Bank robbery is a high-profile crime that fascinates many people.
Movies have been made about famous bank robbers like Bonnie and Clyde, John Dillinger, and Butch Cassidy. There is even a new movie that just came out about Gilbert Galvan, Canada’s most prolific bank robber who robbed 59 banks in five years.
It might surprise you — as it did me — to learn that the number of bank robberies is the lowest it’s been in half a century.
That’s what I discovered while researching a book about the shift to a cashless economy. With people using less cash, I had expected fewer bank robberies. But I was startled to see that the downward trend started well before the cashless economy started springing up in the 2000s.
Movies often depict bank robbery as precision plots planned by smart crooks. However, this doesn’t match reality. Most bank robberies are committed by people simply walking in and demanding money from a teller.
In 2021, about 85% of bank crime was committed at the tellers’ counter. The vast majority of thieves either passed a note to the cashier or made a verbal demand. Very few incidents involved burglary, when a thief enters the bank during nonbusiness hours, or larceny when money is stolen with no direct confrontation with employees.
Over half of all cases involve a weapon being brandished or a threat to use one. This results in many bank robberies becoming traumatic and dangerous events for employees and customers in the bank. Since 1999, 15 people have been killed in bank robberies, 94 were injured and 62 were taken, hostage.
Law enforcement perpetuates the mystique of bank robbery by giving many robbers interesting nicknames, as you can see from the FBI website devoted just to them.
For example, the FBI is offering $2,000 for information leading to the arrest of the “Bling Ring Bandit,” who stole an undisclosed sum from a bank in Albuquerque, New Mexico, while wearing a large gold-colored ring on his right little finger. My favorite is the “Ninja Bank Robber,” who was covered in black from head to toe during his April 2022 robbery.
Because there are different types of bank robberies, there are a variety of prison sentences for those caught. Robbers using force or violence get a maximum sentence of 20 years. Hurt someone while robbing a bank and the maximum sentence increases to 25 years. Kill someone and face death or life imprisonment.
Robbers who don’t use weapons face less time. Robbing a bank of more than $1,000 without using force is a sentence of up to 10 years. Stealing less than $1,000 without force has a maximum sentence of only one year.
The FBI has been tracking bank robberies and other crimes in the US since the 1930s. Unfortunately, early data was based only on voluntary reports from police chiefs of very large cities. Moreover, early data was not standardized when multiple offenses were committed, like bank robbers who stole a getaway car.
This resulted in very low figures, like 1948 having only 53 bank robberies. Higher-quality bank robbery data began around 1970 when the FBI’s Uniform Crime Reports reported just over 2,000.
The number of US bank robberies peaked in 1991 when 9,388 were committed. The number has declined pretty much ever since. By 2021, it was just 1,724 after hitting a 51-year low of 1,500 in 2020.
One potential reason for the downward trend could be that punishments have increased, thus acting as a deterrent and convincing would-be bank robbers to find another line of work. This reason doesn’t hold up, however, as the data shows judges are giving shorter, not longer, sentences. A 2021 analysis found the typical bank robber, most of whom used guns, was sent to prison for fewer than seven years. A mid-1980s study put the median sentence at 10 years if a gun wasn’t used, and 15 if a gun was involved.
Another explanation could be that there are fewer banks to rob. After peaking at over 85,000 in 2009, the number of bank branches in the US has declined to a little over 72,000.
A more compelling reason for me is that robbing banks have become far less lucrative — after adjusting for inflation, anyway. The typical robber made away with about $5,200 in the late 1960s. That’s over $38,000 in 2019 dollars. But in 2019, the average was just $4,200. As a 2007 UK study on the topic noted, “The return on an average bank robbery is, frankly, rubbish.”
As it turns out, cyber heists are much more lucrative, with even fewer penalties. A government report showed that in 2016, convicted credit card offenders took in over $60,000 on average and were given a prison sentence of just a little over two years.
