Personal Finance

New law or just nosy bank teller?

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  • Aug 15th, 2021 1:10 pm
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[OP]
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Oct 23, 2008
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GTA, ON

New law or just nosy bank teller?

I went to deposit some cash today and was surprised when the teller kept pressing me to tell her where the money came from. It wasn't a large amount, only like $2100, and it was my home branch.

Like I get it if I were to walk in & deposit like $10k or more then maybe it might warrant an inquiry. It's not like I'm deposting large sums of cash weekly like I'm laundering illegal funds.

Is there like some new rule about banks asking where cash is from these days? They sure don't ask when you ask to withdraw that much in cash.
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145 replies
Deal Expert
May 30, 2005
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Richmond Hill
Banks are required to report on $10K transactions but they can and have the responsibility to ask if they have questions about any amount, although rare. The teller was either nosy or there was something you did or something the computer told them that make them suspicious.
[OP]
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Oct 23, 2008
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Jon Lai wrote: Banks are required to report on $10K transactions but they can and have the responsibility to ask if they have questions about any amount, although rare. The teller was either nosy or there was something you did or something the computer told them that make them suspicious.
She looked like a newbie because she was asking her supervisor how to pay a bill. I just found it odd to ask for such a minor amount. Next time I should just go when my usual teller is there.
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Feb 8, 2014
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$10K and over i think is covered by money laundering laws (i don't know if they can ask or require you to say why, just that they have to report it) but $2100 is rent in TO if your lucky.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
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Jan 19, 2017
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chimaican wrote: I went to deposit some cash today and was surprised when the teller kept pressing me to tell her where the money came from. It wasn't a large amount, only like $2100, and it was my home branch.

Like I get it if I were to walk in & deposit like $10k or more then maybe it might warrant an inquiry. It's not like I'm deposting large sums of cash weekly like I'm laundering illegal funds.

Is there like some new rule about banks asking where cash is from these days? They sure don't ask when you ask to withdraw that much in cash.
yes, for $10K cash: https://www.fintrac-canafe.gc.ca/guidan ... e7B/7b-eng

I don't know if there is written rule for large cash withdrawal. But the banks can ask why you want to take large cash out. it happened to me before. It is for your own safety.
Deal Addict
Jan 15, 2017
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Ottawa
Not new. Entities must also report suspicious transactions. https://www.fintrac-canafe.gc.ca/report ... rptstr-eng

These amounts can be anything. The most common reason to inquire could be something as simple as a review of your account shows that you rarely deposit cash or that your normal deposit amounts are significantly lower than the $2100.
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Mar 9, 2007
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Think of the Childre…
Never had this issue before, but if they ever do ask me, I'll just say I'm a part-time male gigolo.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Guru
Dec 5, 2006
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Markham
chimaican wrote: I went to deposit some cash today and was surprised when the teller kept pressing me to tell her where the money came from. It wasn't a large amount, only like $2100, and it was my home branch.

Like I get it if I were to walk in & deposit like $10k or more then maybe it might warrant an inquiry. It's not like I'm deposting large sums of cash weekly like I'm laundering illegal funds.

Is there like some new rule about banks asking where cash is from these days? They sure don't ask when you ask to withdraw that much in cash.

Reporting 10k is just part of AML. But there are a lot more than that. For example, if you start constantly deposit 2000( not your case), then they will ask you

Or if you keep on deposit 9000 instead 10k, they might start asking question as well

But nothing to worry if everything is legal. They do their job and you do yours
Deal Addict
Dec 16, 2012
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Vancouver
chimaican wrote: I went to deposit some cash today and was surprised when the teller kept pressing me to tell her where the money came from. It wasn't a large amount, only like $2100, and it was my home branch.

Like I get it if I were to walk in & deposit like $10k or more then maybe it might warrant an inquiry. It's not like I'm deposting large sums of cash weekly like I'm laundering illegal funds.

Is there like some new rule about banks asking where cash is from these days? They sure don't ask when you ask to withdraw that much in cash.
About 6 years ago I needed to go to the bank personally alot as I had do remittance for my business but also drop off cash as my gf at the time worked at a restaurant and had to deposit her check and her tips.

I noticed that the woman tellers would be the ones who be the ones who ask, not a single time was I asked by a guy teller and I did this for like 2 years.

I had a joint account, personal account and business account. I first started with depositing my gfs stuff and I would deposit like $500 in cash and a few checks from her work. I was asked "where did I get all that cash from" and "where did my gf get these checks from (the restaurant logo was on the check......)

Later on I started doing my business account first especially if it was a woman teller, as what I found out the woman would be very nosy and bit cold as they could see in my joint account / personal account and it had like $200 in it. But when I started to do my business stuff and they saw my business bank account balance then all of sudden the tone changed, to oh do you want to talk to one of our advisers and what can I help you with.....

