Teller refusing withdrawal of 4.5k

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Jun 22nd, 2018 9:09 am

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Jun 15th, 2018 7:46 pm

goodhours [OP]: Member; May 22, 2015; 337 posts; 127 upvotes; Toronto, ON

Jun 15th, 2018 7:46 pm

Teller refusing withdrawal of 4.5k

I was at BMO earlier today trying to withdraw 4.5K via teller- but I was denied because it was just before closing on Friday, and because of recent fraud activity, teller doesn't want to give me 4.5k in cash.

I find this very difficult to understand and frustrating because the only reason I went to see the teller was to withdraw such amount in hundred dollar bill, and they would limit my financial activity because I didn't notify them I was planning to withdraw 4.5k in advance. Eventually some other employee stepped in and told the teller to withdraw the money, but considering this was the branch where I opened my BMO account, and is the closest branch based on where I currently live, I cannot believe teller would deny withdrawing such amount.

Has anyone else experienced this issue with your teller at the bank?

What's generally the largest sum of cash that can be withdrawn via teller at your MAIN branch without a hassle?

Last edited by goodhours on Jun 16th, 2018 3:04 pm, edited 1 time in total.

57 replies

Jun 15th, 2018 8:23 pm

FoFai2015: Deal Addict; Jan 2, 2015; 1633 posts; 638 upvotes; Toronto, ON

Jun 15th, 2018 8:23 pm

goodhours wrote: ↑I was at BMO earlier today trying to withdraw 4.5K via teller- but I was denied because it was just before closing on Friday, and because of recent fraud activity, teller doesn't want to give me 4.5k in cash.

I'm sorry, but I don't blame them. You didn't call them ahead of time, there was previous fraud on the account, $4,500 is presumably larger than your usual ATM limit (and possibly quite a lot larger), and banks don't actually have much paper cash on them. Did you tell them why you needed $4,500 in cash (when you could normally write a cheque, do a bill payment or a point-of-sales transaction)?

It would have been worse if you were "out of town" and hadn't told the bank about that.

Has anyone else experienced this issue with your teller at the bank?

What's generally the largest sum of cash that can be withdrawn via teller at your MAIN branch without a hassle?

No to the first. The closest was when I had to write a large certified cheque, the teller simply said they're taking "all" your money (it was only one third) but did not refuse to print the cheque. To the second, it shouldn't matter whether you're going to your main branch or not, but if you take out more than your ATM limit you should expect an inquisition.

+2

Jun 15th, 2018 8:24 pm

lefroset: Sr. Member; Oct 14, 2014; 834 posts; 918 upvotes; Southern Ontario

Jun 15th, 2018 8:24 pm

I almost got denied a $4,600 withdrawal at the bank (but different branch) I work for. I was in there every two weeks for smaller amounts (~1k). They did give me the $4,600 but the reason for almost denying it was cash management. They were hesitant to deplete their cash upfront

Jun 15th, 2018 9:19 pm

Unclebeuford: Jr. Member; Nov 25, 2007; 190 posts; 78 upvotes; Ottawa, ON

Jun 15th, 2018 9:19 pm

I wouldn't expected to have issue with that amount, as long as your account is in good standing, and you have ID. It is your money after all.

+6

Jun 15th, 2018 9:27 pm

testrav: Jr. Member; Sep 15, 2014; 131 posts; 53 upvotes; Toronto, ON

Jun 15th, 2018 9:27 pm

cant you use what is called as ATM Machines?

+1

Jun 15th, 2018 9:30 pm

BiegeToyota: Deal Addict; Dec 13, 2016; 4096 posts; 3604 upvotes

Jun 15th, 2018 9:30 pm

Banks in Canada give you money back in case of fraud. I see people in Bangkok withdraw over $100,000 almost every day and you just need to show with a piece of id. Good luck getting your money back in case of fraud, though. I'd rather have Canadian system.

Jun 15th, 2018 10:15 pm

cf7777: Deal Addict; Jul 25, 2008; 1779 posts; 528 upvotes; Ottawa

Jun 15th, 2018 10:15 pm

Government do not want citizens to use cash so transsction can be tracked and taxed.
Banks love the government as they can charge user fees.

