Bank Asks: Why do you want your money?

sarymclary

I was wondering, having withdrawn a small lump sum of money a few months ago, I was intrigued when asked by the cashier 'why do you want this money, what are you going to use it for?'. She had to make a note of my reason on a form. My initial answer was : 'because it's mine!', which she looked rather unimpressed about, and then responded 'no, really, what do you want it for?'. I eventually told her I was going on a massive spending spree (I wasn't, I was purchasing a car), but it sounded so much more frivilous and extravangant at the time, and I wanted her to keep the look of disapproval on her face.

My question is this; am I legally bound to give a response to this question? Have I missed a revised part of smallprint LloydsTSB sent me? I understand they are trying to keep tabs on money laundering, but would I really tell them if I was planning to buy a load of crack cocaine, or illegal arms to sell to a group of militant extremists?

stacey21_2

I think the reason they ask you behind the counter is so that they can suggest other ways of withdrawing the money. So for example, if you are buying a car, could you write a cheque? Or do a bank draft? So that their customers are not walking out of a branch loaded with thousands of pounds in cash. That's what we were told in the Lloyds call centre if anyone queried it. hth

DocProc

They are prospecting for business.

If you pay in a large cheque, off the Lloyds TSB cashier will pop, "To get it authorised."

"Pardon?"

Anyhow, if you aren't 'a borrower', then perhaps you might be a prospect for their financial services people, who can help you invest your money and earn some fees from the advice.

Actually, I've been with Lloyds TSB for years. This stuff really turns me off them.

I don't know whether to close my account and go elsewhere, so they can't hassle me any more.

or

Because they are being so aggressive, buy their shares.

Maybe I should do both, eh?

Lazy_Runner

I second what DocProc said.

When I was a lot younger and had not found this website, I received a large payout from a share save scheme.

My intention was to save it. The Halifax asked me what I was going to do with the money, then they did the hard sell on saving with them.
They made me feel as if I couldn't walk out with my money.
And yes, I did succumb.
No excuses. It was a pants decision!

Now I know better!

Ian_W

I've banked with LTSB for over 30yrs and NEVER been asked what I want my money for despite some relatively large withdrawals to pay workmen, buy cars etc at various times.
Should I sell my LTSB shares and remain a customer?
Perhaps I should feel slighted that I haven't been hassled? So that's keep the shares then but close the account?

Anyway had I been asked I would have reacted by saying, none of your damned business - it's my money! :mad:

But the main reason for posting - to add absolutely nothing to the thread - is it's my 2000th and I want to see if I go from an "Ever so Regular" to a "Completely Barking" or whatever moneysaver.

EDIT to add: No change of MSE status. :rolleyes:

nearlyrich

I rang to ask my bank about transferring some money to another bank today and they asked me why when I have a savings account with them, I explained the rate on the new account is much better and no penanlties for withdrawing the money, would love to say I was buying a haul of crack coccaine though that would be cool.

nearlyrich

Ian_W wrote:

I've banked with LTSB for over 30yrs and NEVER been asked what I want my money for despite some relatively large withdrawals to pay workmen, buy cars etc at various times.
Should I sell my LTSB shares and remain a customer?
Perhaps I should feel slighted that I haven't been hassled? So that's keep the shares then but close the account?

Anyway had I been asked I would have reacted by saying, none of your damned business - it's my money! :mad:

But the main reason for posting - to add absolutely nothing to the thread - is it's my 2000th and I want to see if I go from an "Ever so Regular" to a "Completely Barking" or whatever moneysaver.

EDIT to add: No change of MSE status. :rolleyes:

No you have to do a few more posts, keep going you can do it, try the Arms;)

Congrats on 2000 anyway.:T

tyllwyd

My guess is that it is something to do with the bank wanting to show that it has systems in place to combat money laundering.

Biggles

I will never answer confidential questions about my money (they usually seem more interested when you are paying in large amounts) at the counter within the hearing of a dozen people in the queue about whom you know nothing.

They once asked my wife, "Are you paying off your mortgage?" and me, when paying in a modest bookie's cheque, "Had a bit of luck, sir?". I think that's totally unprofessional.

I liked it when they asked me last year, "Have we discussed our ISA accounts with you for this year?". I said, "No. And that's how I'd like it to stay".

Madiba_2

I once paid in £10k cash at an HSBC branch. The cashier lady asked "Can I ask where you got this money from?"

I answered, "yes"

Strangly, she didnt then ask me. I think it was my raised eyebrow and slight grin at my own pedantic response.

I am sure saying "I am laundering it for a Nigerian chief" would get a similar reaction to saynig the word "Bomb" in an airport.

Just imagine is your name was "Ivor Bomm"....

newfoundglory

tyllwyd wrote:

My guess is that it is something to do with the bank wanting to show that it has systems in place to combat money laundering.

Exactly! These questions have more to do with money laundering etc, and are hightly unlikely to be trying to sell you anything. At the end of the day, banks are not there to prevent geniune transactions taking place, but they have some obligation to ensure they have a system to identify laundering and fraud.

When opening savings accounts now (or even some current accounts), you might often be asked the "method of funding" for the account. This might be salary, savings, inheritance, proceeds from a sale etc.