Why is it that when I go into a bank to take out one or two thousand dollars (which happens once a year for my trip down South after I save for months)that a bank wants to know what Im using it for, is it really any of their business? That happened to me twice. Then recently, I go in to take money out of my RSP because my husband and I are buying a house. The guy wanted to know what I wanted the money for, when is this, and when am I paying that. I really didn’t feel that they needed to know that my mortgage wasn’t through them. I think their job is to make sure I fit the criteria of a first time home buyer so I am able to withdraw my money. To me, there really wasn’t any time that they made me feel like they we’re trying to help me out or anything…what gives?
—gimmie ma monay!
This article appears in Dec 24-30, 2009.
Get an offshore bank account in a place like St. Lucia.
There is no justification for this appalling behavior. If it’s your money, that bank dickbrain has NO right to question your use of said funds. Maybe you should have told him that you’re sprucing up your asshole and colon with some nice tartan wallpaper, shag carpet and a built-in walnut bar (pardon the pun).
I’m thinking they’re asking a few questions just to feel you out so you aren’t scamming them out of someone else’s money….
I’m sure you’d be singing a different tune or asking why they gave your money without question to someone else who’s phished you out and read through your unshredded garbage.
I know it seems nosey, but if you don’t typically withdraw this amount, they want to be sure you are who you say you are.
as for rsp withdrawl, you are required to pay yourself back by law because of the tax shelter so they were ensuring you knew that since you obviously hadn’t ever mentioned it before to them.
I can understand the oversensitivity, they all suck ass to everyone at some point…
that’s why I’m not bitching you out… I just can see the other side of the coin.
I think they have to reminded that it’s your money in that place, and if they want to continue to fee-charge you and rape you with ridiculous interest rates, they should shut the fuck up and hand your hard earned coin over. I would have told them that they should be more concerned with making me a mortgage offer that I couldn’t refuse.
Ooh, I’ve got a bank bitch too but I’ll do a new one so as not to steal your thunder.
This is unacceptable! You need to go to a new bank! I take out a few grand every 4 months for tuition/rent (I pay rent in a flat sum for the term) and I’m NEVER questioned about why I’m taking it out.
Can you give us a hint on which bank this is? Some banks are real asshats (I think I’ve dealt with all of them!), but there are one or two that don’t completely suck. I’m back with scotiabank and they’re great — they even reversed bank charges when I forgot to bring my student ID in. It was MY own fault and they refunded my money!
Shop around, OP. You obviously need to find a new bank that doesn’t get up in your business.
This is odd to me, and it doesn’t sound like they’re taking their monies out of a regular, say, chequing account. Perhaps they’re taking money out of a TFSA, in which case, the bank may need to issue a tax receipt or some such shit. My instinct is that this is all tax related, but who knows.
The RSP would be, jennier. When you take money out of an RRSP you’re taxed to death.
There is a good reason that you are put through this by banks – national security. Yup since 9/11 to make sure that Canadains aren’t in possession of materials that go ‘boom’ or other ingrediants of mass destruction banks are now obligated to ask where the huge sums of money came from if you deposit it or what you are going to do with it when you take it out. So suck up it up Princess and blame the US Department of Homeland Security. Oh and the handful of idiots who caused all of this shit several years ago.
Ummm, I’ve never been asked where my money is going when I take it out and I take out close to 5 grand every 4 months….so….
i’d say none of your business
Maybe you might be right jesus loves me – but i would advise against investing in a country that might be unstable ? What happens when or ifd another country goes to war or some shit or the government at said time decides to spend all that cash blowing up some other country ? Or it goes rebel ? How would you get your money – banks as fucked as they are – atleast most have cdic insurance up to certain amounts and if that bank fails – you can recover some or all of your losses?
Neville_sanzibar…exactly.
Because it is absolutely NONE of THEIR business what you do with YOUR money…Although big brother is working veryhard to figure out a way to make it their business.
