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This bank is trying to tell us something with the choice of color of this cash withdraw notice
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this post was submitted on 02 May 2024
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In Canada, it's required by Know Your Customer (KYC) legislation. It's anti-money laundering and anti-crime legislation.
There aren't many legitimate reasons why people need like $10K in literal cash. Usually, that much money should be sent with a money order (bank draft). That is, unless you're running something like a major retail store, in which case you'll have arrangements to get lots of small bills and coins regularly.
Banks also just don't have that much physical cash on hand. They don't want to risk worry about them running out of cash since that can trigger a run on the bank. They can get you as much cash as you need for any reasonable purpose, with notice, but not every branch is going to have $100K+ sitting around already sorted and ready to go so every rando in town can get tonnes of cash out on the same day. If you're running a comic con and need $50K in coins and $5s for making change, the can get that for you no problem next week, but ain't nobody going to help you today.
We also don't want to make it easy for criminals, like human traffickers, to make large cash withdrawals and deposits.
If you are customer of the bank there should be no questions asked if you want any amount of cash. If they do not have it on hand they can tell you to come back in a few days when it is arranged. Withdrawing your own money is not suspicious regardless of the amount. These rules are designed to spy on people for the government, it has nothing to do with crime. The government is the biggest criminal organization there is, by leaps and bounds.
If you have been found guilty of a crime and it has been proven that the funds in the bank are the result of that crime then action is justifiable. Otherwise it is a a violation of your rights to deny you access to your own money. It is a tyrannical expansion of state power, when the state spends money there should be more scrutiny as it is most likely involved in massive crimes.
Banks also have to pay insurance on the amount of cash they carry, so they keep as little as they possibly can without upsetting the Smurfs