Quote:
Originally Posted by Stu from NYC
Why in the world would she even ask for an explanation if you are known to the bank as a customer?
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Banks generally have policies and procedures to protect seniors against Elder Abuse. If a known, senior customer makes a withdrawal that is out of their normal pattern, the teller may ask questions to screen for potential abuse (ie to determine if the customer is being scammed into giving money to someone).
So many regulations and policies may make a bank look like they are being too nosy but basically they are required to 1) Know their Customers (KYC) - are they who they say they are, not on a banned foreign nationals or politically exposed persons list etc , 2) know the sources and uses of funds to prevent money laundering, financing criminal activity etc. particularly with mortgages etc, the loan underwriting will inquire about the sources of all funds used for the down payment even if under $10k. as that is a potential venue for money laundering and 3) protect vulnerable customers from fraudulent scams.