SEIG HEIL ! ! !
it is NONE of the bank’s business. Only on transactions over $10k they’re obligated to make such an inquiry. As for cashing in an RSP, it ain’t rocket science, you’re taxed at the source. Simple. It’s your investment and nobody’s business why you’re cashing it in. zZz said “you are required to pay yourself back by law” but that’s true only if you’re borrowing against said RSP to finance your mortgage, not to cash one out.
CBC did some really good coverage on our legal watchdog seeing “red flag transaction” reports coming in over the pretense of racial profiling. Could you be a victim, OP? If you are and you speak up I’m sure others would hear you and follow. It’s a serious problem in Canada identified by the highest authority. Check it out.
I believe sums of over $10 000 are reportable to authorities ? Anyone know if this is right ?
believe it or not,the same thing happene to me,about 2 months back.had something like 20 grand in there,and took out 5.she asked me what i was planning on doing with so much cash.i looked her dead in the eye,and said,as straight faced as i could.that i was planning on having a sex change op., and gonna buy a pound of weed so i wouldn’t know what happened.she almost fucking fainted.was in yesterday,same chick,told her didn’t bother with the op.,and just bought a lot of weed instead,her eyes bugged again.i love fucking people’s minds up like that.
Actually the 10 thousand dollar figure is somewhat of a misnomer.
You see you can buy 1/20 ounce $1 dollar pure gold coins from many coin stores & from the Royal Canadian mint. They have a $1.00 ‘value’ on the coins but the 1 ounce coins have a $50.00 value stamped on them. These coins (the $1 dollar ones) are worth considerably more than $1 dollar. But technically you could have 10,000 of them all being 99.99% pure gold & say your only carrying Ten Thousand dollars. But in actuality your transporting a hell of a lot more than that.
Before you all dump on me as being B.S.
a person was recently arrested for this offence in Canada, as reported in my latest issue of Canadian Coin News.
there you are kay,thot the aliens had taken you to experiment on.wow,were you on vacation?
“…cash transactions of $10,000 or more must be reported. But the audit found there have been instances when transactions under that amount are being reported.
The audit also found that of the files they sampled, a number did not demonstrate ‘reasonable ground to suspect’ money laundering or terrorist financing.
‘It is clear that such reports, containing not a shred of evidence of money laundering and terrorist financing, should not be making their way into the FINTRAC database,’ Stoddart said in a news release.
As well, the audit found, FINTRAC is collecting ‘extraneous information’ including social insurance numbers and health card numbers, ‘where prohibited by provincial legislation.'”
http://www.cbc.ca/canada/story/2006/10/04/…
got the emp’s paid and out the door. LS… it’s Chistmastime!
HAHA i like life sucks explaination – anyways you can get a picture of the broads face next time you do it ?
will certainly try weedy.
While it your money, just a few points, especially some misconceptions about FINTRAC limits and such.
First and foremost, a bank can only do a money laundering report when there is a deposit greater than $10K in cash, and they’re only interested in cash only. They have to know when the money came from, your SIN number (potential tax purposes, etc), and any other information they need to track your cash. If you don’t like it, talk to your MP. The banks have nothing to do about it; they’re the messenger in this case and don’t hold onto the info in perpetuity. Finally, I cannot stress this enough: SINs are not something you need to worry about anymore. Yes, there was a time where you could simply steal someone’s life by getting their SIN number, but in today’s day in age, there is very little info you can gather off a SIN. It’s no more personally identifiable than your driver’s license.
Finally to the questions: As far as The Home Buyers Plan is concerned, your banker needs to ask certain questions to fill out the proper report to the government so you can withdraw your cash sans tax. Without knowing what questions they were exactly, it’s tough to narrow down as to why they would ask any series of questions. One could think that they were trying to help, and make things better for you financially. But hey, it’s up to you. If you want to withdraw your cash and lose 15% up front and then have to count it as income for the year, that’s fine by me. I’m just gonna tell you that you can borrow at 3% and save you thousands. But what do I know, I’m just a lowly banker.
