WaMu: Sorry We Don't Have Your $4200 In Cash, Want A Check?

[smartguy911]

I had an interesting time last night at my local Washington Mutual.

I am getting ready to leave on a trip to Las Vegas for a friends wedding so last night I decided that I would actually go into a Washington Mutual branch and withdraw my 'bankroll'. It was about 10 minutes to close but there thankfully no line. I filled out the withdrawal slip for the cash that I wanted, approached the teller, scanned my ATM card, entered my PIN and handed her the slip. She immediately asked if I wanted a check for the amount ($4.2k) and I said no, that I wanted cash. She then yelled to the manager across the bank about the transaction. He asked; how much? She said "$4200". Keep in mind that this was not done in private but across the room at the bank, therefore letting everyone in the room know that I wanted a (fairly) large sum of cash.

It was at this time that the faux hawk sporting manager said 'nope'. He told me (still across the room BTW) that they operated on some automatic withdrawal machines and that he couldn't authorize that much of a withdrawal because other people needed to use it and that the amount of capital wouldn't cover it.

In shock I asked when they (the bank!) would be getting more capital, he said that they got more nightly. So I asked if I could come get the amount I wanted tomorrow. He said 'no' again. Apparently these machines had enough money for me but they didn't want to give it to me because someone else might need it (the bank is open for 10 more minutes).

The manager let me know that I could try a 'traditional' WaMu branch as they have 'more leniencies' with the withdrawal amount. Keep in mind that those are at least 3 miles (over 30 minutes in San Francisco) away.

I then asked the teller very plainly... "Are you saying that I can't have MY money?"

She said "yes".

Beyond mad I ripped up my withdrawal slip and left the bank. I have two out standing checks (IRS and State) with WaMu, when they clear I am OUT. I can't think of anything more ridiculous than not being able to get my money. Aren't there some rules about that?

I guess that the good thing to come of all this is that there can't be a run on the banks because even if everyone tried to get their money... the banks will not give it to you!

Thought this was something that you might find interesting!
Thaddius

http://consumerist.com/380959/wamu-sorry-we-dont-have-your-4200-in-cash-want-a-check

 

[Kludge]

What a fucking joke.

I hope no one still has money "invested" in banks....

 

[ItsTime]

Welcome to the banking industry? I use to have to call ahead to cash my 'pay checks' at my bank to make sure 'they had enough money'. Mind you this is a small bank with two branches. They have enough money, they just do not want to give you your money when you want it because it will make the rest of the people who want money realize that the bank branches do not have enough money for everyone if everyone wanted their money. Then people would not be so willing to put money in their bank.

 

[Dr.3D]

So if you go in a get a little at a time, can you then get all of your money?

 

[angelatc]

So if you go in a get a little at a time, can you then get all of your money?

Oh that would be freaking hysterical!

 

[Dr.3D]

Oh that would be freaking hysterical!

Yeah, I had a problem with a store where they said I couldn't use more than one coupon per visit, so I went out the door and then came back in and used another coupon. After I had done this three times, they decided to get it over with and allowed me to use the rest of them all at once.

 

[bucfish]

I have known for awhile both WAMU and Fifth Third Bank are in BIG trouble. Also Wachovia. As to their heavy investment in the subprime mortgage fiasco.

Get out if you are in any of these banks!

 

[LibertiORDeth]

Yeah, I had a problem with a store where they said I couldn't use more than one coupon per visit, so I went out the door and then came back in and used another coupon. After I had done this three times, they decided to get it over with and allowed me to use the rest of them all at once.

*high fives you*

 

[bucfish]

bump

 

[seapilot]

I have known for awhile both WAMU and Fifth Third Bank are in BIG trouble. Also Wachovia. As to their heavy investment in the subprime mortgage fiasco.

Get out if you are in any of these banks!

+1

Maybe its a blessing in desguise that person is going to get out of WaMu.

 

[Zippyjuan]

Part of the problem may have been your timing. It was nearly closing and they may have put most of their cash into the time lock vault already. They would not be able to access it until the next day. If you call head- sometimes a day or two if it is over a certain amount (don't know exactly that that "certain amount" might be)- they can make arrangements to have the cash for you.

