Banks no longer carry cash? Now the "I hate WF thread" (1 Viewer)

[KCitons]

We've been looking for another car (since all my kids are of driving age now). I found a vehicle about an hour away that we very interested in purchasing. When buying a car under $10k, I like to deal in cash. (I believe you have a little extra bargaining power)

Went to Wells Fargo this morning to withdraw $7k from my savings account. I figured there was a chance that they wouldn't have enough to cover it, since it was late on a Saturday. And they didn't. The problem I had is they told me they would need to put in a special order for any amounts over $5k? It would go in on Monday, and I could expect my cash on Friday?

Seems like a stupid policy. Which customers are going to withdraw >$5k? Probably their best customers, with the most money and the ability to spend the most. At the rate of interest they are paying on a couple of my accounts, I see no reason not to keep $15k in cash at home for emergency.

 

[Guest]

Wut? Did you go through the drive-thru? That seems very odd to me.

 

[KCitons]

Wut? Did you go through the drive-thru? That seems very odd to me.

nope, went inside. I know they won't do withdrawals over a certain amount (I think it either $300 or $500) through the drive through. They make you come inside.

Back when I was running my vending business, I would have to break up my deposits. If you have more than $10k in cash deposit, they make you fill out paperwork. (and they suspect you are a drug dealer)

 

[Dickies]

I was with US Bank a while ago and was went in to withdraw $4500 so that I could buy a car. The 1st branch told me that they didn't have enough cash on hand to cover that much, so I had to drive to another branch to get the rest. Struck me as really strange at the time as $4500 isn't that much money.

 

[comfortably numb]

Time for a new bank?

 

[eaganwildcats]

According to google there are about 6300 Wells Fargo branches in the US. If each held 20k that would be about 126 million. Really nothing when you consider their balance sheet, but still interesting to think about.

 

[17seconds]

I had this problem about 10 years ago and all I wanted to do was withdraw $2k for a Vegas trip.

Went to a Wells Fargo branch and they didn't have it. They called other branches in the area - nope. The only one that had the cash was 15 miles away.

It definitely pissed me off. If you can't pull $2k from your bank, what the hell are they there for?

 

[KCitons]

Time for a new bank?

This.

After dealing with their financial adviser last month, I think it's time to make the move.

Who's happy with their bank?

 

[Mario Kart]

I'm surprised there isn't a line outside of people wanting their cash.

I'm pretty sure banks have the cash you needed but banks have orders they have to fill come Monday or later. Your request was a spur of the moment request they were not ready for. They have the cash but much of that is spoken for. Had you gone in early Friday, things might be different but you went in on a Saturday when the cash is "locked" up for the coming weeks business.

 

[ChainsawU]

What are you, like fifteen years old? What grown man doesn't have a good relationship with his bank, much less access to his cash when he needs it.

 

[ChainsawU]

Who banks on a Saturday?

 

[UniAlias]

I was with US Bank a while ago and was went in to withdraw $4500 so that I could buy a car. The 1st branch told me that they didn't have enough cash on hand to cover that much, so I had to drive to another branch to get the rest. Struck me as really strange at the time as $4500 isn't that much money.

Nothing but a bunch of dooshnozzles at this place.

Tre

 

[ChainsawU]

I recommend not having an ATM card and getting paid by your employer directly. That way you will walk in your bank at a minimum of at least once a month and make a deposit. That way when you go to cash a check, which you will do a couple times a month sans ATM card, they will know who you are and already know your name.

What if something happened and you needed help? I guess I am used to being on my own and covering my bases. I would definitely do this, especially if I had people depending on me.

 

[the moops]

What are you, like fifteen years old? What grown man doesn't have a good relationship with his bank, much less access to his cash when he needs it.

huh?

 

[KCitons]

I recommend not having an ATM card and getting paid by your employer directly. That way you will walk in your bank at a minimum of at least once a month and make a deposit. That way when you go to cash a check, which you will do a couple times a month sans ATM card, they will know who you are and already know your name.

What if something happened and you needed help? I guess I am used to being on my own and covering my bases. I would definitely do this, especially if I had people depending on me.

????