+2

Jun 15th, 2018 10:58 pm

prxprx: Jr. Member; May 17, 2018; 149 posts; 40 upvotes

Jun 15th, 2018 10:58 pm

My experience is to ask in advance, just 1 day if it will be $10,000 or more, since they may have to order an extra bundle. That's what I heard from my dad way back when, and what my tellers told me a few years back....ok maybe 10 or 12 years

Never had issues with sub $5k, even at closing time. Really wanted a boat lol

Jun 15th, 2018 11:02 pm

goodhours [OP]: Member; May 22, 2015; 337 posts; 127 upvotes; Toronto, ON

Jun 15th, 2018 11:02 pm

FoFai2015 wrote: ↑ I'm sorry, but I don't blame them. You didn't call them ahead of time, there was previous fraud on the account, $4,500 is presumably larger than your usual ATM limit (and possibly quite a lot larger), and banks don't actually have much paper cash on them. Did you tell them why you needed $4,500 in cash (when you could normally write a cheque, do a bill payment or a point-of-sales transaction)?

It would have been worse if you were "out of town" and hadn't told the bank about that.

No to the first. The closest was when I had to write a large certified cheque, the teller simply said they're taking "all" your money (it was only one third) but did not refuse to print the cheque. To the second, it shouldn't matter whether you're going to your main branch or not, but if you take out more than your ATM limit you should expect an inquisition.

No issues with fraud before - teller didn't even bothered to ask why I needed it, and even though she said she was taking precautions b/c of fraud, didn't even bothered to ask for additional identification.

Jun 15th, 2018 11:03 pm

goodhours [OP]: Member; May 22, 2015; 337 posts; 127 upvotes; Toronto, ON

Jun 15th, 2018 11:03 pm

testrav wrote: ↑ cant you use what is called as ATM Machines?

Considering ATM will only spit out $20 bills, I didn't want to be bothered with 225 bills, which I went to teller directly

+1

Jun 15th, 2018 11:04 pm

goodhours [OP]: Member; May 22, 2015; 337 posts; 127 upvotes; Toronto, ON

Jun 15th, 2018 11:04 pm

prxprx wrote: ↑ My experience is to ask in advance, just 1 day if it will be $10,000 or more, since they may have to order an extra bundle. That's what I heard from my dad way back when, and what my tellers told me a few years back....ok maybe 10 or 12 years

Never had issues with sub $5k, even at closing time. Really wanted a boat lol

Yeah, I was thinking if it was 10k or more, they would want advance notice, but for 4.5k? really?

Jun 15th, 2018 11:17 pm

titaniumtux: Deal Expert; May 8, 2009; 15428 posts; 13863 upvotes; Going to the Moon

Jun 15th, 2018 11:17 pm

goodhours wrote: ↑ Considering ATM will only spit out $20 bills, I didn't want to be bothered with 225 bills, which I went to teller directly

I don't use BMO, but some CIBC ATM's dispense $50 bills. I can call FI to allow me to raise my cash withdrawal limit temporarily to $5k afaik.

OP, as much as you have a relationship with BMO, probably good idea to open accounts with Simplii, Tangerine, your local CU and the likes. Many of these subsidiaries and credit unions allow "me to me" transfers so you can pull from BMO into other banks/CU's, then go withdraw from their ATM's. It may be a hassle to drive to a few ATM's, but it might save you time if BMO teller expects you to watch a few soap operas while waiting for approval for the larger cash withdrawal.

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+1

Jun 15th, 2018 11:33 pm

antigua1999: Deal Fanatic; Jun 11, 2005; 8575 posts; 2347 upvotes; Mississauga

Jun 15th, 2018 11:33 pm

testrav wrote: ↑ cant you use what is called as ATM Machines?

In most cases his daily limit is only $1000.00.

