Do banks have the legal right to ask you what the money you are withdrawing is for?
 

Probably 5 or 6 times I've gone to the bank to withdraw a decent sum of money - maybe 10-20k to purchase collections. I did so again this morning ($18,000) and they act like it's some kind of huge amount of money - they have to get the manager and all that jazz and the teller comes up to me and says "So, can you tell me what it is you are purchasing? Would it be better to use a check?"

And I wanted to very politely say that I did not think it was any of the bank's business how I spend my money, but I didn't. I told her I buy and sell sports cards and I was buying a collection and the person wanted cash.

Anyone work at a bank? Are there some kind of rules/policies around this?




EDIT: It turns out it's the law. Also, I should have used google. Also, I'm a douche.

I'm pretty sure they have to report it to the government

"they act like it's some kind of huge money amount"

I guess you don't get to make your douchey humble brag if you just use google :) congrats on your money!

Due to Title 31(Bank Secrecy Act), they are required to report any transaction over $10,000 to the IRS.

[QUOTE=pejc300;17027462]Probably 5 or 6 times I've gone to the bank to withdraw a decent sum of money - maybe 10-20k to purchase collections. I did so again this morning ($18,000) and they act like it's some kind of huge amount of money - they have to get the manager and all that jazz and the teller comes up to me and says "So, can you tell me what it is you are purchasing? Would it be better to use a check?"

[B]And I wanted to very politely say that I did not think it was any of the bank's business how I spend my money, but I didn't.[/B] I told her I buy and sell sports cards and I was buying a collection and the person wanted cash.

Anyone work at a bank? Are there some kind of rules/policies around this?[/QUOTE]

A. You sound like a jerk since the teller is just doing their job.
B. Take it up with the government since banks have to do this for withdrawals over $10,000 due to anti-money laundering efforts. Applies to deposits as well.
C. You could have easily found this out for yourself rather than coming here to brag or act faux outraged.

Is their a law regarding carrying $10k or more in cash? Is is that regarding crossing state lines?

I thought you couldn’t carry anything on your person more than $10k.

I imagine the seller wanted cash because that’s $18k he won’t report.


Sent from my iPhone using Tapatalk

[IMG]https://i.ytimg.com/vi/gndDVuExTnM/maxresdefault.jpg[/IMG]

Actually they're just looking out for your best interests. Unfortunately a lot of people fall victim to e-mail/phone phishing scams and he/her asking is their way to find out if this might be a possibility.

Happened to a friend of the family's grandmother.....except they didn't ask. And she was out 10k.

[QUOTE=hockeyguyrich;17027474]I'm pretty sure they have to report it to the government[/QUOTE]

I had no idea. I should have used google.

[QUOTE=TanksCards;17027493]"they act like it's some kind of huge money amount"

I guess you don't get to make your douchey humble brag if you just use google :) congrats on your money![/QUOTE]

I should have used google. 18k buys you a Lebron Topps Chrome PSA 9 at this point. Guys are selling gifs of a Theo Ratliff rebound for $5,000. In the card world, this is nothing. And in the real world, I would think it's even less than that. It is 1/3 of my salary, so it's a lot of money to me but I figured in the banking world it was commonplace for people to withdraw money like this multiple times a day. Guess I was wrong.

[QUOTE=metsbets;17027509]Due to Title 31(Bank Secrecy Act), they are required to report any transaction over $10,000 to the IRS.[/QUOTE]

I should have googled. My bad.

[QUOTE=Brobocop;17027558]A. You sound like a jerk since the teller is just doing their job.
B. Take it up with the government since banks have to do this for withdrawals over $10,000 due to anti-money laundering efforts. Applies to deposits as well.
C. You could have easily found this out for yourself rather than coming here to brag or act faux outraged.[/QUOTE]

Thank you sir. You have policed well today good sir. I did not SAY that I said that to the teller (I politely told her it was for a collection I was buying). I just did not think it was the bank's business what I do with my money, but now I realize it is legally their business lol. As mentioned previously, in a world where Kobe Bryant base cards are selling for $12,000 and hundreds of guys on here have million dollar collections (that they show off every day), I did not think talking about $18,000 was bragging. My apologies.

