Among Friends

[JaneMarple]

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@2blonde wrote:

A friend of mine gave her son 6,000 for a downpayment on a house.  You wouldn't believe what the mortgage company put her through to prove she wasn't involved in money-laundering.  It's a whole new world out there, I'm afraid.

This is standard operating procedures with the loan companies, money has to have a paper trail and it also has to be verified that the $6,000 was a gift and not a loan. There is nothing to be afraid of!

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[hckynut]

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@shiningstar wrote:

I have withdrawn money out of my bank account for home repairs, pay off credit card debt, and help my son.  Since I have done that the police was called three times inquiring about that the bank wants to know why I have withdrawn it out.  I still owe the contractor some money and I am deathly afraid to go to the bank and withdraw any more money.  Has anyone had this happen to them and what do I do?  I feel like it is no business of the bank what I do with my money. The bank has even called me in and questioned me like I was a criminal.  I since left that bank and went to another, but afraid this will happen again.

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@shiningstar

Sorry, but you have to learn to "speak up". If my banked called me once asking what or how I spend MY money?  The "bank called me in"? Police called? Our local police are not employed by any bank, unless moonlighting on off hours.

First, after their 1st call asking questions? They would immediately be my former bank. Police called you 3 times, or someone saying they were the Police? If yes, city administrators would be hearing from me, and if necessary, my friend who is an attorney.

I changed banks when after this occasion. I went into my regular branch bank, same one I have had for years,( name? US BANK) to withdraw a few thousand bucks. There was a new teller so he wanted to see a picture ID. I showed him my State Issued Legal to Carry Permit, with a newer picture than my drivers license. 

He told me I have to show my State Drivers License, so I decided to play his game. I told him I do not drive, thus no license. He replied he needed the drivers license, and I repeated my same statement. This went on for a few more minutes with his voice getting more demanding and mine doing the same. Hey bud, its my money and you see it on you 'puter with my name on it.

This branch bank is in a Kroeger grocery store. Long story shorter. The jerk behind the counter called to the moonlighting police officer. I told him the problem/showed him my CCW ID Permit from the state? He said, "are you carrying now"? I said "yes I am". He asked for my handgun/told me it is illegal to carry in a bank/to which I said, "last I looked I am standing in a grocery store".

Next thing I know here are 3 more On Duty Police Officers and my hands are cuffed behind my back. They kept saying "it's a bank", "I kept saying it is a grocery store that has no "Gun Free Signs" anywhere.

This lasted for about 3 hours while they checked my whole life criminal history. I told them to check back in 1958 when I had a speeding ticket, that's the latest they will find. Store Manager said it IS NOT a Gun Free Zone. I got my money/closed my account/got my handgun back and 2 of the kind Policemen escorted me to my car. Hey, I had thousands of $$$ and it was nice to have 3 of us with handguns.

That's my true bank changing story. And for those anti-ya know? I never carry when I go to any bank building, they have the proper signs, and I abide by all laws.

Now you knew this would be a long one, no?

hckynut(john)

[JaneMarple]

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@151949 wrote:

When we were applying for our  mortgage the mortgage company called & wanted to know where we got $10,000 we had deposited in our savings account. DH told them we had sold a car. Fine. The next day they called and wanted to know what we did with the $10,000 we got for selling our car. DH said - didn't you call us yesterday to say you found it deposited in the savings acct. These people at these banks are crazy.

@151949 Why are they crazy? For asking you two questions? It probably was two different people who called you each day, they're not crazy but obviously didn't talk to one another concerning the $10,000 inquiries.

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[KLm]

I researched this a year or so ago as I was considering moving cash to a safety deposit box.  The more I read, the more disconcerted I became. As I understand it, I could avoid the reporting rules if I withdrew less than $10,000. BUT doing this too often can result in being charged with a FELONY for intending to avoid the rules on reporting.   I realized then that my money isn't really mine.

[KathyPet]

WEll, if you are paying cash for these types of expenses I can only hope that you are getting signed receipts when you make these payments otherwise you have no proof you paid these credit card bills or this contractor.

[Plaid Pants2]

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@KLm wrote:

I researched this a year or so ago as I was considering moving cash to a safety deposit box.  The more I read, the more disconcerted I became. As I understand it, I could avoid the reporting rules if I withdrew less than $10,000. BUT doing this too often can result in being charged with a FELONY for intending to avoid the rules on reporting.   I realized then that my money isn't really mine.

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The money really is yours.

You just have to follow the same rules that the rest of us law abiding citizens have to follow.

It's not hard to do, correct?

[Desertdi]

I worked in accounting for a Fortune 100 company.    I handled HUGE amounts of CASH......not checks.......Uncle Sam's greenbacks...........nobody ever questioned where we got it.................

[Desertdi]

@hckynut     I'm laughing AND crying over your banking experience.......just recently, my own bank..........with whom I have an account since 1974.........accused me of forging my own pension check...........

[Suhse]

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@shiningstar wrote:

I have withdrawn money out of my bank account for home repairs, pay off credit card debt, and help my son.  Since I have done that the police was called three times inquiring about that the bank wants to know why I have withdrawn it out.  I still owe the contractor some money and I am deathly afraid to go to the bank and withdraw any more money.  Has anyone had this happen to them and what do I do?  I feel like it is no business of the bank what I do with my money. The bank has even called me in and questioned me like I was a criminal.  I since left that bank and went to another, but afraid this will happen again.

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Cant you write a check?

Still might be questioned. If this behavior on your part is quite unusual, the bank wants to be sure there's not fraud or coercion on someone's part, being used against you. 

[qualitygal]

I had no idea about this going on. First I thought maybe to protect this person from having to w/d monies against their will. But money laundering....never crossed my mind. But this is good to know even if you don't go through this.