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Cash Withdrawal Limits

Is there any limit to how much cash I can withdraw from my bank account?

Yes, and no. With the small branches many banks have today such as are in grocery stores, as one example, they have limited amounts of cash. We had a customer who wanted more than $100,000 in cash. The branch didn't have that much in total, much lee the ability to give all the branches cash to one person. For large withdrawals you should arrange with your bank in advance so they have enough cash to meet your needs, and don't be surprised if they have an extra security guard too. They may walk you to the door or your car, just to provide a little extra protection.

Normal cash withdrawals aside, you should always look for safer ways to move your money. A cashier's check or wire transfer are safer for everyone involved when large withdrawals are discussed.

Two other points worth mentioning include that you will have some paperwork if you withdraw more than $10,000 in cash. The bank is required by law to complete a Currency Transaction Report, and if this is an interest bearing account you are making the withdrawal from, your bank can actually require a 7-day advance notice of withdrawal. This was disclosed in your original documentation/contract. It is rarely enforced, but is required by law to be in your agreement.

Published on 10/05/06