Considering I've been with WF for at least 20 years, ran my business account through them for 10, made +$5k deposits a couple times a week for 5 years, and have over $100k in accounts with them, I think the problem is with them.

There's no shortage of banks in this world.

 

[Slapdash]

I have never had problems withdrawing several thousand in cash. However, I can understand a bank not having much on a Saturday. Friday is a always a big payday for retail banks so there is a lot of check cashing activity. Additionally, the Fed is not open on the weekend so they cannot replenish vault cash if needed.

 

[KCitons]

I have never had problems withdrawing several thousand in cash. However, I can understand a bank not having much on a Saturday. Friday is a always a big payday for retail banks so there is a lot of check cashing activity. Additionally, the Fed is not open on the weekend so they cannot replenish vault cash if needed.

I agree, I was predicting a 50/50 chance that they wouldn't have enough on hand today. The surprise was when they told me it would be next Friday to get the cash?

If I work out a deal this weekend, I can get a cashiers check in 10 minutes on Monday.

 

[ChainsawU]

Sometimes it is the case that one or even two bank officers must initial a big check before it is cashed. Since it was Saturday, the issue could have been that an authorized person might not have been at work that day, not that they didn't actually have the cash on hand. They could have just been like, well we don't have it, instead of trying to explain they needed authorization from someone who wasn't there.

And, real talk, props for balling out of control with multiple k in multiple accounts. They should be lucky to have you. You shouldn't even have to present ID at this point. I would find a local bank with local people. Start banking with a small local establishment and they'll treat you like a king with those numbers.

 

[pollardsvision]

Which customers are going to withdraw >$5k? Probably their best customers, with the most money and the ability to spend the most.

My buddy used to manage a bank. The best customers weren't the ones that could withdraw $5000. The best customers were the broke ### customers that racked up overdraft fees.

 

[Fennis]

What are you, like fifteen years old? What grown man doesn't have a good relationship with his bank, much less access to his cash when he needs it.

Unless you run a small business, I find it extremely odd that anyone would have a relationship with a bank where they would know who you are.

 

[KCitons]

Which customers are going to withdraw >$5k? Probably their best customers, with the most money and the ability to spend the most.

My buddy used to manage a bank. The best customers weren't the ones that could withdraw $5000.The best customers were the broke ### customers that racked up overdraft fees.

Then they hate me. I pay off my WF Visa every month. I can't remember the last time I had an overdraft fee.

What are you, like fifteen years old? What grown man doesn't have a good relationship with his bank, much less access to his cash when he needs it.

Unless you run a small business, I find it extremely odd that anyone would have a relationship with a bank where they would know who you are.

I knew 1/2 the tellers and a couple of the managers when I was running my business. But, in the last 3 years everyone but one teller is gone. She still talks about my kids and remembers when I would set my twins on the counter while counting out deposits.

 

[Chadstroma]

This is going to be common among most bank branches among most banks (big or small). There are a couple of reasons for this.

1) The more money a branch has on hand, the more it costs a bank. Most banks are managing their cash levels to be more efficient in the costs of carrying cash.

2) Transaction volumes have plummeted over the last few years and that means less people are taking less cash out- which means the normal volume of cash held at a branch is lower than it use to be.

$7K by itself it not a whole lot of cash. However, times that by several transactions and quickly a branch may be dangerously low on cash. So, typically if you are looking to withdraw more than $4K or so- it is best to call ahead of when you actually need it and request the money. The branch can then order extra cash for you on top of the normal cash flow.

The bigger (meaning busier) the branch the more likely they will be able to handle a large withdrawal with no notice as they tend to have more cash on hand.

Basically, banks don't have an infinite amount of cash on hand. It is more noticable now because not as many people use branches now so there is a smaller margin of error and banks are trying to be as efficient as possible because areas of revenue in the past have been cut due to things like the CARD Act and Dodd Frank Act.

 

[KCitons]

Thanks Chad -

You sound like you have some inside knowledge. Does it sound odd that it would take 5 business days to fill a request for $7k? In the digital age, this seems lengthy.

 

[the moops]

Basically, banks don't have an infinite amount of cash on hand.

Impossible

 

[The Big Guy]

Thanks Chad -

You sound like you have some inside knowledge. Does it sound odd that it would take 5 business days to fill a request for $7k? In the digital age, this seems lengthy.

