It's for your protection...

It's for your protection... (Full Version)

All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion

Message

DesideriScuri -> It's for your protection... (1/27/2014 2:46:54 PM)
http://news.yahoo.com/blogs/sideshow/prove-it--bank-blocking-customers-from-making-large-withdrawals-without--evidence--of-spending-need-222425920.html http://www.bbc.co.uk/news/business-25861717 quote: Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000. HSBC admitted it has not informed customers of the change in policy, which was implemented in November. The bank says it has now changed its guidance to staff. New rules Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother. A year before, he had withdrawn a larger sum in cash from HSBC without a problem. But this time it was different, as he told Money Box: "When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved." Mr Cotton says the staff refused to tell him how much he could have: "So I wrote out a few slips. I said, 'Can I have £5,000?' They said no. I said, 'Can I have £4,000?' They said no. And then I wrote one out for £3,000 and they said, 'OK, we'll give you that.' " He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day. He wrote to complain to HSBC about the new rules and also that he had not been informed of any change. The bank said it did not have to tell him. "As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change," HSBC wrote. Mr Cotton, obviously a degenerate, low life who can't be trusted to do the right thing, displays his ignorance... quote: Mr Cotton cannot understand HSBC's attitude: "I've been banking in that bank for 28 years. They all know me in there. You shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."

TheHeretic -> RE: It's for your protection... (1/27/2014 6:17:10 PM)
I was moving around some large (by my standards) amounts of cash a couple months ago, and even an inquiry as to why I wanted it would have resulted in a complete withdrawal, as I closed the account.

papassion -> RE: It's for your protection... (1/28/2014 10:15:19 AM)
A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS.

nighthawk3569 -> RE: It's for your protection... (1/28/2014 10:36:42 AM)
quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. Simply make two $5,000 withdrawls...even if it takes two days. In reverse, never deposit $10,000 or more. Better yet, keep some cash on hand, never know when you might need it. After all, it's your money! 'hawk

joether -> RE: It's for your protection... (1/28/2014 11:03:29 AM)
As silly as it might sound, a bank usually has a responsibility to guard their customer's money. That includes withdrawing large sums of money for no apparent reason. While it could be for purely innocent reasons, the bank does not have a mind reader. For all they know, the person withdrawing's love ones are currently being held by a kidnapper and told someone is watching his movements. An ATM for example has an upper limit of what it will give out to a person. When two or three ATMs issue requests to a bank for money from an account at the maximum level, that DOES put up warning flags. The bank's fraud department might just lock the account until the owners can be found and spoken with about the nature of transactions. Why would the bank behave differently if the owner of the account wanted several thousand dollars and not give any legitimate reasons for the withdrawal? Is it the bank's business to know what you will do with the money? They are just making sure everything is legit, above board, honest and nothing left unaccounted. I can understand the frustration on the part of the customer very well. Perhaps going to talk to the branch manager rather than the teller would have raised less red flags. All in all, patience is worth more than gold sometimes.

joether -> RE: It's for your protection... (1/28/2014 11:06:36 AM)
quote: ORIGINAL: nighthawk3569 quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. Simply make two $5,000 withdrawls...even if it takes two days. In reverse, never deposit $10,000 or more. Better yet, keep some cash on hand, never know when you might need it. After all, it's your money! 'hawk Yeah, you go right on ahead and do that. Tell us what happens.

Aylee -> RE: It's for your protection... (1/28/2014 11:51:50 AM)
quote: ORIGINAL: joether quote: ORIGINAL: nighthawk3569 quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. Simply make two $5,000 withdrawls...even if it takes two days. In reverse, never deposit $10,000 or more. Better yet, keep some cash on hand, never know when you might need it. After all, it's your money! 'hawk Yeah, you go right on ahead and do that. Tell us what happens. It works quite well. [:)] I have never been asked what I am withdrawing large sums of money for. I have been asked how I want the bills.

joether -> RE: It's for your protection... (1/28/2014 12:05:28 PM)
quote: ORIGINAL: Aylee quote: ORIGINAL: joether quote: ORIGINAL: nighthawk3569 quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. Simply make two $5,000 withdrawls...even if it takes two days. In reverse, never deposit $10,000 or more. Better yet, keep some cash on hand, never know when you might need it. After all, it's your money! 'hawk Yeah, you go right on ahead and do that. Tell us what happens. It works quite well. [:)] I have never been asked what I am withdrawing large sums of money for. I have been asked how I want the bills. Apparently your bank trusts you more than the guy in the story with his bank. Hypothetically, if the bank had reason to distrust you, would you be able to do that?

