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

pejc300 · 02-22-2021, 01:48 PM

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.

02-22-2021, 01:48 PM	#1
pejc300 Member Join Date: Nov 2010 Posts: 10,809	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. Last edited by pejc300; 02-22-2021 at 02:24 PM. Reason: I'm a douche