Author Topic: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase  (Read 1698 times)

WackyTomato

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Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« on: January 13, 2017, 09:04:39 AM »
Hey guys,

You don't need to know the background and I do not want this to turn into one of those god damn "mortgage payoff VS investing in the market".  My mind is set! :)

I will have about CAN $520k in a Tangerine (aka: Scotia Bank) Savings account in March.  My wife and I plan to buy a house - clean and clear.  I wonder how much grief the bank is going to give us for withdrawing all funds in one go to buy the place.

I am asking because I know banks are funny about withdrawing huge amounts sometimes.  However, I think it should be pretty much straightforward given that I will hire a real estate lawyer as per usual when buying a property, etc.

Thoughts?  Advice?  This is my third property purchase but the first one with no need for financing.  I would appreciate any advice you may have.

Many thanks.
« Last Edit: January 13, 2017, 09:07:08 AM by WackyTomato »

Reynolds531

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Re: Tangerine (aka Scotia Bank): Withdrawing 500k for home purchase
« Reply #1 on: January 13, 2017, 09:06:39 AM »
I wouldn't expect a problem unless you want it in cash. You're way over the cdic limit though.

WackyTomato

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #2 on: January 13, 2017, 09:07:53 AM »
So what?  Any repercussion(s)?

mozar

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #3 on: January 13, 2017, 09:13:09 AM »
You should ask the bank directly.  They sometimes have a maximum you can withdraw per day.

Reynolds531

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #4 on: January 13, 2017, 10:50:56 AM »
Cdic limit meaning in the highly unlikely event of tangerines demise the government would only back your first 100k.

RetiredAt63

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #5 on: January 13, 2017, 11:01:32 AM »
In both Quebec and Ontario, when we have bought or sold a house it has all gone through a notary/lawyer.  So the lawyer asks the bank for the funds, gets them in trust, and then pays the seller.   After all, they also have to prorate municipal taxes, etc.  All the lawyers seem to be able to do direct banking now on behalf of clients. 

Same when you sell, you don't get a huge influx of anonymous money in your bank account, it shows as being deposited by a lawyer.

So just arrange it through whoever is handling the legal details.  No worries.

honeybbq

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #6 on: January 13, 2017, 02:34:27 PM »
Are you planning on withdrawing cash??

In the US you get a certified check from your bank and then just bring the check to closing.

WackyTomato

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #7 on: January 14, 2017, 01:14:38 AM »
In both Quebec and Ontario, when we have bought or sold a house it has all gone through a notary/lawyer.  So the lawyer asks the bank for the funds, gets them in trust, and then pays the seller.   After all, they also have to prorate municipal taxes, etc.  All the lawyers seem to be able to do direct banking now on behalf of clients. 

Same when you sell, you don't get a huge influx of anonymous money in your bank account, it shows as being deposited by a lawyer.

So just arrange it through whoever is handling the legal details.  No worries.

That's what I thought too.  But who knows with banks nowadays...


WackyTomato

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #8 on: January 14, 2017, 01:15:16 AM »
Are you planning on withdrawing cash??

In the US you get a certified check from your bank and then just bring the check to closing.

No, I do not plan on actually withdrawing the money.  It will be arranged by a real estate lawyer I'm guessing.

daverobev

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #9 on: January 14, 2017, 01:08:00 PM »
WT: I'd like to withdraw $520k please.
T: Ok! Well, anti fraud etc etc etc. What are you going to use the money for?
WT: I'm buying a house. I need to wire it to this lawyer <gives details>
T: Ok, no problem.

It's your money. Their concern will be AML (anti money-laundering) regs; they will report it to the CRA, but no, you won't have any problems doing what you need to do.

WackyTomato

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #10 on: January 15, 2017, 10:06:58 PM »
WT: I'd like to withdraw $520k please.
T: Ok! Well, anti fraud etc etc etc. What are you going to use the money for?
WT: I'm buying a house. I need to wire it to this lawyer <gives details>
T: Ok, no problem.

It's your money. Their concern will be AML (anti money-laundering) regs; they will report it to the CRA, but no, you won't have any problems doing what you need to do.

That's reassuring.  I was not 100% sure because I know banks give you a hard time sometimes with large withdrawals...

jwright

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #11 on: January 16, 2017, 10:56:43 AM »
We recently purchased a property in cash.  We just wired the money to the lawyer's escrow account where it sat a couple of days until closing.  Then the lawyer wired it out to the sellers.  The last several closings I've been apart of the only hard checks were for the realtors' commissions.   

GuitarStv

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #12 on: January 16, 2017, 11:00:45 AM »
FWIW, a young GuitarStv once withdrew 20,000$ from his bank in cash to avoid a five dollar fee that they wanted to charge for transferring it to another financial institution.  This procedure required a three week wait, a terrified looking teller (who I'm pretty sure thought I was a drug dealer), and a five minute walk across the street to the other bank.

If you're planning on transferring it to a lawyer for escrow, I can't imagine there being any kind of problem.

Plugging Along

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #13 on: January 16, 2017, 10:04:21 PM »
It's usually large withdrawals in cash are the problem.   In terms of transfers or where there is a clear paper trail, it won't be a problem.  Just make sure you give tangerine the enough time. 

marty998

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Re: Tangerine (aka Scotia Bank): Withdrawing 520k for home purchase
« Reply #14 on: January 17, 2017, 12:14:42 AM »
Are you planning on withdrawing cash??

In the US you get a certified check from your bank and then just bring the check to closing.

Bank cheque is the way to go. You pay the Bank, the Bank then gives you a cheque made out to the solicitors or to the vendor's bank.

Easy