Soulja Boy is truly one of the funniest people in the world.
He recently posted a video expressing his displeasure with the bank he banks at.
Big Soulja says that he tried to get $100k out of his account and they only were able to give him $30k and asks where the rest of his money is.
Not sure he realizes the bank loans all the money out to other people and if everyone wanted to withdraw all of their money the bank wouldn’t be able to do it.
Twitter let him know how things worked though. Here are some of the details.
There is no cash withdrawal limit and you can withdrawal as much money as you need from your bank account at any time, but there are some regulations in place for amounts over $10,000. For larger withdrawals, you must prove your identity and show that the cash is for a legal purpose. It might take a few days to receive the money if you are withdrawing a very large sum.
The FDIC initiated the Currency and Foreign Transaction Act in 1970 so U.S. financial institutions could help the government combat money laundering. Also referred to as the Bank Secrecy Act, these regulations require the institutions to report any customer activity that appears suspicious or different from regular behavior. For instance, your bank must make a report to the IRS if you withdraw more than $10,000, especially if you haven’t withdrawn such a large amount before. This law also extends to the purchase of traveler’s checks, the exchanging of one currency for another and large cash deposits.
Fill out a withdrawal slip at your bank and present it to a teller, as you would for regular transactions. Provide identification, such as your driver’s license, state ID card or passport, as well as your Social Security number. Be prepared to answer questions about your withdrawal, such as what you plan to do with it. The teller is required to ask these questions to complete IRS Form 8300: Report of Cash Payments Over $10,000 Received in a Trade or Business, which banks must file for cash withdrawals over $10,000.
If you refuse to respond or give evasive answers, the teller must file a suspicious activity report. Additionally, your bank might not have the large sum of money on hand that you’ve requested, and may ask you to return in up to seven days to collect it.
Flip the page to see the video and reactions.