Willie Sutton was an infamous US bank robber during the 1920s and 1930s. When asked why he robbed banks, Sutton supposedly replied, “Because that’s where the money is.” While in Sutton’s time that may have been true, it may not be the case today.
Jay L. Zagorsky is a clinical associate professor at the Questrom School of Business, Boston University. Reprinted with permission from The Conversation.
FAQs
Why aren t there bank robberies anymore? ›
The number has declined pretty much ever since. By 2021, it was just 1,724 after hitting a 51-year low of 1,500 in 2020. One potential reason for the downward trend could be that punishments have increased, thus acting as a deterrent and convincing would-be bank robbers to find another line of work.
Do people get away with robbing banks anymore? ›Few criminals are able to make a successful living out of bank robbery over the long run. Bank robberies are still fairly common and are indeed successful, although eventually many bank robbers are found and arrested.
What percentage of bank robberies go unsolved? ›What percentage of bank robberies go unsolved? The most recent data says 14% of bank robbery cases went unresolved. It is hard to tell the exact number since not all bank robberies get resolved in the year they were committed.
Why do people bleach their bank robbery? ›Why do robbers pour bleach? In many of their robberies, they drenched the areas with bleach before leaving in order to insure their anonymity. The bleach was not their only trick: the men wore miners helmets that had little lights on the head so that they could cut the power to the businesses but still see in the dark.
What state in America has the most bank robberies? ›| Characteristic | Robbery rate per 100,000 inhabitants |
|---|---|
| California | 113.6 |
| New Mexico | 99 |
| Alaska | 97.4 |
| Illinois | 97.4 |
| Characteristic | Number of robberies |
|---|---|
| Texas | 22,208 |
| Ohio | 6,410 |
| North Carolina | 5,707 |
| Washington | 5,608 |
...
| Metropolitan statistical area | Robbery cases per 100,000 population |
|---|---|
| Anchorage, AK | 185.4 |
| San Francisco-Oakland-Berkeley, CA | 178.5 |
| Memphis, TN-MS-AR | 176.8 |
A 2021 analysis found the typical bank robber, most of whom used guns, was sent to prison for fewer than seven years. A mid-1980s study put the median sentence at 10 years if a gun wasn't used, and 15 if a gun was involved. Another explanation could be that there are fewer banks to rob.
What time of day is best to rob a bank? ›The most popular time for robbing banks is 9 a.m. to 11 a.m., according to FBI statistics, followed by 3 p.m. to 6pm. The preferred day for robbery is Friday.
Which country has the most bank robberies? ›...
Robbery rate.
| United States of America | |
| 2015 | 102.3 |
| 2016 | 103.0 |
| 2017 | 98.6 |
| 2018 | 86.2 |
What is the most amount of money stolen from a bank? ›
On September 12, 1997, six men robbed the Dunbar Armored facility on Mateo St. in Downtown Los Angeles, California of US$18.9 million (equivalent to $31.9 million in 2021).
What bank robber robbed the most banks? ›Carl Gugasian (born October 12, 1947) is an American bank robber, known as "The Friday Night Bank Robber", who served a 17-year sentence for armed robbery. He is perhaps the most prolific of such criminals in US history, having robbed more than 50 banks over a 30-year period of a total of more than $2 million.
Why do bank robbers use dye packs? ›The packs resemble a regular pack of strapped currency and are designed to emit gas to make the robber drop the money and to emit smoke and dye to attract attention and stain clothing and currency. In these 171 robberies, 71 percent of the money stolen was recovered.
Are bank employees trained for robberies? ›Training is provided to bank employees on how they should act during and after a robbery to aid police investigators. The training aims at increasing safety by reducing panic reactions and at improving the collection of evidence.
Does FBI go to bank robberies? ›The FBI has had a primary role in bank robbery investigations since the 1930s, when John Dillinger and his gang were robbing banks and capturing the public's attention.
