In principle, everyone is free withdraw all money available to him from his bank account. But alas, the reality is quite different, and especially when it comes to money withdrawal. If you go to your bank or vending machine, you may be limited for drawdown of a substantial sum. In 2019, a customer of the Bank Postale was unable to draw from his account EUR 3 500 in cash.
Despite the fact that the latter stated that it was for a vacation trip, he was asked to provide a proof of expenditure. As a result, many question the legality of this request for proof and reasons for which banks could demand it. We will address your concerns in the rest of the article while showing you how you could justify withdrawing a large amount.
Is it legal to justify a withdrawal of money from the bank?
In France, the law does not force No way bank customers to certify a withdrawal of cash. So you can free to withdraw your money in cash (at your bank counter or at an ATM) without having to submit proof. However, there may be banks calling for a invoice or purchase certificate from a certain amount. The main aim of this measure is to combat the Money-laundering. However, such a provision is more common for Cash payments Only for withdrawals.
Why can a bank demand proof for a large withdrawal?
Many are the reasons, here are some.
For withdrawals, bank cards are capped
Before making a high money levy, you must first know that your card is capped. This means that for each of the credit cards, the bank fixes a ceiling (a maximum sum) not to exceed one period. Generally, the threshold is set as soon as the bank account is created. Fortunately, it is possible to change limit by increasing or decreasing it according to your needs. You will also need to agree on your Counsellor.
As for the threshold for the collection of your credit card, it varies according to your income. Indeed, the more your bank account is supplied, the more liquidity you will have. Therefore, your margin on large samples will be high. In addition, the sampling threshold is linked to the Blue card range.
Reasons for capping withdrawals
In fact, the bank is not just checking the creditworthiness of its customers. She will check that your account is not red before starting a withdrawal operation. However, it will not be able to draw from overnight a substantial amount of money. In this case, it may be your bank that lacks liquidity.
In case of economic crisis These limits are of particular importance in the face of declining bank popularity. Clients are likely to withdraw strong liquidity, resulting in risk of bankruptcy for banks. The ceilings also help to prevent such panic situations.
What steps should be taken to justify the withdrawal of a large amount?
Legally, no one must attest to the withdrawal of a sum of money if the sum does not exceed ceiling allowed by the bank. In accordance with a note published by the Ministries of Justice and Finance, the justification of the bank levy is only recommended when the bank doubt about how to use the amount requested. So you can find yourself providing a plane ticket or a quote based on the expenses to make.
The case of the post office bank customer who had been turned back for a levy of 3,500 euros gives more details by contribution to the arrangements to be made. He indicated that he did not have a proof of expenditure Since this money was planned to finance his vacation. However, the adviser stated that the presentation of a document justifying the nature of his expenditure is essential for any levy greater than or equal to EUR 1,500.
Therefore, this process of justification does not present no illegal character, but should not not be mandatory. In addition to pushing customers to leaving their agencySuch a practice would be a restrictive reading of the law. In general, the daily liquid withdrawal threshold is included between 500 and EUR 1,500 / day or week. One increase This limit does not require certification either.
Why not take precautions in advance?
For a levy above the ceiling chosen for your bank account, contact your bank for her to raise Provisional that limit. Of course, you will not be not required attest your request. However, it will return to your bank of Accept or not. To the extent that your solvency is insured, it is unlikely that your banker will reject your request. On the other hand, he may possibly defend his refusal on account of Inadequate liquidity or suggest you wait a few days.
In addition, if you plan to make a large drawdown on your bank account, you must inform your advisor at least two days In advance. However, you should be aware that the latter may possibly require that you justify a withdrawal. For example, by submitting an invoice indicating the reasons why you want to withdraw so much money. Banks are required to: strengthening their vigilance to comply with French law.
Drafting opinion
Although the justification for a withdrawal of money is not a mandatory formality, you may be forced to do so. In fact, the justification to be provided depends on the Reason for which you want to perform a high sampling. We gave some examples in the article above. To avoid this, it is better notify bank and advisor its desire to withdraw high liquidity or empty its account. To learn more about the banking community, I recommend reading the site bankargent.com. You will find news and reliable information on taxation.
In fact, this situation reveals some weaknesses banks because they do not hold sufficient liquidity to satisfy their customers. Nevertheless, the French government is also waging a real war against money laundering (through the Trace). Removing a large amount of cash therefore risks raising the authorities' vigilance. This can cause you trouble.