Got a call from the bank yesterday asking about my strange withdrawal and deposit history. I've had two tellers at bank branches ask me about this before.
I go to TD Bank about 2-3 times a week nowadays, I used to go every day a few months back but I have slowed down. I withdraw $1000 and usually put roughly the same amount (of stamped $20s, $50s, and $100s) as a deposit.
During the phone call I said I go to the casino often, as in every other day. No I do not actually go to the casino that often but that was my main reasoning.
I told them that I bring in larger bills of $100s and exchange them for smaller denominations at the ATM. I actually do this, but of course the main reason for that is to stamp bills.
I believe I may be under investigation… but I doubt they'd find anything sketchy. Anyone ever have any similar experience and mind sharing some wisdom? I've come a long way from a year ago when I asked on this forum if the bank would ever get suspicious of withdrawing money everyday… and here I am now 😅
Any amount of $10,000.00 or more is always scrutinized! The banks are mandated by law to check to ensure that there is no money laundering, etc. If they suspect there is, they will close down your accounts, and there is nothing you can do about it, as it is their right to do so.
You did right by saying you're doing the casino thing.
I used to do runs for a lottery center where I would get $5s & $10s for them and they would give me their larger bills in exchange. Banks don't like it as they lose out on charging business fees to the customer. Needless to say I no longer do that anymore.
While all the tellers knew what I was doing, the (RBC) bank manager made a big stink about it. About a week later I received a registered letter in the mail from the bank stating that I had 30 days to transfer all my funds as they were closing all my accounts (including all my TFSA, RSP, and investments.) I called head office in Toronto to explain but they didn't care less! They had made the decision and that was that. Needless to say, I haven't dealt with RBC since (I had been a loyal customer for over 20 years with them. This was about 10 years ago.
Never had an issue since with my current banking facility. I explained to them that Im a numismatic collector and am searching for certain serial numbers.
Thank you for sharing your previous experiences. I have never done a single transaction that was over $10,000, and not sure why the bank asked me about it now and not months ago.
I have told a few tellers that my strange account activity is because of numismatic collecting as well. I should have told the person on the phone that as well.
Still slightly worried as the person on the phone told me they or the head office will phone me back if they have any other questions. Not sure why they said the "head office", I suspect they might launch an investigation but again, I doubt they would find anything.
I will definitely tone down my activity to maximum 1-2 transactions a week from TD until the end of the month, and then I'll be away from the country for 6 weeks.
