OOPS! Turns out you should never question a bank

[Heretic]

I went into the bank today to deposit some money into a producer's account for a band's new album. I am not in the band, but instead am merely an employee of their corporation...so it wasn't my money.

They asked for my ID and I gave it...then asked..."why do you need my ID?".

You see, the money was being paid from one corporation (which I am not an owner of or holding any legal rights to) to another corporation.

She said "it's for the government".

She then asked for my social security card, and I gave it and asked..."just out of curiosity, why does the government need all of MY info, when I am not legally bound to this money in any way...I'm just dropping off the deposit because I'm in the area".

The branch manager came over and asked what my problem was and I told her that I didnt have a problem, but I was just curious as to what the reasoning was for wanting the depositers info. I was sure there was one, but had never been asked to give it before and I was curious as to what the reasoning was. She informed me that "it's for the government" and that it was a CTR and that was all she could say. I then informed her that the letters CTR mean nothing to me, and asked if she could clarify what that stands for, or perhaps I could see the form. She refused to allow me to see the form and said "the government already knows who you are, it's automatic, so it's too late anyway".

At this point I informed her that I felt that I was being treated like a criminal, and said, "I really would just like an explanation as to what this form is". She said that the form was used hundreds of times a day, but she did not know what it was for. "It's for the government and that's all you need to know".

I informed her that "the government" once viewed blacks as property, and "the government" once thought that women were not intelligent enough to vote...and that "it's for the government" really doesn't explain anything...so surely at some point she had questioned why she was doing something "hundreds" of times a day...

She then let it slip that because I was questioning her, the IRS would be looking into my personal accounts, and that the deposit had been flagged as a possible criminal activity for the FBI to investigate because it's not normal to question the government.

The bank manager still claimed to have no clue as to what a CTR even was...

So...I got back home and did a Wikipedia search and very easily found out what this form is...again...a form they deal with "hundreds" of times a day yet have no clue as to what it is. The form is actually a method of trying to track money laundering and it is automatically printed by banks when the deposit is a large sum. That's a pretty legit reason...but the mere act of questioning it has caused an IRS and FBI investigation into why I made that deposit. I find that rather silly.

The point is...never question why a bank does what they do.

 

[Ace of Knaves]

Interesting story. Tis why I hate banks.

I remember I went 36p. Yes 36 pence over my overdraft limit. I was sent a letter informing me I would be charged 65 pounds for this.

 

[BillyZaned]

Interesting story. Tis why I hate banks.

I remember I went 36p. Yes 36 pence over my overdraft limit. I was sent a letter informing me I would be charged 65 pounds for this.

so...? You spent more money then you had, and the bank paid the extra amount for you, and charged you a fee for doing so... common practice my friend...

 

[Ace of Knaves]

No it's ********, it's daylight robbery. It does not cost the bank 65 quid to cover me going 36 pence over my limit. That's a fact.

And it is actually illegal, as the FSA high commission has taken all the banks to court and is going to make them drop every charge they have withstanding.

They ain't getting a penny from me, I just changed banks.

See what banks do, what they are gonna get into trouble for, is instead of denying a transaction that will put you over your limit, the bank will allow that transaction to go through. Therefore allowing you to go over your limit.

The banks are not really allowed to do this, and have been getting away with it up until now.

 

[BillyZaned]

No it's ********, it's daylight robbery. It does not cost the bank 65 quid to cover me going 36 pence over my limit. That's a fact.

And it is actually illegal, as the FSA high commission has taken all the banks to court and is going to make them drop every charge they have withstanding.

it doesn't matter if it's once cent, or two hundred dollars... the fact of the matter is, you spend more money then you had... your lucky the bank didn't return the check... or if you used a debit card, decline you at the cash register....

and no, it's not illegal at all... its a common practice done by ever finacial institute in the world...... it's called an overdraft fee....

 

[Ace of Knaves]

it doesn't matter if it's once cent, or two hundred dollars... the fact of the matter is, you spend more money then you had... your lucky the bank didn't return the check... or if you used a debit card, decline you at the cash register....

and no, it's not illegal at all... its a common practice done by ever finacial institute in the world...... it's called an overdraft fee....

And it will be made illegal, trust me, the case is in court as we speak.

What you just pointed out makes it illegal, that's the whole reason the case is in court.

