In the US it's a felony to deposit/withdraw smaller amounts with the intent to evade the reporting requirements. Given that law, even transactions under the limit could be seen as suspicious, especially if they all happened in a short period of time.
So let the bank generate a SAR and waste some FinCen analyst's time. It's still none of their business why I want cash and I've never heard of any US bank requiring explanations for withdrawals. This isn't comparable.
So what are they going to do then when he closes his account? Deny him his funds? Does the Canadian government require a 60 day cool off period to get his cash?
If you watch the video, this is specifically why he is only trying to withdraw under the limit, which would appear to be C$3000. She doesn't justify why she can't do it - just "Not today".
I have no idea why she decided to fuck with him, but I don't think it's because of the rule you specify there...
No it isn't. Over $10,000 the bank generates a CTR (currency transaction report) and sends it to FinCEN. You don't have to explain anything to any teller or anyone else. Their computer system does this automatically without the customer's involvement.
That’s an immediate “close the account” and go to a different bank.
Every bank in Canada has to ask these questions when you're withdrawing cash over a certain amount. It's a federal regulation.
Not if it's under or at the daily limit, which is exactly what this guy did.
In the US it's a felony to deposit/withdraw smaller amounts with the intent to evade the reporting requirements. Given that law, even transactions under the limit could be seen as suspicious, especially if they all happened in a short period of time.
So let the bank generate a SAR and waste some FinCen analyst's time. It's still none of their business why I want cash and I've never heard of any US bank requiring explanations for withdrawals. This isn't comparable.
So what are they going to do then when he closes his account? Deny him his funds? Does the Canadian government require a 60 day cool off period to get his cash?
If you watch the video, this is specifically why he is only trying to withdraw under the limit, which would appear to be C$3000. She doesn't justify why she can't do it - just "Not today".
I have no idea why she decided to fuck with him, but I don't think it's because of the rule you specify there...
I never had to, and I did this multiple times in Ontario.
it's the same in the USA. not sure what the limit is though.
No it isn't. Over $10,000 the bank generates a CTR (currency transaction report) and sends it to FinCEN. You don't have to explain anything to any teller or anyone else. Their computer system does this automatically without the customer's involvement.
There are like 6 banks in the entire nation. And they all do this shit.