Bank teller asks the wrong question

[Sunset]

I'm sure, the tellers refer quite a few old folks to the broker salesman in the bank.
I know it happened to my FIL.
The setup is pretty sweet really, as the old folks are in their "trusted" bank , so surely nobody would take advantage of them.

 

[RetMD21]

Really? I do everything online. And being able to deposit checks with my phone from home is the greatest banking invention ever. And online bill paying of course. I only write about 15-20 checks a year.

me too although I have had to get phone permission to deposit larger checks electronically

 

[Samsung4321]

We haven't had that spirit here since 1996.

The major banks had "Wealth Arms". Depositing a substantial bank cheque might lead to being offered a consultation with a "Wealth Expert" on the pretext of "better returns".

I would foil their attempts to steer the funds into a high fee "Wealth Product" by insisting on asking if it was a bank guaranteed savings or term account with a larger return. Invariably no, no - so no from me.

The practice ended after much mis-selling resulted in regulator action and selling off of the "Wealth Arms".

One difference between USA and Aus seems to be that USA Cashier's Checks cannot be "immediately" cancelled whereas Aus Bank Cheques can. A lost or stolen USA Cashier's Check only becomes stale after 90 days whereon the funds become available whereas a cancelled Aus Bank Cheque becomes void a time of cancellation and the funds become available in normal settlement time.

Much less risk walking a bank cheque from one bank to another. Clearance time is 3 business days at worst.

These days fewer retail branches means that walking a bank cheque is often not physically possible.

Proliferation of on line scams have necessitated electronic transfers of substantial amounts pass through vetting at source and destination banks and are no quicker than the bank cheque system unless "Real Time Gross Settlement" is requested and the fee paid then 2 hours.

But no questions about purpose of funds.

I can not recall the last time I saw a non-bank cheque.

 

[Beldar]

According to a neighbor, the pressure on tellers is ridiculous. Almost like a call center - metrics, metrics, metrics. Can't hit target for opening new accounts if every customer appearing at your window that month is already a customer, right? Wrong! Get them to open more accounts! You're supposed to have 3 referrals to the investment group every month

That probably explains the teller churn at our one B&M bank, which we now only visit to deposit a paper check (every few months). The "Banker" offices are either empty (as in non-occupied) or have a different/new rep each time we visit.

_B

 

[MarieIG]

This was a deposit, not a withdrawal.

With online transfer deposits, I have gotten forms requiring that I check off a box as to the source of the funds, i.e. sale of residence, real property, business, savings, etc. I recall being asked the question when I made a deposit of a six figure check from a house sale in a personal account. (I'm assuming this is part of looking for money laundering.) I have given brief, accurate answers.

Concerning a query regarding future plans with finances - that primarily seems to be fishing for the banks' financial services . . . Here, "yes I do" or "downpayment for a house" has sufficed.

 

[youbet]

The teller says, "Mr. njhowie, I see you're depositing this to your checking account. Do you have any plans for this money"? Taken aback, bewildered that the teller was being so nonchalant and blunt, I politely and calmly replied, "That's none of your business". She says "Sorry"? I politely and calmly repeated myself for her.

Boy oh boy, you sure showed her! Being put in her place like that sure must have taught her a lesson. Did she cry in front of you or was she able to hold the tears back until you walked away?

 

[M Paquette]

Ah, BofA! I closed my accounts there after each encounter with a teller resulted in my having to check with a Vice President.

As it turns out, I 'had to see' the branch Vice President of Annuity Sales and Investing Opportunities. The teller would check my balances, a checking account and a money market account holding the next several months of retirement 'income', and rather than complete the deposit or transfer to the kiddo's college account, would tell me I had to see a VP to complete the transaction!

The last time this happened I said no, I just want to make the damn deposit, so the "VP" came to the teller window and started his sales pitch.

"So, how would you like to proceed?"
"I'd like to withdraw all my funds and close the accounts."
"Excuse me?"
"I said I would like to withdraw all funds and close the accounts."
He wanted to debate this. I just got louder, and insisted on closing the accounts.

They cut checks for the balances, charging a fee of course, this being BofA and all, and rather curtly produced closing statements at my insistence.

I walked around the corner to Umpqua Bank and asked to open a checking and a money market savings account in my wife and I's name, and told them she would be by later to do the signature card for herself. "Of course!"

I'm quite satisfied with that decision.

I had already researched the other bank, as a fallback if I were hassled by BofA again, and like clockwork, they tried to turn a 30 second transaction into a 30 minute sales pitch, so I walked.

I still had a BofA credit card, but several years later when I went into a branch to update some info for the card after moving, they pulled the same upsell stunt again! I politely sat down with the "VP", and told them the tale above. They pushed, and I said I'd like to close out and cancel the card...

 

[RobbieB]

The teller says, "Mr. njhowie, I see you're depositing this to your checking account. Do you have any plans for this money"?

