Maybe we’re crazy but $4200 doesn’t seem like too much money to withdraw in cash at a branch bank, especially if you give them 24 hours notice. Apparently, that large of a withdrawal leaves WaMu all tapped out. Is WaMu really that short on capital reserves?
I had an interesting time last night at my local Washington Mutual.
I am getting ready to leave on a trip to Las Vegas for a friends wedding so last night I decided that I would actually go into a Washington Mutual branch and withdraw my ‘bankroll’. It was about 10 minutes to close but there thankfully no line. I filled out the withdrawal slip for the cash that I wanted, approached the teller, scanned my ATM card, entered my PIN and handed her the slip. She immediately asked if I wanted a check for the amount ($4.2k) and I said no, that I wanted cash. She then yelled to the manager across the bank about the transaction. He asked; how much? She said “$4200″. Keep in mind that this was not done in private but across the room at the bank, therefore letting everyone in the room know that I wanted a (fairly) large sum of cash.
It was at this time that the faux hawk sporting manager said ‘nope’. He told me (still across the room BTW) that they operated on some automatic withdrawal machines and that he couldn’t authorize that much of a withdrawal because other people needed to use it and that the amount of capital wouldn’t cover it.
In shock I asked when they (the bank!) would be getting more capital, he said that they got more nightly. So I asked if I could come get the amount I wanted tomorrow. He said ‘no’ again. Apparently these machines had enough money for me but they didn’t want to give it to me because someone else might need it (the bank is open for 10 more minutes).
The manager let me know that I could try a ‘traditional’ WaMu branch as they have ‘more leniencies’ with the withdrawal amount. Keep in mind that those are at least 3 miles (over 30 minutes in San Francisco) away.
I then asked the teller very plainly… “Are you saying that I can’t have MY money?”
She said “yes”.
Beyond mad I ripped up my withdrawal slip and left the bank. I have two out standing checks (IRS and State) with WaMu, when they clear I am OUT. I can’t think of anything more ridiculous than not being able to get my money. Aren’t there some rules about that?
I guess that the good thing to come of all this is that there can’t be a run on the banks because even if everyone tried to get their money… the banks will not give it to you!
Thought this was something that you might find interesting!
Thaddius
Is this normal? We’ve been snooping around looking for rules as to how much cash you can withdraw from a bank and haven’t been able to find much of anything. Cash withdrawals over $10,000 require a something called a Currency Transaction Report, and we’ve seen some credit unions that ask for notice of one business day for withdrawals over $2,000. One day’s notice seems reasonable.
Any bankers want to explain how this works?
(Photo:Stirwise)
More From Consumerist
-
Flaming Lips Frontman Shuts Down Oklahoma City Airport With Inactive Grenade In His Luggage
-
Tim Cook: Sorry Our iOS6 Maps Service Isn’t Really So Great… Maybe Try Google?
-
Thanks To Nordstrom, I Now Know That A Stranger Is Planning A Very Special Evening
-
eBay Seller Who Sued Customer Claims He’s Sorry, Has Filed Dozens Of Feedback Suits
-
I Guess Kohl's Doesn't Want My Money
@sketchy: I believe you left out the part where you needed to pay your 24 karat dogs personal dogwalker and have your personal toast chef burn 100 dollar bills while you lounge in your hot tub filled with evian water.
“Of course…how can a dress-code that allows for jeans and sneakers really encourage professionalism anyway?”
Exactly! How can any trust someone who isn’t a suit? Afterall, only slackers and no-goods where sneakers and jeans. And just to make sure, I wear Hawaiian shirts. Now I KNOW that I’m sloppy and unprofessional.
I was a teller at a branch a couple blocks from Atlantic City for a few years. We always made sure to have plenty of “large” on hand. $5,000 cash withdrawals were just another transaction at that place. We did request that customers give us a few days notice for withdrawals in the 10K range, but if they wanted it same day we would try to oblige. This story, it sounds like it is a satellite branch and they probably don’t keep as much on hand as a traditional branch. But 4K next day doesn’t sound like an unreasonable request to me.
Not sure if someone already mentioned this, but this comsumerist post ([consumerist.com]) has links to agencies that regulate banking. I’d complain to all of them about that bank, and to headquarters about the branch. Having your money held hostage, and further broadcasting private information in a public area (i.e. yelling across the bank) is completly inappropriate.
Can you spell Bank Run?
Sounds like the 30′s all over again.
