OOPS! Turns out you should never question a bank

[BillyZaned]

You're being kind of dense here. He doesn't have a problem giving them everything they want, however, if asked for an explanation they should oblige such a request.

and they responded, that government needs this information...

because, like he even said, this could be money laundering (spelt right?)....

heck, at my bank... if I go in there, with a check larger then 1K, I can't even deposit it into my accout via drive-thru... i need to go in with SS, and an ID... seems that many of you that seem shocked that a bank asks for that haven't made large deposits....

heck, I won 2500 at a casino last year... and I needed a SS card, and two forms of ID to claim the money...

 

[BillyZaned]

Did you read the original post? He has an issue because the bank clerk stated that because he was asking so many questions that the government was going to check all his personal accounts and investigate the deposit. Which sounds like ******** to me, but that's the part he has an issue with.

well, I guess when you start making a scene over having to give up info at bank... and start compairing the way you are being treated to that of blacks and women... yeah, I would say that too if I was the manager...


and he did have a problem showing that info too... hense his probable temper tantrum he threw at the tellers desk...

reminds me of this guy at Best Buy who flipped that he had to show an ID to use a check for a 3000 purchase... and he even started saying "it's cause I'm black"... glad to see he got thrown out...

Heretic... on a another note... you shouldn't carry your SS card with you... bad idea...

 

[Darthphere]

and they responded, that government needs this information...

because, like he even said, this could be money laundering (spelt right?)....

heck, at my bank... if I go in there, with a check larger then 1K, I can't even deposit it into my accout via drive-thru... i need to go in with SS, and an ID... seems that many of you that seem shocked that a bank asks for that haven't made large deposits....

heck, I won 2500 at a casino last year... and I needed a SS card, and two forms of ID to claim the money...

And that's fine, but he's dealing with a bank, not the government. A more specific explanation should have been given.

 

[BillyZaned]

And that's fine, but he's dealing with a bank, not the government. A more specific explanation should have been given.

the bank is insured by the government, and therefor has to do what is requested by the government...

they probably don't know what exactly all that info is used for... but they did know it's for the government...

I would have said "sir, we need this information from you in order to deposit this check. All info we receive is reported to the federal government. When a deposit this big is being made, steps are taken to protect us, as well as all parties from illegal action, it's all standard procedure."

 

[C. Lee]

Oh yeah...

the full amount of money being paid for the making of this album will be close to 40 thousand dollars. This was a 25% deposit to get the ball rolling on making it.

Anything deposited or removed from a bank at $10,000 or above is automaticlly flagged and authorities notified. That's been standard procedure for years.

 

[Heretic]

well, I guess when you start making a scene over having to give up info at bank... and start compairing the way you are being treated to that of blacks and women... yeah, I would say that too if I was the manager...


and he did have a problem showing that info too... hense his probable temper tantrum he threw at the tellers desk...

reminds me of this guy at Best Buy who flipped that he had to show an ID to use a check for a 3000 purchase... and he even started saying "it's cause I'm black"... glad to see he got thrown out...

Heretic... on a another note... you shouldn't carry your SS card with you... bad idea...

I did not throw a temper tantrum until I was told that the IRS was going to investigate me because I questioned why they needed my info. I was laughing and kind of joking beforehand.

And if I HADNT carried my social security card with me, I would have been flagged anyway because the rule is that if you DONT show them the ID cards then you will be flagged as a possible criminal. So...according to your own logic they had the right to ask me something I should not have had...and that by not having it I should be investigated by the feds...

 

[Spider-Who?]

I think its slightly ignorant to not acknowledge the fact that ANY financial institution (banks, loan companies, etc) are working to put money in their pockets. They do not care about their costumers; their goal is to make as much money as possible. The way to do so is to get as many costumers possible by way of offering incentives that seem like a good deal (free checking, free bill pay, etc). It is then that their practices become what some call "shady" or "greedy". They'll charge any way they can - so long as it doesn't go against their promises that got them their costumers in the first place - and usually those said charges are much more then they really should be; ie: over draft fees.

My bank's over draft fees are $35 each. For a accounting mistake of one penny; you'd be charged 3500 times that. It's pretty unfair. I'm not against the idea of the charge in and of itself - but

1) you as a customer should ALWAYS be given the choice to allow the transaction to go through or not. After all, you are given that same choice and notice when ever you use an ATM that isn't owned by your bank.

2) the charge shouldn't be so severe, or it should be relative to the amount over drafted.

3) there should be a cut off as to how many times you can be charged for an over draft fee in one sitting. (IE: you overdraft and don't know, and then make 4 other purchases - that's 4 more charges, making you owe 400 dollars as opposed to being merely 50 bucks in the hole if the charges hadn't of been given).

Obviously, the best way to avoid such charges is to be responsible with your money and always keep a register - don't go by what your account online says - that is never up to date and will screw you up. But **** DOES happen, and the banks are waiting hungrily to get you when it does.

