Anyone familiar with this? Bank asking for info...

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
User avatar
Epsilon Delta
Posts: 7430
Joined: Thu Apr 28, 2011 7:00 pm

Re: Anyone familiar with this? Bank asking for info...

Post by Epsilon Delta » Sat Jan 18, 2014 3:54 pm

DougS wrote:
Lynxville wrote:The Bank Secrecy Act is from 1970. There is no new requirement there or in the Patriot Act for anything like what the Op was asked for. The Know Your Customer push is to discourage money laundering and is designed to simply identify a account holder. No specific requirement to demand occupation or income information. Dodd Frank does not "require" that either.http://useconomy.about.com/od/criticals ... rm-Act.htmIf this is wrong please post a link to that requirement. If you are identified by normal means (SSN etc) the government has more reliable means anyway for income and occupation if desired - the IRS.
If you are looking for a law that requires banks to collect occupation information, you won't find one. As a refresher, laws are written broadly and interpreted by regulators who pass rules. Think HHS for Obamacare, and the IRS for the tax code. In this case the BSA requires banks to maintain a know your customer program and monitor activity for money laundering, but the Federal Reserve and OCC are left to interpret that law, issue rules, and hold banks accountable to it. This guidance has been tightened over the past few years following Dodd Frank and high profile money laundering violations such as HSBC. Big banks get the most attention from regulators, thus you are seeing banks like Chase and Wells in the lead in asking for this type of information, but it will make its way to smaller banks and credit unions at some point.

Going back to the OP, agree with it or not, it is a legitimate request. But I would provide the information in person, just in case it is a phishing attempt from bad guys knowing banks are starting to gather this information.
As a refresher federal regulations are codified and you can look them up in the Federal Register or Code of Federal Regulation. If there is a regulation it can be cited..

Atilla
Posts: 1228
Joined: Tue Feb 09, 2010 7:44 pm

Re: Anyone familiar with this? Bank asking for info...

Post by Atilla » Sat Jan 18, 2014 4:41 pm

Chase Bank is doing this exact thing to me right now. I refuse to give out info over the phone and I refuse to stop in. I only have a checking account with them because they bribed me $100 a few years ago to open the account. And I get fractionally more cash back with my Chase credit card.

I will close my account before I let them inconvenience me.
The Village Idiot - here for your entertainment.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Anyone familiar with this? Bank asking for info...

Post by sscritic » Sat Jan 18, 2014 4:45 pm

Atilla wrote: I only have a checking account with them because they bribed me $100 a few years ago to open the account.
You took a bribe and now you are complaining about it? Is that a defense in court? "I took a bribe, but I didn't know that I would have to reveal my citizenship at the time."

Maybe you can pay it back.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Sat Jan 18, 2014 5:02 pm

.....
Last edited by pinecrest on Mon Feb 24, 2014 6:43 pm, edited 2 times in total.

likegarden
Posts: 2630
Joined: Mon Feb 26, 2007 5:33 pm

Re: Anyone familiar with this? Bank asking for info...

Post by likegarden » Sat Jan 18, 2014 7:02 pm

Getting scam calls every day, and just having received a new Credit Card due to Target, I am for not giving any personal information to anybody. Asking a person over the phone if he is a US citizen is a laugh, he can not show any proof over the phone, so why ask. Why would they need your income, sounds like a marketing scam.

User avatar
BolderBoy
Posts: 3979
Joined: Wed Apr 07, 2010 12:16 pm
Location: Colorado

Re: Anyone familiar with this? Bank asking for info...

Post by BolderBoy » Sat Jan 18, 2014 7:08 pm

DidItMyWay wrote:One day last week, someone from the branch called my house and said that there is some information missing on my accounts that they need to have and update: my citizenship, occupation, and income.
My routine answer to this sort of call is: Please put your request in writing on agency letterhead, have it signed by the president of the [organization] and mail it to me. I'll show it to my lawyer and follow her advice. Gotten such calls from the IRS, ATF, you name it, over the years.

100% of the time I have never heard more.

Atilla
Posts: 1228
Joined: Tue Feb 09, 2010 7:44 pm

Re: Anyone familiar with this? Bank asking for info...