MsMJAY -> RE: It's for your protection... (1/28/2014 12:19:41 PM)
Don't make a withdrawal. Close the account.

DesideriScuri -> RE: It's for your protection... (1/28/2014 7:14:44 PM)
quote: ORIGINAL: joether As silly as it might sound, a bank usually has a responsibility to guard their customer's money. That includes withdrawing large sums of money for no apparent reason. While it could be for purely innocent reasons, the bank does not have a mind reader. For all they know, the person withdrawing's love ones are currently being held by a kidnapper and told someone is watching his movements. An ATM for example has an upper limit of what it will give out to a person. When two or three ATMs issue requests to a bank for money from an account at the maximum level, that DOES put up warning flags. The bank's fraud department might just lock the account until the owners can be found and spoken with about the nature of transactions. Why would the bank behave differently if the owner of the account wanted several thousand dollars and not give any legitimate reasons for the withdrawal? Is it the bank's business to know what you will do with the money? They are just making sure everything is legit, above board, honest and nothing left unaccounted. I can understand the frustration on the part of the customer very well. Perhaps going to talk to the branch manager rather than the teller would have raised less red flags. All in all, patience is worth more than gold sometimes. When I go to my bank, present my ID, and take money out of my account, the bank has no say in how I spend my money. It's my money. They are safeguarding my money and allowing me ease of access to it. That's all a bank is really for. They earn their money, not usually by directly charging for the safekeeping and access services, but by loaning those funds out to others for a higher interest rate than they offer to savers. A bank isn't there to make sure I'm spending my money wisely. A bank isn't there to inform the police that I have a family member or friend that is being held ransom. They exist to give me a relatively safe place to store my money, and to give me an easy way to access it (checks, debit card, etc.). It's my money. Even when it's deposited in their bank, it's still my money. Even when it's the basis for fractional reserve lending, it's still my money. I can go to the bank, when they are open, and take it all back, if I want. It's my money.

tj444 -> RE: It's for your protection... (1/28/2014 7:27:54 PM)
quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. its worse than that... "The Numbers Banks must notify the government any time they receive more than $10,000 in a single deposit. They must also report withdrawals of that size, or anyone using that much cash to buy a negotiable instrument such as a cashier's check or a bank draft. This rule applies to American dollars and to foreign currency worth more than $10,000. It also kicks in if the bank receives multiple payments from the same agent or individual over the course of a year adding up to more than $10,000. Banks don't have to report personal checks, regardless of the amount. Suspicious Activity Reporting The federal government requires banks to report smaller transactions that may be a sign of suspicious activity. Federal guidelines say suspicious activity could include a deposit or withdrawal of $5,000 or more by a customer who doesn't normally make transactions that big. Banks may also report transaction that fall just under the BSA's $10,000 limit or that have no "apparent lawful purpose," just to be on the safe side of the law. Critics of the law say the standards for suspicious activity are far too vague to be effective. Other Businesses The Bank Secrecy Act affects any business that deal with a transaction or series of transactions for more than $10,000. If a customer buys an item such as a $12,000 boat or a $15,000 antique with cash, the dealer has to report the sale. Businesses do not have to report the transaction if the customer uses a negotiable instrument -- a cashier's check or traveler's check for example -- with a face value greater than $10,000. If a buyer pays with a $2,000 traveler's check and $8,000 in cash, they need to report the sale to the government. Reporting Banks and businesses must file a form 8300 within 15 days after receiving the $10,000-plus payment. If the customer makes multiple smaller payments, the 15 days countdown starts as soon as the total paid exceeds $10,000. The bank or its parent must notify the person who made the transaction that he's been identified in the report, provide a contact number for follow-up questions and state the total amount of cash involved. Notification doesn't have to go out until Jan. 31 of the year after the company filed the 8300." http://budgeting.thenest.com/bank-reporting-guidelines-cash-deposits-23318.html

tj444 -> RE: It's for your protection... (1/28/2014 7:35:41 PM)
quote: ORIGINAL: DesideriScuri I can go to the bank, when they are open, and take it all back, if I want. It's my money. well,.. not necessarily.. first, they have to actually have that amount of cash on hand.. I have run into the "we don't have enough $$$ today to give you that much" line.. if I had called a day or two in advance and told them I wanted $X amount of cash on Friday then they could do it, or if I wanted a bank draft, they could do that.. my only other option would be to divide it up and make a return f'n trip..

MrRodgers -> RE: It's for your protection... (1/28/2014 8:44:46 PM)
Should anybody really be surprised ? This is western, capitalist culture and bank/owners are the biggest whores on two legs.

