I feel like even trying to deposit money my bank (local credit union) has become even more invasive. I had a few insurance checks I needed to bring in that they would ask probing questions about, one almost denied me being able to deposit it. I thought that’s what the whole dumb 5-day hold was about, I don’t need some random teller getting in my business. Just take the check, verify it’s getting paid on your end, and don’t question me like I have to justify why I’m getting a check in the first place.

I’ve banked with them for 20 years now and I’ve never seen this kind of behavior before, so I don’t know if it’s always been like that and I just never saw that side or if the banking industry itself is getting more strict with things.

[–] [email protected] 0 points 6 months ago* (last edited 6 months ago) (2 children)

"protect you against fraud and scams"

At least they have employees with good sense of humor

[–] [email protected] 0 points 6 months ago (1 children)

When I was working retail, I stopped a few gift card scams, and that was 10+ years ago when phone and internet scams weren't as frequent as they are now. I'm not surprised about banks doing this after a few of their customers got taken for a ride and demanded that the bank do something about it.

[–] [email protected] 0 points 6 months ago

I should not be suspected of crimes because someone somewhere got scammed. There should be a contract I can sign where I state that I will not hold the bank liable for mistakenly giving my money to a scammer, then they should leave me the hell alone and let me take out my own money as I please.

The baby sitting BS needs to stop. Monero is here to put an end to this crap and allow adults to conduct business.

[–] [email protected] 0 points 6 months ago* (last edited 6 months ago) (1 children)

There are plenty of scams that involve convincing someone to make an uncharacteristically large withdraw or transfer at a bank.

If a confused looking person shows up to the bank, wanting to withdraw several thousand dollars, there's a good chance they're being scammed, and convinced to mail the cash. Having a policy of asking questions in situations like this can save people from losing huge sums of money.

If you try to buy thousands of dollars of gift cards you'll be questioned similarly.

Unless they are maliciously questioning all cash withdrawals, this is a fine policy. They specify over £2000, which is pretty standard.

[–] [email protected] 0 points 6 months ago

What you say is true, but I must note that despite such measures here and there tend to happen the "unemployed retired resident was scammed into transferring some $100 000 to scammers"

Makes me wonder just how is that possible if there are such drastic measures

[–] [email protected] 0 points 6 months ago

Next step in the CBDC implementation... Deny your cash withdrawals. You will use OUR card and like it!

The money was never yours.

[+] [email protected] 0 points 6 months ago* (last edited 2 weeks ago) (4 children)

[deleted]

[–] [email protected] 0 points 6 months ago

communist s-hole-topia

[–] [email protected] 0 points 6 months ago (2 children)

In Canada, it's required by Know Your Customer (KYC) legislation. It's anti-money laundering and anti-crime legislation.

There aren't many legitimate reasons why people need like $10K in literal cash. Usually, that much money should be sent with a money order (bank draft). That is, unless you're running something like a major retail store, in which case you'll have arrangements to get lots of small bills and coins regularly.

Banks also just don't have that much physical cash on hand. They don't want to risk worry about them running out of cash since that can trigger a run on the bank. They can get you as much cash as you need for any reasonable purpose, with notice, but not every branch is going to have $100K+ sitting around already sorted and ready to go so every rando in town can get tonnes of cash out on the same day. If you're running a comic con and need $50K in coins and $5s for making change, the can get that for you no problem next week, but ain't nobody going to help you today.

We also don't want to make it easy for criminals, like human traffickers, to make large cash withdrawals and deposits.

[–] [email protected] 0 points 6 months ago

Banks also have to pay insurance on the amount of cash they carry, so they keep as little as they possibly can without upsetting the Smurfs

[–] [email protected] 0 points 6 months ago* (last edited 6 months ago)

If you are customer of the bank there should be no questions asked if you want any amount of cash. If they do not have it on hand they can tell you to come back in a few days when it is arranged. Withdrawing your own money is not suspicious regardless of the amount. These rules are designed to spy on people for the government, it has nothing to do with crime. The government is the biggest criminal organization there is, by leaps and bounds.

If you have been found guilty of a crime and it has been proven that the funds in the bank are the result of that crime then action is justifiable. Otherwise it is a a violation of your rights to deny you access to your own money. It is a tyrannical expansion of state power, when the state spends money there should be more scrutiny as it is most likely involved in massive crimes.

[–] [email protected] 0 points 6 months ago

@helenslunch @tusker Any and all of them?

[–] [email protected] 0 points 6 months ago

UK probably the sign lists British pounds

[–] [email protected] 0 points 6 months ago* (last edited 6 months ago)

"Oh, well in that case I need to withdraw all of my cash and close my account."

"But why?"

"Because 'fuck you', that's why."