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The government requires banks to do some of these things. Not just to prevent fraud, but to prevent money laundering, funding terrorists, giving money to entiti
by jeremyjh 7y ago
The government requires banks to do some of these things. Not just to prevent fraud, but to prevent money laundering, funding terrorists, giving money to entities controlled by sanctioned countries and other criminal activity.
If you don't understand any of these issues, the bank's behavior will seem willfully incompetent and spiteful, and raises some of the feelings expressed in the SP. But you won't find it different at "new tech" bank.
- mschuster91 7y agoThe thing is: yes the law may require you as a bank to do some certain things. But that does not excuse you from providing shitty customer support.
- nkrisc 7y ago> If you don't understand any of these issues, the bank's behavior will seem willfully incompetent and spiteful, and raises some of the feelings expressed in the SP. Yeah it will. Unless the bank communicated with you or could tell you what's going on, which apparently they are unable to. As this article illustrates perfectly, the problem is exacerbated by how frustratingly difficult it is to find out what's happening or the fact that seemingly no employee of the bank that you can talk to has any idea of what the issue is.
- pstrateman 7y agoThey're often required by those laws not to inform you of the laws...
- roblabla 7y agoPlease back extraordinary claims with evidence. From where I live, there is nothing in the law that says the bank must leave you hanging dry in case they detect fraud. If it’s different elsewhere, I sure would like to see concrete proof of it.
- zonethundery 7y agoIf you make a large cash transaction, the teller is not supposed to tell you they are filing a Currency Transaction Report (CTR). If you ask about the CTR threshold and then change your transaction size, the teller is then obligated to file a Suspicious Activity Report (SAR). Both CTRs and SARs are reported to Treasury. It's not about fraud, it's about money laundering. They often look like the same thing.