4 ms·

Banks should introduce a policy that elderly people should not be allowed to withdraw large sums from ATM and need to come to the bank for the same. And when th

Banks should introduce a policy that elderly people should not be allowed to withdraw large sums from ATM and need to come to the bank for the same. And when they do come to the branch to withdraw large amounts, the banks should do their best to determine that the withdrawal is not related to any scams.

dragonwriter 7y ago
It is neither banks’ job to decide that elderly people need a conservatorship without court action nor their job to on their own decide to act as conservator.
- webmobdev 7y ago
  That's not entirely correct - in fact, banks limit and are even supposed to report unusually large withdrawals by clients to the authorities. This is applicable nearly everywhere in the world. Europe / UK: Large cash withdrawals are a thorny issue for banks because of the various scams which have seen some older people conned into handing over large sums of money to fraudsters. On top of that, banks are petrified about falling foul of the regulations on money laundering and financing crime, and being hit with huge fines, so they get twitchy about “unusual account activity”. > The British Bankers’ Association told us: “There is a clear tension between providing customers with easy access to their money and protecting them from the threat of a fraud that could have a devastating effect on their finances. If you are planning to make a large withdrawal, we recommend you talk to your bank in advance.” - https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... America / US: > Federal law allows you to withdraw as much cash as you want from your bank accounts. It's your money, after all. Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why you need all that cash. - https://finance.zacks.com/federal-banking-rules-withdrawing-large-sums-cash-1696.html https://finance.zacks.com/federal-banking-rules-withdrawing-... Asia / India: > An Indicative List of Suspicious Activities: > Transactions Involving Large Amounts of Cash ... > Transactions that do not make Economic Sense ... > Activities not consistent with the Customer’s Business ... > Attempts to avoid Reporting/Record-keeping Requirements ... > Unusual Activities ... > Customer who provides Insufficient or Suspicious Information ... > Certain Suspicious Funds Transfer Activities ... > ... Check list for preventing money-laundering activities:... - http://archive.is/4k7S6 http://archive.is/4k7S6
codegeek 7y ago
I have an idea on this. Banks should just add a question on withdrawing money with something like "Are you paying cash to IRS based on a phone call you received from IRS" ? If the user selects Yes, flag it may be ? Another idea is to show a Warning screen on ATM etc before the cash withdrawal screen comes up. The screen should clearly explain the typical IRS scams. This may not prevent all of them but may help.

dragonwriter 7y ago

It is neither banks’ job to decide that elderly people need a conservatorship without court action nor their job to on their own decide to act as conservator.

webmobdev 7y ago
That's not entirely correct - in fact, banks limit and are even supposed to report unusually large withdrawals by clients to the authorities. This is applicable nearly everywhere in the world. Europe / UK: Large cash withdrawals are a thorny issue for banks because of the various scams which have seen some older people conned into handing over large sums of money to fraudsters. On top of that, banks are petrified about falling foul of the regulations on money laundering and financing crime, and being hit with huge fines, so they get twitchy about “unusual account activity”. > The British Bankers’ Association told us: “There is a clear tension between providing customers with easy access to their money and protecting them from the threat of a fraud that could have a devastating effect on their finances. If you are planning to make a large withdrawal, we recommend you talk to your bank in advance.” - https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... America / US: > Federal law allows you to withdraw as much cash as you want from your bank accounts. It's your money, after all. Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why you need all that cash. - https://finance.zacks.com/federal-banking-rules-withdrawing-large-sums-cash-1696.html https://finance.zacks.com/federal-banking-rules-withdrawing-... Asia / India: > An Indicative List of Suspicious Activities: > Transactions Involving Large Amounts of Cash ... > Transactions that do not make Economic Sense ... > Activities not consistent with the Customer’s Business ... > Attempts to avoid Reporting/Record-keeping Requirements ... > Unusual Activities ... > Customer who provides Insufficient or Suspicious Information ... > Certain Suspicious Funds Transfer Activities ... > ... Check list for preventing money-laundering activities:... - http://archive.is/4k7S6 http://archive.is/4k7S6

codegeek 7y ago

I have an idea on this. Banks should just add a question on withdrawing money with something like "Are you paying cash to IRS based on a phone call you received from IRS" ? If the user selects Yes, flag it may be ? Another idea is to show a Warning screen on ATM etc before the cash withdrawal screen comes up. The screen should clearly explain the typical IRS scams. This may not prevent all of them but may help.