Yeah, gonna buy a boat -

 

[njhowie]

Boy oh boy, you sure showed her! Being put in her place like that sure must have taught her a lesson. Did she cry in front of you or was she able to hold the tears back until you walked away?

It was an unjustified question prying into personal affairs.

In the current environment, where privacy is taken for granted, even more so.

I'm happy that in the same situation, you would have gladly obliged. Do you have lengthy discussions with telemarketers when they call your home unsolicited, looking to sell you something? Invite the folks in who walk up to your front door looking to provide pest control or landscaping services, or pave your driveway because they happen to already be in the neighborhood? No difference whatsoever - aside from the fact the bank teller has all of your personal information right on the screen in front of them.

Go have a drink and call it a week.

 

[youbet]

It was an unjustified question prying into personal affairs.

Absolutely!

In the current environment, where privacy is taken for granted, even more so.

Very true. Couldn't agree more!

I'm happy that in the same situation, you would have gladly obliged.

Hmmmmm. That's not true! Very definitely a false statement.

Do you have lengthy discussions with telemarketers when they call your home unsolicited, looking to sell you something? Invite the folks in who walk up to your front door looking to provide pest control or landscaping services, or pave your driveway because they happen to already be in the neighborhood?

No, definitely not. Why would you say that?

Go have a drink and call it a week.

Since retiring, "weeks" just don't have the same meaning for me as when I was working at the factory. Then it was everything: where you were in relationship to the weekend, overtime pay, day-of-the-week related tasks, etc. But not so much anymore.

Don't be overly sensitive. I was agreeing and congratulating you. The girl did something wrong, you called her on it and put her in her place and then repeated it to make sure. Congrats man.......... I think that's a fight you won.

 

[MarieIG]

Ah, BofA! . . .

I used to work across the street and my employer had a business account at BOA. We received BOA expense checks, from an account my employer had with BOA. BOA started putting holds on the expense checks, which did not go over well. These were not particularly large checks and the money was in the account.

DF had an account with BOA and I was put on the account to write checks. I could "hold" the expense check against that account, but there was typically a line of employees (my co-workers) arguing with the BOA staff every Friday. After DF passed, I closed the BOA account. (DF liked to keep a healthy amount in his checking account.) BOA tried to charge me for a bank check, but I told them no need - I would go across the street to my office and get a shopping bag, cash was fine. Surprisingly they were able to give me a check no charge, which I walked to the bank across the street (next to our office). My former employer also moved their business accounts from BOA to the bank next door.

 

[njhowie]

Absolutely!

Very true. Couldn't agree more!

Hmmmmm. That's not true! Very definitely a false statement. No, definitely not. Why would you say that?

Since retiring, "weeks" just don't have the same meaning for me as when I was working at the factory. Then it was everything: where you were in relationship to the weekend, overtime pay, day-of-the-week related tasks, etc. But not so much anymore.

Don't be overly sensitive. I was agreeing and congratulating you. The girl did something wrong, you called her on it and put her in her place and then repeated it to make sure. Congrats man.......... I think that's a fight you won.

I apologize for having misinterpreted your reply as sarcasm.

 

[RobbieB]

I like BofA, a customer for decades.

Last time I was in I needed to wire just under a hundred grand.

Woo-Hoo, did this get attention! What for? A boat. Are you sure, this might be a scam? No, real broker, here is the paper doc with the account info. Real deal.

But I respect them for caring in these times of internet insecurity and con men.

 

[Sunset]

I like BofA, a customer for decades.

Last time I was in I needed to wire just under a hundred grand.

Woo-Hoo, did this get attention! What for? A boat. Are you sure, this might be a scam? No, real broker, here is the paper doc with the account info. Real deal.

But I respect them for caring in these times of internet insecurity and con men.

Even 25 years ago, a different bank cared when I walked in and asked for a $70K bank check.
I showed them the papers I happened to have for buy some land and got the check.
They gave the reason that the day I was there, was the same day as some bank auditors.
Maybe they just didn't want the cash to leave a bank account

 

[Letj]

It was an unjustified question prying into personal affairs.

I respectfully disagree the teller was prying. Making large deposits isn’t unusual. While this may be sensitive for you, most people I think would know it’s business as usual for a bank. That’s what banks do when customers make large deposits. They’re drumming up new business. It’s how we keep the engine of capitalism moving. Another possibility is the legal requirements they have to spot potential fraud and scams.

 

[Ronstar]

I think the teller phrased her question badly. She should have said something like - You’re depositing a large sum of money. We have investment accounts here for larger sums like yours that provide a larger rate of return if you’re interested.

We get this talk from our bank occasionally, but DW just wants to keep her simple checking acct.

