A friend recently went to withdraw some money from the bank (£6k),he was buying a new motor.
But as well as getting his money he got a (bonus,) verbal (,Gestapo) questioning
Eventually they got the manager to authorize it an once out the bank he rang me (stressing) saying what had gone on.I told him to "calm down" an explained "that's how it is with them nowadays"
(i should of told him to go back an empty his account
).
Knowing my mate i couldn't see how the bank thought he was a money-launderer, terrorist mastermind or Mr Big in the drugs world
.
ANYWAY.....
Should we have to explain to the bank what we intend to spend our own money on? Besides it wouldn't be hard to make something innocuous up like "buying a motor".
Are they trying to discourage us from using cash because cash transactions can't be easily tracked/controlled?
What if he exercised his right to privacy and refused to tell them what he wanted his money for?