more on Banks want to know why you want your money, "know their customer" all too well [priv]

[David Farber <dave () farber net>]

Begin forwarded message:

From: Mary Shaw <mary.shaw () gmail com>
Date: October 21, 2005 12:34:19 PM EDT
To: dave () farber net
Subject: 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/)
>
>
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