You should never forget that it’s their money, and they don’t give a shit about the customer. They make no money from cash payments and prefer electronic payments, where they can get their grubby little hands on a percentage, and a hire our fee to merchants.

unfortunately yes i had a friend who needed some money for roadside help and went to the bank to transfer it to her i thought it would be simple but no the inquisition i went through under the guise of protection was crazy, in the end, she had to get on the phone and prove who she was,we shared the same bank and it was only 300 i was putting in to her account

good luck with the banks, i got up today and gold is 2580+ an oz all time high, 😄

UN loccasion

Wow

sometimes

I believe the banks do their best to protect the customers these days due to the overwhelming and sophisticated scams. We have the problem of scams here in New Zealand. My bank sends emails to me regularly about learning and detecting the scams. I personally appreciate the banks' great effort to help us including asking the reason for cash withdrawal as good intention.

Yes it isEdited 13-Sep-24 22:09pm

Yes

Mum doesn’t speak English so she always has one of her kids going to the bank with her. It has been smooth transactions for years. Recently, she was asked by tellers speaking her language on what the withdrawal was for, who is this person coming with her, why taking $2000. We used to do all the translations, now that if the branch has no one to translate, they get someone offsite to make sure her companion isn’t there to scam her.

no but banks have to ensure that money is not being laundered

My son went one better than that ... he got ordered out of the bank and threatened with security and police by the bank manager when he demanded cash from his account, and he also has a home loan with them. He was also told to never return to that branch.

You should tolerate it, because it’s being driven by all the criminals trying to scam people out of their money, the banks are just trying to protect you from being scammed, in the cheapest way they know how. Unfortunately a lot of people still get scammed despite their token efforts and they need to do a lot more than just ask questions of their customers.

Has been for many years.They want to keep tabs on cash flow ,tax avoidance and scams.

Yes!!! Unfortunately it is Most us banks now have a rule that the minute an account hits 10000:01 they put out a fraud alert and immediately begin checking for signs of money laundering Most do not allow withdrawals over 3000 in a day as a general rule.

Yes this is becoming normal. Especially when some of the banks are closing. Even when I was in Belgium I had to go back the next day to get my money.

I am afraid that this is the normal thing…

Thinking about this I suppose the best way is to out smart the banks. Just make any big with drawel in advance. Bit by bit.

The bank might have been waiting for their cash delivery, and reserves may have been low at the time.

There is say 120 billion of Australian dollars in cash, and 9.5 trillion Australian dollars in rotation (invisible), So banks want it all done with cards, they are scared to see to much of their money dissapear. Because they plain and simply don't have it. If everyone wants to draw their money out of their accounts, it is not possible, because it doesn't exist.

It wasn't once but due to all of the scams it is now. Be careful what you ask for because you just might get it. You get scammed then blame the Bank and want them to reimburse you. Well guess what....... Banks have share holders who don't get scammed and don't feel they should reimburse people silly enough to get scammed, so they now want to know if you are about to be scammed. Be thankful and don't complain. For those of us who don't get scammed it's a pain now having to pass all the checks. Then the amount of cash, well believe it or not it costs Banks to keep cash. You know the cash in ATM's, it doesn't belong to the Bank, the Bank or whoever owns the ATM has ordered the cash from The Reserve Bank and is paying interest on it, which is why there are fees on some ATM transactions. We did have 2 armoured car companies but one was absorbed into the other making only one and earlier this year it went broke but as no-one was about to bail it out it is carrying on, and no armoured car means no cash in Banks, ATM's or businesses. I have started to use cash again to keep the armoured cars in business. I know Banks have the reputation of being greedy and not customer focused but I have seen the other side and while I agree we do have some reasons to complain about the Banks on the whole they are doing a good job. The Australian Banking System is very solid unlike many overseas banks. So what you have to put up with today is what you asked for yesterday.

I w8sh

Banks needs to not exist anymore

It is in the world of scamming if victims are going to blame the bank later for their choices

I've never heard of such a thing and, if that happened to me, I'd take ALL of my money out, and find a new bank. Fortunately, I am with Navy Federal Credit Union, and they have been a Lifesaver for me over the past 11 years, stopping Fraud twice. I just remembered, my account is password protected. If you don't know it, you don't get it! What about a Cashier's Check? ;-D Edited 13-Sep-24 17:35pm

You got to make appointment to take out more than $4000.00 from the bank, so do you need to make a appointment to deposit more that $4000.00 of is that ok?

