Click to return to BOL home page



April 22
A Banker's Guide to Virtual Currency
Andrew Beal

April 24
BSA/AML Compliance: Writing the SAR Narrative
Ken Golliher

April 29
HSA Basics
Whitney Johnson

April 29
Required Training for Loan Originators
Mary Beth Guard and Jack Holzknecht

May 13
Overdraft Practices in Today's Regulatory Environment
John Burnett

May 14
Reg E Claims - Allocating Liability Correctly
Andy Zavoina



Topic Options
#1621145 - 10/27/11 03:43 PM Maximum Cash Withdrawal Limit
Scott832 Offline
New Poster

Registered: 08/17/11
Posts: 11
Loc: Houston, TX
Can I bank limit the amount of cash they allow thier customers to withdrawal? Here is the scenario:

Teller Max Amount: $2,000
Lobby Max Amount: $3,000 but can get approval for more
Total Max Amount: No expception allowed for more than $10,000.

They aren't doing it to avoid CTR's, but they are worried about cash runoff. Can a bank impose a 10K or even 11K max cash daily withdrawal limit?
_________________________
Problems cannot be solved at the same level of awareness that created them.
-Albert Einstein

Top
BSA/AML/CIP/OFAC
#1621914 - 10/29/11 08:26 PM Re: Maximum Cash Withdrawal Limit [Re: Scott832]
MagicCity Online

Power Poster

Registered: 04/28/03
Posts: 2789
Loc: Fort Lauderdale, Florida
I am aware of banks that do this.
$3,000 is often the max allowed; the balance is paid with a Cashiers Check.
It is because the branches simply do not carry much cash.
If a customer insists on a large cash amount, they have to wait for it to be ordered for them, and then they must sign a form which reminds them of the risk of having that much cash and indemnifying the bank.
So yes, you can have it in your policy and decide your limit, with exceptions.
_________________________
Year after year I come to back to this place - to remember the taste...!

Top
#1621927 - 10/30/11 01:26 PM Re: Maximum Cash Withdrawal Limit [Re: MagicCity]
Rocky P Offline
Power Poster

Registered: 06/24/03
Posts: 4309
Loc: South Carolina
If a bank were to create limits, I would recommend a lobby sign with the information.

Also, check state law if there are any limitations
_________________________
I survived an OCC Fair Lending/Comparative File Review of 1,756 loans with no findings that stuck!
CRCM, CIA, CRP, CBA

Top


Moderator:  Andy Z, Ken_Pegasus