Absolutely FUMING with Abbey

overlander

It makes my blood boil that they asked you the question in the first place. There is absolutely no connection between that question and money laundering.

Richard019

Up to the point where they asked you what it was for is it possible that they weren't asking you for the sake of it even though they knew you and that they were having to put the information into the computer in order for it to let them make the withdrawal? (A way of stopping internal theft?)

Just a thought, as I've not seen it mentioned I'll assume it's a PR spin that's not been thought of yet:

As for the final question, you're right it's none of their business, except if for example you turned round and said you were going to another bank to open an ISA with them they'd want to make sure you bought into their best offer instead. In some cases that will give the customer a better deal, in others it won't. There are enough stupid people about for that to be a perfectly valid question. (Stupid in that they'll not have done their research or stupid in that they're carrying that kind of money round unnecessarily)

Meltdown_2

Richard019,
perhaps you should read more of the thread ...

We know WHY the cashiers ask the question (in SOME banks).
It is because they are told to do so, and are told that it is an important part of anti-money laundering procedures, and that if they don't ask it they will face disciplinary action and possibly a jail sentence.

It's just that some of us think that is rather farcical.
Asking such a question serves no useful purpose. All it might do is to cause SARs to be raised on perfectly law-abiding reasonable people who take umbrage at being asked the question, either on personal privacy grounds or because they see the utter pointlessness of the question.

The people who need to change their viewpoint are the senior management of those banks involved, so that any questions they draft are pertinant and not impertinant.

dori2o

Iamthesmartestmanalive wrote: »

Its perfectly normal

when will customers learn that 1) they do not know better about security and fraud than banks 2) they dont know about money laundering better than banks and 3) moaning about trivial questions which protect you go against you

I worked in a bank and when there were unusual cash transactions it was a favourite question, if its a genuine withdrawal the person will say no bother, if it isnt the fraudster has to think and theirs normally holes in their claims etc.

You might feel your privacy is invaded but banks have privacy rules and questions like this can protect you from fraud, you'd be the first to moan if someone walked in with a dodgy id and walked out with 2.5k no questions asked

! when will the banks learn that this is MY money to whatever the Hell I want to do with.

Richard019

Meltdown wrote: »

Richard019,
perhaps you should read more of the thread ...

We know WHY the cashiers ask the question (in SOME banks).
It is because they are told to do so, and are told that it is an important part of anti-money laundering procedures, and that if they don't ask it they will face disciplinary action and possibly a jail sentence.

It's just that some of us think that is rather farcical.
Asking such a question serves no useful purpose. All it might do is to cause SARs to be raised on perfectly law-abiding reasonable people who take umbrage at being asked the question, either on personal privacy grounds or because they see the utter pointlessness of the question.

The people who need to change their viewpoint are the senior management of those banks involved, so that any questions they draft are pertinant and not impertinant.

I saw it but just didn't believe it was a serious answer as the reaosning for that particular question. I wonder how much it stops, because it's like something out of Python.
Bank Staff: And what do you want the money for?
Money Launderer: Laundering...oh no I mean to buy a car...oh damn it. Can I we start again?

ShelfStacker_3

gatita wrote: »

Gosh its so good to see that many people agree with me in that "what do you want the money for" to be both abusive and darn right rude! I was beginning to think it was just me, but then realised that the people that agreed with Abbey's procedures all worked within the financial industry and had been brainwashed into thinking this would stop money laundering:lipsrseal

I don't work in the financial services industry, hence the name. However, I do think that asking people what large withdrawals of cash are intended for is a sound practise, simply because anyone laundering money or committing some form of offence would probably have to hesitate, which could be spotted by bank staff.

Alongside that, there's also the issue of due diligence; if an auditor shows up one day, he/she will want to see records that checks for money laundering have been taken (i.e. that the bank is taking due diligence), and your response to the "what do you want it for" question comes under that.

Again: what is the problem? Why does it matter if the bank knows if you're buying a new car or whatever?

gatita

Shelfstacker,
You ask:

"Again: what is the problem? Why does it matter if the bank knows if you're buying a new car or whatever"

Well EXACTLY that........ it is MY business what I want MY very hard and honestly earned money for! why SHOULD the bank have the right to ask me what I want it for.. it is BREATHTAKING that you do not understand! I do NOT consider £2.000 a LARGE amount of money, and I repeat, many other banks do NOT, I repeat do NOT ask this question.

overlander

I am really glad this thread was started as i am about to deposit two large cheques next week. I am at least forewarned that they might ask me where the money came from. None of their damn business, if they don't want the cheques i will take them elsewhere.

overlander

I think most people do not argue that rules are needed, without rules society would break down. But please tell me what exactly asking what you want the money for achieves? We all understand the security questions but not the last question.

ShelfStacker_3

gatita wrote: »

Shelfstacker,
Well EXACTLY that........ it is MY business what I want MY very hard and honestly earned money for! why SHOULD the bank have the right to ask me what I want it for.. it is BREATHTAKING that you do not understand! I do NOT consider £2.000 a LARGE amount of money, and I repeat, many other banks do NOT, I repeat do NOT ask this question.

It is the bank's business because, although it is your hard earned money, you have entrusted it/lent it to the bank, and if you WERE doing anything dodgy they would be considered complicit or negligent (pick one) in any ensuing criminal case! That is why! If you cannot understand this, and the whole concept of banking regulations and due diligence, then you'd be better off just using cash and avoiding banks entirely. Christ forbid someone ask you why you're withdrawing a large sum of money, anyone would think they asked you about your sex life the way you're going on. :rolleyes: