don't sweat the dreaded bank withdrawal

[retitled to keep in forum guidelines] [da moderator...note, not a word was changed from original post, just title]

Well, I honestly couldn't believe it. I went to my bank today to withdrawal several thousands of dollars and they practically begged me to take it then! After everything I'd read on this forum, people's negative experiences, etc, I had some intrepidation in handling it this way. But I typed up the following letter, personally handed it to the branch manager at First Union and he walked me over to the teller and arranged for it to happen immediately! I dare say my timing helped...it is only July! Their attitudes about large cash withdrawals from Oct on, may be quite different. Anyway, here it is, and I hope it helps! "Dear Ms. Doe: Due to my Y2K concerns, I am making a lump-sum withdrawal from my checking account totaling $x,xxx.xx, as follows: (x) TWENTY dollar bills (x) TEN dollar bills (x) FIVE dollar bills (x) ONE dollar bills In consideration of your needs, I will return in a week to collect my withdrawal and at that time, would appreciate the opportunity to verify the funds in a private area, as to not draw any unwanted attention. I assure you, it is my intention to re-deposit these funds, if they are not needed. You may reach me at (xxx) xxx-xxxx with any questions. In advance, I greatly appreciate your discretion in this matter."

-- I'm (with@titude.now), July 27, 1999

Answers

ouch...Moderator, why did you need to change my format? what did I do wrong?

-- I'm (with@titude.now), July 27, 1999.

the short answer is that I fit it into the guidelines (the title). A longer answer is available by emailing me. The address here works. Chuck

-- Chuck, a night driver (rienzoo@en.com), July 27, 1999.

Same here. Only I didn't furnish a letter or an explanation. Just requested XXX thousands of my dollars. The only question asked was. "How do you want it, sir? All large bills or would you prefer some smaller ones as well?" In my opinion, they don't want any doubts about the avalability of cash to get started this early. If they can reassure everyone in this way early on, then they won't have a bank run later. It won't work because, who is going to go around town announcing that he now has his money at home? There's that fool want'n to expire my cookies agin'. Nuthin' doin' I aint fond of pain!

-- Lumber Jack (johnsellis@webtv.net), July 27, 1999.

Like Lumber Jack, I too pretty much just went down and cashed out with zero notice. (I was in the process of re-locating from Washington, D.C. to NW Arkansas, finally had an electronic funds transfer completed, and decided to just go for it.) I too had a specific amount of denominations of cash that I was looking for, but they said that they did not have enough. I took what they had, and had them generate a cashiers check (at no charge) for the balance, in my name. The next day, I went to another branch, and cashed the cashiers check for the rest.

After I re-located, I ended up needing to go for smaller denominations, as I decided that I did not want any greenbacks higher than $10s. This consisted of simply going to various banks, with a few hundered dollars in $20s or $50s, and getting small bills (and coins, too -- an upcoming "weekend garage sale", you see...). Since this was cash-for-cash, I never had any problems.

BTW, at my intial cash out, the bank informed me that the were submitting an IRS form. I said that was fine with me, as long as I got my money.

And indeed it is your money, you can certainly take it out in cash if you want. Just be sure and safeguard it carefully. And be sure to protect it (the greenbacks) agaist mold and mildew, too, that could otherwise ruin it.

-- Jack (jsprat@eld.net), July 28, 1999.

Not that I have to worry about making big withdrawals-- but if I did, I certainly wouldn't feel it necessary to divulge any reason for the such a withdrawal. So, not sure whether the new title given (Proper way to...) was accurate, since it implies one must provide a reason for a withdrawal.

-- winter wondering (winterwondering@yahoo.com), August 01, 1999.