I work in a bank branch and that is perfectly normal. We only get cash shipments once per week (I do not work for wells, they can do things differently) and when someone walks in like that asking for larger amounts of cash it puts us at risk of running short and not being able to help people later in the week.

I know in our case we would give you 5K and if you were in immediate need of more, check with the nearest local branch to find you the rest.

As to your business, take 10 secs and read up on anti money laundering rules and learn all about the REQUIRED federal paperwork to be filled out for large cash deposits. PITA for us too, so we are with you, but then see the multi billion dollar fine HSBC got for money laundering and understand why they are doing it.

 

[Chadstroma]

Thanks Chad -

You sound like you have some inside knowledge. Does it sound odd that it would take 5 business days to fill a request for $7k? In the digital age, this seems lengthy.

It is very possible. Banks normally get a cash shipment once a week. So, it would be the luck of when you went in and when they get their shipments.

Being Wells Fargo there should be other branches nearby. They should have offered to call some of the nearby branches or another one that may convienant for you (such as a branch near where you are buying the car for example) to see what their cash levels are and if they could do the transaction for you. Failing that, then getting part of the withdrawal from one branch the rest at a second is something that should be available as well.

There are banks/branches that you would not have a problem. As an example, Northern Trust caters to wealthy individuals. They do not have a lot of branches but the ones that they do have tend to have high levels of cash on hand for their big ballers who come in and withdraw $40K for the weekend type of thing. And as I said, a bank branch that is busier and/or in a wealthy neighborhood will tend to have higher levels of cash on hand than slower branches and/or branches in middle class or lower areas.

 

[The Big Guy]

And btw, I know that movies always portray bank vaults as these massive things with bricks and bricks of cash just waiting to be thrown into duffelbags, but the reality of our vault would make you laugh. We have what amounts to the size of a gym locker with neatly stacked piles and plenty of room available to visually count what is in there.

 

[jon_mx]

I asked for $40k once a few years ago. They had it the next day. I am pretty sure it gets reported to the FBI.

 

[Chadstroma]

I asked for $40k once a few years ago. They had it the next day. I am pretty sure it gets reported to the FBI.

Anything over $10K has a CTR (Cash Transaction Report) filled out and filed with the Treasury Department.

If there are structured deposits/withdrawals that seem to be trying to avoid a CTR, then a SAR (Suspicious Activity Report) if filed with the Treasury Department. A SAR is much worse than a CTR.

 

[Chemical X]

i have worked for a bank for the last 25 years and have not heard of any limitation <10k (the magical CTR number). but I agree with the above about cash on hand. people bank on line nowadays, moving funds electronically. in fact, I would be confident brick and mortar banks will all but disappear over the next 10 years. I likely would've asked to see bank withdrawal policy and possibly called the police. you can file a complaint with the state/federal banking head too. most people in this scenario would've gotten a cashiers check TBH.

and if you think taking your money out of a bank makes them care or that somehow your 5k makes you a great customer, guess again.

retail banking makes the banks little to no money, outside of fee income. the 5k ain't worth listening to some dope ramble on about how he is the bank's best customer and has banked there since aught 9. if you don't like it, go across the street. fees, fees, fees, servicing, servicing.

if you don't like the bank, keep the money in your mattress. a bank is a business, it's not a charity. the idea that free banking is an inalienable right shukes me. for me, I keep enough to cover bills. otherwise, I 'bank' with vanguard and move my funds when required, while having multiple investment options.

I personally hate wells, though they are extremely well run. maybe they were just dumbfounded as to why some dope would want to pay cash for a depreciating asset.........real cash. lol

 

[KCitons]

There are banks/branches that you would not have a problem. As an example, Northern Trust caters to wealthy individuals. They do not have a lot of branches but the ones that they do have tend to have high levels of cash on hand for their big ballers who come in and withdraw $40K for the weekend type of thing. And as I said, a bank branch that is busier and/or in a wealthy neighborhood will tend to have higher levels of cash on hand than slower branches and/or branches in middle class or lower areas.

"well, there's your problem"

Firmly in the middle class here.

