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?

@ToffeePennee

I did answer the questions! She just wouldn’t accept that I wanted to withdraw the cash and use it for paying builders so kept insisting I do a bank transfer.

Well, as you were lying you can hardly complain that she didn't believe you. Maybe you're not a very good liar?

I don’t know anything about cash reporting thresholds, this was the maximum withdrawal from branch.

She believed me, that was the problem.

@Londongent

If the cashier thinks there is something unusual going on with your account she may want to raise a SAR (suspicious activity report). If you do not usually withdraw large sums of cash with any explanation this could potentially trigger a report. Of course as the cash is now in your hands they have no way to know what you are actually going to do with it, but they can build a profile on your account if there is future unusual activity. This is to help prevent against money laundering. As others have said they also want to make sure that you are not being scammed. If you were and they can get the details of the scammer they would be able to raise this with their FIU (financial intelligence unit) and details could be passed on to the NCA to help build evidence against scammers.

This is what I was terrified of happening with my small inheritance and property purchase, as it was ‘unusual activity’ in the sense that I don’t receive inheritances everyday. And reading that it can be blocked for up to 2 years with no explanation, it made me not want to use the bank anymore. But I’m obviously in the minority as most PP wouldn’t mind this happening. But I would be finished as only have one account.

[quote AutomaticMoon]**@VanGoghsDog

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

On what grounds and how long do they block it for, and how exactly do they investigate?[/quote]
Under anti money laundering, anti terrorism and tax evasion laws.

They can block for pretty much as long as they want. They do whatever investigation they deem necessary, including involving the police and serious crimes office if necessary. You can Google all this, it's not secret - quite the opposite.

They're not even allowed to tell you why they have done it. Here's just one Google result:

www.which.co.uk/news/2021/09/why-banks-are-freezing-accounts-and-what-to-do-if-it-happens-to-you/#:~:text=Why%20are%20banks%20freezing%20accounts,account%20until%20it%20gets%20clearance.

Banks do have pretty far reaching powers (and responsibilities).

@AuntyJanet

I’d have just said “Sauvignon Blanc and Cheesy Wotsits”.

"Fast horses & faster men."

Oh and if it was to avoid scam, recommending bank transfer makes no sense as you can’t claw those back. I know as my dp got scammed selling something on ebay for £400. And no, he didn’t ‘ask the bank’ for it back, he just learned from the expensive mistake.

Agree, they shouldn't ask that question - it's intrusive and private.

If it's to help people avoid being scammed, then they could simply read out a statement about the risk of giving cash to scammers etc

Personally I would far rather have extensive questioning about unusual activity on my account, than have my bank let me/someone pretending to be me withdraw large amounts of cash from my account willy-nilly.

An inheritance being paid into your account would not be seen as being unusual, particularly as you would be able to back this up with solicitors letters and paperwork who are all regulated. A regular inheritance into your account would be unusual

@AutomaticMoon

It's a bit daft to be "terrified" of this. Presumably your inheritance won't be in cash? There will be a death certificate, a will, probate forms....

If you're really worried, simply open another account, stick £10 in it and put your inheritance in there until it clears. If they ask questions, provide the documentation.

I got £50k deposited into my account last year, and same a couple of years before. Both inheritances, one by cheque, one by bank transfer. None caused any issues either at my end or the sender's end.

The problem with people being scammed is at the time they don't think they are being scammed. That is why cashiers will ask questions. Scammers like to work in cash as it leaves no trail

@AutomaticMoon

Oh and if it was to avoid scam, recommending bank transfer makes no sense as you can’t claw those back. I know as my dp got scammed selling something on ebay for £400. And no, he didn’t ‘ask the bank’ for it back, he just learned from the expensive mistake.

You can actually claw back some bank transfers. Also, they can check the account is valid and in the sane name as the "tradesperson" you are allegedly paying. Bank transfers have more safeguards. Why do you think scammers want cash if this isn't true?

Your dp should have asked eBay and then the bank to intervene. The fact he thought they wouldn't is not proof that they wouldn't!

@ToffeePennee

I did tell her I’d used the builder before and was happy with the work but she was being quite insistent that I should use a bank transfer, mentioning this several times. Of course I don’t mind them ensuring I am not being scammed etc. but I draw the line at them moralising over the way I spend my money.

Preventing law breaking is not "moralising".

