There are trigger amounts that require reporting, but a teller can file a report anytime they feel something is out of the ordinary/suspicious.

quote:

Originally posted by esdunbar:
It’s common.

No, its not.

quote:

Every time you deposited or withdraw more than $10k the bank has to report it. Anti money laundering legislation.

Bingo. That's a federal reg. I have never had a bank question me on the withdrawal of money in an amount less than $10k, and if they did, I would tell them politely it was none of their business. And just as full disclosure, I worked for a very large bank corp for almost 10 years.

quote:

Originally posted by Skull Leader:
There are trigger amounts that require reporting, but a teller can file a report anytime they feel something is out of the ordinary/suspicious.

True, but in the automated world we live in today, most of the 'snooping' that's done is handled programmatically at the end of each night's bank processing runs.

I've been questioned a couple times. They tried to make it seem like just friendly curiosity but I sensed it was more than that. I assume they want to make sure someone is not scamming me. Anyhow, I just told them I want to do something and I need the cash. The way I said it conveyed the message I didn't want any more questions and I suppose they got the message because I rarely get any inquiries now.

Please keep in mind that tellers have very little latitude in their job. They are trained to do x when y happens. They are dinged for any deviation. They do not get paid high wages.

It is true that depositing more than $10K sets off a flag. It is equally true that your money will be in your account without any problem if you are legit (I venture that all on this board are legit).

If one is withdrawing significant cash, one should ask for the manager and keep it private. In the current climate it wouldn't hurt to call ahead and talk to the manager.

Yes, it is your money. Yes, you will get it. No, the bank is not messing with you, the bank has regulators and risk people up the wazoo so they are trying to help protect their business and your money. Let the bank know you are well aware of your actions and all will be good.

quote:

True, but in the automated world we live in today, most of the 'snooping' that's done is handled programmatically at the end of each night's bank processing runs.

It’s called a Suspicious Activity Report (SAR) required by the Financial Crimes Enforcement Network (FinCEN).

quote:

Originally posted by 2BobTanner:

quote:

True, but in the automated world we live in today, most of the 'snooping' that's done is handled programmatically at the end of each night's bank processing runs.

It’s called a Suspicious Activity Report (SAR) required by the Financial Crimes Enforcement Network (FinCEN).

There's a whole lot more snooping that goes on beyond the creation of just that report. As processing power/capabilities on banking systems have increased exponentially over the last ten plus years, banks have been afforded the opportunity to do lots of programmatic analysis of account activity.

Report all they want. I am way more reasonable than some but I would lose my shit if this was an issue.

Let me get this right. You won't let someone deposit money INTO my account with them proving with ID and blood sample they are me along with their $238 deposit in checks and cash. Oooooooo super drug lord, yo, you sold a dime bag or whatever that shit is called now.

And then, THEN!!!! you want some details of me and who the fuck I am when I show up and want money out of my account?

{deep breaths}

My position stands - anybody shows up wanting to deposit to my account, TAKE IT!!!

I can think of some very creepy intrusive questions to ask the teller. I am sure Vtail would have some suggestions when he comes back to the forum.

Monkey and 2bob have the terminology I couldn’t remember earlier. “structuring and SAR, respectively...

I must be getting old and cranky, because my response to most of these situations is "fuck off, give me my money/take my money".

Oh Lord there is so much incorrect information in a bunch of these posts I don't even know where to start.

Transactions greater than 10k have to be reported by banks due to money laundering laws but I imagine some banks have policies intended to protect customers from being victimized by scammers and flim flam artists by requiring inquiries aimed at thwarting such attempts. I doubt there’s any nefarious intent involved.

quote:

Originally posted by rocket72:
Oh Lord there is so much incorrect information in a bunch of these posts I don't even know where to start.

What is it, secret or something? Tell us.

I believe that the rule reads CASH transaction.

As stated above, the S.A.R. report to the Feds is only required when transactions are conducted in cash, and a) are in excess of $10k, or b) give the appearance of being structured to avoid being reported. So, if you make several withdrawals in quick succession just under the 10k limit, you may generate an S.A.R.

You can deposit or withdraw money all day long using checks or wires in any amounts you like and no one will care since they have an audit trail that can be followed.

Any other inquiry is a bank policy or general busybody nosiness.

How old is your friend? The older they are the more they are concerned about scammers.

The bank is trying to save the hassle when you come back later and cry you gave all your money to some guy who emailed you he kidnapped your great aunt while she was backpacking across Canada.

The scammer are getting smarter and are coaching people on what to say if the bank asks any questions.

I went to a local Credit Union to open a basic savings account . Just somewhere to keep my fun money and not involve my household funds . I had $200 just to open the account . It took an hour to open the account . Multiple forms and even a credit check . I knew the Branch Manager personally and I asked him why all the bullshit ? He said the government is so damn scared that you are laundering money that they put all sorts of new policies in place .

A guy named Loyd smiles and giggles when people speak about there banking woes.

After his divorce and ten years prior to retiring , stopped putting money in the bank acct.

In fact two years after his last day of work ,with a $65,900 .00 pension,

His bank acct. Givers between $45.00 and $145.00.

He charges 80% of his purchases.

His kids talk to him twice a year

Heck. I remember when they gave you a FREE toaster when you opened an account. You then got a big handshake and thank you from the branch manager.

My broker opens accounts for me over the phone and never asks where the money comes from.