Management is implementing a Large Cash Withdrawal Indemnification form which has been reviewed and approved by the Bank's legal counsel. The question I am stuck on is: at what dollar amount do we require the form? Management wants to require it for any cash withdrawals over $10,000.00 but then are we encouraging our customers to structure their withdrawals? If so, what amount would be better? Any insight would be appreciated.

What is the purpose for this? In case they get knocked on the head outside your door?

It is used to document that the customer acknowledges all the possible dangers associated with taking large amounts of cash.

I would not use $10,000 as the threshold, but the rationale behind the form is solid.

that piece of paper is not worth the piece of paper it is written on. what happens if the customer refuses to sign, will you not allow him to withdraw his funds in cash? can't wait for that breaking news story by the local TV "on your side" reporter...this just in, XYZ Bank refuses to give their customers their account balance in cash...now live to Jimmy Newsboy in the parking lot of XYZ Bank with Aggrieved Customer..."

we caution our customers around the $25,000 level, but it also depends on location, customer, age of customer, and some other factors...

We set ours at over 3k, and I hate it. Customers now structure so they do not have to sign the d*** form. So many notes in my aml software why it's not a structure.

I suggested a buck slip for each such transaction provided to the customer, but bank insists on getting the useless signature.

I would not set the threshold at $10,000 either. I can attest that this WILL cause problems.

Just Jay - your threshold is crazy! What a waste of time.

I'm leaning towards $20,000 as a triggering amount. Based on our demographics that seems like a reasonable amount to me.

That seems much more reasonable.

We have customers that withdraw up to $10,000 or more for "walking around" money. Source of funds is legit. We just have some high net worth individuals that just prefer to carry cash.

It is important to understand your customer base.