MrRodgers -> RE: It's for your protection... (1/28/2014 8:46:43 PM)
quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. The difference there is that one does not get a mortgage with a borrowed down payment. When my brother and I bought a place, way back before the wheel, we too borrowed the money for a downpayment but put it in our account first.

DaddySatyr -> RE: It's for your protection... (1/28/2014 9:08:45 PM)
quote: ORIGINAL: DesideriScuri When I go to my bank, present my ID, and take money out of my account, the bank has no say in how I spend my money. It's my money. They are safeguarding my money and allowing me ease of access to it. That's all a bank is really for. They earn their money, not usually by directly charging for the safekeeping and access services, but by loaning those funds out to others for a higher interest rate than they offer to savers. A bank isn't there to make sure I'm spending my money wisely. A bank isn't there to inform the police that I have a family member or friend that is being held ransom. They exist to give me a relatively safe place to store my money, and to give me an easy way to access it (checks, debit card, etc.). It's my money. Even when it's deposited in their bank, it's still my money. Even when it's the basis for fractional reserve lending, it's still my money. I can go to the bank, when they are open, and take it all back, if I want. It's my money. The trouble with this is; it's been going on forever. Back in '82, I had an opportunity for an incredible purchase on a motorcycle. The owner wanted $1,200 (which was a steal. I should have been holding a gun). I had $2,400 in the bank and since I could easily afford the purchase, I was going for it. I handed the owner of the bike five crisp twenty dollar bills (it was Saturday) and told him I'd be back on Monday. I called out of work on Monday morning and headed for the bank. I filled out my withdrawal slip and stood in line. I got to the window and the first thing the cashier asked was: "What's the money for?" I said: "I want my money" Her: "yes but, what is it for?" I grabbed the withdrawal slip and walked away. I took a number for platform service and waited. I got to the desk and explained that the teller clearly had some major customer service issues and presented the withdrawal slip to the service representative. Her: "What do you want the money for?" Me: "Let me speak with a manager." When the manager showed up, I told him that I wanted to close my account. he asked why and I told him what was going on. He said: "What did you want the money for?" Me (finally exhausted and a young wise-ass, anyway): "I need to pay for a front of some coke" The manager hemmed and hawed and I went and used the payphone to call the local constabulary. When the cop showed up, the manager was finally convinced to let me close my account but he still needed to be a wise-ass. he told me he'd get me a cashier's check. I told him that I deposited cash, every week into that account for almost two years and I wanted cash out. He said that they didn't do that and went on to say that the bank was solvent and the CC was as good as cash, anywhere. When he returned with the check, I asked him to cash it and he said: "Do you have an account, here, sir?" The cop finally lost it and told the manager that if I didn't get my cash, quickly, there was going to be a problem. It turns out that the bank was just trying to sell me a loan. They were being awful predatory about it. The point is that this was 1982 and it was going on, then. I will even name 'n' shame the bank: City Federal Savings. It's because of douche canoes like this that I always keep several thousand in cash available.

joether -> RE: It's for your protection... (1/29/2014 12:45:15 AM)
quote: ORIGINAL: DesideriScuri quote: ORIGINAL: joether As silly as it might sound, a bank usually has a responsibility to guard their customer's money. That includes withdrawing large sums of money for no apparent reason. While it could be for purely innocent reasons, the bank does not have a mind reader. For all they know, the person withdrawing's love ones are currently being held by a kidnapper and told someone is watching his movements. An ATM for example has an upper limit of what it will give out to a person. When two or three ATMs issue requests to a bank for money from an account at the maximum level, that DOES put up warning flags. The bank's fraud department might just lock the account until the owners can be found and spoken with about the nature of transactions. Why would the bank behave differently if the owner of the account wanted several thousand dollars and not give any legitimate reasons for the withdrawal? Is it the bank's business to know what you will do with the money? They are just making sure everything is legit, above board, honest and nothing left unaccounted. I can understand the frustration on the part of the customer very well. Perhaps going to talk to the branch manager rather than the teller would have raised less red flags. All in all, patience is worth more than gold sometimes. When I go to my bank, present my ID, and take money out of my account, the bank has no say in how I spend my money. It's my money. They are safeguarding my money and allowing me ease of access to it. That's all a bank is really for. They earn their money, not usually by directly charging for the safekeeping and access services, but by loaning those funds out to others for a higher interest rate than they offer to savers. A bank isn't there to make sure I'm spending my money wisely. A bank isn't there to inform the police that I have a family member or friend that is being held ransom. They exist to give me a relatively safe place to store my money, and to give me an easy way to access it (checks, debit card, etc.). It's my money. Even when it's deposited in their bank, it's still my money. Even when it's the basis for fractional reserve lending, it's still my money. I can go to the bank, when they are open, and take it all back, if I want. It's my money. An you really do not understand what I explained. The bank in question here is the one from the example. Not yours, nor mine, nor the guy down the street. Your so defensive all of a sudden over something that has nothing to do with you in any form. .

