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Should my bank be asking me how I am spending my money when I make large cash withdrawals?
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Yes the bank are rightZecis said:For me it's not really a secret as to what the money is being spent on...it's more of a principle thing...why should they vet me as to how I am spending my money...1
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Well my annoyance with the bank drove me to look at other banks....and wow there are some significantly better deals around.....so it's v likely to be good bye to my bank....30 years of relationships burned thanks to this policy0
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I look forward to the thread where you're equally annoyed due to the same attitude from whatever bank you move to.
I'll bring popcorn...8 -
Yes the bank are rightgrumbler said:born_again said:grumbler said:elsien said:k12479 said:No, they shouldn’t be asking. But neither should you be whining that they should have done more to protect you when you get scammed nor complaining when they close your account.eskbanker said:
Yes, the bank has obligations under AML/KYC regulations to take reasonable measures to satisfy itself that very large cash withdrawals aren't being used for nefarious purposes....
Edit: there's no point in setting up (or answering) a poll unless the question is clearer - if the question is 'is the bank acting correctly under existing legislation/regulation' then the answer is factually yes, so isn't something to be voted on, but if the question is 'are current rules and regulations perhaps too stringent' then that's an entirely different issue, on which various differing opinions would be valid.
If I tell them that I'm buying a car, will this 'satisfy' them? Can they check this even if I tell them who the seller is? Not really. They are covering their asses in the first place - to satisfy the stupid regulations.
Normally it's dirty untraceable cash that needs laundering and depositing. And if it's the sources that they are concerned about, they should ask different questions, not about spending this cash.
Could have come from mule accounts & then either withdrawing as cash, or spending on other goods/services is turning it from dirty to clean money 👍Life in the slow lane2 -
Yes the bank are rightZecis said:Well my annoyance with the bank drove me to look at other banks....and wow there are some significantly better deals around.....so it's v likely to be good bye to my bank....30 years of relationships burned thanks to this policy2
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Section62 said:eDicky said:400ixl said:grumbler said:born_again said:grumbler said:elsien said:k12479 said:No, they shouldn’t be asking. But neither should you be whining that they should have done more to protect you when you get scammed nor complaining when they close your account.
Normally it's dirty untraceable cash that needs laundering and depositing. And if it's the sources that they are concerned about, they should ask different questions, not about spending this cash.So contrary to grumbler's assertion, the desirable thing to do these days is cashing money out of the banking system (preferably from someone else's account) in a way which permits conversion to an asset that cannot be traced. I.e. what born_again said.Usually it's the opposite. I have a suitcase of durty cash (from selling drugs), want to buy a house, but cannot.born_again said:You & others are missing the point, that OP made no mention of where cash came from in account.
Could have come from mule accounts & then either withdrawing as cash, or spending on other goods/services is turning it from dirty to clean money 👍
No I'm not missing anything:grumbler said:...if it's the sources that they are concerned about, they should ask different questions, not about spending this cash.
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grumbler said:
Well, and how can a bank stop THIS by asking stupid questions? If I take cash to buy a car, tell this to my bank, but then change my mind and buy a boat instead (or guns/drugs/...) who is going to check this and how?1 -
Scammers persuading people to transfer money to a 'safe account' can get caught out if the person scammed realises quick enough
If they get them to give them cash, on the premise that they will deposit for them, then nobody can trace where the money went.
Banks donlt just query cash withdrawals.
it took me nearly an hour to persuade my bank that my bank transfer to a confirmed account was a genuine payment to a tradesman who had done some work for me. It was twenty questions.0 -
Yes the bank are rightZecis said:The closest bank branch is a 2 hour journey away, so I'm drawing a five figure sum
We also see situations where peopel are being coerced into withdrawing large amounts of cash whether that is due to blackmail / extortion or from Bank Impersonation frauds.
Are you sure the people you are paying to for these supplies are in a postion to actually sell them to you? or are they just double charging and tax evading ( by charging the original customer through the books and pocketing your cash purchase of the 'over ordered' supplies
this is before the consideration that ' over ordered' buidling supplies is fairly common way in which scammers and cowboys operate anyway ?2 -
Yes the bank are rightZecis said:Well my annoyance with the bank drove me to look at other banks....and wow there are some significantly better deals around.....so it's v likely to be good bye to my bank....30 years of relationships burned thanks to this policy
personally i suspect the person Zecis is paying cash to for these building supplies is not autorised to sell them on belf of the building company and is pocketingthe cash in the hope that neither the building co or the client does a proper audit of the bill of materals vs the supplies purchased from and returned as faulty / unused for credit to the merchant2
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