Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network



October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett

November 5
Vault Burglaries, Floods, Fires & Other Disasters;
Dave McGuinn

November 6
MLO v LO - Who Has to Do What?;
Jack Holzknecht and Mary Beth Guard

November 13
Domestic Violence & Workplace Violence: There Is A Link;
Shelly Collins and Dana Turner

November 18
Understanding USPAP and Regulatory Guidelines for Appraisal and Evaluation Compliance Reviews;
Eric Collinsworth



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: 2852
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 Online
Power Poster

Registered: 06/24/03
Posts: 4688
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