DesideriScuri -> RE: It's for your protection... (1/29/2014 5:07:35 AM)
quote: ORIGINAL: joether quote: ORIGINAL: DesideriScuri quote: ORIGINAL: joether As silly as it might sound, a bank usually has a responsibility to guard their customer's money. That includes withdrawing large sums of money for no apparent reason. While it could be for purely innocent reasons, the bank does not have a mind reader. For all they know, the person withdrawing's love ones are currently being held by a kidnapper and told someone is watching his movements. An ATM for example has an upper limit of what it will give out to a person. When two or three ATMs issue requests to a bank for money from an account at the maximum level, that DOES put up warning flags. The bank's fraud department might just lock the account until the owners can be found and spoken with about the nature of transactions. Why would the bank behave differently if the owner of the account wanted several thousand dollars and not give any legitimate reasons for the withdrawal? Is it the bank's business to know what you will do with the money? They are just making sure everything is legit, above board, honest and nothing left unaccounted. I can understand the frustration on the part of the customer very well. Perhaps going to talk to the branch manager rather than the teller would have raised less red flags. All in all, patience is worth more than gold sometimes. When I go to my bank, present my ID, and take money out of my account, the bank has no say in how I spend my money. It's my money. They are safeguarding my money and allowing me ease of access to it. That's all a bank is really for. They earn their money, not usually by directly charging for the safekeeping and access services, but by loaning those funds out to others for a higher interest rate than they offer to savers. A bank isn't there to make sure I'm spending my money wisely. A bank isn't there to inform the police that I have a family member or friend that is being held ransom. They exist to give me a relatively safe place to store my money, and to give me an easy way to access it (checks, debit card, etc.). It's my money. Even when it's deposited in their bank, it's still my money. Even when it's the basis for fractional reserve lending, it's still my money. I can go to the bank, when they are open, and take it all back, if I want. It's my money. An you really do not understand what I explained. The bank in question here is the one from the example. Not yours, nor mine, nor the guy down the street. Your so defensive all of a sudden over something that has nothing to do with you in any form. Cue the tap dance music....

Aylee -> RE: It's for your protection... (1/29/2014 7:40:11 AM)
quote: ORIGINAL: joether quote: ORIGINAL: Aylee quote: ORIGINAL: joether quote: ORIGINAL: nighthawk3569 quote: ORIGINAL: papassion A friend was buying a house, and borrowed part of the down payment from his father. The bank wanted to know where he got the money and his father had to show an account that was withdrawn that amount! Bank said it was following regulations. Something about making it harder to "launder" illegal activity money. I assume you are aware, if you withdraw 10,000 or more, the bank is required to notify the IRS. Simply make two $5,000 withdrawls...even if it takes two days. In reverse, never deposit $10,000 or more. Better yet, keep some cash on hand, never know when you might need it. After all, it's your money! 'hawk Yeah, you go right on ahead and do that. Tell us what happens. It works quite well. [:)] I have never been asked what I am withdrawing large sums of money for. I have been asked how I want the bills. Apparently your bank trusts you more than the guy in the story with his bank. Hypothetically, if the bank had reason to distrust you, would you be able to do that? I don't know about that. I swiped the card, entered my pin number, and told the teller how much I wanted. I had never seen this particular teller before in my life. I did not even have to show ID. And yes, I was taking out several thousand dollars.

mnottertail -> RE: It's for your protection... (1/29/2014 8:03:01 AM)
Federal law, anytime you withdraw at or over $10,000 the bank must fill out papers and notify the government. They may do it in this country without questions, but not without answers.

Aylee -> RE: It's for your protection... (1/29/2014 10:11:01 AM)
quote: ORIGINAL: mnottertail Federal law, anytime you withdraw at or over $10,000 the bank must fill out papers and notify the government. They may do it in this country without questions, but not without answers. Yeah. I have been contacted by a bank's international fraud department regarding an individual in Florida. I STILL think the guy is laundering money.

Page: [1] 2 next > >>

Collarchat.com © 2025

Terms of Service

0.1103516