[IP] more on Banks want to know why you want your money, "know their customer" all too well [priv]
Begin forwarded message:
From: Mary Shaw <mary.shaw@xxxxxxxxx>
Date: October 21, 2005 12:34:19 PM EDT
To: dave@xxxxxxxxxx
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@xxxxxxxxxx> wrote:
>X-Sieve: CMU Sieve 2.2
>Date: Tue, 18 Oct 2005 08:43:22 -0500
>From: Kenneth_Mayer@xxxxxxxx
>Subject: RE: [IP] more on Banks want to know why you want your money,
> "know their customer" all too well [priv]
>To: dave@xxxxxxxxxx
>
>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@xxxxxxxx
> >Fax: 800.607.9327 attn: Kenneth Mayer
>"How am I doing?" Please contact my manager Sean at
>sean_shockey@xxxxxxxx with any feedback!
>
>-----Original Message-----
>From: David Farber [mailto:dave@xxxxxxxxxx]
>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@xxxxxxxx>
>Date: October 11, 2005 11:49:16 AM EDT
>To: politech@xxxxxxxxxxxxxxx
>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@xxxxxxxxxx>
>To: Declan McCullagh < declan@xxxxxxxx>
>CC: dave@xxxxxxxxxx, xsheng@xxxxxxxxxxxxxx
>References: <4344C35D.1080409@xxxxxxxx >
>
>
>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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