's check.

Recently, I was required to show my driver's license and run my ATM card through their handy-dandy ATM machine on the counter. Once they confirmed I knew my password, a supervisor/manager signed off on the transaction. Before I was handed the check, I was required to place my thumbprint on their copy of the transaction. It was a down payment on a house and the cashier's check was made out to an escrow company, so I'm sure they did not find it unusual.

Not much help, am I? Call your bank, and see what they say.

MidnightMuse
02-23-2007, 12:21 AM
I was wondering about the fact that this account won't have been touched for 30 years (is that right?) I think there could be issues about that (or not) :Shrug:

maestrowork
02-23-2007, 12:23 AM
If the account is active, usually a withdrawal slip with an ID. If the person doesn't know the account number, they can go by social security number.

Del
02-23-2007, 12:31 AM
Not a withdrawal, I cashed an insurance check for $9000. I had ID but the cashier called the manager over stating it was policy for large amounts. He asked a few simple questions, reminded me it was a lot of money and didn't I really want a cashier's check? Briefly thereafter I got my cash without protest.

Just as a note if you are talking cash. It is illegal to carry more than $10,000 in cash. I doubt a bank would hand it over.

Stew21
02-23-2007, 12:33 AM
good points all. I'll have to think through this a bit more maybe.
Thanks!

Del
02-23-2007, 12:33 AM
I was wondering about the fact that this account won't have been touched for 30 years (is that right?) I think there could be issues about that (or not) :Shrug:
There is a limit to the time an account can be idle. I don't recall specifically. Ask a banker how long and what they do.

johnrobison
02-23-2007, 12:40 AM
You mentioned "money left there many years . . "

In Massachusetts, if a bank loses contact with a depositor for a three years, the money is remitted to the state treasurer's abandoned property division. Other states have similar laws. After three years, you'd have to claim the money from the state.

Our bank has had people who moved and left no forwarding address. The mail gets returned, three years pass, and the money is sent in to the state. On several occasions, the people reappeared and were directed to the state treasurer from whom they recovered their money.

Keep that in mind when you frame your story. There is no such thing as "discovering $10,000 that your father deposited 30 years ago and forgot."

Rules are different in other countries.

I'm on the board of my bank, here in Massachusetts, and I just verified the above with our treasurer. In Massachusetts, it's not a policy - it's the law.

MidnightMuse
02-23-2007, 12:44 AM
Would it work for your story if this money was simply placed in a safe deposit box?

Or would that even work, if there was no 'activity' in 30 years? (i have no clue about these things)

johnrobison
02-23-2007, 12:44 AM
And one more thing. It is not illegal to hold more than $10,000 in cash. If you want to withdraw that amount of currency the bank is required to collect your social security number and forward a large cash transaction report the the IRS.

That said, you are free to withdraw as much currency as your account contains.

And . . .

Hundred dollar bills are the largest bills in general circulation

A million dollars in hundreds fits in a good size briefcase, provided they are clean and tightly bound.

PeeDee
02-23-2007, 12:52 AM
Would it work for your story if this money was simply placed in a safe deposit box?

Or would that even work, if there was no 'activity' in 30 years? (i have no clue about these things)

This is why I just bury all my money in the form of gold dubloons, in a big chest in the field out back.

Judg
02-23-2007, 01:07 AM
Stew, why don't you just check with your bank? Pick a quiet time of day and go ask the teller. Or invite one out for lunch?

I think some banks require advance notification for large cash withdrawals, just to make sure they've got it, I believe. But please don't take my word for it.

Stew21
02-23-2007, 01:17 AM
Ok. Great suggestions, and much thought-provoking going on here. He doesn't have to have not touched it at all, this account can have activity. He just pretty much leaves it alone and now he wants it all. I just have to figure out how to do that.

The_Grand_Duchess
02-23-2007, 01:22 AM
TV and movies have taught me that if you want to make a large withdrawl then you have to talk to the man upstairs about it.

Its only illeagal to travel with more the 10000 in cash outside the country, meaning leaving or coming in.

And as for safe deposit boxes, I believe you rent them out for a number of years. So a safe deposit box could still be in use after 30 years.

lippyone
02-23-2007, 02:17 AM
If the character is seeking to make a large withdrawal from an account that is in his name he would need to have photo ID and probably fill out paperwork. The bank itself might have a unique policy..You might go into an actual bank and find out their policy.

