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Banks dont hold Cash? move towards cashless society.

 
Ozi dude
User ID: 32756410
Australia
03/15/2013 02:40 PM
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Banks dont hold Cash? move towards cashless society.
A little while back I wen to buy a motorcycle. I found the one I liked and made a deal over the phone. I was to meet the seller a few days latter to see the bike and take possession of it.
Just before lunch I went to my bank, and I must add that i live a smallish coastal town of about 150 000 people.
I went up to cashier and asked to make a withdrawal of just short of $9000 AU. Not a great deal of cash one would think.
The cashier look at me with a stuned possum look and said.'oh i dont think we have that much here'. I nearly chocked on my own spit. And I said, "you are a bank arent you?" She said, "we normaly require a 48 hour notice for large withdrawals." I was speechless.
I dont have much in terms of cash, so it does not worry me that much personally.
I would understand if i had asked to withdraw $50 000 or more. But for a bank servicing a town this size it is almost unbelivable. What the hell would happen in an emergency???
The truth is banks dont hold cash anymore. They only hold a very small amount wich they can ship around when needed. The rest is gambled on the stock market. If just a fraction of people in a large city today went to the bank and demanded to withdraw their life saving they would be up shit creek and the whole thing would unravel.
Anonymous Coward
User ID: 33892854
Canada
03/15/2013 02:44 PM
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Re: Banks dont hold Cash? move towards cashless society.
The banks in Canada are the same. There seems to be a rule of thumb. The smaller the town the more cash they hold. I live 'islanded' and cashed a cheque from my metal dealer for quite a bit more then what you wanted...viola...the cash was there! I tried the same thing with $8000,00 in Vancouver..."we can have it tomorrow"...
Ima Pseudonym

User ID: 24049598
United States
03/15/2013 02:58 PM
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Re: Banks dont hold Cash? move towards cashless society.
1997 I had the same experience with a small $5,000 check.

They may have more on hand but limit transaction amounts?
Anonymous Coward
User ID: 36122514
United Kingdom
03/15/2013 03:20 PM
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Re: Banks dont hold Cash? move towards cashless society.
Its the same here in the UK.
I have had a similar situation to you OP, went in for a withdrawal to buy a car.

Was told that I need to give notice for any withdrawal over £2-3000

It all depends on how much the banks have in that day, but if they get a couple of big withdrawals, good luck trying to get a large sum out of them.

They say they dont hold it because it costs too much, apparently they are only insured up to a certain amount in case of robbery, any more then that isn't covered, and the banks that do keep larger sums tend to be main branches.
Which I pointed out they own all the insurance companies in the fucking first place the glazed look on their faces is a fucking sight to behold, it actually makes you wonder if these idiots they stick behind these windows even think about what the fuck they are told to repeat parrot fashion.


The thing that drove me round the bend even more then them not having the money was the constant questioning as to why I "NEEDED" it.

The fact that its MY money I DEPOSITED with THEM, doesn't cut it, they state bullshit about anti terrorism legislation, and money laundering laws at you as to why they need a reason for you to withdraw YOUR OWN money.
Its fucking crazy.

Like a terrorist is going to walk in and say, oh yeah I need it for some depleted uranium to build a dirty bomb with.

Its a fucking joke.

They don't like you withdrawing cash, because it means you didn't buy what your buying on credit, and they don't have you by the balls.

Fuck the banks.
Ozi dude (OP)
User ID: 32756410
Australia
03/15/2013 04:37 PM
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Re: Banks dont hold Cash? move towards cashless society.
I agree Fuck the Banks.
It is a worring situation. i have trusted the banks with my livelyhood all my life without too much of a thought in this regard. And it seems that the attitude the banks a 'banking'on.
calx
God save the republic

User ID: 27504938
United States
03/15/2013 04:41 PM

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Re: Banks dont hold Cash? move towards cashless society.
It's true they really don't hold anything solid. Every time I try to take out a large sum of money they always ask me 40 questions too. It's my money, damnit!

Always keep a bunch of cash at home. You never know when you might not have access to your funds at a bank.
He whose face gives no light shall never become a star. - William Blake
Anonymous Coward
User ID: 36159337
United Kingdom
03/15/2013 04:45 PM
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Re: Banks dont hold Cash? move towards cashless society.
Its the same here in the UK.
I have had a similar situation to you OP, went in for a withdrawal to buy a car.

Was told that I need to give notice for any withdrawal over £2-3000

It all depends on how much the banks have in that day, but if they get a couple of big withdrawals, good luck trying to get a large sum out of them.

They say they dont hold it because it costs too much, apparently they are only insured up to a certain amount in case of robbery, any more then that isn't covered, and the banks that do keep larger sums tend to be main branches.
Which I pointed out they own all the insurance companies in the fucking first place the glazed look on their faces is a fucking sight to behold, it actually makes you wonder if these idiots they stick behind these windows even think about what the fuck they are told to repeat parrot fashion.


The thing that drove me round the bend even more then them not having the money was the constant questioning as to why I "NEEDED" it.

The fact that its MY money I DEPOSITED with THEM, doesn't cut it, they state bullshit about anti terrorism legislation, and money laundering laws at you as to why they need a reason for you to withdraw YOUR OWN money.
Its fucking crazy.

Like a terrorist is going to walk in and say, oh yeah I need it for some depleted uranium to build a dirty bomb with.

Its a fucking joke.

They don't like you withdrawing cash, because it means you didn't buy what your buying on credit, and they don't have you by the balls.

Fuck the banks.
 Quoting: Anonymous Coward 36122514


not quite should have told them direct it's my money and I want it now they don't like it but they will get the cash I know they tried that shit with me told them straight do you want me to cause a scene had me money within 30 mins .
Anonymous Coward
User ID: 1309230
United States
03/15/2013 06:28 PM
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Re: Banks dont hold Cash? move towards cashless society.
bring a group of men with rifles to the bank. we need to RETAKE THE REPUBLIC.

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