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Legal & money


(94 Posts)
Daisymae Mon 19-Aug-19 19:48:18

Anyone else finding that security is now so intense that it is getting to be very difficult to access to your own accounts? I have a friend who was transferring money from one account to another when they were phoned by the fraud section. They proceeded to ask a variety of questions including 'what do you want the money for?' My friend said they failed to see how this was relevant to the transfer and pointed out that it was going from one account to another account WITH THE SAME NAME! Anyway bottom line is that account was blocked and they were instructed to go into a branch and present themselves with ID. This is despite the fact that one form of security was fingerprint recognition! You now also get a 6 digit code to your phone when you buy online, you need to remember your mother's inside leg measurement and I don't know what other memorable details. I know banks have to crack down on fraud but it is getting silly. Starting to think that keeping it under the bed might be a better option. Or perhaps its just me??

EllanVannin Mon 19-Aug-19 19:50:51

No bank will ask what you're going to spend the money on.

Daisymae Mon 19-Aug-19 20:02:21

Well that's where you are incorrect because that's just what happened.

EllanVannin Mon 19-Aug-19 20:09:56

In all the years that I've been with the same bank they've never asked me that question yet. Then again I don't bank online, but prefer face to face transactions etc.

M0nica Mon 19-Aug-19 20:15:54

EllenVannin banks have been asked to ask elderly people coming in and wanting large sums of money (£thousands) in cash. This is because so many older people have been conned by rogue builders cold calling and charging them hundreds, if not thousands of £s for simple jobs like replacing a roof tile, putting a new washer on a tap, or other such trivial job.

However, I think the bank clerk who asked the lady in this circumstance what the money was for, has clearly been trained but hasn't fully understood what she was told and that it only applies to elderly people taking large sums of cash out, not just transferring it between their own accounts.

Some years ago an elderly man I knew was conned out of £10,000 that way.

Davidhs Mon 19-Aug-19 20:17:22

5 layers of security plus a text code for any new payees get the codes wrong 3 times and you’re locked out, a different set of 6 questions to get back in.

Tough but it IS secure!

MissAdventure Mon 19-Aug-19 20:28:50

I've only been able to access my online bank account for 1 glorious minute, before I messed up and locked myself out, never to be able to get into it again.

Marydoll Mon 19-Aug-19 20:36:47

I have also been asked what the money I was withdrawing was for.
It was done in a very chatty, casual manner, but I knew exactly what was happening.

Nandalot Mon 19-Aug-19 20:53:36

Yes, we have also been asked when transferring from savings to current. Again in a sort of chatty manner.

MissAdventure Mon 19-Aug-19 22:31:06

I was asked in branch if someone was making me draw out a large sum (well, large for me!)

They must know I'm usually a tight arse. smile

paddyann Mon 19-Aug-19 22:43:46

I was asked when I took out a few thousand pounds to buy my son a car ,that was about 12 years ago,so its not a new thing .

MissAdventure Mon 19-Aug-19 23:24:50

It's new to me though. smile

Its a long, long time since I've had any money to draw out.

grannyqueenie Tue 20-Aug-19 01:04:29

I was questioned very closely when i went into my bank to transfer money to an African friend who lives in USA e.g. did i really know who this person was? Was I being put under any pressure to transfer this sum? It was only £200 but i was impressed that the bank teller took the time to make sure i wasn't being exploited.

jusnoneed Tue 20-Aug-19 08:49:25

I help out an elderly lady and a couple weeks ago we did the compare insurance prices after she had a huge increase quoted. Found some £400 cheaper and tried to pay it online. Bank said no and stopped her card at once. She phoned them and told them in no uncertain terms what she thought, answered various questions but the bloke still said no and that she had to go to local branch. Now that is 5 miles away, they left her with no way to access her money. So we had to go and sort it out. Now I understand security but I do think they are going too far if they leave a 92 year old with no way to pay for anything.
We were talking to the boss of a local small business while he was at her house last week and he said it is causing problems for them as well, people want to pay for new windows or doors and because it's an unusual amount the banks say no and the customer has to toddle off and see someone to say yes it's me paying for something with my money. Ok if your bank is still in town but some people have long trips to nearest branch.
I was questioned last week when I went to draw money out for a car purchase, made more difficult because I don't have a passport or driving licence (another hitch they haven't thought about) and was asked what I wanted the money for. I had to have a statement read to me about confirming it was my choice to take out the money. But they have made cheques a no no, larger online payments difficult.
I see a lot of "cash under the mattress" returning.

kircubbin2000 Tue 20-Aug-19 10:26:20

When I put in a large amount from a maturing bond they asked where the money had come from.