@BillyShears: why don’t the signs say 6ish? Oh that’s right because they are really open until the time on the sign.
The time doesn’t excuse anything that happened that day. They never should have yelled any amounts, or even any questions. And unless there is some small print, which they should have shown him, there is no excuse for not giving him HIS money.
I work for a large financial institution. I started out as a Personal Banker and worked daily with cash w/d and check cashing. Branches are required to keep 5% of their “in house” accounts cash on hand at all times per federal regulations. For the average branch and size of bank this ranges from $40k into the millions depending on the size of the branch / bank.
In order to cut down on the risk to the bank involving theft and burglary most institutions require that tellers keep no more than $2k in the their drawers at all times (typically why you see tellers walking to the back after helping a customer who just deposited cash). Almost all large institutions (Chase, WF, BofA, WaMU, etc) currently use TCDs (Teller Cash Dispensers) which are dual locked fire proof “mini safes” that the teller can dispense from. Depending on how the cash stores are set up, they typically hold $40k – $250k and dispense the cash in denominations based on the tellers commands. Most banks have internal regulations regarding how much cash can be w/d at any one time mainly dependent upon their cash on hand, and next cash shipment. However, these usually constitute cash w/d over $6000.
The only federal regulations regarding cash w/d or check cashing is a CTR report, or a Currency Transaction Report, which is required by law for all cash taken out of the branch exceeding $10,000.00 the other is a MPL or a Monetary Purchase Log and this is required for all “Official Items” (Official checks, money orders) purchased in cash that exceeded $3,000.00. They don’t limit how much you can w/d or cash, just that if you exceed these boundaries that it must be reported to the govt.
From what it sounds like to me the WaMU teller and manager you dealt with were just lazy and more than likely had already balanced their TCD for the night and were just counting down the minutes to go home. The fact that they spoke from across the room regarding the amount of funds you are w/d are a direct violation of the BSA (Bank Secrecy Act) as well as internal WaMU customer privacy acts. My bank works directly with WaMU who mirrors rather closely our internal policies.
I would recommend contacting the branches Regional Manager regarding the issue and take it up with them. Granted it won’t help you regarding getting the cash right then, but it will help to bring some closure and possibly some education as to how WaMU operates.
Just last week I went to withdraw $5,500 dollars from WaMu and they just instructed me to go to the machine in the back because it had the most hundreds.
No 1 day notice, no nothing.
I am not defending WaMu, they certainly suck, and I am looking for a place to move my money to, but they have never given me any problems other than ridiculous fees and shitty phone support.
@sketchy: Incorrect, Sketchy.
Rich customers get what they want … the bank will do anything to avoid losing them.
If you have a huge wad of cash deposited, the bank will move heaven and earth to get you whatever you want.
A Wamu storefront bank would send a runner to a main branch, and serve drinks to the big depositor while the $100,000 was being fetched.
Only small depositors get the brush-off.
As a former WaMu employee, an ex-WaMoolian as the company jokingly calls their employees, I can say that these Occasio branches are not setup for large cash withdrawls. Typically customers are requested to call a head to ensure that the branch they will be visiting has enough currency on hand. Ultimately, the manager of this particular Occasio branch should have called another branch to ensure that another branch could handle the transaction and thusly ensured customer satisfaction.
Withdrawls of $10,000 or more generate a SAR (Suspicious Activity Report) that gets sent to the IRS.
Lastly, in regards to cashiers checks, due to increases in fraud involving cashier checks some banks, WaMu included, treat cashier checks as regular personal checks. Meaning that these will not clear any sooner than a regular check.
@doireallyneedausername:
And that’s the problem right there. Why should you have to drive to the branch and go in just to find out it’s a shitty half-bank? If it says Washington Mutual on the outside and nothing else, it should have your money and all the capabilities of a full branch. If it’s gonna be an “Ocassio” or whatever or some other kind of gimped half-bank, they should tell you right in the name. Maybe call it a WaMu Convenience Branch or something and make it fully clear that they don’t have the same capabilities as main branches.
@VermilionSparrow: Well that’s an issue with the management of the place being horrible. Still doesn’t make the being pissed at people for being there before closing right.
I bank at a credit union, a relatively large one (Keypoint CU, in the SF bay area) and came in to a branch a few weeks ago asking for $2600 in cash.
They said $2500 is their limit.
I said, wait, so I can’t have my money in cash?
She said oh yes, you can, but you need to ask.