If you don't have the money on your card or in your account, the bank should deny the transaction, not let it go through. But the bank doesn't do this. It allows you to go over your limit, so it can come back and charge you later.

Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacks sufficient funds, or could warn customers that if they go through with the transaction an overdraft fee will be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.
"Banks do not record charges and purchases on ATM or debit cards in the order they actually occur," stated plaintiffs’ counsel Michael W. Sobol of Lieff Cabraser Heimann & Bernstein, LLP. "Instead, banks reorder the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue."

http://eon.businesswire.com/portal/...d=news_view&newsId=20091020005332&newsLang=en

 

[C. Lee]

...but the mere act of questioning it has caused an IRS and FBI investigation into why I made that deposit. I find that rather silly.

The point is...never question why a bank does what they do.

I doubt if they will actually investigate (or were actually informed about you for that matter)....the bank manager sounds like a jerk who was trying to just scare you off from bothering her with questions again.

No it's ********, it's daylight robbery. It does not cost the bank 65 quid to cover me going 36 pence over my limit. That's a fact.

And it is actually illegal, as the FSA high commission has taken all the banks to court and is going to make them drop every charge they have withstanding.

They ain't getting a penny from me, I just changed banks.

See what banks do, what they are gonna get into trouble for, is instead of denying a transaction that will put you over your limit, the bank will allow that transaction to go through. Therefore allowing you to go over your limit.

The banks are not really allowed to do this, and have been getting away with it up until now.

So...it's not YOUR respoinsibility to keep track of how much money is in YOUR account so that you won't pull too much money from YOUR account? The bank is supposed to do it all for you?

 

[Ace of Knaves]

I doubt if they will actually investigate (or were actually informed about you for that matter)....the bank manager sounds like a jerk who was trying to just scare you off from bothering her with questions again.


So...it's not YOUR respoinsibility to keep track of how much money is in YOUR account so that you won't pull too much money from YOUR account? The bank is supposed to do it all for you?

No, the bank should deny the transaction. Simple as that.

The reason they don't deny the transaction is very simple. $$$ for them. And that is why they are all being taken to court.

They have the power to say "Sorry insufficient funds. Transaction denied". But they don't.

Then to make matters worse, they charge you for being charged. Then they charge you for being charged for being charged etc etc. Until you are into hundreds of dollars/pounds of debt over 20 ****ing pence/cents. It's robbery and anyone who defends the banks in this matter should be ashamed of themselves.

 

[BillyZaned]

No, the bank should deny the transaction. Simple as that.

The reason they don't deny the transaction is very simple. $$$ for them. And that is why they are all being taken to court.

They have the power to say "Sorry insufficient funds. Transaction denied". But they don't.

Then to make matters worse, they charge you for being charged. Then they charge you for being charged for being charged etc etc. Until you are into hundreds of dollars/pounds of debt over 20 ****ing pence/cents. It's robbery and anyone who defends the banks in this matter should be ashamed of themselves.

NO, anyone who spends more money then they have, should be ashamed of themselves....

so, your at a gas station, and you go in to use your card... what happens if it's declined... what are you going to do then? The bank is allowing you to spend more money then you have, but it's going to cost you for doing it...

the bank is offering you a service of money protection.... you deposit your money, and they gaurantee that you have access to it, and even insure it in case something happens to it... heck, you get paid to keep it in their too....

and your mad, because you spent money you didn't have, and now your being charged for it... grow up...

 

[C. Lee]

No, the bank should deny the transaction. Simple as that.

The reason they don't deny the transaction is very simple. $$$ for them. And that is why they are all being taken to court.

They have the power to say "Sorry insufficient funds. Transaction denied". But they don't.

Then to make matters worse, they charge you for being charged. Then they charge you for being charged for being charged etc etc. Until you are into hundreds of dollars/pounds of debt over 20 ****ing pence/cents. It's robbery and anyone who defends the banks in this matter should be ashamed of themselves.

Things are not instantaenious. Withdrawals and deposits happen all day at different times. I live in a relatively small town...but there are 3 different branches of the bank I use here. My bank has branches across the state. What if I do something at one branch, and because of technical difficulties (the Hype isn't the only thing that has trouble with lags) it isn't transmitted immediately to all the other branches...mistakes could happen. The banks by charging a fee, are trying to get people to take more individual responsibility for thier actions. An honest mistake is inevitable....but many people just plain are negligent when it comes to taking care of business.

