Can the bank track money?

Can the bank track money?

One of the ways banks track and manage money that comes in and goes out is with deposit slips and receipts. If a deposit involves a check from another bank, the Federal Reserve will collect on that check and will send the money to the bank where the check was deposited.

Do banks ask questions about deposits?

In the UK, every mortgage borrower must disclose the source of their deposit. What’s more, you will also be asked for proof of the source of your mortgage deposit funds, and lenders and/or solicitors will carry out extensive checks to confirm the claims you have made about its origin.

What do banks consider suspicious activity?

In reality, the law only requires banks to flag suspicious activity that appears to be a financial crime like money laundering or fraud. If the transaction doesn’t look suspicious, the bank is unlikely to flag it or file an SAR. Banks often look for disruptions in a customer’s banking habits or patterns.

Why is my bank asking for information about my bank account?

Hope this helps. Most likely this is connected with new banking regulations related to the Patriot Act, which require banks to be much more inquisitive about their customers and their money. The requirements are mostly about new accounts, but there may be some provisions to backfill this information for existing accounts.

Do banks know where your money came from when you transfer?

Yes they are required by law to ask. This is what in the industry is known as AML-KYC (anti-money laundering, know your customer). Banks are legally required to know where your cash money came from, and they’ll enter that data into their computers, and their computers will look for “suspicious transactions.”.

Can a bank ask to see your investment account details?

If you are the owner of the account, the bank can not ask, but can mobilise you for investment elsewhere to avoid your bad expenses. Don’t think that the bank is an enemy. The teller wants to know for his knowledge-sake, but you should not take it otherwise.

Do I have to tell the CRA where my money came from?

They have to by law report any amount exceeding $9999 to the CRA. You however are under no obligation at all to tell them anything. My usual answer is “Why do you need to know?” I’m not sure why anyone would volunteer their details to some lowly bank teller. If the CRA is interested in where you got your money, they’ll come ask you.