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

[pejc300]

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.

[hockeyguyrich]

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

[TanksCards]

"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!

[metsbets]

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

[Brobocop]

Originally Posted by pejc300

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?

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.

[ajlaxmn]

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

[hostilecarrot]

[Hess687]

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.

[pejc300]

Originally Posted by hockeyguyrich

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

I had no idea. I should have used google.

Originally Posted by TanksCards

"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!

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.

Originally Posted by metsbets

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

I should have googled. My bad.

Originally Posted by Brobocop

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.

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.

[Siberian13]

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?

[Niels50]

Lots of softies in this thread

[ntgm37]

Originally Posted by Brobocop

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.

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

[Brobocop]

Originally Posted by ntgm37

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

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.

[Hallco]

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).

[sportzluvr1]

Originally Posted by Brobocop

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.

Good God man!

[Brobocop]

Originally Posted by sportzluvr1

Good God man!

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.

[JeremyNick]

Originally Posted by Brobocop

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.

I liked it.

Bland food sucks. Keep bringing the spice.

[asujbl]

Originally Posted by Brobocop

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.

Shouldn’t have done this

Google takes 10 seconds

$10,000 isn’t new

[Siberian13]

Originally Posted by asujbl

Shouldn’t have done this

Google takes 10 seconds

$10,000 isn’t new

We could say this for almost every question asked on blowout

[asujbl]

Originally Posted by Siberian13

We could say this for almost every question asked on blowout

Valid point

[ssbledsoe]

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

[coltsnsox07]

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...

[ssbledsoe]

Originally Posted by ajlaxmn

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

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...

[Crisscross4767]

Originally Posted by Hallco

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).

Will you be switching your name and logo soon?

[Hallco]

Originally Posted by Crisscross4767

Will you be switching your name and logo soon?

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!!