$10000 limit on money market accounts

K

kxvid

This is very very disconcerting. I heard from a friend he tried to put an amount >10k in a money market, and the bank told him the government limited deposits to 10k/ day.

There never used to be a limit like this before. Now here is what I think is going on. Deposits do not create instability, but withdrawals do. They limit deposits to 10k/ day so the can limit withdrawals to 10k/ day as well (unconfirmed). Pretty soon we will only be able to take $100 a day out of the bank just like Argentina after the 1 1.

Does anybody know what the **** is going on? I can't find a single news article on this.
 
Money market accounts at any bank I've ever dealt with, including now, are FDIC insured up to the same levels as banking accounts, which is $250,000.00 for each qualified account (until December 31, 2009, when it will revert back to $100,000.00 per account, unless Congress extends the legislation).
 
Yep.

I know a guy that tried to take out 7500 yesterday and they refused.

Might have had something to do with the balance being $1.96 but I think the govt is really behind it.
 
Quote from kxvid:

This is very very disconcerting. I heard from a friend he tried to put an amount >10k in a money market, and the bank told him the government limited deposits to 10k/ day.

There never used to be a limit like this before. Now here is what I think is going on. Deposits do not create instability, but withdrawals do. They limit deposits to 10k/ day so the can limit withdrawals to 10k/ day as well (unconfirmed). Pretty soon we will only be able to take $100 a day out of the bank just like Argentina after the 1 1.

Does anybody know what the **** is going on? I can't find a single news article on this.
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There is no such government limit on deposits. The only rule is that cash deposits of $10K or more have to be reported to the government.

What would supermarkets do with all their cash and checks if they could only deposit $10K a day? How could multiple banks be currently offering jumbo money market accounts with a minimum deposit of $100K?
 
The only rule is that cash deposits of $10K or more have to be reported to the government.
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do you have link?
i just withdraw 20K in cash from bank. now-if i want deposit those money back, i have to report?
 
Quote from Bob111:

do you have link?
i just withdraw 20K in cash from bank. now-if i want deposit those money back, i have to report?
More...

It's no big deal. The bank will either give you the form to fill out, or ask you the questions and fill it for you. Mostly just identification stuff (name, address, ss# etc) and a brief explanation of why for you either want this much cash or have this much cash.

One day I was going to buy my first new car, and the POS bank wanted to charge me for a cashier's check. So I said FY, give me 16k in ca$h. Only took a few minutes to get the form filled out.
 
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