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The government mandate wouldn't stop a bank asking Granny why she's withdrawing 30k when she hasn't withdrawn any significant sum of cash, ever.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.
My brother in christ. The bank is going to ask about suspicious activity. It is private when one party speaks to another party, it ceases to be private when one of those parties is forced to tell the public entity that is the government about it.
You're an absolute fool if you don't want your bank to at least double check with you that you're not getting scammed.
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The government mandate wouldn't stop a bank asking Granny why she's withdrawing 30k when she hasn't withdrawn any significant sum of cash, ever.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.
My brother in christ. The bank is going to ask about suspicious activity. It is private when one party speaks to another party, it ceases to be private when one of those parties is forced to tell the public entity that is the government about it.
You're an absolute fool if you don't want your bank to at least double check with you that you're not getting scammed.