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#2270107 - 05/05/22 06:40 PM $1 Million Wire and Cash Out
burkemi Offline
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Joined: Nov 2013
Posts: 522
We have a customer that has notified us she sold a large tract of RE and wants to wire in $1,000,000 then withdraw the same amount in cash. She is a well off customer, with several accounts and trusts, etc. But this still seems off. Is there a way we can refuse?
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#2270110 - 05/05/22 06:48 PM Re: $1 Million Wire and Cash Out burkemi
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,922
Galveston, TX
Sure, you can. You are under no such obligation to disburse that much cash to anyone.
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#2270111 - 05/05/22 06:49 PM Re: $1 Million Wire and Cash Out burkemi
burkemi Offline
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Joined: Nov 2013
Posts: 522
I believe you - you've always provided top notch answers, but I have to ask. Is there a source or citation or anything I can look at to substantiate a refusal? I'm out of my depths here.,
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#2270114 - 05/05/22 07:11 PM Re: $1 Million Wire and Cash Out burkemi
Irishguy Offline
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Irishguy
Joined: Aug 2008
Posts: 580
Kentucky
You may look in your deposit terms and conditions.

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#2270116 - 05/05/22 07:34 PM Re: $1 Million Wire and Cash Out burkemi
Irishguy Offline
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Irishguy
Joined: Aug 2008
Posts: 580
Kentucky
Handing out lots of cash was a topic of conversation at the beginning of COVID. Here is one post that discussed limiting cash:

https://www.bankersonline.com/forum/ubbthreads.php/ubb/showflat/Number/2233235/Searchpage/1/Main/266864/Words/%22limiting+cash%22/Search/true/re-limitation-on-withdraw-of-large-cash-during-crisis#Post2233235

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#2270117 - 05/05/22 07:34 PM Re: $1 Million Wire and Cash Out burkemi
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,922
Galveston, TX
Look for something like this: ARE THERE SPECIAL RULES IF YOU WANT TO MAKE A LARGE CASH WITHDRAWAL OR DEPOSIT?
We may place reasonable restrictions on a large cash withdrawal or check-cashing or refuse a request for such transactions. These
restrictions include requiring you or your payee to provide reasonable advance notice. We do not have any obligation to provide
security if you or your payee receive a significant amount of cash. If you want to deposit or withdraw cash for a large amount, we
have the right to require you to provide adequate and acceptable security at your expense, as well as, sign a Letter of Indemnification.

If you do not have anything like this in your agreement, contact your legal counsel. I would also charge them for the extra branch security that will be required and the shipment costs, if you do it.
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#2270121 - 05/05/22 08:14 PM Re: $1 Million Wire and Cash Out burkemi
burkemi Offline
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Joined: Nov 2013
Posts: 522
Thank you both!!!
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