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Thread: Strange incident at bank

  1. #1
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    Strange incident at bank

    I stopped at my bank today to cash out a low interest paying CD so I could purchase a high yield I Bond. The assistant manager asked me why I wanted to cash out, and even though it was none of her business, I told her why as I was caught off guard. She was looking at the screen which showed a list of my other CDs (I laddered them) and asked if I was going to be cashing those out in the future too. Again, none of her business, but I was again caught off guard and said I might cash out some and leave some in.

    I was a little disturbed by the whole thing. Does this mean the bank is in trouble? It's actually a small savings and loan. I have a very, very small account, a drop in the bucket, so I don't know why she was acting so disturbed.

    Thoughts?

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    Quote Originally Posted by Molly View Post
    I stopped at my bank today to cash out a low interest paying CD so I could purchase a high yield I Bond. The assistant manager asked me why I wanted to cash out, and even though it was none of her business, I told her why as I was caught off guard. She was looking at the screen which showed a list of my other CDs (I laddered them) and asked if I was going to be cashing those out in the future too. Again, none of her business, but I was again caught off guard and said I might cash out some and leave some in.

    I was a little disturbed by the whole thing. Does this mean the bank is in trouble? It's actually a small savings and loan. I have a very, very small account, a drop in the bucket, so I don't know why she was acting so disturbed.

    Thoughts?
    Maybe other people are cashing out cds and they are worried about losing business. I doubt it means that the bank is in trouble.

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    Senior Member jp1's Avatar
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    As long as the bank is fdic insured it shouldn’t matter if the bank is insolvent unless you have more than $250,000 in any one account. That said, I agree that it’s odd and intrusive that the teller started questioning you like that.

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    I don't know you, molly, so please don't take offense! But some banks do try to watch out for "older" customers who may be the targets of scams to separate them from their savings, and tellers may seem a bit nosy while trying to make sure their customer seems to know what exactly they are doing in removing funds.

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    Senior Member KayLR's Avatar
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    Quote Originally Posted by early morning View Post
    I don't know you, molly, so please don't take offense! But some banks do try to watch out for "older" customers who may be the targets of scams to separate them from their savings, and tellers may seem a bit nosy while trying to make sure their customer seems to know what exactly they are doing in removing funds.
    That's a good point. However, Molly, if there is a next time, you might be prepared with a return question, "Why do you ask?" She may tell you exactly what EM suggests.
    My therapist told me the way to achieve true inner peace is to finish what I start. So far today, I have finished two bags of M&Ms and a chocolate cake. I feel better already!

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    Early Morning - No offense taken! I am a woman of a certain age, and after I posted this thread, that thought popped in my mind. Maybe she wanted to be sure I wasn't involved in a romance scam or sending money to a Nigerian prince!

    KayLR - Thanks for the suggestion! I will ask because I really do want to know. I will be cashing out another CD next month when it comes due.

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    Senior Member jp1's Avatar
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    That's something I'd not thought of but certainly makes sense. Banks, and financial institutions generally, are expected to "know your customer" and are always looking out for indicators of fraud and other nefarious activity. Given that you are, as you say, "a woman of a certain age", concern over withdrawals would be legitimate.

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    My friend was nearly scammed of a good bit of money and her bank stalled in giving to her which resulted in her figuring out the scam. She felt so stupid and grateful to the bank.

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    Senior Member Simplemind's Avatar
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    It's a common question. In the beginning stages of my dad's dementia his account was actually flagged for them to give me (as trustee) a call if he came in by himself or with somebody else to withdraw money. He was definitely being taken advantage of and we were trying to plug the holes.

  10. #10
    Senior Member Teacher Terry's Avatar
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    Yes I have read about banks actually prevent people from getting scammed.

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