Security

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.

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.!

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!

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.

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

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.

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.

It's new to me though.

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

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 .

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.

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

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.

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.

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!

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.

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.

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

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