Cash withdrawal limits

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July 6th, 2016 at 7:42:32 AM permalink
Pacomartin
Member since: Oct 24, 2012
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Trivia question regarding USA. Do people withdraw more cash from ATM's or "over the counter" from bank tellers? Once you've picked one, take a WAG at ratio (twice as much, three times as much, 50% more, or almost equal).


The UK has cash withdrawal limits of roughly $800 at some banks. This limit applies to "over the counter" transactions as well as ATMs. You can book your withdrawal three days in advance if you want more.

For large transactions they can refuse to give you the cash if you can't supply a good reason for your plans for the money. Supposedly this tactic is to prevent customers who are being defrauded.
July 6th, 2016 at 8:03:20 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 324
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Quote: Pacomartin
The UK has cash withdrawal limits of roughly $800 at some banks. This limit applies to "over the counter" transactions as well as ATMs. You can book your withdrawal three days in advance if you want more.


I've never run across limits in Mexico. Though if you want a large amount, you'd best arrange ahead or the bank won't have the actual cash on hand to handle it.

You can also hire an armored delivery truck, with armed guard, to take the cash wherever you need it to go.

Large amounts of cash are common for weekly payrolls, even though debit accounts to deposit payment have grown a lot. Also, and no one admits this, much of the "informal" economy runs on cash.
If Trump where half as smart as he thinks he is, he'd be twice as smart as he really is.
July 6th, 2016 at 8:07:17 AM permalink
Aussie
Member since: May 10, 2016
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In the UK they can refuse to let you withdraw your own money? I find that extraordinary! What business is it of anyone what someone does with their own money? In Australia if you want to withdraw more than a certain amount (different for each bank) you will need to give a days notice but this is just due to business constraints and is so the branch can order the cash in for you.
July 6th, 2016 at 8:22:27 AM permalink
terapined
Member since: Aug 6, 2014
Threads: 38
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Quote: Pacomartin
Trivia question regarding USA. Do people withdraw more cash from ATM's or "over the counter" from bank tellers? Once you've picked one, take a WAG at ratio (twice as much, three times as much, 50% more, or almost equal


ATM
3X

As a young adult always withdraw via teller car line
older adult used ATM all the time
Old guy , I carry some cash but now use Credit card all the time for everything so hardly ever withdraw
Sometimes we live no particular way but our own - Grateful Dead "Eyes of the World"
July 6th, 2016 at 8:26:25 AM permalink
kenarman
Member since: Oct 24, 2012
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If it similer to around here ATM's by a 5 to 1 ratio.
"There is no sin but ignorance" Christopher Marlow
July 6th, 2016 at 8:54:30 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 722
Posts: 8413
Quote: Aussie
In the UK they can refuse to let you withdraw your own money? I find that extraordinary! What business is it of anyone what someone does with their own money? In Australia if you want to withdraw more than a certain amount (different for each bank) you will need to give a days notice but this is just due to business constraints and is so the branch can order the cash in for you.


The following is quotes from an article about HSBC change in policy that went into effect on November 2013.


Quote: BBC|24 January 2014
Peter from Wiltshire wanted to take out £10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.
Peter phoned up the day before to give HSBC notice and everything seemed to be fine. The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the £10,000.

Douglas Carswell, the Conservative MP for Clacton, is alarmed by the new HSBC policy: "All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent."

But Eric Leenders, head of retail at the British Bankers Association, said banks were sensible to ask questions of their customers: "I can understand it's frustrating for customers. But if you are making the occasional large cash withdrawal, the bank wants to make sure it's the right way to make the payment."



This whole Swedish concept of reducing the number of banknotes of value 500SEK ~ £45 ~ AUD$78 to 8x the population is interesting, but it is not dramatically smaller than the largest denomination of £50 and AUD$100.

But without citizens being able to get money "over the counter" at banks, the banks could theoretically stock the ATMs with only 200SEK banknotes.

It's still too early to tell what will happen because they have only distributed 200SEK banknotes ~ 2X the population. They will have to have a lot more 200SEK banknotes in circulation to have enough to stock the ATMs exclusively. There may be a backlash politically if they attempt to do that as well. Even docile Swedes may object.

They could reduce the whole cash supply of Sweden to "pocket money". (In AmE we tend to say "allowance").
July 6th, 2016 at 10:03:00 AM permalink
miplet
Member since: Oct 24, 2012
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I'm guessing over the counter = ATM * 10
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July 6th, 2016 at 10:49:25 AM permalink
DRich
Member since: Oct 24, 2012
Threads: 18
Posts: 749
Quote: miplet
I'm guessing over the counter = ATM * 10


Wow, that would shock me unless they are including the banks transferring cash to other banks and federal reserve locations.

I would guess ATM withdrawls are twice bank withdrawls.
July 6th, 2016 at 11:02:55 AM permalink
Ayecarumba
Member since: Oct 24, 2012
Threads: 83
Posts: 1365
Not counting business transactions, I would guess ATM at a 100:1 ratio. Some folks have only been in a bank once to set up an account, and have never dealt with a real teller since.
July 6th, 2016 at 12:06:01 PM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 73
Posts: 1560
If you don't count cashed payroll checks and withdrawals that are made at the same time as these payroll checks are deposited, I would say ATM withdrawals are somewhere between 4 to 5 times as common.
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