But since this is fiction it is always nice to throw obstacles in the way of our hero. Some food for thought...Banks do need to report large withdrawals..not sure of the amount. I think 10K+....This could make an already nervous character have a panic attack...2nd I'd say maybe 10% of the banks that existed 20+ years ago are the same bank today. Even if it is the same physical location, chances are it is a different bank. So you could invent any number of hoops to make your character jump through based on that. You have options...if you want to make it easy, but authentic, make him fill out some paperwork...if you want to make it difficult invent some policy or have the bank lose the account after multiple mergers...This actually does happen.

Good luck

Del
02-23-2007, 02:33 AM
And one more thing. It is not illegal to hold more than $10,000 in cash. If you want to withdraw that amount of currency the bank is required to collect your social security number and forward a large cash transaction report the the IRS.

That said, you are free to withdraw as much currency as your account contains.

And . . .

Hundred dollar bills are the largest bills in general circulation

A million dollars in hundreds fits in a good size briefcase, provided they are clean and tightly bound.

I stand corrected. It is illegal to carry $10,000 internationally "without formally notifying customs". My advisor was misinformed. According to legal websites, there is apparently no local limit on the amount of cash you are permitted to have on your person.

It isn't like I worry about it much...with the $10 - $20 I usually carry. :D

Del
02-23-2007, 02:36 AM
TV and movies have taught me that if you want to make a large withdrawl then you have to talk to the man upstairs about it.

Its only illeagal to travel with more the 10000 in cash outside the country, meaning leaving or coming in.

And as for safe deposit boxes, I believe you rent them out for a number of years. So a safe deposit box could still be in use after 30 years.

After my dad was killed we found a safe deposit box key. We never found the bank it belonged to.

JeanneTGC
02-23-2007, 02:50 AM
When my uncle passed away, I was his sole heir and had to find his various accounts (sadly, not enough to make me rich beyond my wildest dreams or start my own publishing company ;) ).

If it is the character's own account, then it's the usual ID and such. You fill out a check or a withdrawl slip, prove that you are who you are, toss aside the "don't you want this as a cashier's check" questions, and trot off with the cash.

However, if it is someone else's account, then not only do you have to prove who you are, but you have to prove that you have a right to that money (death certificates and copies of wills, for starters).

Safety deposit boxes are only held for accounts that are active. Meaning, if all there is active at the bank is the safety deposit box, it would have been required to be turned in (to the box owner or to the state) after a set amount of time. I believe it's longer in CA than it is in MA, but all the states have laws about how long any bank account, etc., can lie dormant with no actual ownership. If there are no heirs found in time, the contents revert to the state (which is why they have all those laws, to get the money).

From a fiction standpoint, if you're trying to have him face a challenge getting it, the suggestion that he's acting weird or crazy could work well. At my bank, if I came in acting bizarrely, and therefore differently than every other time they've seen me, the tellers would indeed be checking on me, and the chances of them calling the bank manager or my banking consultant would be high. The banks try to protect you from yourself BUT there is only so much they can do. If you go nutso and they can't talk you out of it, and you can prove it's yours, you can take out that $9K and hand 20's to everyone who passes you by and the bank cannot stop you.

Shwebb
02-23-2007, 02:57 AM
This is why I just bury all my money in the form of gold dubloons, in a big chest in the field out back. *searching for clues in all PeeDee's posts to see if I can figure out where he lives.*

Man, this could take awhile.

Del
02-23-2007, 04:23 AM
*searching for clues in all PeeDee's posts to see if I can figure out where he lives.*



I know where. But I doubt the quantity of PeeDee's treasure would be worth the trip. I know where he works.

The_Grand_Duchess
02-23-2007, 04:34 AM
After my dad was killed we found a safe deposit box key. We never found the bank it belonged to.

What a mystery! Sounds like the premise to something. . . :) I'm sorry about your dad :(

Tracey
02-23-2007, 09:10 PM
It depends on the bank. The bank I work at would require a driver's license and we would have to ask some questions regarding the transaction. If the account hasn't been used for a long time, it will go into an inactive or dormant state and we would need to make a few phone calls to get it active again.

Also, there is a common misconception that you can walk into a bank and withdraw a large amount of money at any time. I work at a large national bank, and I assure you it isn't easy to walk in and withdraw 30,000 or whatever large amount at the drop of a hat. For one, an unlimited supply of money isn't kept in a vault. We ship money out daily and keep just enough to get us through the day. (Money left sitting around in the vault is not collecting interest and not making the bank money.) So at any given time, we generally have about 10,000 to 15,000 in large bills.

Also, is this savings account in his name too or just his father's? If his name isn't on the account, he would need to go through his father's estate before he would be able to get to the money.