I sat there a little confused for a minute and said, “Uh, I’m asking you right now, actually.”
She corrected herself and said I had to ask *in advance*, like a day or so. But in any case, to her credit she admitted it’s only $100 over, so she forked it over. But I was quite surprised.
I dunno, I love WAMU, I’ve been with BOFA and Wells, and WAMU is the best I’ve had so far, always helpful and free checks. Plus the lines are faster than any other bank I’ve ever been in.
This situation sounds pretty effed up though.
@MercuryPDX:
Exactly. I gotta say many of the complaints on this site are valid, however in thad’s case (original poster) I don’t think it’s warranted. Bottom Line, know the policies. Also the title of the article is misleading. As if to make you think WAMU hasn’t the funds period, rather than visit a Traditional Branch. Anyhoo. Gotta play devil’s advocate.
I work as a bank teller currently at a large branch, and i would like to comment that this amount is relatively large transaction especially 10 minutes before close. What most people dont understand is that each teller has limits as too how much cash is available to them, and with ten minutes to close head cash was most likely closed. Its not a simple matter of re-opening it and rebalancing, often these cashes are on timed locks that take 20-30 minutes to open. With proper notice this most likely wouldnt have been a problem, if this wasnt a service branch this probably wouldnt have been a problem, with proper courtesy instead of ripping up the withdrawal slip and making a scene this probably woulnt have been a problem.
CTR as mentioned on the beginning is not related. . .its a anti-money laundering report required for any transactions of large dollar. If you read up on banking regulations, a branch is only required to allow $1000 cash withdrawal without sufficient time notice (usually 24-48 hours, based on policy) the branch obviously is not allowed lenicy on established bank policies, which makes sense since there a national bank with over 5000 branches.
@kbarrett: Well of course, but I certainly hope I would not be made to wait with commoners, that smell is very difficult to get out of my albino infant-hair suits.
Every few months I take some of my savings and buy gold. This is stored in a safe deposit and if I ever need a large amount of cash (to me, over $500) I just take some of my gold and head to one of the many dealers who buy it. They always have enough cash on hand to purchase it and I have never been without access to cash these days.
It certainly didn’t hurt to have the price of gold jump lately.
I don’t have a lot of it stashed away, just thought I would try to buy some and see where the price went. It’s kind of nice to know that I have something to fall back on in an emergency.
I’m not surprised. WaMu may have screwed the pooch with sub prime mortgages. They my not be provide cash to customers with deposits.
I’ve advised an associate who I know has accounts at WaMu to get hisself over to WaMu right now and get his cash out now, not Monday, while he still can.
This actually happened to me once. I went to a grocery store branch of my bank (the one closest to my house) and tried to get $1400 in cash. They said that they could only give me $1000 since they were a store branch and that I’d have to visit a real branch to get more. Ridiculous.
@FreeMarketGravy: Sure, you can do bank business on your lunch break – assuming there’s a bank close by, and you’re lunch break is long enough for you to do more than eat your lunch.
It’s one thing to count on banking at lunch when you work within a 5-minute walk of your bank. It’s something else when you work a 5-minute (or longer) drive from the bank, in which case you might prefer to hit the bank after work rather than waste the gas.
@BillyShears: Whoa there hippie boy, or Bro which ever you prefer. Hours are literal. Particularly with a bank. Not, “I’ll mosey outta here when my ride shows. See you dudes sometime in the morning. If the surf isn’t up!”
How amazing, today I requested 50 thousand in cash from my account and said that tomorrow would be OK (it was before noon). I was told I had to wait a week for my money. It is after all my money and I believe I have a right to it! When did it become their money? I put it in why is it so hard to take it out? And all this reporting to various agencies, am I a criminal suspect just for wanting my money in cash? I was offered a cashiers check for the amount, what a joke. It is MY money not the banks. Period. Twenty-four hours should be enough time for them to locate MY cash, I dare say. The bank bye the way is Chase. And what do I need my cash for? That is my concern now is it not? On reason is if I had a genuine emergency I couldn’t get my money if I needed it because the bank would not release it.
@Dan25: I am not demanding any amount of money, just my own money, money I put in, its not the bank’s money in case you have forgotten that. I should be paid in a reasonable time, like 24 hours. Whatever the amount!
@zibby: Yes Chase let me take out 8000, however I wanted 50 thousand from my account and said that tomorrow would be fine. I was told I would not receive my money for a full week. It is after-all my money I wasn’t asking for a loan.