Yes it is. Some banks have actively told their customers to make appointments for large withdrawals,and some are in the process of switching to only online trading. I don't know if all banks will end up this way but if he is unsatisfied maybe he should look into switching banks. Comparison sites online are good,but I prefer to speak directly to the manager and see what they can offer me. There is alot of perks available now with some banks offering cashback on purchases,offers and discounts with other things ( ie movies streaming, events) competitive rate for credit cards, rewards programs.

Its getting really bad apparently this is what's happening and you should not have to tell them why you need your money

no comment - different banking rules for different countries

If it's your money it should be none of the banks business what you need your money for.

All banks do this now in Australia. If I have to take cash out over $1000 and they ask me what its for I tell them it's none of their business. If they get uppitty about it I tell them I want to close the account and I want the money that's in the account now. They say they don't carry that amount of cash and tell them baloney. I insist on seeing a manager it's amazing what getting a little stroppy can get you. As I say it's my money and I don't have to tell anybody what I am doing with it.

I have no idea. I have never needed to withdraw a large amount of cash from my bank.

They don't giving large amounts of cash out.

Good to know suprised they gave all in cash not half cash and half check. I be afraid carry that much money on me.

It certainly is.. just try making a deposit of that size in cash. They are paranoid about money laundering.

I think a lot of banks work in this way. They have a set amount you can withdraw, then you have to make an appt to be able to take out the rest of what you want. It could be to make sure the bank has enough money to do trading if a large amount of money was withdrawn.

wow. I presume he had been informed prior if this is change of policy. I know they have limits on withdrawals from ATM machines, but did't realise if one has relevant ID that it was in person in bank too

I think it has become more common, especially in the last few years with the exponential increase in scams. I attended a scam awareness session recently run by a bank and they detailed some of the common scams they had picked up on. They spoke about a lady in Qld who went to withdraw $10,000 and it was the questioning of the bank teller that alerted her to the fact she was being scammed.

Yes it has become the norm they are scared that have to pay out if it’s a scam

A bank that worries about fraud and scams, when faced with an unusual request, should be asking questions. It's sometimes called "Risk Management." You should be really, really worried if the bank didn't ask any questions or require an appointment to discuss the pending transaction, they could very well be on the hook for the fraudulent transaction, or they can just say (they do this in Canada) you should have known better and the money will be lost forever. This time your bank tried to do a good job but the insistance that the transaction should be completed immediately showed a real fraud weakness.

I know it was inconvenient but to avoid being scammed these days any help is worthwhile.

Banks are not nice but they are tying to protect you from scams

Yes it is the way banks work if you need a large amount of cash as apposed to a Bank Check you need to give them warning. Just remember ALL BANKS ARE BASTARDS and you'll never go wrong.

I dont think its normal to ask what he needs it for, but im from Australia too it is normal if u need alot usually over $3,000 (i thought it was) thats u had to make an appointment. So that they can get the money together as ur correct they dont hold alot of cash

Never heard of that happening before

For a long time my bank has asked for 24 hours notice for large cash withdrawals. I think it is a protection issue and they also put the money in an envelope after counting in front of me for added security

Cheese in a mouse trap.

I believe, it may be that they are trying to protect people from scams but also it couldn't be the push to make a cashless society

I've been asked, and I felt like telling them that it's none of their business. But it was out of character for me to withdraw a lot of cash and they were making sure I wasn't pressured or scammed into doing it.

Well the banks actually don't carry as much cash as what you think they should or would. You need to make an appointment and then they will get in the amount you want. Although 7 grand isn't a huge amount of money but then it makes the bank short for other customers needing some cash and if it is a small branch where there isn't a huge clientele in a single day. It can stuff them up. Next time make an appointment, it's not hard and it helps every one.

it is obvious that a lot of people have heaps of money and are accessing cash. The government is aware of these people and they will be reeled in. They want to stop the cash black market. It used to be $10,000 but maybe they are lessening the amount. Soon we will not be able to wipe our bums without government involvement..

it is to help stop scammers. if you look around at the supermarkets they have signs asking about when you buy gift cards, same thing to stop scammers. our bank rings us when we spend over a certain amount, just to check our account hasn't been broken in to. especially when it is away from near home. i am happy as it means i am protected

Don't have that amount of money, so will not have that problem.

