August 5, 2021Contentshide1Can a bank ask where you got money from?1.11. It is the banking rule1.22. There’s no KYC between the bank and the bank customer1.33. You haven’t had such amount in your bank account1.44. The source of fund is unknown to the bank1.55. You may be too young to posses such amount of cash2Do banks get suspicious of cash deposits?2.1When do banks get suspicious?
Every being to the bank to deposit cash into your bank account and the bank teller ask where you got the money from, you don’t need to be afraid cause it is the rules in banking.
This brings us to the topic of the post, can a bank ask where you got money from, or the source of the money.
Having worked in the bank for quite a while, I don’t see the reason why a bank customer will be so much afraid to go deposit cash into it’s bank account because the bank teller will ask where the money is coming from, the source of the money.
First, let me answer the question we have here, will the bank ask where you got money, and all you need to know.
Can a bank ask where you got money from?
Yes indeed, a bank teller will ask where a customer got the money from especially in the case of depositing a large amount of cash into a bank account, and there’s no KYC between the bank and the bank customer.
The rules here is that once a bank customer is depositing more than $10,000 into it’s account, the transaction should be reported immediately.
Mostly bank tellers do ask a customer question like where the money come from if there’s no KYC (know your customer) between the bank, and the bank customer.
If your bank knows you very much, and also your source of income, the hardly ask or request a customer to state or explain the source of funds.
To further answer the question of can a bank ask where you got money, I will give you the reasons why banks do ask their customers the source of funds and why you shouldn’t panic or get pissed off about it.
1. It is the banking rule
It is mandatory for bank to ask a customer where the money comes from especially if the amount is a huge sum or probably above $10,000.
Remember, the banking rules on cash deposit varies from country to country and this is why it is commendable to know your bank rules especially when it comes to cash withdrawal or deposit.
If the rule states if a bank customer deposit above $10,000 kindly report the transaction. Definitely the bank teller will go by the rules as not to fall out with the bank or go against their terms and conditions.
So you don’t have get so annoyed or pissed off when a bank teller request to know the source of the fund, calmly explain the source of the fund so as not to get a red flag on your bank account.
2. There’s no KYC between the bank and the bank customer
KYC here simply means know your customer.
This is where most bank customers get it all wrong, there’s no KYC between the bank and the bank customer.
If you know you will be receiving or depositing large sum amount of money into your bank account, you should first try to speak with your account manager.
Let him or her know you’re into this very business or job, and you will be depositing this very amount of money into your bank account every week, two weeks or on a monthly basis.
Try and build bank customer relationship, and by doing so you won’t be questioned where the source of your funds is from. You can even deposit more than $30,000 without being questioned by the bank teller.
As long as their is a KYC between you and your bank, or there’s a bank customer relationship between you and your bank, then there’s nothing to worry about or the need to search on the internet looking for can a bank ask where you got money from.
3. You haven’t had such amount in your bank account
Sometimes when a bank customer goes to the bank to make a deposit and the amount is huge, this will warrant the bank teller to go through your bank account.
Upon checking your account, the bank teller finds out that you have not made such deposit before and this is your very first time of depositing such amount of money, and KYC is lacking, the bank teller will definitely request to know where the money is from.
Bank teller are very fond of this and the truth is, it is the rules given to them.
Can a bank ask where you got money from?
Yes indeed especially if you haven’t previously deposited huge sum amount of money into your bank account.
4. The source of fund is unknown to the bank
This is the number one major reason why bank ask where you get money from, there’s no KYC and the source of fund is unknown to them.
This is applicable to banks in UK, US, Australia, Canada, or wherever you are from.
As long as you are depositing a large sum amount of money into your bank account, and the source of fund is unknown to the bank, definitely the bank teller will ask you where the money is from.
In this case there’s no need asking do banks ask where your money comes from cause they will ask you as they don’t know where you got your money from. Whether it is legal or probably a fraud or money laundering.
5. You may be too young to posses such amount of cash
This sometimes do happen but not always. Seeing a very young person going to the bank to deposit $15,000, as a bank teller you wouldn’t know when you will ask the question.
Where did you get the money from?
This is usually an instinct.
So age matters a lot especially if you have a doubt that such a young person will have such huge amount of cash in possession. Basically you would want to know how he or she get the money from, or the source of the money.
If today he mentioned the money is from source A, tomorrow is source B, a day after tomorrow is from source C, then it simply means the person has no valid reason at all.
This will even warrant a red flag on it’s bank account.
Do banks get suspicious of cash deposits?
Yes, banks gets suspicious of a cash deposit if the amount is so huge, the source of fund is unknown to the bank, and there’s no KYC between the bank and the bank customer.
However, if a bank customer didn’t give the bank any valid reason of where the money comes from, the he or she is giving the bank the option to get suspicious of the cash deposits.
Most times banks questions their customers with a personal account than those with a business account cause they know that their customers with a business account will be making a large deposit.
This is why I said if you know you will be depositing a large amount of money inti your bank account, you should try as much to have a bank customer relationship with your bank.
As long as there’s a bank customer relationship, it tends to reduce or prevent a bank from raising an eyebrow over it’s customer’s bank account.
When do banks get suspicious?
Banks get suspicious if a bank customer does not provide a valid source of fund for the cash deposit.
This will warrant the bank to ask further questions or raise a red flag on the bank account. However, this shouldn’t bother you at all or asking can a bank ask where you got money from if your source of fund is legit and not illegal.
This is where I wrap it up on this very topic of the post, can a bank ask where you got money from. If you have more to add to this post, I will appreciate it a lot more.