Intereseting transaction with Fidelity

[Mobuck]

I don't think one has to report under $10K per transaction.

 

[Ethang]

How far this once free nation has fallen...we have banks demanding to know what you need your money for, and now federal government wants tracking of all cows in the country..

 

[bigbillyboy]

I don't think one has to report under $10K per transaction.

Higher than that I believe , , just ask The Biden's ..........

 

[Xrayist]

So, I seemed to really have opened a can of worms here. So to clarify my intent I will try one more time. I understand about elderly people getting caught up in scams as I took care of my 96 year old dad with dementia. As for the statemen about federal law having to ask about the withdrawl, well I counted up and during the last 4 years, I have withdrawn, deposited, moved money over 40 times and this was the first time I was ever asked what I intended to use the money for. So maybe I should check with a supervisor at Fidelity to make sure I have not, or they have not, been violating federal law in the 39 or so times before this transaction. My point was to showcase the absolute absurdity of asking this question. What if I said I was going to use it to start a bonfire, or donate it to the International Society for the Preservation of all Wombats, Present, Past and Future? How much intrusion into our private lives is too much?
Again, thanks for all the concern, but at 67, I do not consider myself anywhere near elderly. The one point I tried to make is this....I think it is very strange that someone wants, or needs, to know what you are going to do with your money. If you agree, great, if not, that is your perogative. But please, if you do not agree, would you be all right with your employer, before giving you your paycheck, asks you what you are going to do with it? I will stop my rant there, thanking all those who showed concern and sincerely hoping that some of you think the way I do when it comes to privacy.

 

[David Lee Valdina]

The Wombat Protection Society of Australia (WPSA) is a national not-for-profit organisation created to raise awareness and money in order to provide wombats with immediate protection from harm. We enhance quality of life, fund projects that develop and protect suitable habitat and provide sanctuaries for Australian wombats. We continue to fund research projects with the help from our generous supporters.

 

[375hh1973]

I love getting reactions from people.

I would have smiled and said hookers and coke.

 

[t-reg]

I was once nearly scolded by a teller for withdrawing a large sum of cash. "don't you know it's dangerous to carry that much money?" My response was "It's even more dangerous to try to take it."

Also have been asked what the purpose of a withdrawl was.

I am no longer a member of either CU.

 

[Kevin]

They also just might be trying to make polite conversation.

When we first moved to Texas I was always shocked when people started talking to me in the grocery store.

But they didn't have an ulterior motive, it was just polite conversation.

 

[Xrayist]

I think there is a slight difference between polite conversation and out right nosiness. For example, polite conversation might go like this: "How is your day going"?, "Anything fun planned for the weekend?". That type of questioning is, IMO, polite. Impolite might be something like this: "What are you going to do with your money?", I don't understand why you won't share personal information with me". "You do realize that when people withdraw money from an account, that that is a red flag for money laundering, right"? Big difference between being polite and being intrusive into one's business. By the way, "money laundering" was what was brought up to me in my transaction.

 

[Sam Summey]

Pretty darn sure the IRS new before the question was answered. All the big brokerage companies feed the IRS data.

You bet your bibby the banks report to IRS.

 

[Dan in MI]

What are you going to do with the money?

Get it out of view of the gov't.

 

[tazbigdog]

Sorry, once she said that, I'd move my money to another bank.

 

[Boxhead]

Odd. Just earlier this week I transferred near a pretty good amount from one of my Fidelity accounts to one my of my bank accounts on line with zero issues. A less than five minute transaction. All of my transfers from Fidelity to my bank account have been done on line with Fidelity for many years.

 

[JackBull]

Odd. Just earlier this week I transferred near a pretty good amount from one of my Fidelity accounts to one my of my bank accounts on line with zero issues. A less than five minute transaction. All of my transfers from Fidelity to my bank account have been done on line with Fidelity for many years.

Since the money is coming from a known brokerage I would think there would be no issues. Have you tried taking a large some out of the bank?

 

[Kevin]

Sorry, once she said that, I'd move my money to another bank.

That's easy to say, but doesn't really happen overnight, plus there could be fees involved for early withdrawal, or excessive taxes on gains. And who's to say another bank won't be the same or worse?

 

[Armybrat]

I went to my bank early last month to get a $30,000 cashier's check to buy a new car.
The dealership asked that it be made out to the official name of their business.
No questions from the bank teller who looked like she was still in junior high school.
BTW - My bank is posted for no guns, not even if licensed. But as usual I ignored it.

Automobile prices these days still boggle my 1960s mind.
And this little Honda is priced WAY below the average new car in 2024.

 

[Xrayist]

Boxhead:
That is exactly how all my previous transactions have gone.

 

[Boxhead]

It makes no sense to me to keep large sums of money in a bank.

 

[PRichardson87]

It makes no sense to me to keep large sums of money in a bank.

Why not? If the banks or economy collapses your money is useless anyway. At least it's gaining interest however minimal.

 

[JackBull]

Sorry, once she said that, I'd move my money to another bank.

Again, its Federal Law.