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more on Banks want to know why you want your money, "know their customer" all too well [priv]
From: David Farber <dave () farber net>
Date: Fri, 21 Oct 2005 13:48:52 -0400
Begin forwarded message: From: Mary Shaw <mary.shaw () gmail com> Date: October 21, 2005 12:34:19 PM EDT To: dave () farber netSubject: Re: [IP] more on Banks want to know why you want your money, "know their customer" all too well [priv]
Dave,When I was in high school, long before kids had credit cards, the school had a lunchtime operation courtesy of a local bank. We could put small amounts of money into savings accounts, probably not much more.
So I saved dimes and nickels for a while, and eventually accumulated what I needed for a purchase of some kind. I went to the bank-place to get my money, and they refused. I don't recall all the back-and- forth, but it included at least
Them: We don't keep funds here. Me: OK bring the funds tomorrow. Them: We're here to encourage saving. Me: Yes, I saved up for what I want. Now it's time to spend. Them: What do you want to spend it on? Me: That doesn't matter, it's my money. Them: We don't do withdrawals here, only deposits. Me: How can you possibly do one without the other? Them: To encourage you to save Me: I saved. Now I will spend. Then I will save again. Them:We won't give you the mony. Me: It's mine. How do I get it back? Them: You have to go to the main branch, but make an appointment because your account records have to be moved.I eventually got the money, and you'd better believe that I never trusted them with any more.
Mary Shaw On 10/18/05, Dave Farber <dave () farber net> wrote: >X-Sieve: CMU Sieve 2.2 >Date: Tue, 18 Oct 2005 08:43:22 -0500 >From: Kenneth_Mayer () Dell com >Subject: RE: [IP] more on Banks want to know why you want your money, > "know their customer" all too well [priv] >To: dave () farber net > >Dave, >>I asked my father in law who runs a few credit unions and he says it is
>none of their business what you do with your money and said they would >never ask. I figured I would add my two cents. > > >Ken Mayer Jr >Advanced System Group >Dell Server and Storage Department > >Contact Info: > >Phone: 800.901.3355 x 7958119 > >E-mail: kenneth_mayer () dell com > >Fax: 800.607.9327 attn: Kenneth Mayer >"How am I doing?" Please contact my manager Sean at >sean_shockey () dell com with any feedback! > >-----Original Message----- >From: David Farber [mailto:dave () farber net] >Sent: Tuesday, October 11, 2005 4:57 PM >To: Ip Ip>Subject: [IP] more on Banks want to know why you want your money, "know
>their customer" all too well [priv] > > > >Begin forwarded message: > >From: Declan McCullagh <declan () well com> >Date: October 11, 2005 11:49:16 AM EDT >To: politech () politechbot com >Subject: [Politech] Banks want to know why you want your money, "know >their customer" all too well [priv] > > >Previous Politech message: >http://www.politechbot.com/2005/10/06/banks-bigger-privacy/ > >More on "Know Your Customer" rule: >http://www.cato.org/testimony/ct-ss030499.html > > >-------- Original Message -------->Subject: Re: [Politech] Banks bigger privacy threat than Feds, CBS/ NYT
>poll finds [priv] >Date: Thu, 6 Oct 2005 11:33:37 -0400 >From: Serge Egelman <egelman () cs cmu edu> >To: Declan McCullagh < declan () well com> >CC: dave () farber net, xsheng () andrew cmu edu >References: <4344C35D.1080409 () well com > > > >For what it's worth, I just had an interesting bank experience two >weeks ago. I was buying a motorcycle from a classified ad, and the >guy wanted an $1800 cashier's check. So I went to the bank, asked >the teller for the check, and proceeded to wait there for five >minutes while he stared at his terminal. Finally I asked, "is >everything okay?" "Oh it's just routine, I'm trying to figure out >where you get your money." I didn't really go any further, since I >just assumed that this was because of the PATRIOT Act (though he >never outright said that). > >Afterwards, he says everything looks okay, and now needs to know why >I need the cashier's check (he said that for an amount this big, this >is standard procedure). I debated long and hard about putting up a >fight on the grounds that this is my money, and I don't need to give >them a reason to withdraw it. At first I was thinking of just saying >"drugs" to see what the reaction would be, and if they would actually >prevent me from withdrawing my money because they don't approve of >how I'm going to spend it. But instead I told the truth. > >I later relayed this story to my adviser here at CMU (this happened >at PNC). She said I should have said something like "it's for my >girlfriend to get an abortion." While it would have been interesting >to see the teller's response, this brings up a very serious point: >bank tellers are now in the same position as pharmacists in that they >can deny you service because of differing ideologies. The difference >though, is that the bank scenario is a lot more serious as they are >sitting on your money (whereas in many cases you can go to a >different pharmacy). > >serge >_______________________________________________ >Politech mailing list >Archived at http://www.politechbot.com/ >Moderated by Declan McCullagh (http://www.mccullagh.org/) > > >------------------------------------- >You are subscribed as Kenneth_Mayer () Dell com >To manage your subscription, go to > http://v2.listbox.com/member/?listname=ip > >Archives at: > http://www.interesting-people.org/archives/interesting-people/ ------------------------------------- You are subscribed as mary.shaw () gmail com To manage your subscription, go to http://v2.listbox.com/member/?listname=ipArchives at: http://www.interesting-people.org/archives/interesting- people/
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- more on Banks want to know why you want your money, "know their customer" all too well [priv] David Farber (Oct 21)