Conference 7.286::dcu

    I expect excess SERP money to go into the stock market rather than into
    savings.  Seems to be the trend, from what I understand.
    
    Steve

    The only limits that I'm aware of that determine how much money you can
    (or want to) put into a bank and/or credit union are based on insurance
    coverage.

    I'm not concerned about "putting in", I'm interested in "getting out".
    Or, maybe, sending somewhere else.
    
    Those employees who have automatic deposit, on June 17th (or
    thereabouts) will have their 26-week transition package check
    deposited into the same account that now receives their paycheck.
    In order to then do ***** (read "whatever everyone is going to do")
    with their money they will need to move it around, send it elsewhere,
    or some may want cash. I don't believe I've ever received more
    than $300 cash from DCU without giving notice first.
    
    I've asked a couple of banks so far, and have been assured that I
    can have my $$ when and how I want it with no waiting period because
    the transaction may be in thousands rather than hundreds.
    
    Am I missing it here? I'll call DCU and see if I've invented these
    limitations.
    
    Janet
    

    I've never had problems withdrawing large sums of money from DCU (both
    of which were neccesitated by buying a house), then again, I have never
    asked them to give me cash for these large sums either.

    I just called DCU and have answered my own question, I guess.
    
    She said that you can give a branch a call and if they have the
    money they will give it to you, but you cannot count on just
    walking in and getting a large sum of cash.
    
    "Large sum" here is relative to some people, I suppose. We were
    talking about $2,000 to $10,000 cash. If you needed sums this large,
    you would be expected to give a weeks notice. This is because the
    DCU is only allowed to have certain amounts of money at a time,
    and the Federal Reserve would want to know that they have had
    a request before the branch could get it.
    
    My bank references are saying that they need notice only on
    amounts in excess of $40,000.
    
    It is also possible to take the retirement dollar amount and
    hold it for a certain period of time before rolling over into
    some sort of IRA.
    
    Not having had this "problem" before    ;-)     it's a good idea
    to find out the best way to be able to move retirement funds around.
    
    I guess what some of us really need would be a DCU advisor. Anyone
    know if that position exists?
    
    Janet
    
    
    

	I believe that at one time Digital had placed some restrictions
	on how much cash a branch could have on hand at any one time. I
	guess that security was an issue. Outside banks do not have this
	sort of restriction.

	Also I believe that all financial institutions are required to
	report transactions over a given size ($10,000? ) to the Federal
	government (Treasury Department?).

	Myself, I'd rather have a check for really large amounts. Too many
	$50s spoil the outline of my pants. :-)

>    I guess what some of us really need would be a DCU advisor. Anyone
>    know if that position exists?
 
	I suspect it doesn't but it would be a good idea to have a person
	designated to answer or find out the answers for unusual questions.

			Alfred

    RE: Advisor
    
    I heard a BAYBANK commercial on the radio the Thurs. saying that 
    they could help people with their financial planning (IRAs etc...).
    I imagine that they would (as any business in its right mind
    should!) LOVE to help you manage/invest your money.
    
    dave

Since when was putting money in the bank INVESTING ? }8-)}

    Also be aware that if you receive more than a certain amount of cash 
    at one time the teller has to fill out a form which is sent to the Feds.
    What they do with it is somewhat open to speculation, but opening a
    file on you as a possible launderer of drug money is not out of the
    question. The form doesn't say where the money came from, only that you
    walked out the door with that much cash.
    
    The limit is $5000 or less.

    Make that $5000 or more.

    It also happens on international transfers and several other Bank
    transactions. I wired some Money from my account in Australia to the
    DCU, and was getting concerned that it hadn't arrived a week later. The
    DCU rep assured me that it was in the hands of the Feds and they would
    release it soon.
    
    q

    Re: .-1
    
    Strange.  My understanding is that the Feds get notified, not
    that the Feds delay the transfer in any way.

RE .9

> Since when was putting money in the bank INVESTING ? }8-)}

Well its not investing in the sense that you expect a return on your money
but with all the bank failures it has more of the risk aspects that you
find in the commodities and options markets!  %^)

/doug

The feds are only interested in amounts of $10,000 or more. No lesser amounts
are required to be notified.

Jon

RE: .12 .13

Sure there is a delay, while the Feds lick all the bills! :-)

RE: .15

I can state that $5K was enough to trigger the form as of February of 1992.