I'm curious which bank that is from? Because I can withdraw $3k cash daily from a bank machine with no issues with CIBC. I've done it multiple times, and have actually done it rather recently one or two weeks ago.
Not saying you should keep large amounts of money in your bank, and I personally keep most if my wealth in self custody bitcoin. But just observing a difference in banking experience between my own experience with a Canadian bank and this guy's video.
Agree. I used to routinely withdraw 5k from the bank when I had my business. They preferred you let them know in advance so they have the cash on hand but even when I didn't I never had a problem and no one asked me what it was for.
This is not an endorsement for banks and we all know they are not fully reserved and can legally refuse to give you your money but I think we need more context on this exact case.
⚠️Only keep invest in banks what you can afford to lose.
Funny how that 'investment meme' has literally flipped on its head.
This is financial repression for all to see. The playbook is to keep money tied-up in institutions whilst inflating it away. In these situations, as hard as it is, remain polite, speak slowly and arrive with a believable story. Only throw your toys out of the pram, once your money is out of there.
not really though. We give our money to banks because the system is set up to only allow movement through banks for most traditional transfers. In many places in Europe, I couldn't pay rent or utility bills without banks. This is not a decision we made for our benefit, this is enforced, and these "cash limits" and demands of proof are just further steps on tracks we've been on for a while there...
It's not your money, mate. It's an IOU that can be moved around if the bank permits.
That being said, conditions under which the bank may refuse a withdrawal or transfer should be unambiguous and outlined in a signed agreement or a ToS. So the case here is either:
The bank changed ToS (and you never read it, because who does) and can indeed refuse a cash withdrawal. Tough luck, shoulda kept your money in a permissionless system.
This is a "soft-ban", i.e. something they do because they're pressured by the gov't but it's actually nowhere in writing, which may be grounds for a legal action.
It's also asked in India everytime you require more than 50k INR. What's going on exactly is that they want to track where we are spending. Banks and governments around the world have become surveillance tag team now.
⚠️Only keep invest in banks what you can afford to lose.