Next time just tell the teller your drug dealer only accepts cash. They might be doing their job but do you have to tell them the truth?

Lots of softies in this thread

[QUOTE=Brobocop;17027558]A. You sound like a jerk since the teller is just doing their job.
B. Take it up with the government since banks have to do this for withdrawals over $10,000 due to anti-money laundering efforts. Applies to deposits as well.
C. You could have easily found this out for yourself rather than coming here to brag or act faux outraged.[/QUOTE]

Man. It must be tough always being on the moral high ground (at least in your eye's) on this forum.

[QUOTE=ntgm37;17027985]Man. It must be tough always being on the moral high ground (at least in your eye's) on this forum.[/QUOTE]

Trust me, I am far from the most moral person, I guess my stance came from working in retail for years and being yelled at for everything under the sun. I came off harsh, my apologies.

The answer you need has been stated. Also be aware that if you intend to wire money from your account....regardless of amount, a reason is required. My credentials can be found in the icon I have been using the entire time on the forum! ;) And if it makes you feel any better...no one at your bank cares what you are doing with the money unless you have a transaction history that might raise a red flag(also another monetary policy).

[QUOTE=Brobocop;17027558]A. You sound like a jerk since the teller is just doing their job.
B. Take it up with the government since banks have to do this for withdrawals over $10,000 due to anti-money laundering efforts. Applies to deposits as well.
C. You could have easily found this out for yourself rather than coming here to brag or act faux outraged.[/QUOTE]

Good God man!

[QUOTE=sportzluvr1;17028785]Good God man![/QUOTE]

I know. I was harsh AF. I apologized here and in a PM. I’ll own it. Next time I’ll take a few deep breaths and just step away from the keyboard next time I have retail PTSD.

[QUOTE=Brobocop;17028801]I know. I was harsh AF. I apologized here and in a PM. I’ll own it. Next time I’ll take a few deep breaths and just step away from the keyboard next time I have retail PTSD.[/QUOTE]

I liked it.

Bland food sucks. Keep bringing the spice.

[QUOTE=Brobocop;17028801]I know. I was harsh AF. I apologized here and in a PM. I’ll own it. Next time I’ll take a few deep breaths and just step away from the keyboard next time I have retail PTSD.[/QUOTE]

Shouldn’t have done this

Google takes 10 seconds

$10,000 isn’t new

[QUOTE=asujbl;17029048]Shouldn’t have done this

Google takes 10 seconds

$10,000 isn’t new[/QUOTE]

We could say this for almost every question asked on blowout

[QUOTE=Siberian13;17029099]We could say this for almost every question asked on blowout[/QUOTE]

Valid point

Look up Civil Asset Forfeiture if you really wanna see the government at work :)!

I do a lot of bank transfers to pay for auctions overseas and have to do some splaining when they see anything WWII German related in the title of the auction when they need to put what the payment is for...

[QUOTE=ajlaxmn;17027559]Is their a law regarding carrying $10k or more in cash? Is is that regarding crossing state lines?

I thought you couldn’t carry anything on your person more than $10k.

I imagine the seller wanted cash because that’s $18k he won’t report.


Sent from my iPhone using Tapatalk[/QUOTE]

No to any of those questions.

It is not illegal to walk around with ANY amount of cash

It is not illegal to cross state lines with ANY amount of cash

It’s a BS government scam that cash is somehow illegal or always associated with money laundering/drugs. Plenty of well meaning people roll around with multiple G’s for perfectly honest reasons, but local smokies look at it as a free shot to buy a mustang with confiscated cash

The law is clear on transactions greater than $10k must be reported to FINCEN. Purposely avoiding that reporting (a Currency Transaction Report: CTR) is called structuring. Unfortunately, “unpleasant people” wearing suits with no real purpose in life working for the federal government twist and bastardize the laws to screw with law abiding citizens because they can and there is literally ZERO downside or risk to them to do so.

Sorry, rant over...

