'We are going on a trip that could include casino visits, but I didn't want her to know that'
"The staff is usually friendly, but in this case, I think they were maybe a little too familiar." (Photo subject is a model.)
Dear Quentin,
We went to the bank to withdraw a large amount of cash for a forthcoming trip. The teller asked, "Are you going to do something fun with it?" in a conversational tone. I shrugged and mumbled something about not being sure (we are going on a trip that could include casino visits, but I didn't want her to know that). Still, she kept on, saying, "Or is it just everyday money"?
We left feeling a little unsettled, like Big Brother is watching how we spend our dollars. Or perhaps we should have replied, "Really, it's none of your business." I should mention that this is a small-town branch and, while they don't know all of their customers, the staff is usually friendly, but in this case, I think they were too familiar.
Since the amount was below $10,000, is it any of the bank's concern? Or was she just making small talk?
Senior Customer
Related: 'A friend calls it the everything bubble': Why do so many economists fear a 1929-style crash?
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Given that you were withdrawing a large amount of money, it probably raised concerns, especially at a local bank branch with staff who may be familiar with your patterns.
Put bluntly, the bank teller was likely making sure that you weren't under the power of a scam artist who might have been impersonating a family member or insisting that you needed to remove money from your bank account to prevent some elaborate fraud. Elderly people are not the only ones contacted by these criminals, let's be clear, but they are certainly seen as prime targets.
More importantly, you have been subject to a duty of care. The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), in conjunction with five federal financial regulatory agencies, including the Federal Deposit Insurance Corporation, and state financial regulators, provide supervised financial institutions with examples of good practice to prevent elder financial exploitation.
This memo released last year by those federal agencies states: "Effective actions aimed at guarding against elder financial exploitation include open lines of communication among supervised institutions' departments responsible for researching and responding to unusual account activity, fraud prevention, and consumer protection. Compliance with applicable privacy or other legal requirements is necessary to ensure that the information of account holders remains confidential and secure."
Given that you were withdrawing a large amount of money, it probably raised concerns on the bank's system for this particular staff member, and/or they may have felt the need to ask; tellers and managers are often familiar with their customers' patterns. That's both good customer service and represents an adherence to the current ethical codes of practice practiced by many banking institutions.
In the same way that air stewards are there for your safety, above and beyond serving you tea and coffee, bank tellers are there as frontline protection.
The fact that you were using this money for a holiday - including at a casino, playing the slots or blackjack, a leisure activity that you perhaps wouldn't broadcast - likely made you extra sensitive to this line of questioning. That's OK. It's a good sign that your bank has trained their staff well and that they actually care. How many people can say that about their local bank?
People who are fooled by scammers are not stupid. They are merely caught in a vulnerable moment ("my grandson is in trouble") or are being preyed upon for their financial anxieties ("I owe the IRS $10,000. I need to clear this mess up as soon as possible") or even loneliness ("This beautiful person I met online needs help"). It's easy to scoff at such tricks from the outside.
In the same way that air stewards are there for your safety, first and foremost, above and beyond serving you tea and coffee, bank tellers are there as frontline protection. Yes, their job is to provide you with a service, but more banks are training staff to keep an eye out for suspicious activity (unusually large sums being withdrawn or a distressed or confused customer).
Bad actors
Every profession has its bad actors, and the financial-services sector is no exception. There are cases where bank tellers themselves have been charged with fraud, cashing stolen checks, making micro withdrawals from accounts or even selling customer IDs to third parties. You encountered one of the many honest, diligent bank tellers. If, in the future, you begin to suffer from cognitive decline, this person could be your saving grace.
There are many scams targeting seniors. Among them: 1. The grandparent scam (an email or phone call purporting to be from a grandchild). 2. The financial-services scam (your account has been compromised). 3. The online romance scam (your online friend needs financial help). 4. The tech-support scam (click on this link). 5. The fake government agency scam.
Financial crime is getting more sophisticated. From 2020 to 2024, the number of reports from older adults who lost $10,000 or more to these scams increased more than fourfold, according to the Federal Trade Commission. "When older adults reported losing more than $100,000, the trend was even more striking. During the same period, the number of reports increased nearly sevenfold."
People who are fooled by scammers are not stupid. They are merely caught in a vulnerable moment or or preyed upon for their financial anxieties.
"These scammers say the only way out of the (fake) crisis is to follow their instructions, which will include sending money to the scammers," the FTC says. "They may say this will keep your money safe, secure your identity, clear your name, or help catch the criminals. There may be layers of complexity to the story, but it's all a lie aimed at draining your accounts.
"In another layer of irony, these scammers often pretend to be the FTC, the nation's consumer protection agency, sometimes impersonating real staff," it adds. "Reports show these scammers have told people to transfer money out of their accounts, deposit cash into Bitcoin ATMs, and even hand off stacks of cash or gold to couriers - all things the real FTC will never do."
The FTC advises that when contacted by a suspicious person, you should never transfer or send money, no matter who they say they are, in response to an unexpected call or message; hang up the phone and verify the source, using telephone numbers from an official document or website; never click on links sent by email; and block unwanted or anonymous calls.
But you should cut this quizzical bank teller some slack. The next time you're in the branch, thank them for showing an interest and asking you questions. Explain how you felt at the time but how that changed when you reflected upon it, and tell them that you appreciate their consideration and care. You may help start a conversation at that bank about how to spot a scam, and thereby help someone who is really in need.
As a bonus, you might even make that teller's day.
Related: 'My family is having a crisis': My mom added my brother to her mortgage. He stopped paying. How does she get him off it?
More columns from Quentin Fottrell:
'I would like to know the truth': My stepgrandmother told me she left me her IRA. How do I find it?
'I'm worried about hurt feelings': I regret hiring my brother-in-law as my financial adviser. How do I fire him?
'She may have a spending problem': Would it be wrong to secretly give our son money - without telling his wife?
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-Quentin Fottrell
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