Personal Finance

Do bank ask you questions when you withdraw cash over the counter?

  • Last Updated:
  • Feb 19th, 2019 12:17 pm
Deal Addict
Nov 8, 2017
1070 posts
516 upvotes
Last time I took out a largish sum(2800) they didn't ask anything. I had to wait about 5min to get it and wait to the side though CIBC downtown Nanaimo
Member
Feb 13, 2008
410 posts
136 upvotes
Edmonton, AB
I have been dealing with RBC and TD since 1984. When I try to withdraw 3k to 4k they want two to three days notice. They claim the do not have that kind of cash. In 2016 TD started investigating me for having too much money. This was both funny and insulting. Last year I went to RBC to change the pin on my credit card and they wanted to know all the details of all my accounts and the dates they were opened. I am talking about my RBC DI rrsp, tfsa. margin.
I think these people want attention and they will do anything to get it.

Solution? We need more competition in the banking industry.
Member
Feb 13, 2008
410 posts
136 upvotes
Edmonton, AB
Opps...I almost forgot. Last month we went to RBC to open a new account. They wanted recent statements from all my non- RBC savings account. I laugh at them. This is a total insult to a little guy like me.
Deal Addict
Jan 2, 2015
1393 posts
402 upvotes
Toronto, ON
dekvitaly wrote:
Feb 10th, 2019 2:54 pm
What's the point of asking for ID when you are supposed to be the only one to know that PIN?
When do you give ID? When the banker asks for it. Just ask this banker about that:

http://www.angryretailbanker.com/2015/0 ... -caring-2/


PINs aren't invincible. They can be guessed, found if written down, given to friends or relatives (who can then be tricked out of giving that PIN), or obtained through a gadget on an ATM or at a gas station. People on this forum probably won't make those mistakes, but people do screw up, and they get angry at the bank if they get defrauded due to their screwup. Just show ID, it takes a few seconds.
Plus I easily go to an ATM and take money out or use that debit to perform PIN debit transaction.
I doubt you can take $10,000 out of an ATM.
Deal Addict
Jan 21, 2014
4139 posts
1841 upvotes
Last year, I have withdrawn between $5K-$8K once a week for several times at several TD branches. Never once they asked me why I needed the cash, though each time they wanted to see my DL to confirm my ID. There was only one instance where I did it first thing in the morning, so they wanted to preserve $100 bills, they asked if they could only give me $5K in $100s and $3K in $50s which was fine for me. Maybe because I am with them forever, since late 1980s
Deal Fanatic
User avatar
Dec 27, 2009
6804 posts
3970 upvotes
Ottawa, ON
dekvitaly wrote:
Feb 10th, 2019 2:54 pm
What's the point of asking for ID when you are supposed to be the only one to know that PIN?
Plus I easily go to an ATM and take money out or use that debit to perform PIN debit transaction.

You are being double talked here.
Well, the thief could have forced the PIN out of the actual owner (or people are careless with their PIN and someone looks over their shoulder, etc). It is harder to produce the matching ID (not impossible, but harder). I have no problem whatsoever if the bank asked me for ID.
Deal Fanatic
User avatar
Dec 27, 2009
6804 posts
3970 upvotes
Ottawa, ON
cocotheparrot wrote:
Feb 11th, 2019 2:12 am
I have been dealing with RBC and TD since 1984. When I try to withdraw 3k to 4k they want two to three days notice. They claim the do not have that kind of cash. In 2016 TD started investigating me for having too much money. This was both funny and insulting. Last year I went to RBC to change the pin on my credit card and they wanted to know all the details of all my accounts and the dates they were opened. I am talking about my RBC DI rrsp, tfsa. margin.
I think these people want attention and they will do anything to get it.

Solution? We need more competition in the banking industry.
Sounds like the bank feels suspicious of your transactions. Why so many large cash transactions?
Penalty Box
User avatar
Mar 10, 2018
2860 posts
204 upvotes
dekvitaly wrote:
Feb 10th, 2019 2:54 pm
What's the point of asking for ID when you are supposed to be the only one to know that PIN?
Plus I easily go to an ATM and take money out or use that debit to perform PIN debit transaction.

