Banking… how things have changed

[jyoutz]

Me neither... They were the scum of the banking industry as long as I can remember.

Wells Fargo holds that title.

 

[jyoutz]

I looked into a credit union once, didn't see any real advantages over a bank.

The only advantages are better rates and way better service.

 

[5030]

When I deposited a 7 digit check ( about 23 years ago) the only thing that happened was I noticed the teller's top button was undone when she came back from the manager's office. BOSOM!

Must have been wanting part of your cash for a favor. I'd pass on that myself as cash is still king in my view.

I do 90% of my business with my local credit union online on their secure website. Only time I go in person is to deposit my renters, rent checks and deposit funds I receive from customers that buy om hay bales. Other than that, everything is done online. Almost forgot, because we have a ton of funds in the CU all the time, I do sit on the BOD so I go to quarterly meetings and get a free feed too.

I would never do any business with any commercial bank.

 

[WM75Guy]

Depositing checks? Who doesn’t do that? I’ve got 2 businesses and have used bank by phone apps for 5 years. lol
I’m talking about depositing & withdrawing large sums of cash
Totally different from depositing large checks.

I still say you need a new bank. I needed $5,000 cash in July to buy the F2560 I found. Went into my local bank that has my farm accounts, it only has 3 branches in each of the small towns around me. I told the teller I needed $5,100 cash. It was the branch I rarely use as I am in between the other two branches. Used a counter check for the transaction. The only question I got was what denominations do you want.

 

[ultrarunner]

Wells Fargo holds that title.

Both California founded banks with or had SF headquarters.

 

[D&D]

Go to a bank and deposit or withdraw over $10,000.
You’ll see bank tellers start scrambling around looking for managers, phone calls being made, ID’s requested and generally nervous, suspicious behavior.
Last time I deposited just $700, I was interviewed by some creature from corporate on a video screen demanding to scan my photo driver’s license and my social security number.

I went to the credit union yesterday deposit some checks and to transfer money between credit union accounts. After giving my password and ID they wanted another ID because the transfer was over their policy of $3000. Being an a$$, I asked for a copy of this policy which they could not produce.
Funny thing is, you can electronically transfer all day without ID.

 

[D&D]

Similar in Kanukistan. If you want to withdraw more than $3k cash you have to make an appointment 3 days before.
I used to take in checks from our fruit co-op, and deposit so much and take cash for bills etc. Sometimes if it was more than what the teller had you'd have to wait 10-15 minutes for them to get the cash out of the vault. Biggest concern a teller had once was for me to be careful as the$12k I took was a lot of money. I had put it in my top denim shirt pocket.
When I deposited a 7 digit check ( about 23 years ago) the only thing that happened was I noticed the teller's top button was undone when she came back from the manager's office. BOSOM!

Gold digger

 

[jyoutz]

I went to the credit union yesterday deposit some checks and to transfer money between credit union accounts. After giving my password and ID they wanted another ID because the transfer was over their policy of $3000. Being an a$$, I asked for a copy of this policy which they could not produce.
Funny thing is, you can electronically transfer all day without ID.

I went to my credit union last May to deposit a check to my savings, then distributed it to buy a CD and open a money market and some to checking. The check was for a couple of hundred thousand from my father’s estate distribution at another bank and signed by me as executor of the estate. We sat down and everything was done in about 30 minutes without any issues and only needing my credit union debit card and DL as ID. Since I bought a CD and transferred some to checking,I’m assuming that the funds were immediately available.

 

[5030]

Funny thing is, you can electronically transfer all day without ID.

That is interesting and my CU has no withdraw or deposit policy like you describe, except, under Federal law (which they have no control over), they must document to the IRS, any transaction in the excess of 5 Grand. That is how they caught the POTUS and his kid in the money laundering schemes, yet to be charged with. Same applies to paying for anything like a car and putting a sizeable cash down payment on. Anything over 5 grand must have a paper trail. That is why you never see any down payment on any vehicle no matter what the cost of it is, over 5 grand.

In fact the last vehicle I bought (off lease) I paid cash for and did it in 3 cash payments, each slightly less that 5 grand. No paper trail that way. Private sales don't apply but any sale with a dealer or commercial seller of anything does.

 

[YanmarFever]

That is interesting and my CU has no withdraw or deposit policy like you describe, except, under Federal law (which they have no control over), they must document to the IRS, any transaction in the excess of 5 Grand. That is how they caught the POTUS and his kid in the money laundering schemes, yet to be charged with. Same applies to paying for anything like a car and putting a sizeable cash down payment on. Anything over 5 grand must have a paper trail. That is why you never see any down payment on any vehicle no matter what the cost of it is, over 5 grand.

In fact the last vehicle I bought (off lease) I paid cash for and did it in 3 cash payments, each slightly less that 5 grand. No paper trail that way. Private sales don't apply but any sale with a dealer or commercial seller of anything does.

Yea well... you just made their red flag list.....