[QUOTE=Hallco;17028458]The answer you need has been stated. Also be aware that if you intend to wire money from your account....regardless of amount, a reason is required. My credentials can be found in the icon I have been using the entire time on the forum! ;) And if it makes you feel any better...no one at your bank cares what you are doing with the money unless you have a transaction history that might raise a red flag(also another monetary policy).[/QUOTE]

Will you be switching your name and logo soon?

[QUOTE=Crisscross4767;17029413]Will you be switching your name and logo soon?[/QUOTE]

Never! Hallco will live in infamy! ;) BUT....the company came last week and the logo/signage you see on a regular basis will look different eventually my friend!! :)! :coffee:

I think it's 10k cash withdrawal or deposit has to be reported. Checks are at the discretion of the bank

I'm always a cashiers check guy for these kinds of transactions. But w/ cash ... anything over $5,000, I call the bank ahead of time so they have the bills ready.

In college, I once went to the bank and requested $5,000 in singles. That did not go well and I took a lot of heat from a lot of people that day. Fond memories.

IDGAF.

[QUOTE=deansayso;17029941]I think it's 10k cash withdrawal or deposit has to be reported. Checks are at the discretion of the bank[/QUOTE]

Correct! Same thing happens when you purchase Coins or Precious Metals!

[QUOTE=asujbl;17029048]Shouldn’t have done this

Google takes 10 seconds

$10,000 isn’t new[/QUOTE]

Maybe I'm lonely and just wanted some (im)personal interaction to give my life meaning today. Did you ever think of that? No, you didn't. Because, Asujbl, you don't care about me or anyone else here. All you care about is your PSA 10 bass card collection which goes up in value by six figures every day.

The audacity to tell someone NOT to apologize.

[IMG]https://media4.giphy.com/media/XqqT5DT89YpUs/giphy.gif[/IMG]


I am kidding of course.

“Retail PTSD”

Uncle Sam always wants his piece of the pie.

[QUOTE=MurphyTheDog;17030123]“Retail PTSD”[/QUOTE]

Ever work at a GameStop in a mall during the holidays when the Wii came out? I can't even count how many times I got spit on.

Still can't stand Christmas to this day, seven years of GameStop retail hell can do that to you.

Doesn't excuse me being a dick.

Still, the stories today are fun to recount, sucked at the time when it was going on. Feels like war stories when you're talking to other folks who worked in retail.

Double post.

I used to have to justify every withdrawal to my credit union. Even for as little as $100. This was 99-03.

[QUOTE=Y2Hood;17033927]I used to have to justify every withdrawal to my credit union. Even for as little as $100. This was 99-03.[/QUOTE]

Sounds like someone's branch had some nosy tellers! :)!

[QUOTE=pejc300;17027615]
I should have used google. 18k buys you a Lebron Topps Chrome PSA 9 at this point. Guys are selling gifs of a Theo Ratliff rebound for $5,000. In the card world, this is nothing. And in the real world, I would think it's even less than that. It is 1/3 of my salary, so it's a lot of money to me but I figured in the banking world it was commonplace for people to withdraw money like this multiple times a day. Guess I was wrong.
[/QUOTE]

Good for you for having 1/3 of your salary available as discretionary funds (even if cards are a side business to you).

I know I certainly don't have that much money in the bank...

[QUOTE=hockeyguyrich;17027474]I'm pretty sure they have to report it to the government[/QUOTE]

anything over 10k gets reported. My wife was a teller for a while and they have to fill out a bunch of paperwork for that stuff

They ask me when I wanted to take out $5000.

[QUOTE=jcardstore;17036615]anything over 10k gets reported. My wife was a teller for a while and they have to fill out a bunch of paperwork for that stuff[/QUOTE]

Doesnt have to pay 10k. Any amount over that amount its required. But I know tellers who have filed SAR reports for less then 5k. It's used for suspicious activity so if a teller notices you deposited cash quite often you can be reported. But usually they dont and a CTR in most banks are automatically filed for 10k or more in transactions

I paid my house painter $6k in cash back in 2017. Some raised eyebrows but no one said anything when I withdrew it. Probably helped that they know me pretty well as a law-abiding, tax-paying Sasquatch.