I'm all for bank reform, but more so for student loans. Now THAT is an awful system if there ever was one.

 

[BillyZaned]

I did not throw a temper tantrum until I was told that the IRS was going to investigate me because I questioned why they needed my info. I was laughing and kind of joking beforehand.

And if I HADNT carried my social security card with me, I would have been flagged anyway because the rule is that if you DONT show them the ID cards then you will be flagged as a possible criminal. So...according to your own logic they had the right to ask me something I should not have had...and that by not having it I should be investigated by the feds...

no, you need to know that when something like what happened was going down, you need your SS card... but you didn't know that, and had your SS card with you anyways, which is a bad idea... it's good you had it... but ussualy I advise not to carry with you, unless you know you need it

 

[Darthphere]

the bank is insured by the government, and therefor has to do what is requested by the government...

they probably don't know what exactly all that info is used for... but they did know it's for the government...

I would have said "sir, we need this information from you in order to deposit this check. All info we receive is reported to the federal government. When a deposit this big is being made, steps are taken to protect us, as well as all parties from illegal action, it's all standard procedure."

I'm sorry sir, but that's ********. All they had to say, even if that was the case was "We're required by law to report large deposits." Is that so difficult instead of "We don't know what it's for but the government wants it." Do you see the difference? There is no excuse for bad customer service.

You got it right in the last part of your post. No, but banks can continually treat customers like crap because they're behind a glass wall (in most cases).

 

[BillyZaned]

I'm sorry sir, but that's ********. All they had to say, even if that was the case was "We're required by law to report large deposits." Is that so difficult instead of "We don't know what it's for but the government wants it." Do you see the difference? There is no excuse for bad customer service.

You got it right in the last part of your post. No, but banks can continually treat customers like crap because they're behind a glass wall (in most cases).

am I saying it's isn't ********? They should have more info on what it's for... and it seems that even the manager is ill-informed and should have their job... but still, Heretic should know that the info he supplied is common for depositing that amount in that certian scenero, being that he has no direct affiliation with either account...

 

[Heretic]

the bank is insured by the government, and therefor has to do what is requested by the government...

they probably don't know what exactly all that info is used for... but they did know it's for the government...

I would have said "sir, we need this information from you in order to deposit this check. All info we receive is reported to the federal government. When a deposit this big is being made, steps are taken to protect us, as well as all parties from illegal action, it's all standard procedure."

The response I got was what I typed above...which was "it's for the government". And when I asked for clarification...again...mostly because I didnt want it reported that this was MY money...I was told "it's too late, they already have your information, its automatic". That kind of sounds threatening to me...if this bank manager knew her job she would have simply said "it's to protect everyone from money laundering schemes" then id be cool with that. She didnt though.

 

[B]

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.

That happened me with 20p & the bank tried to charge me for it when I was in collage a few years ago! (£25 I believe the 'fine' was)
However I went up to the branch as soon as I recieved the letter & asked for the branch manager, I told him in no uncertain terms if they where gonna try & charge me for being 20p overdrawn (For less than a day, considering my paycheck went in at midnight) I wouldn't be paying the 'fine' & I'd close my account on the spot.

I didn't even need to convince him he opened his mouth once at the end of my speech to say "It's ok, we'll cancel the charge"

Success

 

[Heretic]

no, you need to know that when something like what happened was going down, you need your SS card... but you didn't know that, and had your SS card with you anyways, which is a bad idea... it's good you had it... but ussualy I advise not to carry with you, unless you know you need it

So, that Shell station employee that is asked by his boss to drop off a deposit should already know how big money deposits works, and he should know to go home to get his social security card. If this minimum wage, part time employee des not know that, then they deserve the FBI investigation they will receive???

 

[BillyZaned]

So, that Shell station employee that is asked by his boss to drop off a deposit should already know how big money deposits works, and he should know to go home to get his social security card. If this minimum wage, part time employee des not know that, then they deserve the FBI investigation they will receive???

If the boss knows this, then he should explain to his employee that "hey, I need to to make a deposit into this account, but you will need your Social Security card, and photo ID, the bank requires that for any large transaction"...

for your scenero, ussualy they have the bank pick up the money from the store... those armored cars do serve purposes....

and in the case the of a retail clerk depositing money into a bank accout, the bank account is ussualy the retail store they work for

 

[Heretic]

am I saying it's isn't ********? They should have more info on what it's for... and it seems that even the manager is ill-informed and should have their job... but still, Heretic should know that the info he supplied is common for depositing that amount in that certian scenero, being that he has no direct affiliation with either account...

Again, the manager did not know what a CTR was, and refused to show me a form so I could see what it is they are reporting. This was all BEFORE I got angry at all.

If someone says "I need your personal info, but i dont know why, and I refuse to allow you to learn why" then there is reason for someone to worry about what is happening with their info. The mere fact that I questioned caused her to flag it as a possible criminal activity, and that is wrong. I should not be investigated by the FBI and IRS because she doesnt know the details of her job.