 

[shadyridr]

Ive always been told if you want a large sum of cash to call ahead of time so they can order it (or whatever its called).

 

[KCitons]

i have worked for a bank for the last 25 years and have not heard of any limitation <10k (the magical CTR number). but I agree with the above about cash on hand. people bank on line nowadays, moving funds electronically. in fact, I would be confident brick and mortar banks will all but disappear over the next 10 years. I likely would've asked to see bank withdrawal policy and possibly called the police. you can file a complaint with the state/federal banking head too. most people in this scenario would've gotten a cashiers check TBH.

and if you think taking your money out of a bank makes them care or that somehow your 5k makes you a great customer, guess again.

retail banking makes the banks little to no money, outside of fee income. the 5k ain't worth listening to some dope ramble on about how he is the bank's best customer and has banked there since aught 9. if you don't like it, go across the street. fees, fees, fees, servicing, servicing.

if you don't like the bank, keep the money in your mattress. a bank is a business, it's not a charity. the idea that free banking is an inalienable right shukes me. for me, I keep enough to cover bills. otherwise, I 'bank' with vanguard and move my funds when required, while having multiple investment options.

I personally hate wells, though they are extremely well run. maybe they were just dumbfounded as to why some dope would want to pay cash for a depreciating asset.........real cash. lol

Did you miss the part where I said I have multiple accounts with WF. We had our mortgage with them up unit a few years ago. I have my only credit card through WF. Both of our paychecks are direct deposited to WF. I have some of my investments at WF and all of my short/mid term savings with them.

Unless things have changed, I've had to fill out the paperwork for a deposit over $10k. I only did it once, then I started making smaller deposits or keeping it in a safe at home.

I guess I could have taken whatever they had today ($2500 maybe) and then returned Monday and Tues to withdraw another $2500 each day. It would accomplish the same thing, and sooner than waiting until Friday.

 

[Chemical X]

mortgage, credit cards, direct deposit services. i am not trying to be a #### about this, but WF would gladly give you a quarter to call another bank. none of these are money makers.

 

[KCitons]

mortgage, credit cards, direct deposit services. i am not trying to be a #### about this, but WF would gladly give you a quarter to call another bank. none of these are money makers.

mortgage? Where does the interest go?

credit cars? I agree, if I pay off the balance, they get nothing.

I currently have $5k in checking, $47k in savings, $12k in a cd, and $33k in WF investments.

I'm not trying to be a #### either. If this is the business/customer dynamic moving forward, then I can make the decision to move my banking online. At least I earn a little more, and I get the same level of service. I was under the false assumption that letting them use my money brought some perks. Guess they don't

 

[The Big Guy]

mortgage, credit cards, direct deposit services. i am not trying to be a #### about this, but WF would gladly give you a quarter to call another bank. none of these are money makers.

mortgage? Where does the interest go?credit cars? I agree, if I pay off the balance, they get nothing.

I currently have $5k in checking, $47k in savings, $12k in a cd, and $33k in WF investments.

I'm not trying to be a #### either. If this is the business/customer dynamic moving forward, then I can make the decision to move my banking online. At least I earn a little more, and I get the same level of service. I was under the false assumption that letting them use my money brought some perks. Guess they don't

Mortgage is owned by someone else. Wf only makes money on servicing the loan and when they get you to refi, since most people tend to refi with current lender.

Credit card being paid in full makes them like you. You are a very low risk money maker for that. They collect the swipe fees and have little to no risk. People only think banks hate the paid in full customer.

Do bigger and better customers get more perks and better serviced? Absolutely. But what people fail to remember is that tellers are front line workers without the mindset of authority to make exception calls and platform people and managers do.

PS: the customer is not always right and while I think that they could have done a better job with you, I don't think that most banks would have just handed you 7K either.

 

[Chemical X]

zero perks....and honestly, for ####ty customer service, why are you keeping a savings account? what are they paying you, .1% interest.

take your cash and open up a vanguard bond fund, triple tax free with a ROA of roughly 3.5%, link it to your banking account. move the investments there too. the bond fund will put your principal slightly at risk.....it moves pennies a day if that, but the triple tax free dividend of approx. 125-150/mo. based on above will more than offset. just my .02. or join a credit union. but never pay cash for a depreciating asset, cash is king.

