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originally posted by: Bluntone22
He had to give the bank at least 24 hrs before withdrawing that much cash. Probably more time than that. They don't keep that much money in the vault just laying around.
Also anything over $5k is reported to the govt as suspicious activity.
originally posted by: MALBOSIA
I cant even withdraw 5k cash from my bank without calling it in a day prior. If I make a scene and yell "give me my money!!" They will usually bring a manager to release it. Banks dont seem to like giving up the cash. I think it messes with their fractional reserves or something.
Did the manager get pissed that he/she was out the deposit?
Banks are sleezy. Wells Fargo... probably the sleeziest.
originally posted by: AmericanRealist
The American citizen had every right to take out as much money as he so chooses. The bank branch was also acting within the law by reporting the large cash withdrawal. The only party here who was out of line were the police, who thought it would be an easy opportunity to steal from a "black thug gangster rapper guy" hoping they could just spin a drug dealer stereotype on him.
Of course the man is a financial idiot for even bothering to pay 200k for an automobile that does not serve to generate money for him. Still his right to do with what he pleases. Dealers dont always have to take plastic. In fact most dealers will absolutely take cash so long as you fill out the proper paperwork. There has been laws in place that a business is required to have you fill out paperwork when paying with a certain amount of cash, since the patriot act.
Many auto dealers would gladly take the cash though and even provide a discount. Many dealers here were taking cash payments when the identity fraud tax schemes were at the peak, knowing these idiots were just burning their illegal money away. Of course, some of these same dealers also went to prison because they were knowingly involved in helping local fraudsters launder that money.
It's absolutely reprehensible, but the laws were written to make anyone who move cash in these amounts suspects.
originally posted by: Bedlam
a reply to: marg6043
The manager has to report any withdrawal 10K or more. I think.
originally posted by: MagnaCarta2015
Stupid publicity stunt by an Internet nobody to look like he's balling.
Look at the instagram photo of him on the ground, the cuffs are clearly open.
Why would the police only seize 100k instead of all of it?
Why pull out 200k in cash to buy a car? Pretty sure most dealerships take plastic.
The cash doesn't even look real.
In a secret new building in New Jersey, high-speed computers decide which stocks to buy and sell. Could this kind of automated "trading floor" lead to Wall Street's next "flash crash"?