Who is the best bank robber? ›1. John Dillinger (June 22, 1903-July 22, 1934)
What stores get robbed the most? ›While robberies may be the crime most often associated with convenience stores, shoplifting is also quite common in such establishments. Statistics suggest that 54% of all shoplifters regularly steal from convenience stores.
How common is robbery in the US? ›...
Reported robbery rate in the United States from 1990 to 2021 (per 100,000 of the population)
New York had by far the most robberies reported, which makes sense if you accept that the archetypal crime in the city is a mugging, which is a form of robbery. A handful of smaller cities, Baltimore, Indianapolis and Memphis, leapfrogged some larger ones to rise to the top 10.
What is the biggest robbery in history? ›The largest cash heist in global history took place in March 2003, when approximately US$1 billion was stolen from the Central Bank of Iraq, shortly after the United States began the 2003 invasion of Iraq.
Why do people commit robbery? ›
The immediate need for cash is a major reason why people rob. For instance, 80 out of 81 St. Louis street robbers claimed their immediate need for cash was a primary reason for committing the crime.
When a bank is robbed who loses money? ›You still have a right to your money.
The bank should have theft insurance. If there is a coverage limit or a self insured retention, the stockholders/bank would absorb the loss. If that bankrupts the bank, then the FDIC coverage would make you whole, up to $250,000.
According to the bank surveillance camera, the robbery, executed with military precision, took place in just two minutes and 21 seconds.
What is the only bank that's never been robbed? ›But, the Federal Reserve Bank of LA has never been robbed.
Who is the best female bank robber? ›Perhaps the most infamous female bank robber of all time, Bonnie Parker was the female half of the famous duo Bonnie and Clyde.
How old is the oldest bank robber? ›J. L. Hunter "Red" Rountree (December 16, 1911 in Brownwood, Texas – October 12, 2004 in Springfield, Missouri) was an American folk hero who was believed to have been the world's oldest active bank robber.
What is the most money you should keep in a bank? ›Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000.
Is it better to keep money in the bank or at home? ›It's a good idea to keep a small sum of cash at home in case of an emergency. However, the bulk of your savings is better off in a savings account because of the deposit protections and interest-earning opportunities that financial institutions offer.
What day of the week do most bank robberies occur? ›The FBI's crime rate statistics show some interesting trends in bank robbery. Most robberies occur in the morning and are most likely to happen on Fridays, in the between the hours of nine and eleven. In fact, banks are usually robbed in the early morning, regardless of what day of the week that the crime takes place.
What is the largest heist in US history? ›Product Description. "Opportunity" is the true story of the largest cash heist in American history. Six young men from Carson and Compton (Los Angeles, California) robbed the Dunbar Armored Car facility of $18,900,000 without firing a shot. Top FBI agents stayed on the case for two years without a lead.
What is the most theft of the world? ›
The Antwerp diamond heist, dubbed the "heist of the century", was the largest diamond heist of all time. Since then, the heist was classified to be one of the largest robberies in history. Thieves stole loose diamonds, gold, silver and other types of jewelry valued at more than $100 million.
Do banks give your money back stolen? ›Do banks reimburse stolen money? Banks and credit card companies usually reimburse stolen money, but they don't always have to. If you lose a debit card or have it stolen and don't report the fraud right away, it's possible your bank won't refund stolen money and you could be liable for some of the losses.
Do banks track stolen money? ›How Do Banks Put Trackers in Money? Countless banks use bait money that is wired with a thin GPS transmitter allowing authorities to track the cash in real time, and hopefully retrieve it along with the thieves.
Do banks investigate money? ›Most banks make sure their customers don't have to pay a penny. After the bank receives the proper documents, they have 10 business days to investigate the claim and decide if it's fraudulent. Depending on the severity of the fraud, the bank may notify authorities–or even the FBI, though this rarely happens.
Who was the youngest robber? ›In the 1970s, at the age of 16, Bobby Cummines was jailed for armed robbery. During his time in prison he took an Open University degree. He later went on to collect an OBE in recognition of his services to reformed offenders and founded his own charity MIDAS.
