Cash withdrawal limits

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July 8th, 2016 at 6:24:57 AM permalink
DRich
Member since: Oct 24, 2012
Threads: 18
Posts: 662
Quote: Pacomartin


I didn't know there was a such a lo limit on walk-ins. I know that $10K requires you fill out an IRS form, so that seems a logical limit to require advance notice, but $2K seems excessively low. Some accounts have a $3K limit on machine withdrawals per day (just $800 each time because older ATMs can only handle up to 40 banknotes).


I would guess that $2k number face said is pretty unusual. He also said he was at a credit union and not a bank so that might make a difference. I have never had a problem getting $20k in cash from Wells Fargo's. The withdrawler of the money does not have to fill out the paperwork if it is over $10k, the bank is responsible and does not require a signature from the customer.
July 8th, 2016 at 9:02:09 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7739
Quote: DRich
I would guess that $2k number face said is pretty unusual.


http://www.wsj.com/articles/j-p-morgan-chase-sets-1-000-daily-atm-limit-for-some-big-spenders-1459789762

Chase has the largest network of ATMs in the USA at over 18,000 machines. They just recently put a $1000 limit if you are not a Chase customer. The limits on customers vary with the type of account. They are also adding machines that dispense $50s as well as $20s.

There are just under 100,000 bank based ATMs in the USA, and the top 3 banks account for 47,485 of them.

  1. 18,623 JPMorgan Chase & Co. New York
  2. 16,062 Bank of America Corp. Charlotte, North Carolina
  3. 12,800 Wells Fargo & Co. San Francisco
  4. 8,996 PNC Bank Pittsburgh
  5. 5,001 U.S. Bancorp Minneapolis
  6. 4,775 BMO Harris Bank Wilmington, Delaware
  7. 3,361 BB&T Winston-Salem, North Carolina
  8. 3,200 Citigroup Inc. (tied) New York
  9. 3,200 Citizens Bank (tied) New York
  10. 2,650 Fifth Third Bank Cincinnati

In Sweden ATM limits are anywhere from 1000 to 4000 SEK limits ($120 to $480). If the number of 500SEK banknotes is reduced radically, top withdrawal limits will necessarily be reduced to 1000SEK to 2000SEK since that will imply 5 or 10 banknotes of denomination 200SEK.
July 8th, 2016 at 9:16:04 AM permalink
kenarman
Member since: Oct 24, 2012
Threads: 3
Posts: 809
In Canada some of the bank ATM's contain 50's. If there is more than one machine at least one will usually have 50's. A single transaction is limited to $500.00 but you can take out $1000 (or more if your limit is higher) via back to back transactions of $500 each without pulling your card out.

Casino ATM's dispense 100's and you can pull $1000 in one shot. I have never tried to withdraw more than that.

$5000 limit at the teller before it starts to get interesting, depends on your history and if all the deposits are confirmed.

One of the banks in town has updated their ATM to a envelope free machine. If you deposit cash you put it in as a stack of bills (50 max) and it counts them in the ATM and holds them temporarily. It gives you the amount of the deposit on screen and you approve it. If you don't approve it I assume it will spit your bills back out. Will save the bank a ton of labour.
"There is no sin but ignorance" Christopher Marlow
July 8th, 2016 at 9:22:56 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 312
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Quote: kenarman
One of the banks in town has updated their ATM to a envelope free machine. If you deposit cash you put it in as a stack of bills (50 max) and it counts them in the ATM and holds them temporarily. It gives you the amount of the deposit on screen and you approve it. If you don't approve it I assume it will spit your bills back out. Will save the bank a ton of labour.


A couple of banks are trying such things here for making deposits and payments. I've actually used one a few months back to pay a credit card. What's interesting is you don't need to put a card in it to pay, you can just type the account number.

You out the bills in a stack all together. The machine then tells you "Your deposit is 1,250" and has YES and NO options to tap. The one time it counted right, so I've no idea what happens if you tap on NO.

any idea whether deposited bills are just held, or whether they go into the ATMs stock and can be dispensed later?
If Trump where half as smart as he thinks he is, he'd be twice as smart as he really is.
July 8th, 2016 at 10:09:28 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
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Quote: Nareed
any idea whether deposited bills are just held, or whether they go into the ATMs stock and can be dispensed later?


