Yahoo Finance NAB reveals why bank tellers refuse cash withdrawal after man fumes over $3,000 rejection
The customer wanted to take out his own money but the teller said he had to prove where the money was going.
NAB has detailed why major banks ask questions when they withdraw cash as international outrage over a man being refused a $3,000 withdrawal reaches Australian shores. The Canadian was furious when a bank teller quizzed him about what he was doing with his money.
The man filmed the "unbelievable" response his bank made when he told the teller he was going to take the cash to buy a car. She wanted to see an invoice to prove his purchase, a move cash advocate Jason Bryce told Yahoo Finance happens here in Australia and claims is a violation of a customer's privacy.
"What is this? It's my money, I'm allowed to withdraw from my own bank," the man said. "You said the maximum limit you can give a withdrawal to a customer is $3,000 on the day. You've already mentioned that multiple times today, why not today?"
Has this happened to you in Australia? Email stew.perrie@yahooinc.com.
Why some banks will refuse to hand over your cash
While some may be frustrated with the withdrawal process, NAB said those types of questions and inquiries are designed to stop you from losing your hard-earned cash.
Customers go into branches around the world every single day to make withdrawal requests and it's up to each teller to prevent every person from falling victim to scams.
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A NAB spokesperson explained that they, along with other banks, use a range of tactics to ensure money doesn't go to the wrong person.
"We've seen the videos about the questions banks ask when you withdraw large amounts of cash and I get it, it can feel like a lot, and it's your money at the end of the day," NAB's Retail Customer Executive Larna Manson said to Yahoo Finance. "But, we do it to protect you.
"By asking you some simple questions, we can help keep your money safe. So if it's a gift for your girlfriend or a treat for yourself, that's fine.
"But if someone's pressuring you to move money as part of a scam, we're here to help."
There have been several recent examples where a few questions have stopped people losing their life savings.
A man in his 80s was told by a scammer to withdraw $10,000 from his account and explain to the bank it was for home renovations. It was only when the bank teller pushed him to explain what renovations were being done did the man confess he felt pressured to take out the money and hand it to the anonymous caller.
A woman was also saved from transferring $6 million to scammers after a NAB banker asked her a few questions about where the money was going.
'Hand over our money': Cash advocates claim privacy breach
The Canadian man became increasingly frustrated with the interaction and refused to leave until he could withdraw the money, with a manager being called.
Bryce, who founded Cash Welcome group to advocate against Australia becoming a cashless society, has argued banks should not have the right to ask these questions.
"Banks need to hand over our money and say, 'Thank you have a nice day'," he told Yahoo Finance.
"Banks are literally pushing us, against our will, into a cashless future. They are causing stress to people who use cash everyday - like small businesses and the elderly. But everyone, at least occasionally like people buying a second hand car, need cash sometimes.
"I can’t see how they are allowed to ask these questions, when the amount is under $10,000, they have no legal reason to ask but it happens everyday."
There were plenty of people who shared Bryce's view and said bank tellers should let people take out money without giving a reason.
"Why the f**k do I owe the bank any explanation for what I'm doing with the money? If I want to fill my bathtub with it and Scrooge McDuck dive into a pile of cash that's my business," said one bank customer.
Another added: "1000% would be instantly closing my account."
However, other Canadians spoke out and said they have been able to recently withdraw thousands of dollars from their accounts with no issues.
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