My son spoke to a bank associate about whether he could do a transaction over 5000.00..truck repair. Oh yes sir no problem!! When the time came he was stranded at the dealership because the bank ASSociate was misinformed.

I think if I was wanting to withdraw $7000 I would ask my bank what there protocols are, but then really whose money is it anyway??

I guess it all stems from banks getting robed, they don't keep too much cash on hand, I don't think it's any of their business what you need your money for, but yes if you need a big lot of money maybe it would be good to make an appointment but not $7000.

Here in the US it is not uncommon for the bank to ask what you want the money for. It is largely due to the fact that so many people are getting scammed out of their money and the bank is trying to actually protect it's clients. I have had banks ask me to let them know a day or two in advance if I were going to make a sizeable withdraw because they don't keep a huge amount of cash and need cash on had for other customers as well.

Cash is KiNG AnYOne who wants to withdraw cash out or deposit from a Bank! you are treated like a criminal, this is your money, not the banks, government or a stranger, Governments want to track & control you in everyway they can. I was advised by the bank that they can withhold my money, call the police & arrest me, if I didnt answer the question the Bank manager & 3 other bank employees were asking me. So 4 Bank employees were there against me,, a customer, who just wanted to take his own money out. Its a SAD future we are falling into.

It's normal for any banks, but it shouldn't be their business on what your spending your own money on.

I agree with Elizabeth T 396096 below.

We are being controlled (or trying to) with so many things now....covid was a prime example of how gullible we are. Time to take a stand.

Yes when amounts are over a certain amount

They all do that now. What was considered a little bit of money is now considered lots. They are just abiding by cash laws which compels them to report suspicious transactions. By law any transaction that is considered suspicious can be reported even if it is below $10000. It is no longer "your money, Ralph".Edited 13-Sep-24 08:40am

Yes. It is to protect everyone from foul play, Scammers and the like. Many scenarios to consider. How old is your son and why the hell would he need that much money in cash considering everything is done through internet banking and there is most always a set limit on cash withdraws for any one day. When asking questions like this more info is needed to be able to give a proper opinion. As much as we do not like banks, some do actually protect us.

I had the same trouble some years ago,and closed my account and went to another bank.No longer with that bank either,as they got taken over My current bank is reasonable and are a COMMUNITY bank,which appear to be more realistic and customer friendly Some banks have a limit,BUT most are reasonable. Community banks are so much better than straight saving banksEdited 13-Sep-24 08:37am

if you can't give me MY money when i want it, then i don't need your bank, i use the international bank of shovel n box

I've had too give a days warning just to make sure they had enough funds in the bank to withdraw

A lot of banks have a limit on the amount you can withdraw so you have to make an appointment to get it most of the time thats just the way it is

Yes, lots of banks do it, shop owners go to get their cash for the week and have to make appointments nowadays. Stupid government trying to force us all into digital money etc.

I have never heard of that before very interesting. That amount of money I think I would rather transfer though.

Never heard

I never heard of that! If I have to withdraw that much money though, I would get it in a check that can be replaced if lost or stolen rather than cash.

Apparently it's a new policy in Australian banking... They are just trying to make sure you aren't getting scammed/taking money out under duress to pay people blackmailing you. Also they are making sure your id hasn't been stolen. Although it seems rude to ask, they are trying to protect you. I do hear them every fortnight when I go to pay my rent tell some who get large amounts, and every single customer gets cranky about the question, but when they hear the explaination they relax. My father in law got asked when he withdrew a large sum last year, and he replied "no of your business, it's my money". He wasn't happy with their explaination.

Its none of the bank's business what he wants the money for, take all his cash out and put into another bank, one that does banking, and not sticking their nose in where it's not wanted

"they asked him what he needed the money for (whose money is it?)" Blame the silliness of banks now having to refund people who are stupid enough to send their money to scammers. There's no such thing as people taking responsibility for their own actions these days. 🙁

In the good ol' days of proper banking service, you could simply get a bank cheque for any amount you wanted. These days, thanks to the stupidity of so-called "progress", they no longer do cheques and everything is much more difficult (especially as they also keep closing local branches!). 🙄 Even something as simple as depositing cash into someone else's account (e.g. you buy something from an auction website), is near-impossible and smothered in bureaucratic idiocy.