This article showed an Americans conflicts after having received two counterfeit 200-peso notes from a currency exchange counter at the airport. I would wonder if the ATM is sophisticated enough to isolate counterfeits before mixing them in with the rest of the stock.

The writer does point out that they were obvious counterfeits, but he had never thought to look at the bills when he received them.

Quote: JOE SHARKEY NOV. 26, 2012 : NY Times

Keeping an Eye Out for Counterfeit Money

THE cabdriver held my 200-peso note up to the sunlight filtering through his dirty windshield. “This no good,” he said.
“What do you mean no good?” I asked.
“Counterfeit,” he said, snapping the note with his fingers.
I handed him another 200-peso note out of my wallet.
“This also,” he said, a little peevishly. “No good!”

I was presented with a quandary. Was I being swindled by a cabdriver in some clever way? Or was I actually inadvertently papering a foreign capital with fake money? Should the police be called?

They should not, advised a helpful assistant manager at the hotel front desk where I inquired after I found genuine money to pay the cabdriver. The manager held my two rejected banknotes under infrared light, which confirmed that both were counterfeit. I said that I had changed money at a currency exchange counter at the airport, nowhere else. Why not phone the police?

He shrugged and said, “If you can’t prove that you got it where you say, you could be sued for slander. And why get the police involved over a small sum? It’s a crime to possess counterfeit money.”

The man confided that several years ago, on a business trip to England, he had unwittingly passed a counterfeit British £20 note to a cabdriver, and the driver had summoned the police. “A Latin man with counterfeit money in London? I spent a night in jail before I was released without charge,” he said.
...

The best way to avoid getting or passing counterfeit money is to have a good look. Like my fake pesos, counterfeit money often (but definitely not always) looks and feels wrong on close inspection, the experts say. The European Central Bank has a Web site promoting a “feel, look, tilt” technique for inspecting banknotes.

And my fake pesos failed on every count.
July 8th, 2016 at 10:53:33 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 312
Posts: 10503
Quote: Pacomartin
This article showed an Americans conflicts after having received two counterfeit 200-peso notes from a currency exchange counter at the airport.


If you get a bill which you suspect to be counterfeit, you can submit it to almost any bank. they'll send it to the Banco de Mexico, which will rule whether it's genuine or not. If it's not, you get nothing. If it is, you get the money involved. I don't know the details on how it works.

BTW, if you don't check as you get the money and complain right there, you won't get anything.

Quote:
I would wonder if the ATM is sophisticated enough to isolate counterfeits before mixing them in with the rest of the stock.


Unknown.

We had a bill counter at work which could allegedly discern counterfeits. We got plenty of false positives. Once we fed it counterfeits and it got some, but not all.


Quote:
The writer does point out that they were obvious counterfeits, but he had never thought to look at the bills when he received them.


I can tell a counterfeit by touch. It's not that hard. Bills have a peculiar texture, and most counterfeits use bond paper, which is nothing like it. That said, at the bank I pocket the money without checking, so...

BTW, the article as quoted has a few errors. Infrared light isn't useful for telling counterfeits from genuine notes. Ultraviolet light is. It causes UV sensitive fluorescent ink to <drumroll> fluoresce. A back light, or holding the note up to the light, let's you spot the watermark and some other features. With Mexican notes, though, the easiest check is the color-shifting ink. There's a decorative detail in the upper left corner, tilt the bill and the colors change. That's very, very, very, very, very hard to fake.

Also, the most counterfeited note now is the 200 peso note. it used to be the 50 peso, but that stopped cold when they switched to plastic notes.
If Trump where half as smart as he thinks he is, he'd be twice as smart as he really is.
July 8th, 2016 at 12:09:33 PM permalink
terapined
Member since: Aug 6, 2014
Threads: 35
Posts: 2789
Quote: Nareed

I can tell a counterfeit by touch. It's not that hard. Bills have a peculiar texture, and most counterfeits use bond paper, which is nothing like it. That said, at the bank I pocket the money without checking, so...