LondonMzFitz Tue 20-Aug-19 10:28:05

I work for a small business that generates a "good" amount of money. Fraud is everywhere - absolutely everywhere! I've had two significant occurrences in the last 6 months that could have had appalling consequences for our company, not only monetary but in reputation.

As one who forgets passwords and such I know it's an awful bind, but honestly these measures are in place for a terribly good reason.

There are numerous stories in the press, but one that my parents told me some 20+ years ago. They had friends, an elderly brother and sister, who lived in a small community. A workman came to the door to offer his services for any little jobs they might have, extremely friendly, very chatty, and they were delighted with this new "friend". Robbed them while they weren't looking. They were too embarrassed to tell the police until my parents (both then in their 70's) insisted they do. They'd invited this fellow into their home, made him welcome! The knock-on effect was they both became extremely depressed and enormously unhappy.

I think it's great that banks and building societies have this safety net in force.

jaylucy Tue 20-Aug-19 10:30:22

I'd guess that if you yourself or a relative or friend had been conned, you'd all be thinking differently.
The banks have to try and stay several steps in front of the fraudsters or it costs them money to refund the money that was stolen.
I have in the past. when drawing money out from my savings account or transferring money either to my other account or even to my son's account, been asked if I was buying anything nice with it, so that bit is nothing new!

polnan Tue 20-Aug-19 10:36:24

a few years back, I was paying a deposit on a leasing car, I told the bank what I wanted it for, they said they didn`t want to know!!!

times they are a changing.!

icanhandthemback Tue 20-Aug-19 10:49:13

It is common practise for banks to ask what you are intending to use a large amount of money for. I find it intrusive but do understand that banks are tasked with protecting the vulnerable and stopping money laundering.

Granof412 Tue 20-Aug-19 10:53:25

Oh yes they do. My daughter went to Germany for private cancer treatment. I tried to transfer A LOT of money to my son in law’s account to pay the bill when I was transferred to an outside agency of the bank to answer a lot of questions regarding my identity and the purpose of the transfer. This was all done in an accusatory tone by the interviewer and at one point it made me so uncomfortable I had to stop them and ask the purpose of the questioning. The response was that the transfer would not go ahead and I would have to go into the branch to finish the interview.
I made a complaint to the bank and was told that they employ an agency whose employees are ex police. I pointed out that I have a right to spend my own money as I see fit and they only need to have affirmed identity.
It was awful, I was made to feel like a criminal by the tone of the questions.

25Avalon Tue 20-Aug-19 11:06:20

This may also be to do with money laundering for which there are now tight regulations. This is why you cannot open a bank account or other financial account without photo id which has to be the original and not a copy. I have found at the bank that if I wish to withdraw more than £5,000 I need to take my passport.

Stansgran Tue 20-Aug-19 11:12:42

I've been in the Halifax when a couple brought in the father who didn't know where he was and were demanding he take out money to pay for their central heating. It was really horrid. I didn't see the outcome but on here you see grandparents sayin they gave this and that and then the grandchildren get withheld . My sons in law are both in internet security and say nothing is unhackable.

Teacheranne Tue 20-Aug-19 11:16:27

Interesting the different experiences we have with our banks.

I have been helping my son in the US pay the legal fees in a toxic divorce and have transferred two large sums of money online to him recently (£6k at a time). Both of these transactions went through without an issue after I was sent the OTP from the bank via my registered mobile phone.

But I had to complete some money laundering procedures just to pay my solicitor for a new will, even though I was sat in front of him!

Shinyredcar Tue 20-Aug-19 11:17:57

I have transferred the small balance on one of my accounts to another at the same bank, so I can close the first one, which is now at zero. The bank says I have to go to a branch to close it, with three items of identity.

The bank branch is a round trip of more than thirty miles away. There are no buses. I can drive there, but if I had no car a taxi would cost a fortune. Great service!

Rosina Tue 20-Aug-19 11:25:56

It is infuriating but once again it is the crooks and criminals who are driving this level of security. When we were buying a house the bank refused to transfer money from our joint account across to our solicitor without our producing passports etc. We had been with the bank for about fifteen years! I now read that my current bank is no longer allowing internet banking to be accessed by using my specifically chosen numbers, words etc - I will have to keep my mobile by my side and obtain a code from that each time I want to log on. As the other option is the potential to have my account emptied I shall sigh, but comply!