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Yes but then this means they have to ask what the money is for. When I withdraw a lot of cash, my standard answer is "to put under my mattress". I don't want
by BiteCode_dev 3y ago
Yes but then this means they have to ask what the money is for.
When I withdraw a lot of cash, my standard answer is "to put under my mattress".
I don't want to tell a random teller what I'm doing with my money.
- hn8305823 3y agoIn the US, if you are withdrawing ~thousands of $ in cash, and they ask you what it is for, and your answer is "mattress" or "no answer" then you can be 100% certain they will file an SAR. However, there are probably so many SAR's that they would only be useful as a data point on an investigation triggered by something else, or if you get them frequently. Also, if over $10k they are automatically required to file a CTR on that, but I bet those are even less likely to trigger anything by themselves.
- flerchin 3y agoThey'll file an SAR either way. Isn't a big deal.
- anthony88 3y agoBetter than asking what the money is for, even if the customer gives a reason like "buying a car", warn the customer that if someone on the phone or is unknown at your door asked you to do it urgently it's probably a scam even it they say they are from your bank/company/authorities.
- cassianoleal 3y agoAdvising a person of a possible scam doesn't entail asking them what they need the money for.
- BiteCode_dev 3y agoGiven the number of different scams, I doubt just saying "and beaware of scams" is going to be effective.