If you typical transact at those levels of withdrawals and the bank knows your full ID, they won't bother asking. Its when the transactions are rare and uncommon at large amounts the they typically asks.

I usually say its for gifts if they ask. Its good enough.

“Congratulations on your success, you smell terrific” - Ace Ventura, Pet Detective

If you'd like to send me $10k, which would HUGELY bring my life back online..since it's not THAT much....I'd stick up for you. :) Or, you know, whatever.
*wishful sigh*
Heck I'll even throw in a number of large, full sports cards boxes if you're able to get them :D

Real question should be do you have the legal right to not answer if they ask you what the money is being withdrawn for.

People still use banks?

[QUOTE=bradical;17050923]People still use banks?[/QUOTE]

We use a local bank who gives a ton back to the local economy and donates time and money to kids activities and other projects

[QUOTE=Wombat;17050889]Real question should be do you have the legal right to not answer if they ask you what the money is being withdrawn for.[/QUOTE]

They can actually refuse to give you the cash.

[QUOTE=Brobocop;17053842]They can actually refuse to give you the cash.[/QUOTE]

Is that under some sort of AML protection? I didn't know a bank could refuse to give someone their own money.

Im not familiar with bank laws but my local small bank always ask me everytime i withdraw 2k or more.
They also ask me everytime i'll go for a collateral loan. Even for $300 loan lol

Always though they ask because the dont want to lose a client to another bank :D

Banks are also supposed to file Suspicious Activity Reports to the center that enforces financial crimes. Typically this is to help combat money laundering and terrorism. Higher denomination activity is more likely to raise suspicions.

My bank has now implemented a withdraw limit of $500 at the ATM's. I'm sure its not only because of me, but there were times in the past that I emptied the ATM. Now, they limit it to $500 a day at their ATM. It sucks when I need large amounts out of my account because they give me a hard time when I go in the bank to get it.

I also don't spend $1's or $5's, so I save them up until I get a few thousand in them before taking them to the bank. They get mad about that too. Same with change, I'm sitting on a few hundred in wrapped change now to take, but I know I will have to set aside part of a morning so they can interrogate me about it.

[QUOTE=bigdog2003;17057507]My bank has now implemented a withdraw limit of $500 at the ATM's. I'm sure its not only because of me, but there were times in the past that I emptied the ATM. Now, they limit it to $500 a day at their ATM. It sucks when I need large amounts out of my account because they give me a hard time when I go in the bank to get it.

I also don't spend $1's or $5's, so I save them up until I get a few thousand in them before taking them to the bank. They get mad about that too. Same with change, I'm sitting on a few hundred in wrapped change now to take, but I know I will have to set aside part of a morning so they can interrogate me about it.[/QUOTE]

Sounds like you need to switch banks

[QUOTE=Niels50;17057774]Sounds like you need to switch banks[/QUOTE]

I'm in the process. They never had these policies until a recent merger. I'm going to open a separate account at a different bank just to handle my card/scout patch funds.

[QUOTE=bigdog2003;17057507]My bank has now implemented a withdraw limit of $500 at the ATM's. I'm sure its not only because of me, but there were times in the past that I emptied the ATM. Now, they limit it to $500 a day at their ATM. It sucks when I need large amounts out of my account because they give me a hard time when I go in the bank to get it.

I also don't spend $1's or $5's, so I save them up until I get a few thousand in them before taking them to the bank. They get mad about that too. Same with change, I'm sitting on a few hundred in wrapped change now to take, but I know I will have to set aside part of a morning so they can interrogate me about it.[/QUOTE]

I worked at a Bank as a Merchant teller for 7 years. Trust me that is not normal if a customer that has an account at our Bank comes in with change or needs to change currency its done. Without questions, non customers nothing over $100 was our policy. I would look for a new Bank as suggested because for a customer to be treated like that is unacceptable. When you came to my window whether you had .01 cent or $1 Million you got treated as a customer.

Kevin

[QUOTE=Niels50;17057774]Sounds like you need to switch banks[/QUOTE]

this.