Rudeness

greatgimpo

Given exactly the same circumstances, I would say that I want to pursue my fetish in rubberware and that there's a one piece suit going on Ebay soon.

JuicyJesus

Reasons you may be asked, in no particular order:

1) Cross selling ("I'm moving my savings elsewhere" - retaining business; "I'm buying a car" - car insurance or breakdown cover; "For a holiday" - travel insurance, travel money)

2) To prevent fraud. "Builders" turning up, doing a crap half-job and then demanding a large sum of money, please, or we'll break your legs is depressingly common.

3) Identification of potential money laundering. Banks are required to have an idea of where funds are coming from and going to in individual's accounts and report any suspicions.

4) To see if there's another way the transaction could be effected which would be easier and more convenient for the bank and for you (e.g. Faster Payments).

I honestly cannot see the issue with telling a cashier that you're going to buy a car/give money to family/whatever. Believe it or not, it IS the bank's business (and legal responsibility) to know what you're doing with your money, mostly with regard to point 3.

JuicyJesus

greatgimpo wrote: »

Given exactly the same circumstances, I would say that I want to pursue my fetish in rubberware and that there's a one piece suit going on Ebay soon.

So a gimpo suit?

greatgimpo

JuicyJesus wrote: »

3) Identification of potential money laundering. Banks are required to have an idea of where funds are coming from and going to in individual's accounts and report any suspicions.

Believe it or not, it IS the bank's business (and legal responsibility) to know what you're doing with your money, mostly with regard to point 3.

But the bank will know where it's come from. If I wanted to do a dodgy deal and buy a suitcase full of cocaine do you think I would tell the bank the truth? I've made several transactions from one account to another, and they know better than to ask me what I'm going to do with it.

JuicyJesus

greatgimpo wrote: »

But the bank will know where it's come from. If I wanted to do a dodgy deal and buy a suitcase full of cocaine do you think I would tell the bank the truth? I've made several transactions from one account to another, and they know better than to ask me.

It is still worth asking. Fraudsters, money launderers and criminals are not overall the brightest bunch, even if they don't expressly admit criminal intent as you rightly say (they're not THAT stupid).

IrishGypsy

greatgimpo wrote: »

But the bank will know where it's come from. If I wanted to do a dodgy deal and buy a suitcase full of cocaine do you think I would tell the bank the truth? I've made several transactions from one account to another, and they know better than to ask me what I'm going to do with it.

You do realise that fraudsters don't all wear giant gold rings, wearing massive moustaches and carry around big suitcases stuffed with cash!? The best fraudsters are the ones you wouldn't ever suspect. That little dear old lady 'in to collect her pension again this week' could in fact be laundering cash through multiple accounts to confuse the illegal origin of it (hence the laundering part of money laundering). Once it's in a suitable account, out it comes as 'clean' money and off she pops.

And I'll also point out that bank staff are at risk of being sent to prison for failing to spot obvious fraudulent transactions (again large suitcases stuffed with small denominations purely fictional/optional). So by simply not asking, they can get sent to prison for not being aware enough.

You might not like being asked, it might even be inconvenient for you, just simply make up a boring - fake if you like - reason and leave with your cash.

tagq2

greatgimpo wrote: »

But the bank will know where it's come from. If I wanted to do a dodgy deal and buy a suitcase full of cocaine do you think I would tell the bank the truth? I've made several transactions from one account to another, and they know better than to ask me what I'm going to do with it.

greatgimpo, not everyone knows they are taking part in money laundering. Also not everyone knows that the Nigerian prince doesn't exist but is some guy in an office engaging in an advance fee fraud. And not everyone knows that the h3rB4L V14GrA is just a placebo. If everyone knew these things were scams then there would be no reason for the scammers to send out millions of spams every day.

Let me be a little clearer:

(1) One day, a naive Internet user (NIU) gets some spam telling him that he has been identified by <well known brand> for his good financial behaviour and that <other well known brand> are looking for "payment processors" to collect and hold imported money before forwarding it in return for a small payment (so, unlike the Nigerian Prince scams, not quite too good to be true);

(2) NIU accepts and is (B.S. aside) asked for his account details for money to be collected and another account from which to send money on;

(3) NIU supplies these details;

(4) NIU receives money automatically into collection account and is given instruction to move some proportion to the payment account;

(5) NIU is a NIU so doesn't know much about online banking. So he goes into the branch to do what he's asked to in (4);

(6) Teller asks what he's up to;

(7) Honest NIU answers honestly.

NIU was an unwitting money launderer. He was perhaps asked to move funds to a second account because (i) the first account was receiving stolen funds which could have been re-debited at any time; (ii) one extra move is one extra hassle for the authorities to trace.

One of many sites about the scam.

It's great that you are savvy and would never be taken in by something like this. But it's better to bank somewhere which isn't full of customers engaging in dodgy activity.

MoneySaverLog

IrishGypsy wrote: »

You might not like being asked, it might even be inconvenient for you, just simply make up a boring - fake if you like - reason and leave with your cash.

Like I'm moving my money to another bank

Chadsman

I recall someone here said in response to a similar thread he was going to spend the afternoon with a high class call girl :eek:

DCFC79

You could have given them an answer but it doesn't have to be true.