23 answers

Bank policy...does This Really Make Sense????

I just had to replace my entire air conditioning system in my house. Obviously, this was a big expense. Therefore, I had to go and transfer money from my savings account to my checking account. The bank required that I provide photo ID to do this since it was a large amount of money. I am completely confused here. I was transferring money from one account with MY name on it to another account with MY name on it. I did not ask for any cash back through the window. The teller insisted that it was to protect me from identity theft. Since both account involved in the transfer had the SAME name listed as owner, this just doesn't make any sense to me. Obviously, there was no theft involved since the names on the accounts were the same. How in the world is this protecting me? I have no problem with policies that make it more difficult for other people to access my accounts. However, some of these policies seem to make it more difficult for me to use my own account. Is this the standard way that banks operate?

What can I do next?

Featured Answers

Yes and it is a good rule for Identity theft. Happened to my sister. Someone opened an account in her name that they had access to, and then did a transfer from her account to their new account. The bank was at fault so they had to replace all the money, but that is why they ask for it, even with the same name.

3 moms found this helpful

Actually, banks have to follow federal guidelines, especially when it comes to large sums of money. With today's technology, it is so easy for money laundering and wire fraud. If this was a really large sum, they were probably following those rules.

2 moms found this helpful

More Answers

To me, this is simple. Let's say you lost your ATM card, and "Woman X" has found it. She's figured out your pin, but you only have so much in checking. It seems innocent for her to pretend she's you and want to transfer money for savings to checking, so she has easy access to it from an anonymous ATM.

I know things like this seem like long shots, but it happens every day. People with even average computer skills are hacking their way into our personal lives and obtaining all the need to steal our identities.

I'd much rather be safe than sorry. So what that you had to show your picture ID? They were doing it for YOUR benefit. I don't think that makes it more difficult to use your account...me, for example, if I'm out of the house I always have my ID on me...so what's a few seconds to reach in and pull it out?

8 moms found this helpful

Say you have just been mugged, you are laying in the alley hurt and unable to call. Some jerk just made off with your purse. He has your debit card, maybe even your pin since some people are silly enough to write them on the back of their cards. He goes to the ATM but you only have 50 bucks in your checking. He takes that and transfers the limit on the ATM from your savings. Usually around 500 sometimes 1000, and takes that. He noticed you have 10,000 in savings.

He goes to the drive through and tries to transfer that since there tends to be no limit on what you can charge on a debit card and if there is it is high. Aren't you glad your bank saved your money?

People commit crimes in strange ways and what I just dramatically described could and probably has happened. Wouldn't you rather just get out your ID than lose money?

6 moms found this helpful

It is standard and you should be glad that they are doing it. You could have been Joe Blow who has hacked into your checking account and is trying to move all of your savings to that account so he can get it!

There are a myriad of ways to commit identity theft. You should always be happy when your financial institution is taking steps to protect your financial interests and your identity.

By the way, on all of my credit cards on the signature block on the back, rather than signing it, I write "Ask for ID" so that if my card gets lost or stolen, hopefully no one else will be able to use it.

4 moms found this helpful

Now, if someone other than you did this and wiped your bank account wouldn't you be happy the bank had this policy in place?

4 moms found this helpful

Of course it is, if you think about what identity theft is, it makes sense. What if someone stole your identity, opened an account in your name, and then tried to transfer the money from your account into theirs? The names on the accounts would be the same.

3 moms found this helpful

Yes and it is a good rule for Identity theft. Happened to my sister. Someone opened an account in her name that they had access to, and then did a transfer from her account to their new account. The bank was at fault so they had to replace all the money, but that is why they ask for it, even with the same name.

3 moms found this helpful

Add me to the list of people who almost suffered identity theft this way. Another woman with the same first and last name opened an account at my bank and accidentally discovered the existence of my account (bank was totally responsible for this security failure) then she tried to transfer my balance into her own account. The bank DID transfer the money but I found out about it and alerted them and they froze the account.

I changed banks....

2 moms found this helpful

Anytime a bank asks for ID I'm happy to provide it. I had my purse stolen years ago and some twit started writting checks out of my checkbook at various stores. None of the stores asked for ID so she managed to go on a shopping spree. Then she went to a branch of my OWN BANK and tried to cash a check. However, because she came in with a naked checkbook with no cover or wallet they got suspisious and asked her some security questions like, "What's your birthday?" When she couldn't provide them with an answer they told her to go, but they didn't confiscate the checks. I was furious they didn't take the checkbook away from her because she went on to buy a bunch of DVD's from a store. They said taking the checkbook away from her would have been an "infringement of her rights". Restaurants cut up credit cards all the time! Her rights?!? What the hell about MY RIGHTS! I fought creditors for seven years until it all expired and fell off my credit report. Nasty business, ID theft. If a bank wants to make sure it's you for any reason, it's a good thing.

2 moms found this helpful

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