And by the way....I'm not ashamed at all.

 

[Ace of Knaves]

Don't condescend me, mr ********ter extraordinaire.

And I didn't actually spend the money, the bank took interest out which put me over my limit.

I'm not mad, because they ain't getting a penny from me.

And again, anyone who defends banks should be ashamed of themselves. You do realize banks are like, the most corrupt organizations on the planet right?

The fact is, the banks SHOULD and CAN decline the transaction if you don't have enough money in there. But they actively CHOOSE not to so they can literally rip off their own customers out of sheer greed. To deny this is mind baffling.

"This guy wants to make a transaction but he hasn't got the money"

"That's ok let it go through, we'll just charge him extortionate amounts later."

To back the banks in this case is backing corruption and greed.

 

[SLVRSR4]

Whatever you do don't bury your money.

 

[Heretic]

The banks are really pushing the limits of legality with their charges.

I have a friend who got a job...and the ONLY method of payment is on this bank issued debit card. He does not receive a paycheck or anything, his money is directly deposited into an account. When he activated the card, there was a three dollar activation, then he HAD to call to get a password set up...and was charged again for setting that up. He wa charged again for setting up a direct deposit account into his primary checking, and is charged every time that happens. I hear that more and more businesses are switching to this format of paying their employees.

It seems like it's getting a little out of hand when access to your own money costs you money.

 

[Tanin]

My bank account is set up to decline transactions that go over... because I well... asked them to.

 

[Majic Walrus]

Banks are ********.

 

[BillyZaned]

Don't condescend me, mr ********ter extraordinaire.

And I didn't actually spend the money, the bank took interest out which put me over my limit.

I'm not mad, because they ain't getting a penny from me.

And again, anyone who defends banks should be ashamed of themselves. You do realize banks are like, the most corrupt organizations on the planet right?

The fact is, the banks SHOULD and CAN decline the transaction if you don't have enough money in there. But they actively CHOOSE not to so they can literally rip off their own customers out of sheer greed. To deny this is mind baffling.

"This guy wants to make a transaction but he hasn't got the money"

"That's ok let it go through, we'll just charge him extortionate amounts later."

To back the banks in this case is backing corruption and greed.

go use your card to get gas.... you notice that they only charge $1 to your account right away.... and it takes ussualy a couple days for teh charge to go through... so, if you have 40 bucks in your account, should they decline you because you might use 41 bucks in gas....

and no, it's not "lets let it go through"... it's plain as day... for me, if I go over the limit, it's a $25 overdraft fee..... plain and simple...

but then again, i keep track of how much I have, and keep a 1000 cushion no matter what...

 

[Ace of Knaves]

My bank account is set up to decline transactions that go over... because I well... asked them to.

Some banks don't let you do that. I wonder why? Like the Halifax over here, which I don't use anymore.

 

[PemLam]

You keep saying they're not going to get a penny from you but you do realize they could put a lien against future accounts you have right?!...even through other banks. If they're as evil as you say, they'll probably work together to split up the massive $65 fee.

 

[Ace of Knaves]

go use your card to get gas.... you notice that they only charge $1 to your account right away.... and it takes ussualy a couple days for teh charge to go through... so, if you have 40 bucks in your account, should they decline you because you might use 41 bucks in gas....

and no, it's not "lets let it go through"... it's plain as day... for me, if I go over the limit, it's a $25 overdraft fee..... plain and simple...

but then again, i keep track of how much I have, and keep a 1000 cushion no matter what...

To be honest man I don't really believe a word you say. Because you seem to think labourers/tarmackers can get paid 300 dollars an hour so...

And it is as plain as day. Deny the transaction if there is insufficient funds. That is all there is to it. The banks have the power to do this, but CHOOSE not to. Not because they are being nice to their customers, but because they are greedy and corrupt. It really is as simple as that.

 

[BillyZaned]

The banks are really pushing the limits of legality with their charges.

I have a friend who got a job...and the ONLY method of payment is on this bank issued debit card. He does not receive a paycheck or anything, his money is directly deposited into an account. When he activated the card, there was a three dollar activation, then he HAD to call to get a password set up...and was charged again for setting that up. He wa charged again for setting up a direct deposit account into his primary checking, and is charged every time that happens. I hear that more and more businesses are switching to this format of paying their employees.