How much money is stolen from banks every year? ›Bank robberies have a long and infamous history in the United States — more than two centuries' worth, in fact. About 10,000 take place in the country each year with a total of nearly $100 million stolen. Only slightly more than half of these bank robberies end in an arrest, and the money is not always recovered.
Who robbed a bank and never got caught? ›| Willie Sutton | |
|---|---|
| Charges | Bank robbery |
| Description | |
| Born | William Francis Sutton Jr.June 30, 1901 Brooklyn, New York |
| Died | November 2, 1980 (aged 79) Spring Hill, Florida |
Most bank crimes are committed using verbal demands or notes. But weapons and the threat of weapons are also very common, according to records compiled by the FBI.
What do robbers do with stolen money? ›Criminals heavily rely on money mules to move the stolen funds around until they can be safely cashed out. The most common method remains withdrawing money from ATMs and spending them in cash businesses controlled by the criminals, or buying and selling expensive items.
Why do banks put blue ink in money? ›The ink on these banknotes is from anti-theft devices, also known as intelligent banknote neutralisation systems (IBNSs), which are activated when criminals open a protected cash container, such as an ATM or a safe in a cash transportation vehicle.
Who investigates a bank robbery? ›
The FBI has sole jurisdiction among federal law enforcement agencies to investigate bank robberies.
Are all bank robberies federal cases? ›However, are all bank robberies considered a federal crime? The answer is yes, and a conviction comes with harsh consequences. How is Bank Robbery Defined in the Federal Code? Bank robbery is covered under 18 USC 2113.
Are there any successful bank robberies? ›During the United California Bank heist, the robbers successfully carried out $30 million worth of cash and valuables. Thirty million worth stolen from the United California Bank was the biggest heist in American history.
Are most bank robbers caught? ›Consequently, many bank robbers are caught the same day. The clearance rate for bank robbery is among the highest of all crimes, at nearly 60%.
What is morning glory robbery? ›What is a Morning Glory Robbery? One of the worst kinds! The robber will confront employees, usually at gunpoint, while they are opening first thing in the morning. Employees are forced at gunpoint to open the vault, where larger amounts of money are stored.
What percent of bank robberies go unsolved? ›What percentage of bank robberies go unsolved? The most recent data says 14% of bank robbery cases went unresolved. It is hard to tell the exact number since not all bank robberies get resolved in the year they were committed.
When was the last big bank robbery? ›On September 15, 2022, an armed male subject robbed the InFirst Federal Credit Union located in the 16000 block of Consumer Row in King George, Virginia.
Is it possible to rob a bank now? ›Very. Bank tellers are specifically instructed not to resist any robbery attempts, and a paper note demanding money handed to the teller would most likely ensure his or her compliance. You don't have to be armed or anything.
What is the most money stolen in a bank robbery? ›On September 12, 1997, six men robbed the Dunbar Armored facility on Mateo St. in Downtown Los Angeles, California of US$18.9 million (equivalent to $31.9 million in 2021).
Who is the most famous bank robber? ›Stanley Mark Rifkin (1946) Hackers across the nation and world can pay homage to the grandfather of cyber-criminals Stanley Mark Rifkin, who on Oct. 26, 1978 orchestrated one of the first-known computer-aided bank robberies and the largest bank robbery ever committed in the United States at the time.
How common is a bank robbery? ›
Higher-quality bank robbery data began around 1970, when the FBI's Uniform Crime Reports reported just over 2,000. The number of U.S. bank robberies peaked in 1991 when 9,388 where committed. The number has declined pretty much ever since. By 2021, it was just 1,724 after hitting a 51-year low of 1,500 in 2020.
What is the largest cash theft in US history? ›Product Description. "Opportunity" is the true story of the largest cash heist in American history. Six young men from Carson and Compton (Los Angeles, California) robbed the Dunbar Armored Car facility of $18,900,000 without firing a shot. Top FBI agents stayed on the case for two years without a lead.