Should my bank be asking me how I am spending my money when I make large cash withdrawals?

grumbler

Nasqueron said:

grumbler said:

And it's a pity that in our society cash became pretty much the only safe way of selling expensive items privately.

Unfortunately even that's not really true, you could be robbed on the way, or by the seller if it's a scam, I wouldn't consider paying cash for anything valuable, especially as the car could be stolen and on cloned plates and the scammer could be well on their way before you found out.

Well, except possible robbery, what you say refers to private sales in general, not to paying cash. A seller is far more likely to get scammed when accepting a bank transfer, than when accepting cash. 

booneruk

Yes the bank are right

grumbler said:

 A seller is far more likely to get scammed when accepting a bank transfer, than when accepting cash. 

Scammers will target the method of payment that is used the most, which happens to be electronic payments in today's world. 

This is also why banks intervene with questions and/or pre-emptive blocks etc

gt94sss2

Yes the bank are right

Zecis 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...

When you deposit money into a bank account, it becomes the banks money which they owe you.

That is what the CR represents on statements etc

Nasqueron

grumbler said:

Nasqueron said:

grumbler said:

And it's a pity that in our society cash became pretty much the only safe way of selling expensive items privately.

Unfortunately even that's not really true, you could be robbed on the way, or by the seller if it's a scam, I wouldn't consider paying cash for anything valuable, especially as the car could be stolen and on cloned plates and the scammer could be well on their way before you found out.

Well, except possible robbery, what you say refers to private sales in general, not to paying cash. A seller is far more likely to get scammed when accepting a bank transfer, than when accepting cash. 

Sure but the comment said paying cash was the only safe/secure way and it isn't, someone intending on robbing you could list a stolen car for cash sale then rob you which means it's not safe 

grumbler

booneruk said:

grumbler said:

 A seller is far more likely to get scammed when accepting a bank transfer, than when accepting cash. 

Scammers will target the method of payment that is used the most, which happens to be electronic payments in today's world. 

Electronic bank transfers are unreliable by their nature - because the system is flawed. The sender lies about being scammed or hacked - and the bank reverses the transfer without thinking twice. Or, indeed, a payment is made by a fraudster from a hacked account.

booneruk

Yes the bank are right

grumbler said:

Electronic bank transfers are unreliable by their nature - because the system is flawed. The sender lies about being scammed or hacked - and the bank reverses the transfer without thinking twice. Or, indeed, a payment is made by a fraudster from a hacked account.

If people want to risk prosecution for fraud that's on them. I hope prosecutions are taking place if this is a serious problem.

Re 'hacked': If you lose money through a genuine hack, then that's the bank's fault and you'll be refunded. I'm happy with that.

If you lose money through terrible personal security (leaving pin numbers on post it notes, believing anyone who calls is from your bank, having someone else's face or fingerprints registered in your phone etc) then that's your own problem. I have little sympathy for such cases, although banks do seem too keen to refund right now. In the end that's going to cost us all.

grumbler

booneruk said:

grumbler said:

Electronic bank transfers are unreliable by their nature - because the system is flawed. The sender lies about being scammed or hacked - and the bank reverses the transfer without thinking twice. Or, indeed, a payment is made by a fraudster from a hacked account.

If people want to risk prosecution for fraud that's on them. I hope prosecutions are taking place if this is a serious problem.

Now, imagine you are an honest seller...

Re 'hacked': If you lose money through a genuine hack, then that's the bank's fault and you'll be refunded. I'm happy with that.

Are you happy if you are a seller?

If you lose money through terrible personal security (leaving pin numbers on post it notes, believing anyone who calls is from your bank, having someone else's face or fingerprints registered in your phone etc) then that's your own problem.  I have little sympathy for such cases, although banks do seem too keen to refund right now. In the end that's going to cost us all.

And what about the seller who was paid, but later this money is taken back by the bank? Even worse, there were stories when honest sellers had their bank accounts closed as a result of lies told by buyers to their banks.

You missed the point. It's sellers who want cash in the first place, but there can be problems for buyers too.

GeoffTF

Yes the bank are right

grumbler said:

If you lose money through terrible personal security (leaving pin numbers on post it notes, believing anyone who calls is from your bank, having someone else's face or fingerprints registered in your phone etc) then that's your own problem.  I have little sympathy for such cases, although banks do seem too keen to refund right now. In the end that's going to cost us all

And what about the seller who was paid, but later this money is taken back by the bank?

That is theft. You go to the Police with your evidence that your goods have been taken without payment. If they are insured, you get a crime number and make a claim.

grumbler

GeoffTF said:

grumbler said:

If you lose money through terrible personal security (leaving pin numbers on post it notes, believing anyone who calls is from your bank, having someone else's face or fingerprints registered in your phone etc) then that's your own problem.  I have little sympathy for such cases, although banks do seem too keen to refund right now. In the end that's going to cost us all

And what about the seller who was paid, but later this money is taken back by the bank?

That is theft. You go to the Police with your evidence that your goods have been taken without payment. If they are insured, you get a crime number and make a claim.

Insured against what? If you mean car or home insurance, good luck!

booneruk

Yes the bank are right

grumbler said:

And what about the seller who was paid, but later this money is taken back by the bank? Even worse, there were stories when honest sellers had their bank accounts closed as a result of lies told by buyers to their banks.

You missed the point. It's sellers who want cash in the first place, but there can be problems for buyers too.

We're starting to deal in silly hypotheticals here. What if someone pays for something with a suitcase full of fake money?