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  • Bank Problems ?

    About 8 years ago, after looking for a small compact farm tractor, I found a good used John Deere for $15,000. When I went to the bank to get the money, they told me I had to wait for 3 days because they don't keep that much cash on hand.

    Now I want to buy something else and need another $15,000. So yesterday when I called the bank, expecting my 3 day wait period, they told me it would take 5 business days.

    What the F is going on? I have to place an order and then wait for my own money? I get the 3 day thing, but a week is ridiculous.

  • #2
    You could have gotten a certified check the same day.
    Banks don't keep large amounts of cash sitting around anymore.
    It's not a "bank problem".

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    • #3
      Banks don't keep any-where near as much cash 'on hand' as they used to. Partly due reduced demand, partly due security, and partly due cash-machines' convenience for smaller quantities.

      Also, banks tend to look askance at large-ish cash trades, due to worries about 'money laundering', bribes, tax evasion etc. And, yes, paying ransoms etc...

      Did they ask if you'd take a cashier's cheque ? Did they get exceedingly grumpy when you declined ??
      ===

      Been 30 years, but my wife & I were buying our first house. Mortgage etc arranged, we just had to put down the £ 10k deposit. We did. By personal cheque to our lawyers, duly cleared.

      Days before the sale was expected to 'complete', our lawyers' business went bust. Spectacularly bust. Crash, roll and burn...

      Not the fault of our branch, though we would have been 'free & clear' if they hadn't screwed up the contract terms and had to grudgingly re-write them...
      No, it was the high-flying 'Senior Partners', who'd been merrily over-charging the UK 'Legal Aid' system for umpteen millions until a very clever auditor spotted their scam...

      Our deposit was safe in escrow, but frozen, untouchable until the 'forensic auditors' had dissected the mess.

      To close our deal, to progress the complex buy/sell chain, we had to hastily borrow another £ 10k, in cash, and deliver it to the 'forensic lawyers' who could sign off on the house contract.

      For security, our local bank branch's wary manager didn't tell his staff that a coded bag in the walk-in safe held our £ 10k. And, he took a long lunch at the very time we were due to collect it. Much confusion ensued. Instead of the bag's neat packs of £50, the branch tellers had to put our £ 10k together from £10 & £5.

      This count, re-count and check-count took rather longer than planned, then we had to race across town to the office building where the 'forensic lawyers' had set up shop. And, yes, another count, re-count and check-count followed...

      But, all was sorted before 'close of play' that day, the move went ahead, literally by the skin of our teeth. And, due the unflinching patience and determination of my wife, who racked up a remarkable phone-bill putting it all together....

      Took nearly four months before our original £ 10k was released from escrow. What really hurt was we got no interest on that money, but had had to pay both interest and a stiff arrangement fee on our 'emergency loan'. We did apply for 'consequential loss' compensation from the business' liquidators but, IIRC, even Primary Creditors such as 'Inland Revenue' ( UK's IRS) and the 'Legal Aid' system only recovered ten percent of monies owed...

      ( Those Senior Partners' nice houses, holiday homes and flash cars, plus a modest yacht or two, were duly seized, but they'd spent most of their ill-gotten gains on fine living rather than bling... )

      Our few hundred ?
      TSB, NFC...

      Comment


      • #4
        Originally posted by Murphy View Post
        About 8 years ago, after looking for a small compact farm tractor, I found a good used John Deere for $15,000. When I went to the bank to get the money, they told me I had to wait for 3 days because they don't keep that much cash on hand.

        Now I want to buy something else and need another $15,000. So yesterday when I called the bank, expecting my 3 day wait period, they told me it would take 5 business days.

        What the F is going on? I have to place an order and then wait for my own money? I get the 3 day thing, but a week is ridiculous.
        Most people do not need cash anymore, thank God there are still ATMs

        Comment

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