If someone deposits a large some of money in a checking account can the bank account owner just withdraw it? and how?
2007-10-06 07:32:28 · 7 answers · asked by pookiepoo 2 in Business & Finance ➔ Personal Finance
Yes. It is your account. Once the funds are available, you can do whatever you want with it. If it was deposited by mistake, the bank is within their rights to correct the error. However, if transfered to a swiss bank account before the error was discovered, what could they do? I don't believe they could retrieve it, without your password. They probably would have to sue you for it.
2007-10-06 08:01:02 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If it's a cash deposit, then yes. The account owner can withdraw it. All you need is your ID to go into the bank and make a withdrawal. But be careful if you're walking around with a large ammt of cash. Cashier's checks would be safer.
If it's a large check that was deposited, I would wait AT LEAST 2 weeks to be sure the check cleared the other bank before withdrawing. There are a lot of fake lottery checks coming out of Canada and other fraud (usually thru e-mail) that send you a large check and ask for you to wire some of it back. THIS IS A SCAM!! Don't fall for it!!!!!!
-if you're taking out a large amount of cash, call the bank first and make sure they have that much on hand. Otherwise they might turn you away, and make a special order for you for that amount of cash. (talking in the millions here )
2007-10-06 07:40:47 · answer #2 · answered by Gypsy 3 · 0⤊ 0⤋
Yes the account owner can withdraw it, if the deposit isn't on hold and has posted to the account. You may not be able to take it in cash due to the volume.
Of course if the deposit was an error or a bogus check,the bank will come back and make the account owner repay the funds.
2007-10-06 07:40:48 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
No financial institution is going to let you walk out the door with 1 mil in cash, it's not very safe, and they don't have that much on hand to give to just one person. Besides that I'm sure you'd have someone from the IRS calling you the next day wondering what you're doing! LOL You certainly could go in and get a cashier's check for that amount if you wanted. I've done some pretty large amounts of cashier checks at the Credit Union I work at, but most of the time they are just taking it to another financial institution they belong to or it's to a title company.
2007-10-06 08:02:55 · answer #4 · answered by Kristin 3 · 0⤊ 0⤋
No. The IRS taxes earnings, no longer supplies. The IRS might basically tax the hobbies you earn on the money, yet even that's no longer withheld. you will possibly pay those taxes on your quarterly tax deposits or your annual tax return..
2017-01-03 05:31:40 · answer #5 · answered by tanton 4 · 0⤊ 0⤋
no idont think so cuz then the bank would prob go out of business with that much money gone in one dya. i think u hav to go through different tests and papers to do it. Hope this helps!
-KMD AHH 27!!!
2007-10-06 07:38:08 · answer #6 · answered by Anonymous · 0⤊ 2⤋
If you put it in, you can take it out.
2007-10-06 07:40:56 · answer #7 · answered by Smelly Cat 5 · 0⤊ 0⤋