Bank Unwilling to Cash Check from Gold Sale

0.15% Interest is like NOTHING at al :rollling:

 

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At that rate, it would take about 600 years to double your money!

 

Question: Can a bank pay you in a bigger bill than a $100 dollar bill? Recently I withdrew over $9000 in cash. Being as it was Saturday, they said didn't have that much on hand and they would have it by Wednesday. Monday was Labor Day too. Anyway $9000 plus is a lot of $100's. Why couldn't they have paid me in $500's. This in no small credit union either. I believe it has over 200,000 accounts. But this was a branch office also but one that does a large volume of business.

zeke P.S. I did have fun checking serial numbers and dates. No luck just normal bills.

 

Could be the change was implemented to protect payrolls and vendor payments of large companies. Suppose the bank holding Wal-mart's payroll failed or Riceland Food's account from which they disburse check payments to farmers for their crop? What about the proceeds from the sale of a home held in a checking account for a day or two?

 

A little off-topic, but, it's interesting that you mentioned Riceland and Wal-Mart, which are both Arkansas companies. Would you happen to be a rice farmer in Arkansas? I ask this because I interviewed a rice farmer in "the Delta" for a research paper I was working on many years ago.

 

They could...if they had them. The $100 note is the largest that is currently produced. Anything bigger is rare and has significant collector value. They just aren't available in circulation.

 

I wonder just how factual, if at all, this story is. To me it sounds like a good yarn to interest (or scare for better words) people into buying gold, which I'm sure benefits the writer. If it is true, then perhaps she could qualify to join a private credit union. Mine will give me cash whether I request $1 or a million dollars, as all accounts are held in liquid assets.

I've just heard too many stories aimed at converting people into metals investors since gold shot up. I wonder why we never hear of these things when it tanks?
Guy

 

I don't think it's true either. But, based on the story...a credit union would also take precautions. I already mentioned the steps any bank (or credit union) would take if someone came in wanting to cash a check like that. Here it is:

 

I actually posted it earlier. See this Why didn't the dealer wire the money?

I agree with what you said. The bank is not obligated to take a 3rd party check and the woman's beef should be with the dealer and not the bank. The story is obviously fake or leaves out critical information needed to determine what happened. It the kind of story that fools the reader into making assumptions and once you start down that slippery slope, then it's easy to blame the bank for what happened.

IMO, you should avoid doing business with any PM dealer who puts forth stories such as this.

 

The same thought crossed my mind, and what I really wonder is do banks have to pay interest on money they get from the Fed? I'm also curious why the 2 year timeframe instead of a permanent change.

Those who bring up the credibility of the article make a valid point. I did a little digging on Gary North and he is the founder of credibilitywatch.org, but that doesn't really prove anything one way or another. If I ever do decide to do some selling I will certainly be requiring cash just to be on the safe side. Then again, I'm not holding anywhere near the amount of this lady so maybe her situation wouldn't have allowed for that.

 

I have noting to add to this thread. Thanks for reading my post.

 

Care to share the name of the bank with us? --that's the main thing missing in the original post that makes it sound dubious. In your own case, I'm sure it happened, would just like to know what bank if you care to share that information. My guess would be Bank of America.

 

I doubt it really matters. All this new legislation has created a ton of new federally mandated rules that all banks must follow. I'm sure whatever this bank did was required by law. Trust me, there is nothing a bank likes more than to open a new account...they just salivate at the potential overdraft fees.

 

I'm not entirely sure of that, --cynical as I may be about banking in general-- I still believe there are some banks that are run better than others. My mother has had all sorts of problems with her bank, its one of those too-big-to-fail institutions, but she is reluctant to switch banks because she has multiple direct deposits set-up and other arrangements that would make it a real hassle. In any case, every time she deals with them they mess something else up, or make a transfer from the wrong account. But still, the hassle of changine banks...

That, of course, would not stop me if I were being jerked around. But in any case, my own experience has been that smaller banks, or even medium sized banks with less than a billion in deposits, tend to offer vastly superior customer service. In my own case, while my bank correctly required identification, they had no problem with me using my PO box as the account address, and even of using the PO box for the credit card address (which extends to PayPal) enabling me to keep coins and numismatic literature out of my home mailbox.

I do agree with you, however, that new regulations have complicated things tremendously. And I don't think they are done yet. I suspect rebates on credit cards will be the big casualty of it all before they are finished. In fact I'm shocked they haven't already jacked-up fees for holding the rebate cards. ...

 

Good observation.

 

For two reasons. First, her son has no financial expertise if he advised his mother to walk out with that amount of cash instead of using the many other safer ways to accomplish the same thing. Second, the bank has no way to confirm that a 92 year old is of sound mind when they do something completely irrational.

IF the story is true, the most likely background story is that the son was attempting to break the laws regarding gift and inheritance taxes by converting his mother's assets into cash.

 

True, and I also agree with Guy. Lots of "gold" people either are hysterics believing the world is out to get them, or use hysteria to scare people into buying their products. I include in this a lot of writings of these gold commentators as well.

I am not trying to say people who advocate buying PM are quacks, far from it. There are many intelligent reasons to do so, especially at lower price points. I am just warning anyone new to PM to not believe the doom and gloom writers now, as they are expecailly dangerous since they can point out how "they recommended gold just a few years ago and look how much money I would have made you!". Well, they have been writing the exact same stuff for over 30 years now, and a clock is right twice a day. Our dear Fatima has not been, so his points would be more worth listening to than these "professionals".

 

You are offering opinion, insults to others and logical fallacies as a reason to believe you. If you really think PMs are a bad buy now, you should at least try to offer more than that.

I have yet to meet a "hysterical" person who buys gold. I suppose others might feel these people might be stupid, idiots or morons for having bought gold, but IMO, it means the observer is compensating because it doesn't fit their view of the universe. So be it. My practice is to keep my side of the street clean and let the rest take care of itself. You might try this sometime.

 

Now THIS is a very good point, which I hadn't thought of. It is another way of looking at this story. Mr. Sanders is probably correct in his telling of this story. Perhaps his conclusions are influenced by his own experiences. If that is true, then he is no different than each one of us.

All is not as it seems, in any event.

Lucy

 

I think you are absolutely correct...the giant banks don't treat the "little guy" customer as well. But, trust me...those giant banks try and open new accounts at all costs. That's how they get bigger. Once they have you...then they don't treat you well (trust me, I used to work for one). The ONLY reason they won't try and open an account is if they can't. In the case mentioned above, I'm sure it was due to government regulations.