Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [withdrawal]

a generic to be used for questions related to withdrawal of funds from an account. Generally used to other specific tags like retirement, mortgage, etc to give the specific context.

a generic to be used for questions related to withdrawal of funds from an account. Generally used to other specific tags like retirement, mortgage, etc to give the specific context.

208 questions
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5 answers

Withdrew £2800, but only £2000 shows as withdrawn on online banking; what are my obligations?

I just withdrew £2800 from the bank. Looking at my online banking, there is only a withdrawal of £2000 listed. The form I signed said the amount I asked for, and the teller weighed the cash out on the scales to show the true amount, so my best guess…
Jaloopa
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3 answers

How do the rich and wealthy withdraw from accounts without leaving home?

I was at someone's house once and they made a phone call and had someone bring $50,000.00 cash to their home from one of their bank accounts. I think the person worked for the bank and wasn't a relative with their name on the account.
user1276423
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36
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4 answers

Why would a trading platform only allow withdrawal to the source of payment?

I have noted that a few online trading platforms have the following policy for withdrawal: they will send money using the same channel which the user deposit in the past. For example, if I deposit using PayPal, they will send me money using PayPal.…
kevin
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36
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5 answers

IRS sent me a letter...I messed up by unwittingly taking money out of a Roth IRA and reporting it incorrectly

I recently received a letter from the IRS based on my taxes for 2015. I believe I did not understand the proper workings of a Roth IRA. I was under the impression I could pull my money out and only report any distribution increases on my taxes. …
JonH
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25
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3 answers

If I switch jobs to a lower tax bracket right before I retire, do I save on 401k taxes?

I'm curious about how your withdrawal tax bracket is determined for your 401k Here are the scenarios: A) Let's say I am making $100,000-$200,000 per year for my whole career with a Traditional 401k. I don't remove anything from it before age 59.5.…
user40241
17
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8 answers

The "Cares act" allows $100,000 of 401k withdrawal without penalty. What are the reasons not to do this?

From this website , we can pull out $100,000 from our 401k without penalty. Distributions taken from qualified retirement plans received during 2020 of up to $100,000 for COVID-19 related purposes are allowed without a 10% penalty, taxable…
Astor Florida
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16
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2 answers

Ask FBI permission to withdraw large sums from your checking or savings?

Is it true you have to file papers with the government in the US to withdraw large sums of cash at your local bank branch? I read somewhere once if it's over $5,000.00 somewhere you have to file papers with the FBI and wait. What if I wanted to…
user1276423
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3 answers

Can I withdraw from my Roth IRA retirement account to fund a startup?

I'm 24 years old and have $10k in my retirement accounts (Roth IRA) after about a year with a real job. I'm considering withdrawing the entire balance to support myself for a few months while I launch a tech startup. Is this even possible? How…
Dustin Getz
11
votes
6 answers

Why do grocery stores in the U.S. offer cash back so eagerly?

Most grocery stores and Walmarts I've been to ask you how much cash back you want as one of the steps you punch in after you swipe your credit card. This happens after you have swiped your card so they know if it will be a credit or debit…
Philip
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9
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4 answers

How to make it harder to access my money

I want to start being more sensible with my money, this is especially hard around payday when I receive a month's-worth of pay at once. It's all too easy to go for a couple beers after work only to end up staying out all night and being over £100…
user62288
9
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4 answers

How can I withdraw money from my LLC?

I am the sole member of an LLC. I am going to open up a bank account for it. I have $5,000 that I want to open it with. If I understand correctly, I am allowed to pay myself from the profits at the end of the fiscal year. But what if I want money…
Evorlor
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9
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2 answers

Are you allowed to withdraw from 401k for no reason if leaving the company?

I've searched the internets extensively but I am finding it surprisingly difficult to find a straightforward answer to a very simple question. Assuming I leave the company, can I just withdraw all the money in my 401k account, including the…
houbysoft
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5 answers

Withdrawing cash from investment: take money from underperforming fund?

Suppose Bob has $15K invested in an account with 2 funds (for this question we'll assume a Canadian RRSP, but the country/tax implications probably aren't relevant). He has $10K in a conservative balanced fund (let's call it Fund #1) that…
Jordan Rieger
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1 answer

Withdrawing HSA excess contributions?

I just got married a couple of weeks ago. I have a self-coverage only HDHP through my employer, with an HSA funded by my employer ($3000 per year). My husband has a family-coverage HDHP through his employer, and self-funds his HSA ($6550 per year).…
C. Sharp
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1 answer

Withdrawing large sums of money

In the USA, if I were to have an account balance of six hundred thousand dollars which I would like to withdraw in cash, is there any federal obligation for the bank to hand the money out in a certain time? If so, what would that time limit be?
Wottensprels
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