Post by Atilla » Sat Jan 18, 2014 7:09 pm

sscritic wrote:
Atilla wrote: I only have a checking account with them because they bribed me $100 a few years ago to open the account.
You took a bribe and now you are complaining about it? Is that a defense in court? "I took a bribe, but I didn't know that I would have to reveal my citizenship at the time."

Maybe you can pay it back.
I'm not complaining about the bribe. And I did pay all appropriate taxes on it after filling out all the required paperwork. :D Chase bank can piss off as far as I'm concerned at this point.
The Village Idiot - here for your entertainment.

Diogenes
Posts: 602
Joined: Sat Mar 03, 2012 3:58 pm

Re: Anyone familiar with this? Bank asking for info...

Post by Diogenes » Sun Jan 19, 2014 12:39 am

If it actually came from the branch it is a legitimate "request."
That is not the same as having an "obligation" to provide it.
On the income and occupation question merely ask why they need the information and decline for privacy reasons. I doubt they will close your account.

Gnirk
Posts: 814
Joined: Sun Sep 09, 2012 3:11 am
Location: Western Washington

Re: Anyone familiar with this? Bank asking for info...

Post by Gnirk » Sun Jan 19, 2014 12:58 am

I would definitely visit in person, and never give such info over the phone. BTW, I've never had my banks or credit unions ask questions regarding my occupation, citizenship, or income.

Mudpuppy
Posts: 5889
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: Anyone familiar with this? Bank asking for info...

Post by Mudpuppy » Sun Jan 19, 2014 3:50 am

stormswami wrote:
Fallible wrote:Just wondering how you were able to confirm it was your branch bank calling.
My caller ID showed it as a local number (aside from saying the bank name, which can be faked I suppose) and so I quickly looked it up via my cell phone as they began to state why they were calling. The specified number came back as the local branch. Even so, they quickly let it be know what specific info was being requested, which I personally deemed not to be critically sensitive. Regardless, I still wouldn't have given out more sensitive data over the phone.
Just an FYI, caller ID data can be very easily faked. Believe you me, if a scammer wanted to fake the number of a local branch when calling you, they could do it and probably would do it as the first step of building a plausible social engineering attack. Visit in person or call the number yourself. Never respond to an unsolicited phone request.

User avatar
LadyGeek
Site Admin
Posts: 46697
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: Anyone familiar with this? Bank asking for info...

Post by LadyGeek » Sun Jan 19, 2014 3:42 pm

I removed a few off-topic comments which related to uncivil behavior, some continuity is lost.

Please stay on-topic.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

User avatar
dm200
Posts: 17107
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Anyone familiar with this? Bank asking for info...

Post by dm200 » Sun Jan 19, 2014 5:33 pm

While I do not know the specifics of any "request" from a financial institution being discussed here, the reason that different financial institutions may differ greatly in the information requested is that the (probably required) risk evaluations of each financial institution differ in the exposure to certain risks. Therefore, an institution that has determined that it (or its customers) are, on balance, high risk is more likely to ask for (or demand) more customer information than an institution that has determined that it (or its customers) are very low risk. This difference may be the case even if the institutions are located in an identical location in the same community.

NYnative
Posts: 377
Joined: Thu Mar 01, 2007 10:41 am

Re: Anyone familiar with this? Bank asking for info...

Post by NYnative » Sun Jan 19, 2014 7:57 pm

I try to deal exclusively with credit unions. Joined one in AZ in Nov 2013 and they didn't ask me anything other than my name, address, phone number and SSN. This was a regular checking/savings account, not a loan. I have avoided commercial banks as much as possible having had bad experiences with Wells Fargo and Bank of America years ago (nothing to do with personal info - high fees that weren't clearly identified in advanced).

If they had asked me my occupation, I would have said retired - which is the truth. If they wanted to know past occupation, I would have demurred. As to citizenship, I have no problem saying US. If, however, you are applying for a loan, be prepared to provide tons and tons of personal information.

If there were federal requirements for more information than what they asked me, I'd be surprised. CUs are pretty risk averse.
Last edited by NYnative on Sun Jan 19, 2014 10:58 pm, edited 1 time in total.

Grt2bOutdoors
Posts: 18828
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Anyone familiar with this? Bank asking for info...

Post by Grt2bOutdoors » Sun Jan 19, 2014 8:03 pm

Well, I just got a written request from DiscoverCard asking for my income due to regulations which they failed to disclose, with the caveat that it's needed to ensure that if I request an increase in credit limits it matches my income requirements. Um, sorry, no you're not getting it!
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

User avatar
conradjr
Posts: 15
Joined: Fri Mar 23, 2012 5:46 pm

Re: Anyone familiar with this? Bank asking for info...