You are being double talked here.
as op said "but amounts around ~$10k."
Can you remove/withdraw that much at ATM? And AGAIN asking for ID along with PIN is annoying. not wrong. YOu dont like move your business to other bank.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
callernamet wrote:
Feb 11th, 2019 1:36 pm
as op said "but amounts around ~$10k."
Can you remove/withdraw that much at ATM? And AGAIN asking for ID along with PIN is annoying. not wrong. YOu dont like move your business to other bank.
I have 8 banks acct and CUs in Canada. Plus relative the same or more from the United States.

No need I already planned it all out
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Deal Addict
Jan 28, 2007
2123 posts
1441 upvotes
SW Ontario
TD knows better than to ask me these sorts of questions. I always give them some sort of sarcastic response that indicates to them it's none of their business ...
I'd rather be outdoors camping, kayaking, and mountain biking ...
Deal Guru
User avatar
Jun 12, 2007
14185 posts
3528 upvotes
London
Chickinvic wrote:
Feb 11th, 2019 1:27 pm
Well, the thief could have forced the PIN out of the actual owner (or people are careless with their PIN and someone looks over their shoulder, etc). It is harder to produce the matching ID (not impossible, but harder). I have no problem whatsoever if the bank asked me for ID.
I think the taxi scam is based on stealing both the pin and actual debit card, then emptying the account.

The scams been running for a while (2yrs?) so it’s likely why some banks were sometimes demanding photo Id

https://toronto.ctvnews.ca/mobile/polic ... -1.4257266

Police lay 262 charges against group allegedly behind taxi debit card scam
Published Thursday, January 17, 2019 8:06AM EST
Deal Addict
User avatar
Mar 9, 2012
2622 posts
1428 upvotes
Kitchener
I think it depends on your relationship with your bank. My current main bank, I can do just about anything and no one would bat an eye. If I used a secondary bank (not my main), I'd be asked questions for sure.

That's the value of being a long term client of a bank and having RRSP's, TFSA's, HISA's, Mortgage, Credit Card, etc., with the same bank and branch. I bolded branch intentionally, because if I went to a Toronto branch and asked to take out, say, $6,000, they'd ask questions.
How can we fly like eagles, when we're governed by Turkeys?
Deal Addict
Jan 19, 2017
1565 posts
721 upvotes
Limited7 wrote:
Feb 7th, 2019 11:35 am
I am not talking about huge sums of money but amounts around ~$10k.

My experience has varied from branch to branch since some cashiers are much easier to deal with; but at some branches they even asked me where the money came from when I was depositing similar amounts like WTH.
What is the max. daily limit you can take out from an ATM? if it is $1000, then do it over 10 days.
Deal Addict
Jan 19, 2017
1565 posts
721 upvotes
jeff1970 wrote:
Feb 11th, 2019 5:24 pm
I think it depends on your relationship with your bank. My current main bank, I can do just about anything and no one would bat an eye. If I used a secondary bank (not my main), I'd be asked questions for sure.

That's the value of being a long term client of a bank and having RRSP's, TFSA's, HISA's, Mortgage, Credit Card, etc., with the same bank and branch. I bolded branch intentionally, because if I went to a Toronto branch and asked to take out, say, $6,000, they'd ask questions.
Even if the bank knows you, they might still ask question for your own safety. May be you are forced to take out money for some bad reason like blackmailing, kidnapping, etc,
see this: https://www.cbc.ca/news/canada/toronto/ ... -1.4980649
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
ml88888888 wrote:
Feb 11th, 2019 6:14 pm
Even if the bank knows you, they might still ask question for your own safety. May be you are forced to take out money for some bad reason like blackmailing, kidnapping, etc,
see this: https://www.cbc.ca/news/canada/toronto/ ... -1.4980649
it's customer's responsibility..... you can't be telling other processors like "you should look at my money and tell me not to etc. because it's etc."
Sure it's a nice human gesture but no, don't pin it back to a bank employee.
I am being targeted over Internet Relay Chat. Please help me.

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