Sorry, a few other notes about FINTRAC. FINTRAC also requests banks to report suspicious transactions that are cash involved in. This could be a large casino payout, anybody who is considered a “Politically Exposed Person” must also file reports for any deposit, or lets say you deposit $7000 in nothing but 20’s. Also, there is a 24 hour rule: if the 10K threshold is exceeded in 24 hours, lets say by one $6000 transaction, then one $5000 transaction, a report would need to be filed.
Awesome life sucks, a joint under your xmas tree for you or to give to your friends haha
just tell the cunts that your yearly shipment of columbian cocaine has arrived via the ship yards and you need cash to exchange for the goods!
Wow-if this is just a cash withdrawal from a savings or chequing account, there is no way they should be asking you what you are using the funds for.
The only thing I know of with RRSPs is that no one is allowed to demand that you pay certain kinds of debts with your RRSP savings-ie I don’t think Revenue Canada can ask you to withdraw from an RRSP to pay a tax bill.
This would be the only reason I could think of that the teller would legitimately be allowed to ask you why you are withdrawing the funds-to comfirm that you are not cashing in an RRSP under any kind of “duress.”
kaay, if you keep this up, you’ll be getting nothing but coal in your stocking. Then again, my parents always warned me about this every year, and I never once got coal despite how bad I was, so obviously Santa thought I was alright. Up yours Mom and Dad!
While slightly amusing, kaay’s posts are getting annoying. Is him/her or it 7 years old?
I still say it’s fat and, while creative with the name switch-a-roo the pics are going to get ’em deleted every time.
lame
*yawn*
Its not me. I know the difference between “you’re” and “your”. Thanks for thinking of me on this wonderful Christmas Day =D
smoke christmas tree sap and pretend it’s hash oil; it’s fun to pretend!
The $10,000 cash is not always the case. Years ago, I made a couple of deposits. In total, there were 2 cash deposits that totaled $5000. These deposits were made via bank machine over a period of a week and a half. Well, a couple of weeks later, I received a letter in the mail from my banking institution requesting I answer a couple of questions. One of the questions being who and where I got the money from. They said that they had to report all “suspicious” large cash deposits to the government. So, as you can see, my deposits were way less than the $10,000 amount but I was still required to answer a couple of questions.
I’ve withdrawn $20,000 from my RRSP to be used as part of the homebuyer’s plan and deposited that into my bank account without any questions from any bank. Mind you the $20,000 came from a large established financial services company in the form of a cheque. I’m sure they did all the paperwork in the back end for me so that the bank didn’t have to do anything, so that’s probably why I was never questioned by the bank.
Unlike the OP, I’ve withdrawn thousands in cash from my bank accounts in the past without any issue. It’s my money and I can spend it on whatever I want. I’m not depositing any money so if they asked me what I was doing with it, I’d tell them that it’s none of their business. If they don’t like that answer, you can always just tell them you want to make one withdrawl only. That being you want to withdraw all your money and you’ll be closing the account to move it to another banking institution.
The 10K limit can be exceeded over a 24 hr period as well, but that’s clearly not your case OTT. Secondly, they’re required as well to report any suspicious large cash deposits. In the case of 5K twice over a week and a half by ATM, that’s definitely within the requirements. It’s usually not done by letter, but in the form of a phone the risk management team of your bank.
It really does seem to vary according to the bank employee.
Some folks, no matter what occupation they’re in, just like to shit in our cornflakes any chance they get. And bank tellers are often a great example of this: low salaried, un-respected and watching other people’s money go through their till every hour, many find it impossible to resist being a prick.
I’ve seen it all over the years, I’m sure, as well….
From one bank that refused to let me pay my utility bill with cash (56 bucks) without “proper ID” (I asked the manager if this policy was due to criminals sneaking around the country and fraudulently paying our bills for us – he didn’t crack a smile or budge an inch)…to the teller years ago that wrote “used to pay cell phone bill” on the back of my gov’t assistance check! (I guess when you get suddenly laid off, and don’t qualify for EI, the first thing you should do is pawn your phone and go delinquent on your phone bill, lol. Apparently this old hag thought she was gonna get me “cut off” for having, *gasp*, a phone…and then try to get a new job without one! Of course she did not.)…
Fuck the banks and the bitter jealous cretins that work in them…
It might not work for everyone…but you don’t have to keep your money in banks…you all know that right ?