Post by conradjr » Tue Jan 21, 2014 9:26 am

Sounds like a scam. I remember getting a call like that, too. The lady on the phone claimed my bank account has been locked due to suspicious activities. She asked me to contact the bank's security department through a different phone number to resolve the issue. But as much as she was trying to scare me, I knew it was a bluff. So after she read her long scam script, I told her I didn't even have an account with the bank to begin with. Lol!

User avatar
conradjr
Posts: 15
Joined: Fri Mar 23, 2012 5:46 pm

Re: Anyone familiar with this? Bank asking for info...

Post by conradjr » Tue Jan 21, 2014 9:31 am

By the way, 25363827 was the phone number that came up on my caller ID during the call. According to the complaints posted at http://www.callercenter.com/25363827.html the was was confirmed to be a scammer.

jf89
Posts: 426
Joined: Sun Aug 11, 2013 11:53 pm

Re: Anyone familiar with this? Bank asking for info...

Post by jf89 » Tue Jan 21, 2014 9:43 am

A lot of people are saying "the number came up on caller ID as the local branch number", but that number is something that can be changed and does not necessarily reflect what number the individual is calling from.

When you get this call for harmless information tell them you will call back, find a number you trust and know to be correct, then call THAT number and explain why you're calling.
"Save as much as you can, diversify diversify diversify, and you can't go wrong with tech stocks" | -First investing advice I recall from my parents in the 90's (two outta three ain't bad)

User avatar
Hayden
Posts: 1125
Joined: Tue Apr 16, 2013 5:13 pm

Re: Anyone familiar with this? Bank asking for info...

Post by Hayden » Tue Jan 21, 2014 9:49 am

On my recommendation, a friend just applied for a credit card from PenFed. They required that he mail them two years of tax returns, including all schedules. I find that excessively intrusive. Would you comply?

FafnerMorell
Posts: 686
Joined: Mon Sep 15, 2008 10:27 am

Re: Anyone familiar with this? Bank asking for info...

Post by FafnerMorell » Tue Jan 21, 2014 9:51 am

It would seem if banks want to get to know their customers better, we should get to know the banks better.

What's CEO's name, address, social security #, mother's maiden name, and birthdate? After all, if they want to know this about me, shouldn't they be willing to tell me the same info? Seems fair. Somehow, I don't think banks are going to be much for fairness. Politicians neither.

NYnative
Posts: 377
Joined: Thu Mar 01, 2007 10:41 am

Re: Anyone familiar with this? Bank asking for info...

Post by NYnative » Tue Jan 21, 2014 11:25 am

I'm kind of surprised about PFCU. I would expect them to ask about annual income for a CC, but not proof. I recently (as in 2 months ago) received a pre-approved CC offer from Chase United Explorer. Since I have a United frequent flyer account, it was business as usual. What did surprise me is that they didn't ask any personal questions, other than if I wanted a second card for my spouse (assuming I have a spouse). I took the offer as it's free for a year and came with 50K miles, which gives me at least 2 US domestic RTs or 1 to Europe (when combined with the paltry amount of miles I have earned over the past 2 years).

Either they are more desperate for customers than PFCU or they are using NSA surveillance to get my info :shock: .

User avatar
dm200
Posts: 17107
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Anyone familiar with this? Bank asking for info...

Post by dm200 » Wed Jan 22, 2014 3:47 pm

Already firmly entrenched in law, regulation and practice for real estate loans, the "ability to repay" is, or may be, expanding to other types of credit (such as credit cards). Real estate lenders now have extensive requirements to avoid real estate loans where it cannot be demonstrated and documented (according to standards) that the applicant has the "ability to repay." In fact, a risk to a real estate lender is that the lender might make a real estate loan to an applicant - and that applicant might file a complaint or sue the lender that the lender should not have approved and made the loan because he/she did not have the demonstrated "ability to repay".

