At the same time, it should not be the bank's job to ensure granny doesn't get scammed. I'd rather bankers and the government be out of people's privacy and then granny gets scammed rather than the other way around.
And although, bankers likely wouldn't bat an eye at a $3000 USD withdrawal, they are encouraged to still report anything suspicious so if you come into the bank with a dude and a camera shouting about ex girlfriend's boyfriends you need to give money to, they might inquire and write a report even if all you were withdrawing was $300.
Yes it is. Banks leverage granny's 30k to get loans and investments to make the bank money. It is literally their business to make sure granny isn't losing 30k to scammers because the bank loses lending and investing power.
By that logic though, almost anything could be argued. Why is your medical information private? Insurance companies would benefit from having full access to medical data of everyone so they can insure based on your medical history. Guess that information should be made public to everyone.
I agree that banks have a motive to keep your funds at their bank but the government shouldn't have regulations forcing banks to ask about your money. It shouldn't be the government's business to force banks in my opinion.
The government mandate wouldn't stop a bank asking Granny why she's withdrawing 30k when she hasn't withdrawn any significant sum of cash, ever. The government mandate just makes the bank tell them about it.
Wrong because without the government mandate, there would be banks, credit unions or the like who differentiated themselves from others by giving you complete privacy by not asking.
At the same time, it should not be the bank's job to ensure granny doesn't get scammed. I'd rather bankers and the government be out of people's privacy and then granny gets scammed rather than the other way around.
And although, bankers likely wouldn't bat an eye at a $3000 USD withdrawal, they are encouraged to still report anything suspicious so if you come into the bank with a dude and a camera shouting about ex girlfriend's boyfriends you need to give money to, they might inquire and write a report even if all you were withdrawing was $300.
Yes it is. Banks leverage granny's 30k to get loans and investments to make the bank money. It is literally their business to make sure granny isn't losing 30k to scammers because the bank loses lending and investing power.
By that logic though, almost anything could be argued. Why is your medical information private? Insurance companies would benefit from having full access to medical data of everyone so they can insure based on your medical history. Guess that information should be made public to everyone.
I agree that banks have a motive to keep your funds at their bank but the government shouldn't have regulations forcing banks to ask about your money. It shouldn't be the government's business to force banks in my opinion.
The government mandate wouldn't stop a bank asking Granny why she's withdrawing 30k when she hasn't withdrawn any significant sum of cash, ever. The government mandate just makes the bank tell them about it.
Wrong because without the government mandate, there would be banks, credit unions or the like who differentiated themselves from others by giving you complete privacy by not asking.