Here's how you can withdraw cash without using credit or debit card at these 3 banks' ATMs

Money withdrawal options


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    Risk of Certificates of Deposit Federal law allows you to withdraw as much cash as you want from your bank accounts. It's your money, after all.

    Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why you need all that cash. The Law A anti-money-laundering law known as the Bank Secrecy Act spells out the rules for large cash withdrawals.

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    That includes not only withdrawals but also deposits, currency exchanges such as swapping dollars for euros or Japanese yen and the purchase of traveler's checks. The law also requires banks to check identification on any transaction that would trigger a report.

    Bank transfer The most popular way to withdraw money from your PayPal account is to transfer the money directly into your bank account. Log in to your PayPal account, enter the amount you want to withdraw, and select the bank account to receive the money.

    Aggregate Withdrawals Under the law, all transactions carried out at an institution within a single day count as a single transaction, and all branches of a bank count as a single institution. In addition, if the bank has reason to believe a series of transactions are related, even if they're not on the same day, the bank is obligated to file a report. Federal regulations money withdrawal options to these as "structured" transactions.

    Bottomline What is an ATM? An Automated Teller Machine is an electronic banking machine that allows an bank account-holder to perform basic money transactions, like withdrawing cash, without any other human presence. Apart from withdrawing cash, ATMs have begun to offer a plethora of useful services like — Open or withdraw a fixed deposit; Apply for loans; Pay utility bills; Deposit checks and cash, etc.

    In fact, any transaction, regardless of the amount, that the bank deems suspicious can trigger a report. Exceptions to the Rule The law makes a few exceptions.

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    A bank doesn't have to file a report on large cash transactions involving other banks or government agencies. It also allows banks to apply for exemptions for regular business customers.

    Instead, the bank can file a form with the IRS identifying the store as a regular business customer.

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    This exemption must be renewed every year.