if not, why?
2007-06-19 08:56:49 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes. But banks don't have $1 million cash on hand, you need to give them advance notice so they can order the cash for you.
2007-06-19 09:20:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You could but realisticly no one would do that. As others have stated you can't just walk in and withdraw that kind of money without any questions (even if it is your money) The bank may complete an SAR (suspicious activity report) because that transaction can be seen as suspicious, or a CTR (currency transaction report) which is for cash transactions over a certain amount, among many other reports. If you really did want to withdraw you need to inform your bank ahead of time as many banks have a limit of cash they can keep on hand and ONE MILLION isn't one of them. They will try and talk you into accepting a cashiers check as well
FYI Keep in mind that you will be asked questions as to why you are withdrawing a large amount and be prepared to verify your identity over and over in order for the bank to file their reports
2007-06-19 16:24:36 · answer #2 · answered by K.C. 5 · 0⤊ 0⤋
Legally, yes. The bank manager would probably try to talk you out of it though, since he'd suspect either you were being scammed somehow to need all that cash, or would be taking a change on getting robbed.
Then the other thing - if it's a real small branch or drive-through, they might not have that much cash on hand so there might be a delay of a day or so while they got it.
2007-06-19 16:00:16 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Banks typically do not keep that amount of cash on premises. If you have that much in an account and will need to take it out in cash (who would do that?!), then you would have to make arrangements with the bank ahead of time. They would need to arrange for extra cash in their daily delivery.
You will also not be able to just "take the money and run." There will be paperwork required by the government that you will need to fill out for any cash transaction of that size.
2007-06-19 16:02:47 · answer #4 · answered by jonmm 4 · 0⤊ 0⤋
You would have to give the bank time to order the cash and have it shipped to them, as only the largest banks would carry that amount of cash, and even then they would be hurting their ability to serve their other customers by giving you that amount of cash. You would also have to fill out a currency transaction report that is sent to the IRS, who tracks cash transactions of that size, as they are usually using the funds for elicit purposes.
2007-06-19 16:07:43 · answer #5 · answered by justincunnane 1 · 0⤊ 0⤋
Yes, but you would have to give the bank several days notice. Depending on the size of the branch it could be up to a weeks notice. You will have to fill out a CTR (currency transaction report) which is reported to the IRS. It's no big deal though....unless you are laundering money.
2007-06-19 16:47:22 · answer #6 · answered by geistswoman 3 · 0⤊ 0⤋
You can ask - but the bank has rules on giving that kind of money on demand. You'd have to give them 72 hours to come up with it. Plus, you'd have to fill out all kinds of forms (as that is an extraordinary withdrawl).
2007-06-19 15:59:59 · answer #7 · answered by words_smith_4u 6 · 0⤊ 0⤋
yeah you could but don't you think your money is more save in the bank in instead in your hands ,because I know if I had that money in my hands I would go shopping
2007-06-19 16:02:53 · answer #8 · answered by vicky b 1 · 0⤊ 0⤋