In the USA, its the paper that gives it away
US bills are not made from paper or a wood product.
Its cotton

I hear the best counterfeit bills originate in North Korea
Sometimes we live no particular way but our own - Grateful Dead "Eyes of the World"
July 8th, 2016 at 12:33:28 PM permalink
Nareed
Member since: Oct 24, 2012
Threads: 312
Posts: 10503
Quote: terapined
US bills are not made from paper or a wood product.
Its cotton


Most bills all over the world are like that. Some I think use linen as well as cotton. It lasts much longer than wood paper when you factor handling.

Quote:
I hear the best counterfeit bills originate in North Korea


The thing is governments have access to the cotton fiber paper money, which is very tightly controlled. also at a government-sanctioned counterfeiting facility, the budget will be big, and the people involved don't have to worry about being arrested (well, not for counterfeiting)

Organized crime syndicates have a habit of buying actual bills, cheap ones in places with a depressed currency, and washing them clear off ink with chemicals. then they print the fake notes on that paper. There was a run on Iraqi paper money in 2003 when the value dropped like a stone. Such notes often come with a watermark and a security thread, and of course they feel like real money to the touch.

You can still tell them apart if you know what to look for. This varies country to country, but things like micro printing, color-shifting ink, fluorescent ink, raised printing, checking what the watermark looks like and not just that it's there, etc.
If Trump where half as smart as he thinks he is, he'd be twice as smart as he really is.
July 8th, 2016 at 3:09:37 PM permalink
miplet
Member since: Oct 24, 2012
Threads: 4
Posts: 354
Quote: Nareed
Most bills all over the world are like that. Some I think use linen as well as cotton. It lasts much longer than wood paper when you factor handling.



The thing is governments have access to the cotton fiber paper money, which is very tightly controlled. also at a government-sanctioned counterfeiting facility, the budget will be big, and the people involved don't have to worry about being arrested (well, not for counterfeiting)

Organized crime syndicates have a habit of buying actual bills, cheap ones in places with a depressed currency, and washing them clear off ink with chemicals. then they print the fake notes on that paper. There was a run on Iraqi paper money in 2003 when the value dropped like a stone. Such notes often come with a watermark and a security thread, and of course they feel like real money to the touch.

You can still tell them apart if you know what to look for. This varies country to country, but things like micro printing, color-shifting ink, fluorescent ink, raised printing, checking what the watermark looks like and not just that it's there, etc.
I once had a customer try and pay with a cointerfit $50. It was a $5 that had the ink washed off. The security thread was in the wrong spot and said five. As soon as he realized I knew it was a cointerfit he grabbed it from my hand and took off.
"...remind me of clue: Colonel Mustard in the billiard room with the candlestick."- Derek Morgan
July 8th, 2016 at 8:37:11 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7739
Quote: Nareed
IAlso, the most counterfeited note now is the 200 peso note. it used to be the 50 peso, but that stopped cold when they switched to plastic notes.




When they say the 100 peso note is "papel y polímero" does that mean some are paper and some are polymer, or is each note a combination of paper and polymer?

Quote: banxico.org.mx

Circulación de billete Millones de Piezas, Saldos
494: 20 pesos (polímero)
506: 50 pesos (polímero)
579: 100 pesos (Familia F: papel y polímero)
819: 200 pesos
1792: 500 pesos
82: 1000 pesos


Quote: Federal Reserve

Circulation of banknotes in Millions of Pieces
11,400: $1
1,150: $2
2,740: $5
1,900: $10
8,565: $20
1,596: $50
10,822: $100


Quote: miplet
I once had a customer try and pay with a cointerfit $50. It was a $5 that had the ink washed off. The security thread was in the wrong spot and said five. As soon as he realized I knew it was a cointerfit he grabbed it from my hand and took off.


The $50 is the least circulated denomination except for the $2. Perhaps it is an easier target for counterfeiting than the $100 because people don't look at as carefully.


Almost nobody looks at the $10, but you have to spend a lot of them. Someone might notice if you walk in a store with a wad full of $10 dollar bills.




Britain issues it's first polymer note this September.



AFAIK the USA is not considering polymer for the new Tubman. Polymer is now used exclusively in Australia, New Zealand and Canada.
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