The tiny amount of interest they pay on most accounts, your better off keeping it safe somewhere else. IT provides you with the ability to access your money at any time for any reason. IT allows you to be able to put as much, in your spot, as you want at any time without anyone else knowing.
If you die only those whom you trust, or who you want to, have it, can access it.
If no one in banking or the Government knows where it is or how much it is…they can’t steal a bunch of it as death taxes…so your keeping those vultures out of your pockets one last time.
This is very easy to do & can be done by simply having directions & the code or key etc. in a sealed envelope to be delivered to who ever you pick (or everyone you pick) by a relative, lawyer or other person .
I deal with 3 banks & keep a minimum of money in them, I once went in and bought a motorcycle, I paid cash. The dealer asked about my money, & I told him I worked for it. There’s nothing they can do.
They can report to whoever they bloody well please, if you’ve got a job & have been working for awhile , & they can’t actually prove anything outside of their stupid ‘formula’ on expenses etc. They can suck my/your ass, all you/I’ve got to do is be able to cover it 😉
Dr, I made deposits that totaled $5000, over a period of a week and a half. The total amount was half of the $10,000 limit. I didn’t make two $5000 deposits. The reason I made the deposits via bank machine was because the President’s choice of banks doesn’t have actual branches. There were no large super stores for me to go to either as I was living in Toronto at the time. It was a bit stupid though because I just told them it was money that a friend owed me. No follow ups or anything. I suppose I could have even told them that I found it on the side of the road. What could they have done about that?
In the US, it’s not uncommon for people to buy cars/motorcycles with cash. I’m not talking about shady characters either. People have a lot more money south of the border and will often pay cash for large purchases. A lot of people I know have put large down payments on houses with cash too. Nobody blinks an eye either!
It really doesn’t matter what the explanation is; they need to have one and so-called virtual banks have to be especially careful because there’s no teller service. Don’t kid yourself; in the States, it may be common to use cash, but the reason FINTRAC exists is because of US pressure for monitoring “Terrorist” activity.
Fever: Why does the bank NEED an explanation regarding what an individual plans to do with a withdrawal? They can’t guarantee my investment portfolio is completely ethically invested so it seems a two-faced approach serves their interests all round.
Actually, it could be for any number of reasons. Sometimes people will withdraw money out of an investment without considering taxes/fees to be charged, they could be withdrawing to move to another investment that may or may not suit them. Sometimes the difference can be thousands of dollars, depending on the amounts, and your tax bracket. I wouldn’t be doing my job if I didn’t ask the questions and it’s a part of my MFDA compliance. It’s a part of any good bankers job to ensure that your money works as hard as it should, and for as little risk as possible. Sadly, there are those out there that make the good ones look like tools, but that’s true of any job that involves selling. Secondly, any withdraw from an RSP needs to have an explanation, it’s a part of the paperwork. Usually it’s under the financial hardship column, but they need to have one. If you don’t like it, complain to your MP. I can’t control the red tape.
Yes, you do have a right to draw out your cash when you want. But it’s like your health. Ask questions. If you feel that your money isn’t doing what it should be, talk to your banker. Failing that, put it under your mattress. Problem with that though is that you’ll always lose money. Remember, a penny saved is not a penny earned after a year.
Dr fever the fiat money system has proven throughout history to be flawed.
This system has failed in the past & will fail again in the future.
My money that I have saved outside of banking & other so callled investment firms has never had the wild rides it would get invested in the various markets. When you look at what happend in 2008 & into 2009 it makes me damn glad I had cashed in all my RRSP & other savings & bought gold & silver bullion…not paper investment certificates actual bullion, bars & rounds, back in 2006 & 2007.
IF anyones laughing all the way “PAST” the banks doors, it’s me 🙂
All of the RRSP plans lost money, our Union pension plan which has a very conservative approach, lost money.
