To think it’s nobody’s business what I do with my money?

[ToffeePennee]

I went in to my bank to withdraw a large amount of cash. I explained to the cashier what I wanted to do and she proceeded to ask some security questions - all fine.

One of the questions was what I wanted the cash for so I said I was having building work done. She then started saying that I should pay by bank transfer, it was tax avoidance etc. etc. When I insisted I still wanted to withdraw the money, she sighed and rolled her eyes and I felt really judged and like I’d done something wrong.

I’m glad now that I didn’t admit the real reason is in case the banking system collapses and it’s now stuffed under my mattress.

Please tell me I’m not wrong to think she had no right to judge me and if she did, she should have been professional and not passed comment?

In my job (not a bank cashier), I have an obligation to prevent the facilitation of tax evasion under the corporate criminal offence regulations.

DH had a similar obligation in his area of work at the time when we were planning and carrying out significant house renovations. This caused a few awkward moments when we were talking to possible building and associated tradespeople - because it meant that we had to be scrupulously above board in paying VAT etc and had to be invoiced accordingly.

We acquired a set of absolutely outstanding tradespeople, who have proved their worth over the following decade ... but there were some who definitely couldn't get out of the house fast enough and never quoted!

"Paying builders" is a common reason given by people who are being scammed. Either because the scammer is pretending to be a builder or because they've woven some bullshit tale involving bank cashiers defrauding customers and advised the unsuspecting victim to give building work as a reason for withdrawing.

@WhatIsThisPlease

I inherited quite a large sum of money and after it had been deposited into my bank, they rang me and asked me where I'd got it from!

I told them I'd had a win on the horses 😂

I was so frightened of receiving a big sum into my bank account as I read they can just block your account for 2 years and won’t even tell you why!

It’s not really under my mattress, it’s in a fireproof case but yes, the ways things are right now I feel like there is real potential for things to go very wrong very quickly and so I feel safer having enough at hand in a SHTF situation. I didn’t empty my account or anything.

My friends mum was almost scammed by a internet lover conman
She tried to withdraw 3k and the cashier referred her to someone more senior who had a long chat with her
She was also planning on remortgaging her mortgage free house to give the scammer more money
Luckily she didn’t do any of this

Oh sure, banks just want to protect us 😃
I’ve heard it all now

@SoManyTshirts

Rumour had it that a local business owner kept all their savings under her mattress. Shop caught fire and it was all gone.

Unless it was a bed shop I don't understand that

Did he live in the shop?

@ToffeePennee

It’s not really under my mattress, it’s in a fireproof case but yes, the ways things are right now I feel like there is real potential for things to go very wrong very quickly and so I feel safer having enough at hand in a SHTF situation. I didn’t empty my account or anything.

But why do you think this? I really can't understand it. And during Covid, near me at any rate, you couldn't spend cash. It was all on card. What would happen to you in that situation?

I was asked that too. I was quite surprised.

@AutomaticMoon

Oh sure, banks just want to protect us 😃 I’ve heard it all now

It's not a case of corporate entitles having wants, they have obligations to protect customers

So what happens if they think that you’re handing it over to a scammer? Can they refuse to give you your own money?

@LolaButt

So what happens if they think that you’re handing it over to a scammer? Can they refuse to give you your own money?

Ive heard of cases where they get the police involved, I don't know if they could stop someone who was determined to be scammed

That was my wonder! I can imagine if it’s for a family member a person being scammed would be really insistent!

I don’t get why your annoyed that them implied you were avoiding tax when you weren’t even paying builders at all. Maybe she rolled her eyes cos she could tell you were lying but assumed it was about tax rather than the reason for money.
It’s a safe guarding thing so they are right to ask.

In care work you’re supposed to assume people have capacity, why are banks exempt from this?

You weren’t wrong though you should have told her that as it was your money she had no power or reason to know why you wanted it. When it collapses we will need metal, but some gold and store it safely. Money will be back to worthless paper

They also need to check that you aren’t money laundering.

Was in the bank a few weeks ago and the woman in front of me was being put through the same routine vis a vis the questioning. It was clear the woman had very limited capacity and had no idea what she was being asked, deer in headlights, some scumbag starts roaring from across the room “you don’t have to answer the c questions, that’s your money” etc etc. There followed a scuffle with security, the man decking the poor old security guy who looked about 70 and spitting in the cashiers face before legging it. Cashier told us that happens a few times a week, some vulnerable person escorted to the bank to fork over money.

@Haffiana yes, Part 3 of the Criminal Finances Act 2017.

Bank staff have to report anything suspicious. Not to do so and then money laundering is found to have taken place can actually land the member of staff in jail. By the way you won't know that they have made a report on their suspicions as that is also an offence known as tipping off.

@Almudenauk

You weren’t wrong though you should have told her that as it was your money she had no power or reason to know why you wanted it. When it collapses we will need metal, but some gold and store it safely. Money will be back to worthless paper

They can refuse to give it to you actually and put a block on your account until they investigate.

@AutomaticMoon

In care work you’re supposed to assume people have capacity, why are banks exempt from this?

You don't have to lack capacity to be scammed. Most victims are fully compos mentis, and scammers are very very clever.

The assistant asking these questions has saved many people from scammers, and I'm very glad that they do it.

And in your case OP, cowboy doorknocker builders are rife, and yes, they'll even accompany people to the bank to get their money. So she was absolutely right to warn you.

@ToffeePennee

Do you understand that your money is protected up to £85K in each financial institution?

Yes, and regular people have their bank accounts blocked and it would be ‘tipping-off’ to tell them what the problem is, it’s Kafkaesque.

If people are lacking capacity to manage finances, why are they not being supported with this? It’s absurd to treat all of us as lacking capacity. Many just seem to want to be nannied like this.

I just think it’s some sort of box tick around safety etc