In principle, everyone isfreewithdraw 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 belimitedfordrawdown of a substantial sum. In 2019, a customer of the Bank Postale was unable to draw from his accountEUR 3 500 in cash.
Despite the fact that the latter stated that it was for a vacation trip, he was asked to provide aproof of expenditure. As a result, many question thelegality of this request for proofandreasonsfor 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 forceNo waybank customers to certify a withdrawal of cash. So you canfree to withdrawyour money in cash (at your bank counter or at an ATM) without having to submit proof. However, there may be banks calling for ainvoice or purchase certificatefrom a certain amount. The main aim of this measure is to combat theMoney-laundering. However, such a provision is more common forCash paymentsOnly 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 iscapped. This means that for each of the credit cards, the bank fixes aceiling(a maximum sum) not to exceed oneperiod. Generally, the threshold is set as soon as the bank account is created. Fortunately, it is possible tochange limitby increasing or decreasing it according to your needs. You will also need to agree on yourCounsellor.
As for the threshold for the collection of your credit card, it variesaccording to your income. Indeed, the more your bank account is supplied, the more liquidity you will have. Therefore, yourmarginon large samples will be high. In addition, the sampling threshold is linked to theBlue card range.
Reasons for capping withdrawals
In fact, the bank is not just checking the creditworthiness of its customers. She will check that youraccount is not redbefore starting a withdrawal operation. However, it will not be able to draw fromovernighta substantial amount of money. In this case, it may be your bank that lacks liquidity.
In case ofeconomic crisisThese limits are of particular importance in the face of declining bank popularity. Clients are likely to withdraw strong liquidity, resulting inrisk of bankruptcyfor 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 exceedceiling allowedby 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 bankdoubt about how to usethe 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 aproof of expenditureSince 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 toEUR 1,500.
Therefore, this process of justification does not presentno illegal character, but should notnot be mandatory. In addition to pushing customers toleaving their agencySuch a practice would be a restrictive reading of the law. In general, the daily liquid withdrawal threshold is included between500andEUR 1,500/ day or week. OneincreaseThis limit does not require certification either.
Why not take precautions in advance?
For a levy above the ceiling chosen for your bank account, contact yourbankfor her to raiseProvisionalthat limit. Of course, you will not benot requiredattest your request. However, it will return to your bank ofAccept or not. To the extent that yoursolvencyis insured, it is unlikely that your banker will reject your request. On the other hand, he may possibly defend his refusal on account ofInadequate liquidityor 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 leasttwo daysIn 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 vigilanceto comply with French law.
Drafting opinion
Although the justification for a withdrawal of money isnot a mandatory formality, you may be forced to do so. In fact, the justification to be provided depends on theReasonfor which you want to perform a high sampling. We gave some examples in the article above. To avoid this, it is betternotify bank and advisorits desire to withdraw high liquidity or empty its account. To learn more about the banking community, I recommend reading the sitebankargent.com. You will find news and reliable information on taxation.
In fact, this situation reveals someweaknessesbanks because they do not holdsufficient liquidityto satisfy their customers. Nevertheless, the French government is also waging a real war against money laundering (through theTrace). Removing a large amount of cash therefore risks raising the authorities' vigilance. This can cause youtrouble.