In my opinion, this is absurd - but it is required by law and regulation. So, for example, you apply for a mortgage and claim that I can repay, submit demonstration (pay statements, etc.) of that ability, and then receive the loan - then down the road you sue the lender that you should never have been approved and demand a significant monetary compensation. Some attorneys are researching the details and fine print of this, attending seminars on it and preparing to solicit such "victims" as clients.

it would not surprise me if this "ability to repay" is extended even more to other types of loans, such as credit cards. One change a year or two ago, as a result of Dodd Frank (and its interpretation by the CFPB) was that credit card issuers could not issue credit cards to persons without the income to repay the card balances (on their own). It had been common practice, for example, for a spouse not employed for compensation outside the home, to have a credit card issued in his/her name - based on "access" to the household income (for example spouse's income). That practice was prohibited by the CFPB! After considerable uproar from affected consumers, there was a revised interpretation and cards can, in some circumstances, be issued to such spouses (and others).

ASUGrad
Posts: 259
Joined: Sun Oct 20, 2013 8:09 pm

Re: Anyone familiar with this? Bank asking for info...

Post by ASUGrad » Wed Jan 22, 2014 9:12 pm

Use to work for a bank up until last year.

Citizenship, yes they have the right to ask for that. No question on that one. If you aren't a US citizen then they might be able to ask about occupation, depending on where your from.

Income & occupation? When I was a banker I WANTED to know that about every client, and I got plenty of clients to tell me just by being honest about why I was asking. However I didn't NEED to know this.

Occupation is a justified question for certain out of the ordinary transactions. For instance after a very large cash transaction your bank will be asked by the Feds to supply this about you. Brokerage firms will also ask you for this one(plus citizenship) if you open a brokerage account(capable of stock/bond trading). VG as a mutual fund company won't ask if you are opening a mutual fund account, but they have to ask if you open a new brokerage account. It is primarily for making sure people with inside information are monitored. The people who are monitored know they are going to be monitored in advance.

Income. The only reason to ask for this is qualifying for credit(mortgage, loan, credit card). Can't think of any other reason for that question.

If it was a legal thing effective soon then EVERY bank would be calling everyone about this. Unless you applied for a loan with your bank in the last 12 months it is unlikely they have all 3 up to date.

Now there are 1 of 2 reasons you are likely being asked this. One, to see what you qualify for in terms of products so they can position those products. That is why I wanted it when I worked in a bank. Two, to start signing you up for services you didn't ask for(normally a credit card) so the banker can rake in more commissions. In my time in banking I heard about that sort of thing happening... thankfully not where I worked.

I would give them citizenship without a fight. Occupation if they had a good reason. Income... when you apply for a loan, never before.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Wed Jan 22, 2014 9:41 pm

.....
Last edited by pinecrest on Mon Feb 24, 2014 7:07 pm, edited 2 times in total.

User avatar
dm200
Posts: 17107
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Anyone familiar with this? Bank asking for info...

Post by dm200 » Wed Jan 22, 2014 10:23 pm

This is an informational document to customers of Financial Institutions from FinCen with details and examples of the required filing of a CTR (Currency Transaction Report):

http://www.fincen.gov/whatsnew/pdf/CTRPamphletBW.pdf

This is more information about this document:

http://www.fincen.gov/whatsnew/html/20090224.html

User avatar
scubadiver
Posts: 845
Joined: Sun May 04, 2008 9:48 pm

Re: Anyone familiar with this? Bank asking for info...

Post by scubadiver » Wed Jan 22, 2014 10:43 pm

pinecrest wrote:
ASUGrad wrote:
I would give them citizenship without a fight. Occupation if they had a good reason. Income... when you apply for a loan, never before.
The big quesiton is how to refuse information without triggering a SAR. If banks in real life are anything like the bankers on Internet forums, they are trigger-happy and have a "shoot first - ask questions later" mentality.

Customers have a right to preserve the privacy as best they can; hence they should be able to ask why specific pieces of data are needed. Or to ask to see the bank or legal requirement. If that immediately triggers a SAR, that really puts a chill on things.

So any pointers? Any specific ways we can ask/refuse without inciting extreme action on the bank's part?

TIA
I guess I'm still confused about why I care about the SAR. We're still NOT Soviet Russia, so I'm not compelled to provide such information and investigating me, whatever that means, based upon my failure to provide information that I'm not obligated to provide seems pretty hoaky. And so what? Let them investigate. If they want to waste the resources. It will make for a great letter to my elected representatives.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Wed Jan 22, 2014 11:07 pm

.....
Last edited by pinecrest on Mon Feb 24, 2014 7:06 pm, edited 2 times in total.

