Is that even "working around" the restriction? Surely moving 50k on each of 4 days is what you're expected to do in that case. It still means the maximum a fraudster can get away with is 50k if the fraud is discovered in one day.
My last bank had limits like 20k/day and 50k/week, so it seems like yours could have 50k/day and 60k/week if they "really don't like" you using it like this.
One of the reasons banks have these restrictions (besides the obvious thing of making it difficult to take large sums of money out because it hurts their business) is to prevent fraud. They want to prevent the case where some criminal gets physical access to my computer, or my login credentials, and drains my account without my knowledge. So they want you to initiate a manual verification that you really do intend to move such a large sum to prevent that fraud.
If you do what I did, you usually get a temporary hold on your account and some very skeptical bank employee calling you to grill you on what you’re doing.
On one hand I get it. For every story like mine, where this is just a temporary frustrating inconvenience, there’s probably a story where grandma lost her life savings after talking to the nice man from Microsoft on the phone. But also they don’t make it clear at all what you are supposed to do as non-criminal to work around their restrictions, which is just bad for customers.
> So they want you to initiate a manual verification that you really do intend to move such a large sum to prevent that fraud.
Yes, it's hilarious.
One of my banks requires me to do the transaction over the phone if it's above a certain limit.
At which point, you talk to someone in a call center, and they proceed to ask you exactly the same information which you needed to introduce in their web interface to make the wire transfer yourself, and nothing else.
This includes giving your web interface credentials over the phone, which could be heard by someone inadvertently or even phished if you happened to have misdialed accidentally. Or stolen by the call center employee.
It's also great fun to have to spell out 20+ account digits, the names of the other people/companies, phone numbers and email addresses to receive confirmations and even a description of the transaction (fortunately I don't always buy sex toys).
Gosh, how I love to spell out all this information, digit by digit, letter by letter, over a phone call! But since it's for my protection it makes it OK, right? Right? Hello?
No, you're expected to call and set up an appointment with a banker who can sell you on some kind of business account that has appropriate services for moving money in that way.
And yes, this will cost more and take more time than the spreading-it-out method.
no, this is too cynical. just give them a call, authenticate yourself, and they'll happily raise the limit for you.
maybe if you're moving 50k/week they'll try and get you on a business account, but at that point you're already not using the account for the purposed you claimed when you opened the account.
This is not true. Structuring is much more narrowly defined, including in that Wikipedia article. It requires you to be working around a legal or regulatory reporting requirement.
My last bank had limits like 20k/day and 50k/week, so it seems like yours could have 50k/day and 60k/week if they "really don't like" you using it like this.