It's the policy of the bank. You should investigate this before putting your money in a bank

I have no problem with banks doing this because of some people having money taken from their accounts by someone without permission

they have policies

I have about $3000 in a bank in Australia but cannot access it as I now live in NZ and the bank won't transfer it to me here without first sending me an SMS. Of course they have my old aussie phone number and won't register my NZ phone number unless I go to the bank in person with ID. I pointed out that if I could go in person I could withdraw my money. Stalemate! Any ideas anyone?

I am not sure, but I think the bank {all } have a policy . you have to ring the bank first before you take a huge withdraw for safety

Never had this problem.

they asked because of the amount he wanted.

Not sure.

You should be lucky that they are taking care of your Son in today’s world as they’re so many hackers, scammers around. We complain when the bank does its job & we still complain if they don’t. Come on people can’t have it both ways. It is better to be safe these days. I wish this practice was around when I got scammed. Today the banks have really stepped up In security. Edited 13-Sep-24 04:18am

Sounds like a good bank practice. Was in mine recently, and watched well dressed man take our $10,000 cash, then arrange with manager to get $25,000 cash the next Friday. Should not be discussing this at counter where everyone can overhear. Someone liable to knock him on head. Maybe even me, but my lower limit is 2-3 million, and fast plane to country with no extradition treaties with CanadaEdited 13-Sep-24 03:55am

WOW, HM,NEED TO ASK SON WHO IS A BANK MANAGER..

Seriously? I didn't know this was a thing! If he had said the money was for drugs, would they have refused his withdrawal?!

Not normal. Change banks pronto.

this is bs

That has been the case always, banks don't have so much cash on the premises. Large amount like that banks need to be notified in advance. When I paid 15000 dollars on my mortgage the bank asked me 'how did I get so much money.'

Maybe in Aussie Land where BTW voting is mandatory and if you skip the polls or mails, you get 30 days in jail and a $500 fine to boot! My cousin's son was such a victim. How big is your son's bank? Like the bank the Clampetts built for Drysdale on TV's Beverly Hillbillies? I use a credit union, not a bank and I have never had any issues of 'We don't keep that much cash on hand!'

Yes. It is a necessary "due diligence" to protect customers being extorted or scammed. It gives the customer the chance to obviously lie, tell the truth or refuse to answer, giving the teller the opportunity to assess the situation and get them help while protecting the bank from later recriminations they "should have asked...." Many elderly scams are prevented yearly by this simple process.

I thought it was $5,000 and under as the others have said too. Also could have withdrawn part from Atm maybe as a separate transaction but I wouldn't know re getting that much out in one hit these days . Good on him for having savings :)

In the US we have to call ahead to withdraw larger amounts. Is pretty normal

I'm a mortgage broker so understand why banks do what they do. Tellers don't hold a lot of cash any more and for cash withdrawals of say over $5000 you generally need to give your branch 1 day's notice and withdraw the cash the following day when they have arranged to have it ready for you. And asking why your cash is needed is a legal obligation under the anti money laundering (AML) act. There are what's termed "protected persons" and banks have an obligation not to aid in these people being scammed, taken advantage of, or pressured. There are also many illegal instances of money laundering. None of this is the bank's fault. We live in a world where dishonest low lifes have ruined it for the rest of us and now by necessity we're made to jump through hoops. An inconvenience to us most definitely but what's the alternative, do you really want to see banks make it easy for others to be able to access your funds with no questions asked.

How times have changed; when I was young, people used to rob banks. Now it’s reversed!Edited 13-Sep-24 17:20pm

It does sound ridiculous, but it’s been a thing for at least 20 years. Banks are only allowed to hold a certain amount of cash for security reasons. It’s calculated by working out how much is normally required per week through customer demand, restocking the atm etc. If they hold too much, they are penalised, too little and they cant meet day to day demand. Asking what the money is for is very intrusive if not handled delicately. What they are often trying to ascertain is if it is required then and there (they can order it in overnight), or if there is a suitable and potentially safer option they can provide eg bank cheque.

I have heard of other similar stories. I thought it was only if it was more than $10,000 that they started asking questions.

I think it's ridiculous they look at you with suspicion for trying to draw out your own money. Especially when you can prove your identity.