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Bank Won't Allow Large Withdrawal
My bank won't approve giving me a large amount of cash from my savings. Is this legal? I know they don't think it's a good idea, but that's not the question. They don't know my reasoning and don't need to.
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 State law may permit your bank to limit cash withdrawals by one individual as a security measure. It may also be the case that the bank's refusal to pay out so much cash has to do with its own limited cash supply at the office where you do business. Some smaller bank branches keep their cash balances down for security purposes.
Sometimes a bank will attempt to dissuade a customer from withdrawing large cash amounts because the bank's staff is concerned the customer may be being pressured into making the withdrawal as part of an attempt to defraud the customer. Unhappily, that sort of scam is used particularly against elderly bank customers. If this is what has happened in your case, be assured that the bankers are trying to protect your assets for you, not to make life difficult. If your request is legitimate and you can help the bankers understand that's the case, their objections may fade away. You'd have to share some of your reasoning for the withdrawal with the bank manager in such a case.
You are definitely entitled to an explanation of the bank's position, and you should ask for it. Ultimately, it's your money and your decision, and if the bank is able to honor your request, it will have to give it to you, one way or another.
Published on BankingQuestions.com 8/25/09
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