Cryptocurrency Q&A
Can I withdraw $100000 from my bank?
Can I withdraw $100000 from my bank?
Thunderbolt
Fri Nov 29 2024
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6 answers
892
I am wondering if it is possible for me to take out a large sum of money, specifically $100000, from my bank account. I would like to know if there are any restrictions or procedures I need to follow.
6 answers
Valentina
Sun Dec 01 2024
For instance, savings accounts do not typically have withdrawal limits set by banks.
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alexander_clark_designer
Sun Dec 01 2024
Cash withdrawals are bound by the same reporting standards as any other financial transaction.
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LightWaveMystic
Sun Dec 01 2024
Whenever an individual withdraws $10,000 or a higher amount, the bank is legally obligated to disclose this transaction to the Internal Revenue Service (IRS).
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Luigia
Sun Dec 01 2024
This regulation is a part of the broader legal framework aimed at curbing money laundering and tax evasion activities.
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Silvia
Sun Dec 01 2024
The implementation of this reporting requirement is not limited to specific types of accounts.
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