User avatar
scubadiver
Posts: 845
Joined: Sun May 04, 2008 9:48 pm

Re: Anyone familiar with this? Bank asking for info...

Post by scubadiver » Wed Jan 22, 2014 11:22 pm

pinecrest wrote:scubadiver, I'm probably one of the most vocal people here about "sticking it to the man", meaning anyone who tries to get personal data from me will have to pull teeth. But SARs mean you are reported to law enforcement (FINCEN initially and potentially others...local law enforcement, FBI, DEA, IRS...) and one of the triggers for doing that is the mere asking the question, "Will this trigger a SAR?" The mere asking of the question triggers an automatic SAR. I don't have the references at my fingertips but I've been following this for quite a while. Maybe one of the bankers/ex-bankers can provide a link (or I will try searching). The flip side to the SAR is if a bank reveals to you that they have filed a SAR on you, the bank gets hit with a stiff fine. So it's kind of like the fight club. Those who know about SARs don't talk about them. Very Soviet-like.

It's also interesting to read how FINCEN views the SARs. Some investigators chastise the banks for not filing enough SARs. Some chastise them for filing too many frivilous SARs. The banks are caught in the middle and tend to err on the side of filing too many SARs.
I still don't understand why I care that they reported me to law enforcement. So now I'm "on the FBI's radar". What are they going to do to me? Drag me away for interrogation? Because I would tell a bank employee what my occupation was or how much I make? really?

Diogenes
Posts: 602
Joined: Sat Mar 03, 2012 3:58 pm

Re: Anyone familiar with this? Bank asking for info...

Post by Diogenes » Wed Jan 22, 2014 11:46 pm

Slow down . A SAR in and of itself is not something to be concerned about. Thousands are filed by banks just to cover themselves and are ignored by investigative agencies unless a obvious money laundering pattern develops or you are otherwise under investigation. FINCEN is not an investigative agency, just a clearing house. You don't leave your privacy rights at the front door of a bank and need not be concerned about a Jr. Bank officer inappropriately filing a SAR.

Refusing to provide a bank your occupation and income would fine, normal even since they have no legit reason to ask. The OP was not talking about doing anything suspicious carrying in like large bags of cash etc. To the contrary it seems.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Wed Jan 22, 2014 11:47 pm

.....
Last edited by pinecrest on Mon Feb 24, 2014 7:06 pm, edited 2 times in total.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Thu Jan 23, 2014 12:15 am

.....
Last edited by pinecrest on Mon Feb 24, 2014 7:05 pm, edited 2 times in total.

Mudpuppy
Posts: 5889
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: Anyone familiar with this? Bank asking for info...

Post by Mudpuppy » Thu Jan 23, 2014 1:04 am

I honestly don't think your average bank teller, upon being met with a quizzical look and a "why do you need that?" response to asking a customer to provide this information, would reach down and file a SAR. More likely, they'll choke back the internal scream at having to answer this same question for the umpteenth time this week because corporate couldn't be bothered to spend the money to mail out a notice and then politely answer. Even if one was still hesitant and kept with the confused look while stating "I don't understand why you need that", the bank teller is more likely to chalk it up to confusion and bewilderment than outright criminal activity. SARs are meant for people acting suspiciously in a criminal fashion, not someone who is befuddled at why they're being asked something new.

And a phone representative who has ever participated in the corporate security training would understand even the chilliest "I don't give that information over the phone" response and politely redirect one to attend to the matter at a local branch at one's earlier convenience or offer to mail additional information. They probably wouldn't even bat an eyelid before moving on to the next number the dialer has already reached, much less think about pausing their phone to file a SAR. Throughput matters in a call center with this sort of thing and you aren't getting throughput when you're filing paperwork.

About the only reason I could reasonably see one having to worry about having a SAR filed over this sort of request is if one raised a massive stink, berated the phone representative or bank teller, insisted on speaking to / seeing the manager /supervisor, went on about how intrusive corporations are these days, and otherwise behaved poorly.

Side note: Does it show through that I worked IT at a call center for a while during my schooling days?

ASUGrad
Posts: 259
Joined: Sun Oct 20, 2013 8:09 pm

Re: Anyone familiar with this? Bank asking for info...