 

[DA RAIDERS]

Was it in a grocery store?

 

[Cliff Clavin]

mortgage, credit cards, direct deposit services. i am not trying to be a #### about this, but WF would gladly give you a quarter to call another bank. none of these are money makers.

mortgage? Where does the interest go?credit cars? I agree, if I pay off the balance, they get nothing.

I currently have $5k in checking, $47k in savings, $12k in a cd, and $33k in WF investments.

I'm not trying to be a #### either. If this is the business/customer dynamic moving forward, then I can make the decision to move my banking online. At least I earn a little more, and I get the same level of service. I was under the false assumption that letting them use my money brought some perks. Guess they don't

Banks make little to nothing on mortgages if they do own them, especially with the meager rates right now. The money makers are insurance and fees.

 

[KCitons]

Was it in a grocery store?

No. Branch bank about 8 blocks from my house.

Big Guy - The teller didn't make the decision, when I told her I needed to withdraw $7k, she said OK. Then she said, let me check with the manager to see if we have enough. I don't blame the teller one bit.

Chemical X - I will be looking for a new place to park my cash. One of the reasons I stuck with WF, was the 100 free trades on my Wellstrade account due to qualifying for their PMA account (they removed this benefit for new customers last year)

 

[Long Ball Larry]

What are you, like fifteen years old? What grown man doesn't have a good relationship with his bank, much less access to his cash when he needs it.

Who banks on a Saturday?

I recommend not having an ATM card and getting paid by your employer directly. That way you will walk in your bank at a minimum of at least once a month and make a deposit. That way when you go to cash a check, which you will do a couple times a month sans ATM card, they will know who you are and already know your name.

What if something happened and you needed help? I guess I am used to being on my own and covering my bases. I would definitely do this, especially if I had people depending on me.

Do you live in 1955?

 

[Mario Kart]

I'm pretty sure you would have had the same result from any bank in the country or at least 99% of them today. I'm not a WF fan but they're not in the wrong here.

cashiers check would have been the way to go. They'd do that.

 

[dparker713]

Wut? Did you go through the drive-thru? That seems very odd to me.

nope, went inside. I know they won't do withdrawals over a certain amount (I think it either $300 or $500) through the drive through. They make you come inside.

Back when I was running my vending business, I would have to break up my deposits. If you have more than $10k in cash deposit, they make you fill out paperwork. (and they suspect you are a drug dealer)

Breaking up your deposits specifically to avoid the paperwork is a crime.

 

[BobbyLayne]

Who banks on a Saturday?

Usually go on Sunday.

/TDB

 

[KCitons]

Wut? Did you go through the drive-thru? That seems very odd to me.

nope, went inside. I know they won't do withdrawals over a certain amount (I think it either $300 or $500) through the drive through. They make you come inside.

Back when I was running my vending business, I would have to break up my deposits. If you have more than $10k in cash deposit, they make you fill out paperwork. (and they suspect you are a drug dealer)

Breaking up your deposits specifically to avoid the paperwork is a crime.

How so?

(and good luck proving it)

 

[Mario Kart]

Wut? Did you go through the drive-thru? That seems very odd to me.

nope, went inside. I know they won't do withdrawals over a certain amount (I think it either $300 or $500) through the drive through. They make you come inside.Back when I was running my vending business, I would have to break up my deposits. If you have more than $10k in cash deposit, they make you fill out paperwork. (and they suspect you are a drug dealer)

Breaking up your deposits specifically to avoid the paperwork is a crime.

How so? (and good luck proving it)

It can be proven very easily. Large deposits a day or two apart are an example of "laundering." If this is done repeatedly that is a bigger sign of what you're talking about. Proving it is easy.

 

[KCitons]

Wut? Did you go through the drive-thru? That seems very odd to me.

nope, went inside. I know they won't do withdrawals over a certain amount (I think it either $300 or $500) through the drive through. They make you come inside.Back when I was running my vending business, I would have to break up my deposits. If you have more than $10k in cash deposit, they make you fill out paperwork. (and they suspect you are a drug dealer)

Breaking up your deposits specifically to avoid the paperwork is a crime.