THe one locked in investment I had that I would have lost on the back end fees if I cashed it out early is coming due in January & I’m buying more Gold & Silver…instantly convertable to cash at any time. Not subject to becoming totally worthless like paper money & stock certificates (just more paper) can & does !
Of course commodities are doing well; it’s where everyone runs to when the markets are nuts. With gold at ~$1000/oz. I would too. However, that market will fall out eventually and that $1000/oz mark will be around $400-$500. That’s a 50% loss, and it can happen just as quickly as any market. Any investment can lose money, but in the long run, you’ll gain.
Actually Dr Fever
I was reading an account by a writer who sometimes puts things forward on Gold & Silver commentaries & editorials in one of the places I watch world prices on line.
He was saying that about 2 thousand years ago there was a Roman gold coin (I can’t remember its name) that weighed about 30 grams . At that time that amount of gold would buy a person a very good quality toga & a quality pair of sandals, & a good sturdy leather belt with a bronze or copper buckle.
Today the value of 30 grams of gold will allow you to cash it in & go to a mens store & buy a decent suit, have the tailoring done, buy you a good pair of patent leather shoes & a nice belt.
2000 years have passed but you can still use a few grams of gold, to get basicly the same thing !
(ps- an ounce of gold has 31.105 grams =troy ounce)
Hi More,
I follow gold a bit and I agree. Gold has always been a reliable and easily exchangeable form of currency, but it has only so much “value” as a commodity. (Unlike oil or soybeans.)
I work with gold, so I know how amazing it can be as a material, but in terms of an investment it’s not really special, even though it certainly is fun.
Aside from the occasional high prices now and then, an ounce of gold usually settles around the price of a good (not great) men’s suit.
People have to be careful not to get swept up in the romance of gold. It is deceptive. There are other investments that will pay off much more quickly than a stockpile of gold.
Seeing as that doesn’t even begin to account for inflation, good luck to you.
Very true Rubyjane. No matter what you have be it paper or bullion , you can’t eat it. But if history’s anything to go by, & seeing as paper currency is just a ‘promise’ to pay. Means that the bottom can drop out of it tomorrow & american dollars can turn out to be like zimbabwean dollars…22 years ago trading on par with the British pound…today a trillion zimbabwean note won’t buy a loaf of bread !
But a gold coin, jewelery, etc. they seem to hold value through history…or at least it has as far as our historical records show.
My bank is closed today!!! Fuuuuckkk!!!
Cranky…don’t you just hate it when your banks closed & the damn machine is out of money too ! ! !
I used to, now I keep a box of money stashed…& there’s no longer ever a problem ;p
Seriously though, why do banks rate an extra day off? fuck!
cause boxing is a stat and it fell on a weekend
Damn post office is closed as well !
like they need extra time to do nothing, they get any slower & they’ll have to stop !
Oh LOOK they did ! ! !lol
it takes a special skill set for canine bestial activities; so they require additional down time to rest up like
Dr Fever I was waiting for this to come out to respond to your “inflation remark !
I am quoting the stats from Golden Decade by Adrian Ash
Gold is up this percentage in the last 10 years compared to these currencies…IMO this trumps your so called inflation problem with gold as an investment (& we’re talking gold bullion,not shares)
Gold is up on these currencie over ten years
USA 292%
Euro 181%
Yen 249%
Chinese yuan 218%
UK pound 298%
Brazil real 273%
S.A. Rand 365%
Canada dollar 178%
India Rupee 313%
Mexican peso 434%
Russian rouble 310%
South Korean won 299%
Seems to me these numbers would make a lot of investors happy with their return on an investment in ten years ( I know i’m really happy 🙂
I was hoping to see a comment from Dr Fever on my investment strategy , in his opinion,
My stategy doesn’t allow for inflation.
While I will admit I didn’t post an inflationary numbers for the last ten years…but on what I have/had in other investments….nothing has given me a 178% return, like the gold I bought has.
anybody remember the bre-x scandal; well they also had a junior on the vse called bro-x i bought one day at 7 cents and sold later that day for 1.12 cha ching ; like 3 days later the salting story broke and it went bye bye; but i pissed it all away at the race track; i had some issues in those days:)