When they thought me and my wife were dirt as poor then everything was looked at differently but once they saw the business account then it was like "ok, everything is good now, don't need to ask questions of where this money came from".
Deal Addict
Mar 14, 2014
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xiaobao wrote: When they thought me and my wife were dirt as poor then everything was looked at differently but once they saw the business account then it was like "ok, everything is good now, don't need to ask questions of where this money came from".
Must be human nature to stereotype, it's quite sad.
[OP]
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Oct 23, 2008
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Next time I'll just say; "Wah! You never see red pocket money before?" Smiling Face With Open Mouth And Tightly-closed Eyes
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10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
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Jan 16, 2011
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Maybe she was just being nervously over polite? I've found that customer facing employees in every business seem to be pushed to make the customer feel as welcome as possible. I get that at Starbucks the cashier needs to be cheery and ask how my day is going, do I have any cool plans... BUT I don't need the same treatment at EVERY business I patron...

You said she seemed new, maybe she was just awkwardly trying to be friendly too?
[OP]
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Oct 23, 2008
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kr0zet wrote: Maybe she was just being nervously over polite? I've found that customer facing employees in every business seem to be pushed to make the customer feel as welcome as possible. I get that at Starbucks the cashier needs to be cheery and ask how my day is going, do I have any cool plans... BUT I don't need the same treatment at EVERY business I patron...

You said she seemed new, maybe she was just awkwardly trying to be friendly too?
Nah, she was asking for real. First she asked where the money came from and inquired if I had withdrawn it from another bank. When I said no, then she asked if it was my personal savings. I was perplexed, so I said it was my own savings (which it was). But then she asked that question twice.

It's the pandemic and since everyone wants tap, I've been charging most things to my credit card, so I haven't really been spending paper money. Parents give me cash for things I've picked up for them, and I also run the lotto pool at work, so people give me cash for their weekly contributions. I pick up my lotto when I'm at the gas station or elsewhere, so I tend to just charge it on plastic. Sheesh, I should have people just e-trans $$, but then the bank will probably think I'm running a side business and call CRA. LOL... Can't win. Lol.
Tis banana is IRIE 😎

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
Deal Addict
Jul 26, 2018
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Canada, eh?
My mom got asked before, for $1200. Lol.

When she said it was from another bank (which is true) they asked to see the withdrawal receipt from that bank. She didn’t have that anymore since threw it away and it was such a hassle to get it as she doesn’t use online banking so ended up saying f it I won’t deposit it then.

Edit: bank was HSBC so if yours is the same then 🤷‍♂️
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May 1, 2018
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If they have an ABM at the front, I'd tell her to pound sand and deposit the cash through the machine.
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Jun 6, 2009
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Alivenate wrote: If they have an ABM at the front, I'd tell her to pound sand and deposit the cash through the machine.
Maybe that's precisely what they want. There's no one at the ATM to ask these questions so it's obviously not the law.
I used to get nosy tellers not when I deposited cash but when I deposited a cheque, even for $50. Now when I show up with a cheque, I get treated to a weird look followed by the question "Is the ATM not working?" I don't know. If I wanted a banking relationship with an ATM, I'd close my account with you and open one with Tangerine.
Newbie
Sep 17, 2012
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Brampton
chimaican wrote: I went to deposit some cash today and was surprised when the teller kept pressing me to tell her where the money came from. It wasn't a large amount, only like $2100, and it was my home branch.

Like I get it if I were to walk in & deposit like $10k or more then maybe it might warrant an inquiry. It's not like I'm deposting large sums of cash weekly like I'm laundering illegal funds.

Is there like some new rule about banks asking where cash is from these days? They sure don't ask when you ask to withdraw that much in cash.
Banks provide AML training to their employees every quarter. One of the scenario in that is a person who never deposit cash or very small amount of cash, suddenly deposits 100% more cash and it’s considered as a factor for suspicious activity. It could be a case of that employee implementing that training here.
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Sep 11, 2006
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secretalcoholic wrote: My mom got asked before, for $1200. Lol.

When she said it was from another bank (which is true) they asked to see the withdrawal receipt from that bank. She didn’t have that anymore since threw it away and it was such a hassle to get it as she doesn’t use online banking so ended up saying f it I won’t deposit it then.

Edit: bank was HSBC so if yours is the same then 🤷‍♂️
I can't believe hsbc has a running business
Deal Fanatic
Jul 1, 2007
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Tellers have a responsibility to ask if they perceive anything out of the ordinary or suspicious about a cash deposit. These days every 4-figure cash deposit is suspicious. If there's no record you ever doing deposits like that, if there are any flags on your account for anything else, or if you just appear shady, the teller is in violation of their duty if they don't ask.

If you joke around or make up some lie you're committing fraud.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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