It seems like it's getting a little out of hand when access to your own money costs you money.

sorry that's BS...

my bank... free 150 bucks for opening an accound with atleast 50 bucks in it... and if I set up direct deposit with a min of 20 bucks every 2 weeks going in.

Also, direct deposit is FREE, and also by having that, all my check fees, and the cheap check box are also free.

I also have access to my account via, phone, and internet... I can also text message my bank anytime to get an up to date account balance....

I also don't have to worry about paying any bills, my internet banking service does it all for me... I set up amounts to be paid, and when... and that's all free....

all I need to do is work, everything else like my mortgage, car, credit card, and student loan payments are taken car of for me....

banks are great is your responsible

 

[C. Lee]

Don't condescend me, mr ********ter extraordinaire.

I sure hope you aren't directing that towards me. That would be unwise.

And I didn't actually spend the money, the bank took interest out which put me over my limit.

How long have you had a bank account? You should know what id charged or not....so you should keep enough in the account. This was your problem.

I'm not mad, because they ain't getting a penny from me.

Depends if they want to take you to court over it or not.

And again, anyone who defends banks should be ashamed of themselves.

Sorry....but not ashamed at all. There are things a human has control over and things he doesn't. Making sure you have proper amount of money in your account is your responsibility.

You do realize banks are like, the most corrupt organizations on the planet right?

Depends on the bank.

The fact is, the banks SHOULD and CAN decline the transaction if you don't have enough money in there. But they actively CHOOSE not to so they can literally rip off their own customers out of sheer greed. To deny this is mind baffling.

Don't know how your bank works...but mine lets you choose if you want them to cover unexpected shortages. Before you blow a blood vessel....perhaps it would be a good idea to check into the policies and procedures of your bank.

To back the banks in this case is backing corruption and greed.

Nope....I'm backing PEOPLE KNOWING WHAT THEY ARE DOING WHEN VISITING ADULT LAND.

 

[Ace of Knaves]

You keep saying they're not going to get a penny from you but you do realize they could put a lien against future accounts you have right?!...even through other banks. If they're as evil as you say, they'll probably work together to split up the massive $65 fee.

I've already explained to them, that they won't get a penny until the court case is finished. I spoke to my solicitor and he said it looks like the banks will be forced to drop all outstanding charges. So he told me to wait it out.

 

[BillyZaned]

To be honest man I don't really believe a word you say. Because you seem to think labourers/tarmackers can get paid 300 dollars an hour so...

And it is as plain as day. Deny the transaction if there is insufficient funds. That is all there is to it. The banks have the power to do this, but CHOOSE not to. Not because they are being nice to their customers, but because they are greedy and corrupt. It really is as simple as that.

lol... well, my new car, gorgious condo, mulitple HDTVs, and my huge bank account seem to differ.... plus, I never said 300 an hour, your logic and memory are pretty funny....

but hey, have fun overdrafting your accounts..... lol... blame the bank for your irresponsibilty.... because I'm sure by you going to another bank, and leaving a negative balance, your former bank will just forget about you...

Collections calling...

 

[Ace of Knaves]

I sure hope you aren't directing that towards me. That would be unwise.


How long have you had a bank account? You should know what id charged or not....so you should keep enough in the account. This was your problem.

Depends if they want to take you to court over it or not.


Sorry....but not ashamed at all. There are things a human has control over and things he doesn't. Making sure you have proper amount of money in your account is your responsibility.



Depends on the bank.

Don't know how your bank works...but mine lets you choose if you want them to cover unexpected shortages. Before you blow a blood vessel....perhaps it would be a good idea to check into the policies and procedures of your bank.


Nope....I'm backing PEOPLE KNOWING WHAT THEY ARE DOING WHEN VISITING ADULT LAND.

I wasn't aiming that at you C. Lee.

And as I said, the bank I was using doesn't allow you to do that. It will let the transaction go through, then charge you later. You have no choice in the matter.

See this is why the banks are being taken to court. Because they CAN and SHOULD deny the transactions if you have insufficient funds. But they CHOOSE not to so they can make some money of their customers.

 

[Karelia]

Wow, that really is an interesting story. Kinda scary.

I don't like where this world is heading.