Banks hate it when you want to withdraw your cash from them
Have you ever experienced this when you try to withdraw a huge amount of money from the bank? I recently had this experience. I was making some investment in the real world and I wanted to have some liquid cash in hand. I had to close one of the savings and received a credit of over 6000 $ in my bank account.
They call for verification
Immediately after the credit happened to my bank account, the bank people called me for verification. They wanted to ask me about the transaction and they wanted to check if I'm going to withdraw that money or just close the deposit as a temporary thing. They started talking a lot of things to me. Until this call, I did not have any relationship manager or ever received a call from the Bank from the home branch office.
They were so kind over the call and even started saying that I could call them anytime if I had any queries regarding my bank account. I was wondering where were these people when I had so much trouble in the past. I did not leave her alone and I did ask her a few questions about my bank account when I got the chance. She was kind to reply to all that and I still have her number to call her if there are any issues with my account.
Banks want us to invest back in them
The representative asked me what was my plan to do with the cash I withdrew from the savings. She was so keen on asking that and understanding what I was going to do. I was hesitant to give her any reply or disclose my plan. I did tell her that I was buying something and wanted this money. I had to tell that because she started selling me all the investment plans and medical plans they had in their bank. She even suggested doing a stock market investment based on the suggestions they gave.
The representative was very keen on not losing the money from their bank and whatever the case she wanted me to keep it intact. One funny thing was that she even offered me a loan saying that I can get a loan for any financial need and keep these funds bank in the savings itself. Who would be such mad to do that? I have cash with me and taking a loan and paying around 12% interest for that is madness when I have enough money for the expenses. I did tell her that but the intention here was to make me invest the money back with them.
Bigger transactions are tracked
This is one of the biggest lessons for everyone whatever transactions happen in our bank account, that transaction is being tracked. I guess if the transaction amount is big, we receive a call from the bank for confirmation and also they provide these details to the RBI. It is understandable because untracked money would be a problem because it can even be black money. But the freedom of spending our own money on our needs is disturbed a little bit here. I would even say that this is a little bit of a disturbance to our privacy. I guess it is a two-edged sword where we need this for our own safety and at the same time it is also a disturbance for us.
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Posted Using LeoFinance Alpha
Banks keep track of every single transaction we make like whom we are sending. Once my friend paid someone's bank account to purchase crypto through P2P via Wazirx and that too it's a small amount, on that day itself he got a call from the bank authorities telling that the one you transferred funds is a terrorist activist and your account will be blocked up untill you provide the details of that person. Luckily this wasn't his salary account.
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BEER.I think that's a core part of their business model, using our saved money to make more money for themselves. It's definitely a two-edged sword with tracking transactions and sometimes it doesn't go well for us, what they call fraud can be very different from what is fraud.
Banks have to update the way they are operating, or they will fall out of the way.
These days, people find it more profitable to invest money and make money work, that is much more practical than having it in a bank.
Of course, people have to take care of having some financial education, or it would be a disaster for them to manage their own money.
About 15 years ago, I was laid off by my previous employer. I had a severance check and when I went to the bank to get it cashed, they had to check to see if they had enough cash on hand to cover it (or at least that's what they told me). It wasn't like it was some vast sum of money. I believe it was in the neighborhood of $5,000 or $6,000 or something along those lines. Anyway, they ultimately managed to scrape together enough cash without having to close their doors. I envisioned this giant vault in the back empty except for a small stack of 20 dollar bills sitting in the middle of the floor...
Banks do keep track of every transaction. I know in the Netherlands every transaction, even an online payment for shopping or something, above 100 euros is tracked! And yes, it´s disturbing, and against all privacy laws in fact. But hey, everything to prevent money laundering.
Yes true. Digitalization is forcing towards that and disturbing the privacy a little bit.
Lol, I would say it's more than just a little bit, it's more like an invasion of your privacy.
Just like when a person goes for the first time and deposits money, they give a lot of respect and tell us many special and beneficial things, then when we need money, it is very difficult to return it.
Fixed that for you, because that's how banks see it.