Banking Question

[Save Us Sutter]

Quick question for our financially inclined members:

I am going to the bank this afternoon to close an old chequing account with about 4 grand in it. I don't really want to carry that much cash with me so what are my other options for withdrawal? Cashier's cheque? Money Orders cost money don't they? Anything else?

Thanks!

[Julio]

Cashier's cheque, or just have your new bank (assuming you are switching banks) ask for the transfer.

[Prototype]

Best bet if you don't want to carry cash is a money order/draft...

[Burninator]

Brief case with handcuff.

[philip1985]

A bank draft or wire transfer are your two options if you don't want cash. A bank draft is going to cost you roughly 6.50 and wire transfers can be 30, so your best bet is a bank draft. A bank draft is as good as cash so the financial institution you're depositing the new funds to shouldn't put a hold on the draft. Sometimes if you're lucky the person closing your account can waive that fee, I know I do. Well hopefully that helps, cheers!

[LChoy]

You can wire it to my off shore Cayman's account. I'll transfer it back to your new account, I promise

[Save Us Sutter]

What is the difference between a bank draft and a cashier's cheque? Are they the same thing?

Thanks guys.

[yads]

If you're really worried, get a money order or certified cheque. If you're depositing it right away, I'd just take the cash out, 4K is only 40 Bordens.

[Save Us Sutter]

Well, to me, that is a lot of cheese.

[yads]

Lol.

I'm just saying, is the worry that you will be mugged? Lose it? Chances are very slim of either happening, but if it's just too uncomfortable for you then just pay the fee to wire it. Otherwise I guess you can write yourself a cheque, deposit it and then close your account out.

[HOOT]

I just got an email from a Prince in Kenya who you could send the money to and apparently the return on your money is awesome!

[Ice]

Just write a check to yourself for the balance to deposit in your new bank. Call the old bank and tell them you want your account closed as soon as that check clears. They should be able to code your account to close once it has a zero balance. Its simple and free.

[3 Justin 3]

Just take out the money in cash, I did when I was transfer my money from CIBC to TD, took 3k out one day in cash, all in hundreds and fifties, then the next day I went back and got the rest. Here is what you do:

GO to back and withdraw the money, ask for a envelope, and put the money in the envelope. Put it in your pocket and walk out, holding it at all times, get in car, and put it away. Drive to other bank and deposit. I was skeptical at first, but screw paying 6.50 for a check or what ever. By the way, for me I could only take a max out of 3k at a time, so I had to do it in two visits, but I didnt close the account, just wanted all my money out of it.

[Locke]

Ask for it in dimes.

If anyone is mug you for that then they've earned it and can have it.

On the plus side, you could use it as a fairly effective weapon to defend yourself with. 40,000 dimes could do some serious damage.

[troutman]

Originally Posted by 3 Justin 3

Just take out the money in cash, I did when I was transfer my money from CIBC to TD, took 3k out one day in cash, all in hundreds and fifties, then the next day I went back and got the rest. Here is what you do:

GO to back and withdraw the money, ask for a envelope, and put the money in the envelope. Put it in your pocket and walk out, holding it at all times, get in car, and put it away. Drive to other bank and deposit. I was skeptical at first, but screw paying 6.50 for a check or what ever. By the way, for me I could only take a max out of 3k at a time, so I had to do it in two visits, but I didnt close the account, just wanted all my money out of it.

All the trips to the bank are going to cost more than $6.50 in gas.

[Maritime Q-Scout]

Be a man and carry the money around, waiving it as you walk down the street

That or if you really want I'll do it for you. For free even, just pay my transportation

[OzSome]

Originally Posted by HOOT

I just got an email from a Prince in Kenya who you could send the money to and apparently the return on your money is awesome!

Oh yeah, I just got an email from somebody from China telling me I won a TOYOTA and US$1M but I have to give him some info ie: name, address, bank account, SIN, birthdate, and a PIN number for my debit card. So, I thought that's cool... maybe i should send my info quickly. Yeah baby!!

[Deegee]

Originally Posted by Ice

Just write a check to yourself for the balance to deposit in your new bank. Call the old bank and tell them you want your account closed as soon as that check clears. They should be able to code your account to close once it has a zero balance. Its simple and free.

This is correct, although the capabilities of the banking system the place I work for does not have the ability to automatically do this.

[HOOT]

Originally Posted by OzSome

Oh yeah, I just got an email from somebody from China telling me I won a TOYOTA and US$1M but I have to give him some info ie: name, address, bank account, SIN, birthdate, and a PIN number for my debit card. So, I thought that's cool... maybe i should send my info quickly. Yeah baby!!

So what are you spending your $1M on?

[albertGQ]

Get it in unrolled pennies! That's like 1,000,000 pennies!!