 

[kyleAF]

Bottom line: they don't have the cash to cover such sums of money for more than just a few people. They have to wait for armored shipments from the central bank cash reserves.

The banks are bankrupt and no one even knows it! But we do, and that means we have an advantage.

 

[tmosley]

I guess that's ONE way to prevent a run on the banks. Just don't give ANYONE their money.

Eventually it will be so bad that you won't be able to withdraw what we would call one hundred dollars today, as inflation keeps on a-comin' and those "magic numbers" stay the same.

 

[WRellim]

Stop the fearmongering... this is NOTHING new.

Stopping in at a mini-branch bank during the EVENING and demanding a large amount of cash is just foolishness.

This has nothing to do with WaMu going bankrupt or anything like that.

Local branch operations, especially the little "mini-branch" things in grocery stores and shopping malls always try to keep a relatively LOW amount of cash on hand (mainly for security reasons as the branch operations are much more vulnerable to theft, both "bank-robber" types AND employee [because of higher turnover] -- that's just the nature of branch banks).

It was true WAY back in 1982-83 when I worked in local banking, and nothing really major has changed about that; (if anything there is typically LESS need for branches to have "cash" on hand nowadays than we had back then -- when ATM's were rare and debit/credit transactions far fewer in number).


Yet our local branch operation ALWAYS got "yelled at" by the main bank because we had "too much cash" on hand on from Friday through Monday noon. WHY? Because we always had the same set of guys come in on Friday night demanding to CASH their entire paycheck (methinks so they could have the "BIG ROLL" in their pocket when they hit the bars -- they always wanted 20's, most of them HATED the idea of 100 dollar bills back then!) Irony was that on the following morning (early Saturday), the wife of each would come back in with 95% of the cash to pay their mortgage, and deposit the rest into their checkbook & savings, etc. ...so we got nearly all of those 20's and 100's right back. But these characters simply HAD TO have his hands on the paper FRN's... else they didn't feel they had been paid in "real" money!

...which is HILARIOUSLY funny (albeit sad) when you know the truth about FRN's and you think about it.

 

[truelies]

In truth it would be ILLEGAL for a bank to handout more than $3K in cash. At a minimum you would be reported to the feds as a potential terrorist.

Oh and one last thing- taking say $500 at a time to build the $4K is also a crime.

Welcome to Oceania.

 

[jonahtrainer]

In truth it would be ILLEGAL for a bank to handout more than $3K in cash. At a minimum you would be reported to the feds as a potential terrorist.

Oh and one last thing- taking say $500 at a time to build the $4K is also a crime.

Welcome to Oceania.

This is disinformation and wrong.

 

[sidster]

I'm not sure how legit that story really is. I can tell you I withdrew $8000
a few months ago from WaMu without a problem. The lady actually told me
the only thing is they only will give out the first $2500 (or something like
that) in $100 bills, and the rest in different denominations (I guess they don't
have that m any 100s in "stock"), but they were nice enough to give me all
in $100s that day.

I've never had any problems with WaMu and I've been banking with them since
about late 90s IIRC.

 

[Danke]

I have known for awhile both WAMU and Fifth Third Bank are in BIG trouble. Also Wachovia. As to their heavy investment in the subprime mortgage fiasco.

Get out if you are in any of these banks!

4-18-2008

 

[Lord Xar]

They have a shitload of money for the illegals, just not you.

http://consumerist.com/380959/wamu-sorry-we-dont-have-your-4200-in-cash-want-a-check

 

[Bossobass]

The bailout Bill allows for zero reserve banking effective October 1, 2008 by accelerating a clause in a previous Bill from 2006, which originally stated the date to be October 1, 2011.

this section is amended—
(1) in subsection (b)(2)(A), by striking “the ratio of 3 per centum” and inserting “a ratio of not greater than 3 percent (and which may be zero)” in clause (i) and by striking “and not less than 8 per centum,” and inserting “(and which may be zero),” in clause (ii);

Technically, all banks can legally say they have no money and ask you to try back later.

Bosso