Post by ASUGrad » Thu Jan 23, 2014 10:21 am

So any pointers? Any specific ways we can ask/refuse without inciting extreme action on the bank's part?
Context matters.
If you are asked what you do for a living in a casual conversation(so what do you do?) and you give a very vague answer and then change the subject. No one will care.
If you freak out and get really defensive they probably still won't file a SAR, they will just think you are odd. Banks are use to plenty of 'odd' characters.
If they are asking for your occupation & income in a very formal way(I need your occupation information) and its not linked to a credit application or brokerage account(need occupation) you should just answer that you are a private person. Again they shouldn't file a SAR for that. If they do it will likely be glanced at once and then forgotten about while something far more interesting is investigated. If they say they can't open your account or they are going to close your account then speak with the manager and explain you would like to switch to a bank that respects your privacy.
They will likely want to know the nature of the business for a business account. Some banks don't open accounts for specific types of businesses(credit collectors/pay-day loan outfits being the most common) or don't offer features certain types of businesses will need so its just as much for your benefit as theirs to explain this to make sure its a good fit.

Now if you take out 50k in cash and refuse to answer a question about occupation... yea that will get a SAR.
Also asking "what specific amount of money can I take out without triggering a report to the feds?" Might trigger a SAR. Subsequently taking out that amount of cash will trigger the SAR. Regular cash transactions just under the reported limits will also trigger a SAR.

Honestly your transactions are far more likely to trigger a SAR then a question about occupation or income.
"Common" forms of suspicious behavior

* The customer explains what he or she is doing, and seems eager to explain it - too eager.
* The customer refuses to explain what he or she is doing, and implies that the teller has no business being curious.
* The customer loitered in the lobby - taking for ever to fill out a deposit slip - while watching the tellers handle customers.
* The customer conducts an unusual transaction - much larger than is typical - at a different branch than the customer usually goes to.
* The customer takes a complicated transaction to the drive-up window (and hopes that the teller will tire of sending information back and forth through the tray or tube.)
* The customer deposits precisely $10,000 in cash and advises the teller that he need not prepare a CTR because the deposit is below the reporting level.
Ok loitering in the lobby is a red flag for something very different.... bank robber. Yes that will make the tellers trigger happy, not on the SAR, on the alarm. The $10,000 red flag will also trigger a SAR in a heartbeat. The others can be considered suspicious behavior and might be signs to the teller that they should look into the transaction further. Initially they are doing this as fraud protection, to make sure there isn't something illegal happening(someone is trying to steal your money). You want the tellers to do this. They aren't going to file a SAR for this unless they find something else along the way... like a 9000 cash deposit every day for the last 3 months. The best way to get a SAR is to try to avoid getting a CTR. Other good ways are check kiting, and having a business with transactions that make no sense. My favorite... the ATM business that a guy ran out of a backpack and always deposited cash and never withdrew cash or needed change... yea, SAR. Or the "charity" that constantly wired large sums of money to individuals in African countries.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Thu Jan 23, 2014 4:43 pm

.....
Last edited by pinecrest on Mon Feb 24, 2014 7:05 pm, edited 2 times in total.

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Thu Jan 23, 2014 5:02 pm

.....
Last edited by pinecrest on Mon Feb 24, 2014 7:05 pm, edited 2 times in total.

User avatar
dm200
Posts: 17107
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Anyone familiar with this? Bank asking for info...

Post by dm200 » Thu Jan 23, 2014 9:15 pm

Thare are many things that will, or may, trigger a SAR.

One, near certain, thing is to do cash (paper money and coin) transactions in such a way, or even be so silly as to say this, that it is your intent to avoind the filing of a CTR.

richard
Posts: 7961
Joined: Tue Feb 20, 2007 3:38 pm
Contact:

Re: Anyone familiar with this? Bank asking for info...

Post by richard » Thu Jan 23, 2014 9:51 pm

From browsing this thread, it seems

1) A bank may ask you all sorts of things pursuant to governmental regulation or internal policy

2) You can give them the information or not

3) If you don't give the information they may
- do nothing
- close your account
- file a SAR

4) The consequences to an individual from having a SAR filed for refusing to provide information are not clear

Have I missed anything important?

pinecrest
Posts: 678
Joined: Fri Feb 15, 2013 10:51 pm

.....

Post by pinecrest » Thu Jan 23, 2014 10:33 pm

.....

Post Reply