True/false you cannot withdraw more than 100,000 dollars from your bank account?

Question

I heard on the Radio you cannot because of bank failures all over the USA, Its sounds like we are heading into a DEPRESSION!

Answer 1

Entirely false.  You can withdraw every penny you have in a bank UNLESS the bank comes under the auspices of the FDIC, as in the case of IndyMac.  At that point, you are guaranteed a minimum of $100,000 of your deposits, and more will be given if there are sufficient assets available.

In the case of IndyMac, those who held large sums of monies were given $150,000 with which to start, and those with 401K deposits got everything.

Answer 2

False!

Answer 3

True,I don't have that much in an account.

Answer 4

We are going to go into a recession. Depression is a lot worst. It was caused by the collapse of agriculture. The government doesn't decide or know if we are going into a recession, only the economy can decide that.

Answer 5

if you mean in cash, there may be a daily limit - why would you need to withdraw that much in cash?

Answer 6

Actually that would be false, but a bank will strongly suggest that you don't remove that much money at all. But they really have no discretion of how you use your money! The more money you have in the bank the more incentive they have for keeping you!

Answer 7

DEPRESSION and you put it is mostly caused by people panicking - is that what you tried to do with 'all caps' presentation?

Answer 8

i think we are heading into a depression. the goverment has to keep it top secret so no one freaks out like the stock market crash

Answer 9

TRUE

It depends on how you are withdrawing the money.  If you use a single check the bank may try to wait to give you your funds.  I have done buisiness with Bank x*x where they took over a week to fund my account with a 30K check.  Not because the funds were not available onthe far end.  The reason I was given was the Federal Reserve is in charge of stabilizing US currency, and requires 14 days to transfer the funds.  I might add the funds were pulled from the other account on the 2nd day, but were locked in my acount un-usable till the 14th day.