Bank Asks: Why do you want your money?

uk_steve

i had this last year i took 30k cash in one go

I just stood my ground and said something simular its mine and i aint got a clue what i am going to speand it on yet??!?!??! it took a days notice for them to have it ready at the branch


it was really for a car and bits around the house at the time

(my attiude on the matter is i dont tell my neighbour about my money matters! i am not going to tel a young cashier about it either!!) (I cant remember what they put on their paperwork )

I did it twice in the end:rotfl: as i had another project going on at the time

Biggles

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.

No, it's all to do with selling you a 'product'.

If you tell them why you are banking/withdrawing money, do they ever ask for evidence if you tell them? No.

But do they ask you to agree to an interview with an 'adviser' to 'discuss products'? Oh, yes!

To be fair, they do seem to have eased off on the interrogation over the last year or two. Unless they just have a note pop up on their computer when they key my a/c number in: "Forget it with this one. it's a waste of time'!

Lorian

My bank ticked the "Don't ask customer anything or they will get irate" box some years ago.

apoorstudent

HSBC used to do this to me all the time... But since I moved to Lloyds, they haven't bothered.

Idiophreak

apoorstudent wrote:

HSBC used to do this to me all the time... But since I moved to Lloyds, they haven't bothered.

HSBC asked me a couple of times, but most interesting was the last time I went.

The ATM was broken. So I lined up to withdraw over the counter. Took best part of 40 minutes waiting in line. (it was one of those things, the longer I stayed there, the more time I'd invested in it, so the less likely I was to leave) When I got to the front, I was told that I wasn't allowed to take money out over the counter. I was like "what?" and she said "you have to use the ATM". I said "the ATM is broken". She said "oh no, it's been fixed now". Which it had.

I did try a little bit of the "oi! You've got my money! Give it back!" Thing, but it's didn't really work. Had to go back outside in the end. Yet another reason why I'll be leaving their back ASAP.

moonrakerz

Al_Mac wrote:

Banks are there to make money, ................................., so they can service your needs better

That's an oxymoron if ever I saw one ! :rotfl:

Jostick

Oxymora look so sweet but they don't make good pets!

Innys

Idiophreak - do you mean to say that HSBC won't let you take cash out over the counter, it has to be by an ATM, if it's working? If that's true I don't understand the logic - unless they want to use it as evidence for a reduction in the number of counter staff.

Other posters to this thread have said that the bansk ask what you want to use it for to abide by their money laundering regulations. Come again? The money is going OUT, not IN. How can withdrawing money have anything to do with money laundering? After all, the money laundering regulations were followed (presumably) when it was deposited.

No, I think the sole reason is so that they can get more information about you. I'd just tell them where to go - it's not their business or their money.

Primrose

My husband recent paid a lump sum from a maturing Bond into our Barclays current account, which we were transferring to Icesave and the cashier asked him where the money had come from. (I presume it was for money laundering purposes). He just said "From another savings account". I wish I'd been the one paying it in. I would have looked her straight between the eyes and told her it was my proceeds from immoral earnings! When we've paid in lump sums before we've always been innundated by their advisors trying to flog us their savings accounts paying 1.5% interest. You'd think by now they would have recognised that we're fairly educated investors and that any such lump sums going in move straight out again as soon as they're cleared. And if some of the internet savings accounts were more flexible, we'd bypass our current account in the transit route altogether.

lilac_lady

My sister recently paid off a personal loan early and was asked where she got the money to pay it. She was so taken aback that she answered (honestly) that it was Share Save money from her work. She now wishes that she had told the girl to apply the MYOB Principle. ........(Mind Your Own Business).