How so? (and good luck proving it)

It can be proven very easily. Large deposits a day or two apart are an example of "laundering." If this is done repeatedly that is a bigger sign of what you're talking about. Proving it is easy.

You can prove the deposits, but then you need to prove the intent to launder. Even the worst detective could determine that I was servicing vending machines, depositing the money, buying goods, and repeating the process.

The way I see it, they should be thrilled I was depositing the cash. Can't discount the income when reporting to the IRS.

 

[Mario Kart]

You can prove the deposits, but then you need to prove the intent to launder. Even the worst detective could determine that I was servicing vending machines, depositing the money, buying goods, and repeating the process.

The way I see it, they should be thrilled I was depositing the cash. Can't discount the income when reporting to the IRS.

Intent doesn't matter. Deposits of large amounts a few days apart from another equaling over 10k is, technically, laundering. Yeah, the government will find that the money is legal and all but why do what you're doing if you weren't trying to hide something? That's how the gov will see it.

 

[Chadstroma]

i have worked for a bank for the last 25 years and have not heard of any limitation <10k (the magical CTR number). but I agree with the above about cash on hand. people bank on line nowadays, moving funds electronically. in fact, I would be confident brick and mortar banks will all but disappear over the next 10 years. I likely would've asked to see bank withdrawal policy and possibly called the police. you can file a complaint with the state/federal banking head too. most people in this scenario would've gotten a cashiers check TBH.

and if you think taking your money out of a bank makes them care or that somehow your 5k makes you a great customer, guess again.

retail banking makes the banks little to no money, outside of fee income. the 5k ain't worth listening to some dope ramble on about how he is the bank's best customer and has banked there since aught 9. if you don't like it, go across the street. fees, fees, fees, servicing, servicing.

if you don't like the bank, keep the money in your mattress. a bank is a business, it's not a charity. the idea that free banking is an inalienable right shukes me. for me, I keep enough to cover bills. otherwise, I 'bank' with vanguard and move my funds when required, while having multiple investment options.

I personally hate wells, though they are extremely well run. maybe they were just dumbfounded as to why some dope would want to pay cash for a depreciating asset.........real cash. lol

Did you miss the part where I said I have multiple accounts with WF. We had our mortgage with them up unit a few years ago. I have my only credit card through WF. Both of our paychecks are direct deposited to WF. I have some of my investments at WF and all of my short/mid term savings with them.

Unless things have changed, I've had to fill out the paperwork for a deposit over $10k. I only did it once, then I started making smaller deposits or keeping it in a safe at home.

I guess I could have taken whatever they had today ($2500 maybe) and then returned Monday and Tues to withdraw another $2500 each day. It would accomplish the same thing, and sooner than waiting until Friday.

Chem X is being a bit extreme and there is plenty that I would disagree with as far as accuracy goes.

The mortgage is a money maker for the bank but mostly upfront when you did the loan. A small bit as much as the servicing goes carries forward as most likely WF does not hold the paper any longer and it has been sold on the secondary market.

Your credit card could either be a money maker (and if so, then usually it is a big pay day for banks) or a money loser depending on how you use it. If you pay it off every month or don't use it at all, it is either breaking even of losing money for them. If you carry a balance then they are making tons of money off of you.

The investments could be a decent money marker for them depending on the specifics.

Finally, the funds on deposit. Margins are very thin so it is not a big money maker but having $100K on deposit at either no interest or usually something like .05% or so with a big bank- there is a bit of money being made.

However, none of it has any bearing on withdrawing a 'large' amount of cash without any notice. Most bank branches have to manage their cash levels. If you know you will need cash in the future, simply let your bank branch know ahead of time and they will order in extra cash just for you.

 

[Chadstroma]

As far as structuring your deposits to avoid reporting the cash- there is no need to prove anything beyond that fact that you were attempting to avoid reporting the deposits. The act of making several deposits instead of one large one in order to not file a CTR is against the law. How often is that enforced? I don't know.

I do know that actually depositing in such a way as to avoid a CTR ends up getting you much more attention that a CTR would ever. And even more so now these days with the AML laws and regulations being reinforced over the years. (AML = Anti Money Laundering)