Jun 16th, 2018 12:30 am

HermanH: Deal Addict; Apr 23, 2017; 1125 posts; 1975 upvotes

Jun 16th, 2018 12:30 am

I've asked for $5k in cash at my home branch before and got it without a problem. However, best to go in the morning. They sometimes run out of 100s by 3pm. Once I was there at 4pm and a guy in front of me wanted $3k in 100s and they teller said they had run out of 100s today as there was a strong demand for them that morning, and to take the $3k in 50s or else come back tomorrow before 3pm. Or he could order the funds in advance. This was at RBC. At my BMO branch I've seen customers ask for and get amounts from $2k to $5k in 100s, both in Can$ and US$. If one wanted $250,000 to fill a briefcase I can see having to order in advance, but $5k come on, it is a bank branch they should have the cash.

Hey, everyone who watches old bank heist movies on TV knows banks always keep a few million in cash in big sacks in the vault overnight...

(joke)

+1

Jun 16th, 2018 12:42 am

UrbanPoet: Deal Expert; Jan 27, 2004; 48449 posts; 11774 upvotes; T.O. Lotto Captain

Jun 16th, 2018 12:42 am

You'd be surprised at how little cash is actually kept in a bank branch. Most people don't understand this... but its true.

URBANPOET LOTTO POOL IS BACK! Version 129 largest ever jackpot for $70,000,000! draw on JAN3,2020

+9

Jun 16th, 2018 12:50 am

jeff1970: Deal Addict; Mar 9, 2012; 3831 posts; 2645 upvotes; Kitchener

Jun 16th, 2018 12:50 am

testrav wrote: ↑ cant you use what is called as ATM Machines?

Most ATM's have a limit, depending on them, between $400 and $1000...

I needed a bunch of cash and used 17 different machines, just to get a $7,000...

Why can't we all just get along?

Jun 16th, 2018 1:17 am

Mike15: Deal Fanatic; Nov 24, 2013; 6241 posts; 2987 upvotes; Kingston, ON

Jun 16th, 2018 1:17 am

cf7777 wrote: ↑ Government do not want citizens to use cash so transsction can be tracked and taxed.
Banks love the government as they can charge user fees.

This has nothing to do with the government. This is risk management by the bank (& cash management, but that’s ultimately a form of risk management).

+2

Jun 16th, 2018 6:35 am

titaniumtux: Deal Expert; May 8, 2009; 15428 posts; 13863 upvotes; Going to the Moon

Jun 16th, 2018 6:35 am

UrbanPoet wrote: ↑ You'd be surprised at how little cash is actually kept in a bank branch. Most people don't understand this... but its true.

It's not surprising. Cash is risky.

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Jun 16th, 2018 9:37 am

CensoredByRFD: Deal Addict; Nov 17, 2004; 3085 posts; 1409 upvotes

Jun 16th, 2018 9:37 am

UrbanPoet wrote: ↑ You'd be surprised at how little cash is actually kept in a bank branch. Most people don't understand this... but its true.

Yup. General policy is actually that they can’t guarantee that they can give you the amount of cash that you request if you are trying to withdraw anywhere around $5k without notice.

My wife used to work at a bank many moons ago and she said that they could refuse to fulfill a cash withdrawal if their manager thinks that it will leave them without enough cash for other customers.

For anything over $3k, it’s safest to call 24hrs beforehand and they will stock more cash for the next day specifically for you.

+1

Jun 16th, 2018 10:00 am

ayufan: Member; Dec 28, 2017; 402 posts; 175 upvotes; Burlington

Jun 16th, 2018 10:00 am

Calling in advane is good, however, OP stated he went prior to closing, therefore cash management is not an issue. All banks keep extra cash in their vault (takes 15 minutes minimum go open).
The issue I think is the nature of the previous fraud. Was the OP part of the reason of the fraud?

Otherwise, OP could ask for all the 100 they have and remaining in 50s or whatever available.

If I have a clean record and teller denies my withdraw request, I would ask the manager to explain the reason why I cannot withdraw money within the banking hours. If the answer is anything outside of the ofsi regulation , I would challenge it.

Tellers need to tally their cash and file report at the end of day, but it's not end of day, hence, they must provide. . $4500 is not a large amount... all branches must have alot more than 4500 at any time of day.

+1

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