Re: Help with Transfering Money

Plaid Pants2 · ‎03-14-2015

@chrystaltree wrote:
@Plaid Pants2 wrote:
@chrystaltree wrote:
Oh, good grief. Op didn't ask for our advice about scams and she clearly said it's a relative and she has loaned him money before and he has paid her back. No where in her post did it indicate that this could be a scam. My advice is that rather than telling the bank how she wants to handle this transfer of funds.....she should ASK them how it should be done. It's her money, if she wanted to transfer every single penny she owns to a scam artist, she's entitled to do that. It's not the bank's business. All she needs to do is go into her bank and explain that she wants to transfer funds to a relative and ASK how that can be done.

I'm thinking that her bank might be legally required to tell her that it is a scam.

Because, for argument's sake, let's say that it is a scam, and her bank didn't warn her beforehand.

After she realizes that she had been scammed, she could, theoretically say, "You didn't tell me before I transferred the money! You knew and didn't tell me! I'm suing the bank!!!".

No, that would never happen. If a bank suspected something is scam, it's their responsibility to alert depositors. That's true. But it's not up to them to look for scams where none exist and then hold our money hostage. Even when something is clearly a scam, if the customer wants to proceed, the bank can't stop them. The the US, we are allowed to act foolishy and make mistakes.

No, they can't stop them, but at least the person had been warned beforehand, so therefore, the person can't come back and say, "You KNEW it was a scam, and didn't tell me!!! I'm suing!!!!"

coco14 · ‎06-19-2010

Having worked in banking and finance for 50 years, my first (and second and third etc) thought was that this is a fraud.

The company I worked for would NEVER process this kind of transaction - and we would advise the individual to report it to the police.

We experienced these types of requests on a daily basis. And calling the person to verify is not always foolproof, as obviously the telephone number connects to those committing the fraud.

Tell your cousin no, that you are unable to do this - nothing personal, just good business.

chrystaltree · ‎05-10-2010

@coco14 wrote:
Having worked in banking and finance for 50 years, my first (and second and third etc) thought was that this is a fraud.

The company I worked for would NEVER process this kind of transaction - and we would advise the individual to report it to the police.

We experienced these types of requests on a daily basis. And calling the person to verify is not always foolproof, as obviously the telephone number connects to those committing the fraud.

Tell your cousin no, that you are unable to do this - nothing personal, just good business.

So, you think OP has few screws loose? I don't. She never said this was a "cousin" she hadn't heard from from for 60 years and out of the blue the request came for $$ came. I'm not sure why so many reading stuff into this. It's a relative that she knows and has contact with and has lent money to before....and been repaid. She never said she doubted the person. Why do you? I don't get it. Anyway, the only issue here is the bank and it's pretty clear to me that the only problem the bank had with it was the process. In light of what is going on in the world today, they can't just deposit a sum of money like that into a forgeign account. But that doesn't mean that no one can transfer money to relative who lives abroad. People do it all the time....and they aren't being scammed by their relatives...lol Like I said, she just needs to ask how the process is done.

151949 · ‎03-09-2010

@coco14 wrote:
Having worked in banking and finance for 50 years, my first (and second and third etc) thought was that this is a fraud.

The company I worked for would NEVER process this kind of transaction - and we would advise the individual to report it to the police.

We experienced these types of requests on a daily basis. And calling the person to verify is not always foolproof, as obviously the telephone number connects to those committing the fraud.

Tell your cousin no, that you are unable to do this - nothing personal, just good business.

Excuse me - your company would NEVER do this transaction???? It is not your company's money and they do not have the legal right to hold a depositer's money hostage. It certainly is on the depositor to varify the valaidity of the person requesting but then if she wants to proceed the bank has to do what she wants to do.

coco14 · ‎06-19-2010

For those who took SUCH offense to my response - calm down! If you don't work in finance, you are not aware of the many schemes happening on a daily basis.

Wiring funds to an overseas bank is not an easy procedure for banks today - not with the scams and money-laundering going on.

If someone needs funds and is overseas, send them a cashier's check or personal check - by express mail - they then can bring it to a bank and deposit it.

Tinkrbl44 · ‎08-23-2010

@151949 wrote:
@coco14 wrote:
Having worked in banking and finance for 50 years, my first (and second and third etc) thought was that this is a fraud.

The company I worked for would NEVER process this kind of transaction - and we would advise the individual to report it to the police.

We experienced these types of requests on a daily basis. And calling the person to verify is not always foolproof, as obviously the telephone number connects to those committing the fraud.

Tell your cousin no, that you are unable to do this - nothing personal, just good business.
Excuse me - your company would NEVER do this transaction???? It is not your company's money and they do not have the legal right to hold a depositer's money hostage. It certainly is on the depositor to varify the valaidity of the person requesting but then if she wants to proceed the bank has to do what she wants to do.

@151949

I certainly can't pretend to be up to speed on Federal Banking Regulations, but I'm willing to bet there are guidelines preventing bank employees from knowingly participating in what they believe to be fraudulent activity. Just speculating here.

millieshops · ‎03-09-2010

If OP has $20,000 she wants to donate to a scammer who probably wants to buy an AK47 to kill her and her bank as already told her it's a bad idea, why would they be responsible for the money if she goes ahead and ignores their advice?

@shiningstarPlease - since you don't trust the bank holding your money, call a lawyer, a CPA, your priest, and get some other advice because unless you have $20,000 to lose you're going to be much poorer tomorrow. Your bank is doing you a favor.

CrazyDaisy · ‎03-20-2010

@Tinkrbl44 wrote:
@151949 wrote:
@coco14 wrote:
Having worked in banking and finance for 50 years, my first (and second and third etc) thought was that this is a fraud.

The company I worked for would NEVER process this kind of transaction - and we would advise the individual to report it to the police.

We experienced these types of requests on a daily basis. And calling the person to verify is not always foolproof, as obviously the telephone number connects to those committing the fraud.

Tell your cousin no, that you are unable to do this - nothing personal, just good business.
Excuse me - your company would NEVER do this transaction???? It is not your company's money and they do not have the legal right to hold a depositer's money hostage. It certainly is on the depositor to varify the valaidity of the person requesting but then if she wants to proceed the bank has to do what she wants to do.
@151949

I certainly can't pretend to be up to speed on Federal Banking Regulations, but I'm willing to bet there are guidelines preventing bank employees from knowingly participating in what they believe to be fraudulent activity. Just speculating here.

They are not participating in the fraud, they are being asked to follow the customers request. When did bank become the money police. IF they have proof there is fraud the police should be called, they can discuss the situation in their capacity of law enforcement. It is not up to them to determine what customers do with their money.

Someday, when scientists discover the center of the Universe....some people will be disappointed it is not them.

151949 · ‎03-09-2010

@Tinkrbl44 So you allow the bank to dictate to you how you will spend your money? If I were this OP I would certainly Verify that the $ request is legit -I would then move my money to a different bank.

Mj12 · ‎03-09-2010

https://www.justice.gov/opa/blog/holding-accountable-financial-institutions-knowingly-participate-co...

And when financial institutions choose to process transactions even though they know the transactions are fraudulent, or willfully ignore clear evidence of fraud, they are profiting from illegal activities as well as breaking federal law.

So no - banks cannot just do whatever a customer tells them to do.