I need to withdraw big amount should I call the bank first?

Question

I need about $80,000 on friday to pay house downpayment, closing cost, prepaids and everything. I want to make big downpayment so that my monthly payment of the house will be lower...Should I call the bank first or can I just go ahead and make the withdrawal...how does it work about making a big withdrawal.

Answer 1

80K is a huge slice. Generally 20% down will get someone a good rate and you can get an even better rate after you have paid for a while. The other part that you did not put down serves two purposes.

The money will not be sitting in your house. You can invest that money and make more over the long run. If you have an emergency it will be there.

Also that money can be used to make improvements that will increase the value of your home. It is a in the long run and tax thing. You might have a higher payment but save more at the end of the year.

But that is not what you asked. If it was cash yes you would call ahead. I have done so but it still works out the same...... it is a phone call and anybody can make a call. So usually you need to show in person the day before and make arrangements.

But of course you are not going to be using cash as buyer and seller need to protect themselves. So you will need a cashiers check. In that case you just walk in and ask for the manager. You show ID and once all is verified they give you a check.  

Answer 2

Hi - I would call the bank to find out if you need to bring ID and to make sure the funds are all available, especially if you have been moving money around.

The bigger question, though, is why such a big downpayment?  Please make sure you keep enough cash on hand for any unexpected repairs and emergencies.  Once you put money into the walls of a house by making payments, it is expensive and difficult to get it back out.  Always keep an emergency fund on hand.

Congratulations on buying the house.

Answer 3

If you're talking about a check instead of cash you should have no problem. Go ahead and call the bank if that makes you feel better.  

Answer 4

Since you will be taking a cashier's check and not cash to the closing, there shouldn't be a problem picking it up without notice, assuming the funds have been in the account for over two weeks.

It is never a bad idea to make a courtesy call to the bank to be sure there will not be a hangup.