 

[Heretic]

If the boss knows this, then he should explain to his employee that "hey, I need to to make a deposit into this account, but you will need your Social Security card, and photo ID, the bank requires that for any large transaction"...

for your scenero, ussualy they have the bank pick up the money from the store... those armored cars do serve purposes....

and in the case the of a retail clerk depositing money into a bank accout, the bank account is ussualy the retail store they work for

Okay, so aa retail store sends its employee to make a deposit...that still doesnt explain why an employee should give up their info...

That is basically what we are discussing here.

Take those little Christmas and Halloween stores that pop up. They open, hire minimum wage lackeys, and make tens of thousands of dollars in cash. The minimum wage employee that deposits that mney should NOT have to give up any of their info to the bank, and they are likely not to be aware that they need a SS card. The secrecy involved in the entire thing makes it more suspect...

 

[Darthphere]

Overdraft fees are ridiculous.

 

[chaseter]

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.

36 pence...how cutet: Britainians

 

[chaseter]

Anyways, I use to work at a bank so I will shed a little light on the situation.

A CTR is a currency transaction report. It is to be filled out when a deposit of cash, check, or money order totals more than $10,000. It was inacted to help stop money laundering however long ago. All banks have to do it. It is a federal requirement, not a bank requirement. On it, you have to put the depositers SSN, license, dob, occupation, address, etc... from state issued id. You can say no to the CTR and take your deposit back to the owner to let them do it. It is just merely a way to stop crime. It doesn't take long. Look at it with common sense.

 

[Heretic]

Anyways, I use to work at a bank so I will shed a little light on the situation.

A CTR is a currency transaction report. It is to be filled out when a deposit of cash, check, or money order totals more than $10,000. It was inacted to help stop money laundering however long ago. All banks have to do it. It is a federal requirement, not a bank requirement. On it, you have to put the depositers SSN, license, dob, occupation, address, etc... from state issued id. You can say no to the CTR and take your deposit back to the owner to let them do it. It is just merely a way to stop crime. It doesn't take long. Look at it with common sense.

I was explicitly told by the bank manager that if I canceled the deposit and took it back to the owner of the money, that my name, address etc that had been turned over would be flagged as a suspect and turned over to the IRS and FBI for investigation Again, this was after my FIRST inquiry, and no tempers had flared.

With common sense, the bank should have informed me of why it was being done, instead of being vague and immediately starting with the threats.

 

[chaseter]

I was explicitly told by the bank manager that if I canceled the deposit and took it back to the owner of the money, that my name, address etc that had been turned over would be flagged as a suspect and turned over to the IRS and FBI for investigation Again, this was after my FIRST inquiry, and no tempers had flared.

With common sense, the bank should have informed me of why it was being done, instead of being vague and immediately starting with the threats.

Well yeah, after you already gave out your info. If you don't want to give out your info, then you can walk away. But, you already did so there would be no point then.

I don't know the full side of the story. I am kind of getting a Catman fastfood vibe here, no offense. When I worked at the bank, I would always inform the people that I had to fill out a CTR and what it was before I even did anything else. Some people would get mad that they had to wait for me to make a copy of their info and fill out a short form. Some would get mad that their info was going to the government....that already has all your infot:

Yes, they should have informed you what it is before taking your info. If they didn't, you shouldn't have given out your info so easily.

 

[Heretic]

I agree....I should not have given them my ID.

When they asked for it, I didnt even think...I was joking "do you want my first born son too" and handed them my card out of habit. Then I thought "wait...are they reporting that this is MY money???" so I asked and they got REAL defensive.

The proper thing to do would have been to refuse to give them my ID and demand the deposit back, since they clearly were not willing to give me any answers.

 

[Darthphere]

I hate going to the bank. It's the reason I do all my banking online or through an ATM.

 

[Majic Walrus]

I agree....I should not have given them my ID.

When they asked for it, I didnt even think...I was joking "do you want my first born son too" and handed them my card out of habit. Then I thought "wait...are they reporting that this is MY money???" so I asked and they got REAL defensive.

The proper thing to do would have been to refuse to give them my ID and demand the deposit back, since they clearly were not willing to give me any answers.

Probably, but just like you said people often give information just because they are used to being liberal with that kind of stuff.

 

[chaseter]

Yeap. If they want to be asses, then take your business else where or let them know that.

But, the CTR isn't that big of a deal. Funniest thing concerning it at the bank I used to work at was a guy came in with a **** load of cash, I told him about the CTR, and he refused to deposit the cash. His concern was that the IRS and the Government would get all his info. I then told him that they already have all his info because he pays taxes every year. And, if he doesn't pay, the IRS can find all of your US bank accounts in a snap to put a hold on your account until you pay your taxes. Even when he signed up for an account, he had to give up all his info so the bank already has it anyways. People don't think sometimes.