@VanGoghsDog Yes, I’m very aware of banks freezing accounts for spurious reasons (am guessing stupid AI) and this is why I use wise for large transactions. Natwest and their carbon counting is extremely tiresome, I was calculating my carbon footprint since I was a teenager in Africa in the 90s so don’t need them calculating my social credit score or whatever their eventual plan is for this data. I know about all the freezing for larger transactions but it’s different from what you said, that they can block your account and refuse to give you your money if you decline to answer their questions.

Banks are disgusting, truly. They take part in criminal activity and then meddle with regular people trying to live their lives.

Don't feel bad, it's YOUR money @ToffeePennee

Whenever I have taken a good amount of money out of the bank, (like several 1000,) I ALWAYS get asked by the cashier..... 'spending this on something nice are you?' or 'going on holiday?' or 'buying a car are you?'

Like you, I lie EVERY TIME, because it's got FUCK ALL to do with them, and it really pisses me off that they ask me. IMO, it's got shag-all to do with them caring that you may be getting ripped off, they just don't like you taking the money out! THEY want it.

Like you, me and DH have a fairly reasonable amount of cash money hidden on our property. No way would any burglars find it if they broke in, but we have a sum in the mid 4 figures hidden for the same reasons as you.

@VivX

It's an anti-money laundering thing. The cashier is obliged to ask about large or unusual cash withdrawals.

Although the logic is a bit bonkers when you think about it - because who in their right mind is going to admit that the reasons they're using cash is so that they can engage in money laundering.

Exactly! 99% of people won't admit it anyway. And even those who are not money laundering will lie about what it's for. As I say, all the bank are bothered about is that you're moving the money from their bank. It annoys them. They don't care about you.

www.theguardian.com/business/2021/jul/28/hsbc-faces-questions-over-disclosure-of-alleged-money-laundering-to-monitors

They seem happy enough to launder cartel money.

I had many friends lose their homes in a wildfire in 2016. I can assure you that many safes and boxes which claim to be fireproof aren’t.

@HelloFrostyMorning

“As I say, all the bank are bothered about is that you're moving the money from their bank. It annoys them. They don't care about you.”

Now this is talking sense 😃

@ToffeePennee

Yeah, I understand the security side of it which is why I was happy to answer the questions. I also realise this is to cover their arses if I later say I was being scammed.

It was more about her tone after I explained it was for building work, she was definitely implying that it was wrong to pay builders cash as she assumed it was to avoid tax. I’ve withdrawn large amounts from this branch before and they just asked the questions in a straightforward manner and didn’t question me further about it.

It is wrong

@VanGoghsDog

They can block for pretty much as long as they want. They do whatever investigation they deem necessary, including involving the polic.

Thanks for that. Now I know this, I shall ensure I withdraw even MORE money now, and put it in my house, and only leave what is needed in the bank. Like fucking hell am I letting the bank control and with-hold my money!

[quote AutomaticMoon]@HelloFrostyMorning

“As I say, all the bank are bothered about is that you're moving the money from their bank. It annoys them. They don't care about you.”

Now this is talking sense 😃[/quote]
Thank you @AutomaticMoon

They're not expecting anyone to "admit" it, are they? They are trained to look for odd behaviour, like nervous habits, checking their phone and so on. Also, they might be delaying you while other checks go on, but they're not allowed to tell you that.

And no, it's not done by AI at all, it's done by humans who are trained regularly on this stuff.

And if you don't like the laws, don't blame the banks. I can assure you they don't like them either, they would rather not have to invest in software to check stuff, train staff every month on it, employ huge regulatory and compliance teams. They'd love for there to be no regulation. If that's what you want, tell your MP - they make the laws, not the banks.

And no, banks don't want to hold onto your money. They literally give no shits about your current account and savings, they make their money on debt, leveraging, investments and corp accounts.

OH always buys new cars a few years ago he paid£28k for one using his debit card. No problem.

Two years ago another new car tried to pay with debit card, no dice. Had to phone the bank and answer all the questions. He said they really didn't like it.

Salesman said it was usual to buy on finance hence the bank checking up on the transaction

@VanGoghsDog This scammer from ebay WANTED a bank transfer, PayPal would’ve been covered for refund (which they know) but bank transfers are not. My dp did tell his bank and ebay and it was they who advised him that it’s too bad for not using PayPal, nothing can be done.