 

[Gumby]

I respectfully disagree the teller was prying. Making large deposits isn’t unusual. While this may be sensitive for you, most people I think would know it’s business as usual for a bank. That’s what banks do when customers make large deposits. They’re drumming up new business. It’s how we keep the engine of capitalism moving. Another possibility is the legal requirements they have to spot potential fraud and scams.

In my experience, most people care far less about us and our affairs than we might think. They're busy worrying about their own lives and problems, just as we are.

 

[OldShooter]

Basically all of our assets are at Schwab, but from some old history I had an unused $250K HELOC at US Bank for maybe 10 years but no other relationship. When we decided to build a new lake home I planned to use the HELOC to smooth out some cash flow and tax issues during the build. So I contacted them to renegotiate the rate. Long story short it was a pain, but in the end I saved a couple of percent. The process was interesting, though. Once they got a net worth statement they immediately upgraded our account to their first tier wealth management level. Not a big deal, but it did provide better "miles" terms on the CC I had with them.

Once the loan had closed, I got the obligatory call from the investment rep asking if there was anything she could do for me. Part of her pitch was on the economy and she mentioned that she was worried about what Janet Yellen was going to do with interest rates. I pointed out that Yellen was at Treasury and really didn't have much to do with rates. That stopped her pitch cold as she realized how much ignorance she had just exposed. She politely ended the call and I haven't heard from her since.

 

[rk911]

my BIL passed away in March of '21. when my wife and I went to his credit union to transfer ownership and then close the account the person helping us asked the same question. like the OP that caught us off guard as well. I don't recall how we answered but I recall being tempted to speak my mind.

 

[Texas Proud]

BTW, heard that there is a lot of stolen checks being cashed around Houston... where I used to work they sent me a dividend check and then followed up with an email to make sure I got deposited the check as I did not sign the back... they had a few checks stolen themselves...

 

[youbet]

my BIL passed away in March of '21. when my wife and I went to his credit union to transfer ownership and then close the account the person helping us asked the same question. like the OP that caught us off guard as well. I don't recall how we answered but I recall being tempted to speak my mind.

This is an example of one of those things where your ability to just let it go like water off a duck's back is vastly to your advantage. Like learning to not express road rage, even when the offending driver really did cut you off, not getting tense over an aggravating situation is usually to your benefit.

Admittedly, having it catch you off guard makes not reacting tough.

 

[MarieIG]

Basically all of our assets are at Schwab, but from some old history I had an unused $250K HELOC at US Bank for maybe 10 years but no other relationship. When we decided to build a new lake home I planned to use the HELOC to smooth out some cash flow and tax issues during the build. So I contacted them to renegotiate the rate. Long story short it was a pain, but in the end I saved a couple of percent. The process was interesting, though. Once they got a net worth statement they immediately upgraded our account to their first tier wealth management level. Not a big deal, but it did provide better "miles" terms on the CC I had with them.

Once the loan had closed, I got the obligatory call from the investment rep asking if there was anything she could do for me. Part of her pitch was on the economy and she mentioned that she was worried about what Janet Yellen was going to do with interest rates. I pointed out that Yellen was at Treasury and really didn't have much to do with rates. That stopped her pitch cold as she realized how much ignorance she had just exposed. She politely ended the call and I haven't heard from her since.

That is a bit scary . . .

 

[OldShooter]

That is a bit scary . . .

Oh, I don't think so. At least it's not scary that USBank wanted to take a run at our assets. I would fault the unit manager if they did not.

I guess I could agree that the rep's ignorance and BS was scary, but if I worried about that I'd be scared almost every time I got near a retail investment rep.

 

[Koolau]

After spending 2 hours sitting with a WF banker spread across 2 days and 3 visits to the local branch to settle our 3-way joint accounts following mom's passing (road block after road block for what should have been a simple account re-titling), the WF accounts were closed and all funds given to me in cashiers checks. I drove from the WF branch directly to our BofA branch to immediately deposit them, not wanting to have that amount of cash in my possession.

Generally, I would simply deposit through the mobile app, or through the ATM. However, again, due to the amounts and that they were cashiers checks, I instead opted to go in, fill out the deposit slip, hand to the teller, and get a receipt.

The teller says, "Mr. njhowie, I see you're depositing this to your checking account. Do you have any plans for this money"? Taken aback, bewildered that the teller was being so nonchalant and blunt, I politely and calmly replied, "That's none of your business". She says "Sorry"? I politely and calmly repeated myself for her.

Is this typical for other folks that still walk into their local bank?

I guess I'd look at the question the same way I do "Do you want fries with that" at McDs but YMMV.

 

[leftcoastjayhawk]

Really? I do everything online. And being able to deposit checks with my phone from home is the greatest banking invention ever. And online bill paying of course. I only write about 15-20 checks a year.

No, the greatest banking invention ever was the ATM! For the first time in history, you could get cash without setting foot inside the bank.

Online banking is great, but the ATM was the best!